Wilhelmina International, Inc. (WHLM): History, Ownership, Mission, How It Works & Makes Money

Wilhelmina International, Inc. (WHLM) is a name synonymous with talent management, but are you tracking its financial pivot in the evolving media landscape? The company reported a Q1 2025 total revenue of $4.627 million, an impressive 10.9% increase from the prior year, showing that its core model bookings are still defintely driving the top line. This growth is not just from fashion; it's fueled by strategic expansion into social media influencer representation and its Aperture division for film and television, which is where the real near-term opportunity sits. With a trailing twelve-month revenue around $18.03 million and a market capitalization of roughly $17.5 million as of November 2025, Wilhelmina International's story is a perfect case study of a legacy brand navigating the digital economy, so let's dig into how they actually make money.

Wilhelmina International, Inc. (WHLM) History

You're looking for a clear line from Wilhelmina International, Inc.'s glamorous founding to its current status as an over-the-counter (OTC) stock, and honestly, the journey is a masterclass in corporate adaptation. The direct takeaway is that the company, founded by a supermodel, survived a founder's untimely death, multiple ownership changes, and a recent Nasdaq delisting to pivot into a full-service talent and social media influencer management business with $18.03 million in trailing twelve-month (TTM) revenue as of June 2025. This agency is defintely more than just a modeling house now.

Given Company's Founding Timeline

Wilhelmina Models began as a direct challenge to the established agencies of the 1960s, driven by its namesake's vision for a more inclusive definition of beauty. The initial capital details aren't public, but the agency's founding was a high-profile, personal investment by a top industry figure, giving it instant credibility and star power.

Year established

1967

Original location

New York City, U.S.

Founding team members

• Wilhelmina Cooper (Dutch-American model)
• Victor Bruce Cooper (Husband and business partner)
• Bill Weinberg (Minority partner)
• Fran Rothchild (Minority partner)

Initial capital/funding

The exact initial capital is not publicly documented, but the company's valuation grew significantly, selling for approximately $4 million in 1989 and later for $22 million in 2009.

Given Company's Evolution Milestones

The company's history is marked by a series of ownership shifts and strategic expansions that moved it beyond traditional fashion modeling into a broader talent management firm, including artists and athletes. This table shows the critical junctures that shaped the Wilhelmina International, Inc. you see today.

Given Company's Transformative Moments

The biggest shifts for Wilhelmina International, Inc. weren't just about selling the company; they were about redefining its core business. The agency's ability to survive the loss of its iconic founder in 1980 and then successfully navigate the complexities of being a public company are its key strengths.

• The Public Listing Pivot: The 2009 acquisition and subsequent public listing on the Nasdaq was a massive change, making it the only publicly traded agency of its kind. This move provided access to capital markets but also introduced the pressure of quarterly earnings, a unique challenge for a creative-service business.
• The Talent Expansion: Wilhelmina International, Inc. didn't stick to just models. They aggressively expanded into representing entertainers, athletes, and, critically, social media influencers. This diversification is why they reported TTM revenue of $18.03 million as of June 2025, with a net income of $0.54 million.
• The OTC Shift in 2025: The recent delisting from Nasdaq and move to the OTCQX market in February 2025 is a major strategic choice. It reduces the cost and complexity of being a public company but also impacts liquidity and investor visibility. The company's market capitalization sits at about $21.95 million as of late November 2025, reflecting its new trading environment.

To understand the current strategic direction and cultural anchors that drive this talent-first approach, you should review the Mission Statement, Vision, & Core Values of Wilhelmina International, Inc. (WHLM).

Wilhelmina International, Inc. (WHLM) Ownership Structure

Wilhelmina International, Inc. (WHLM) operates with a highly concentrated ownership structure, where a significant portion of the company is controlled by insiders, leaving a relatively small float for institutional and public investors to trade. This structure means the company's strategic direction is heavily influenced by a few key individuals and entities, primarily its executive leadership and largest shareholders.

Wilhelmina International, Inc.'s Current Status

The company is a publicly traded entity, but it is not listed on a major exchange like the NASDAQ or NYSE. As of November 2025, Wilhelmina International, Inc. trades on the OTCQX Best Market under the ticker symbol WHLM. This over-the-counter (OTC) status is a key factor in its low trading volume and limited institutional interest.

Its market capitalization is small for a public company, sitting around $17.50 million in late 2025. For a company of this size, with trailing twelve-month (TTM) revenue of approximately $18.03 million and TTM net income of $544.0 thousand as of June 2025, the tight ownership structure is defintely a factor in its liquidity. You can dive deeper into the firm's Breaking Down Wilhelmina International, Inc. (WHLM) Financial Health: Key Insights for Investors.

Wilhelmina International, Inc.'s Ownership Breakdown

The ownership breakdown clearly shows a high concentration of shares in the hands of insiders, which is typical for smaller-cap companies, especially those trading over-the-counter. This concentration gives insiders considerable control over corporate decisions, including mergers or major strategic pivots. Here's the quick math based on the most recent filings:

The low institutional ownership of just 0.36% tells you that large investment firms are mostly sitting on the sidelines. This is a classic sign of a micro-cap stock where the risk/reward profile doesn't fit their mandates, or the trading volume is too low for them to build a meaningful position without moving the price too much.

Wilhelmina International, Inc.'s Leadership

The company's governance is steered by a lean leadership team and Board of Directors, which is closely tied to its major shareholder base. The key decision-making power rests with the Executive Chairman.

• Mark Schwarz: Serves as the Executive Chairman and Director. His role is paramount, overseeing the board and setting the company's high-level strategy.
• Gaurav Pahwa: The Chief Financial Officer (CFO), responsible for the company's financial operations, including reporting and capital management.
• Board of Directors: The board includes Mr. Schwarz, Mr. Pahwa, and independent directors Aimee Nelson, Jim Dvorak, and Mark Pape.

This team is small, but it's the group that will ultimately decide how Wilhelmina International, Inc. navigates the evolving talent management industry. Their actions, especially those of the Executive Chairman, are what you need to watch for any significant change in company strategy or financial performance.

Wilhelmina International, Inc. (WHLM) Mission and Values

Wilhelmina International, Inc.'s core purpose extends beyond its $18 million in trailing twelve-month revenue as of mid-2025, centering instead on empowering talent and setting the industry standard for professionalism. This cultural DNA is built on a commitment to integrity, innovation, and maximizing the success of its diverse roster of talent.

Wilhelmina International, Inc.'s Core Purpose

The company's mission and values, while not always formally published in a single document, are clearly reflected in its operations and strategic focus as a premier fashion model and talent management agency. This is what drives their business, not just the $14.6 million market capitalization reported in August 2025. Honestly, a company's actions are defintely a better indicator than any boilerplate text.

Official mission statement

While an explicit, single-sentence mission statement is not widely published, Wilhelmina International, Inc.'s operational mission is to be the leading global talent management firm. This mission is broken down into three core tenets that guide their daily work:

• Empowering Talent: Identify, nurture, and promote diverse individuals across the modeling and entertainment industries.
• Driving Innovation: Embrace new technologies and creative approaches, particularly in digital and social media, to stay ahead of industry trends.
• Providing Exceptional Service: Offer top-tier talent and unparalleled service to clients, ensuring their needs are consistently met.

Vision statement

The company's vision is rooted in shaping the future of talent representation by fostering an inclusive environment and upholding strong ethical standards across all its global operations. The goal is to create long-term value for shareholders-like the $2.97 stock price seen in August 2025-by consistently delivering on its promise to its talent and clients. You can see how these values shape their long-term strategy here: Mission Statement, Vision, & Core Values of Wilhelmina International, Inc. (WHLM).

Wilhelmina International, Inc. slogan/tagline

Wilhelmina International, Inc. does not currently use a widely recognized official slogan or tagline to represent its brand publicly. The brand equity is instead carried by its legacy, which was established in 1967 by founder Wilhelmina Cooper, and its reputation for discovering and developing new talent.

Wilhelmina International, Inc. (WHLM) How It Works

Wilhelmina International, Inc. operates as a full-service talent management agency, primarily generating revenue by taking a commission on client bookings for its diverse roster of models, entertainers, and social media influencers.

Wilhelmina International, Inc.'s Product/Service Portfolio

The company structures its offerings across specialized divisions, or 'boards,' to capture different segments of the advertising and entertainment markets. This diversification is key to their stability, especially with service revenues driving the top line, which grew 11.0% in Q1 2025.

Wilhelmina International, Inc.'s Operational Framework

The company's operational framework is built on a high-touch, multi-stage process of talent acquisition, development, and monetization. This process is how they sustain a roster of approximately 1,700 active models and talent globally.

• Scouting and Recruitment: Identify new talent through traditional open calls in key cities like New York, Los Angeles, and Miami, plus modern channels like social media and online submissions. They use information and social technologies to find the next generation of talent.
• Talent Development & Branding: Provide comprehensive training and guidance to new faces, covering everything from posing and runway technique to personal branding and financial management. This investment in talent is defintely a core value.
• Booking and Financial Management: Agents actively market talent to a diversified client base of around 2,800 external clients. For the talent, the agency often 'floats' the money, meaning they pay the model quickly (sometimes within 2-3 weeks) before collecting payment from the client, a service smaller agencies can't match.

Here's the quick math: Wilhelmina's core service revenues from model bookings drove a significant Q1 2025 total revenue of $4.627 million, which is a clear sign that this operational engine is running efficiently.

Wilhelmina International, Inc.'s Strategic Advantages

In a competitive industry, Wilhelmina's long-term success comes down to a few distinct, non-replicable assets that allow them to attract both top talent and major clients.

• Global Footprint and Strategic Hubs: Operating out of major fashion and entertainment capitals-New York City, Los Angeles, Miami, and London-allows them to tap into diverse revenue streams and maintain a resilient operation against regional economic swings.
• Talent Diversification: The deliberate expansion beyond high-end fashion models into social media influencers, athletes (Sports+Fitness Division), and commercial actors (Aperture Division) mitigates risk. If one segment slows, another, like the high-growth social media space, can pick up the slack.
• Brand Equity and Longevity: Founded in 1967, the Wilhelmina name carries a strong reputation for professionalism and stability. This institutional trust is a huge factor for both aspiring talent and major clients, who need a reliable partner.
• Financial Strength for Talent Support: Being a profitable, established player allows them to maintain the cash flow needed to pay models quickly, which is a critical competitive edge in retaining top talent against smaller, less liquid agencies.

If you're looking to understand the company's investor appeal, you should be Exploring Wilhelmina International, Inc. (WHLM) Investor Profile: Who's Buying and Why?, because the financial health is tied directly to these operational strengths.

Wilhelmina International, Inc. (WHLM) How It Makes Money

Wilhelmina International, Inc. primarily generates revenue by acting as a talent management agency, earning commissions and service fees from client bookings for the models, entertainers, and influencers it represents.

The company's financial engine is straightforward: it takes a percentage of the gross fees billed to clients for a talent's work, which is the core of its service revenue.

Wilhelmina International, Inc.'s Revenue Breakdown

The vast majority of Wilhelmina International, Inc.'s top line comes from service revenues, specifically commissions from core model bookings, which saw a strong increase in the first quarter of 2025.

In the first quarter of 2025, total revenues reached $4.627 million, a 10.9% increase from the prior year's period. This growth was defintely driven by an 11.0% rise in service revenues due to higher commissions from core model bookings. License fees, which include revenues from independently owned agencies using the Wilhelmina brand, contributed a nominal $8,000 and remained flat year-over-year.

Business Economics

The economic fundamentals of Wilhelmina International, Inc.'s business are rooted in a high-touch, commission-based model that requires minimal capital expenditure but relies heavily on managing talent relationships and market demand.

• Pricing Strategy: The company charges clients a fee for model bookings, and its revenue is reported on a net basis, meaning the gross amount billed to the client is reduced by the amount owed to the talent (the model's fee) and related costs. Wilhelmina International, Inc. believes its commission rates and service charges are competitive within the industry.
• Gross Billings vs. Revenue: Gross billings, a non-GAAP metric representing the total amount billed to clients, is a key indicator of demand, and it increased by 12.5% in Q1 2025, which is a good sign for future net revenue.
• Cost Structure: Operating expenses for the full year 2024 were $16.91 million, primarily driven by salaries and service costs. The core cost is talent compensation, which is directly tied to the service revenue.
• Liquidity Position: The company maintains a strong liquidity position, holding more cash than debt on its balance sheet, with liquid assets exceeding short-term obligations. This provides financial flexibility even as they navigate market pressures.

Here's the quick math: if a client pays $10,000 for a model booking, Wilhelmina International, Inc. takes their commission and service fee, and the rest goes to the talent. The company only reports its share as revenue.

Wilhelmina International, Inc.'s Financial Performance

The company has demonstrated improved profitability in the near term, with revenue growth outpacing the rise in operating expenses in 2025.

• Trailing Twelve Months (TTM) Revenue: As of the period ending June 30, 2025, Wilhelmina International, Inc.'s TTM revenue was $18.03 million.
• Q1 2025 Profitability: Operating income for Q1 2025 jumped 109.6% to $0.153 million, resulting in an operating margin of 3.3%, up from 1.8% a year earlier.
• Net Income: Net income for Q1 2025 was $0.157 million, a 72.5% increase from the previous year. TTM net income (ending June 30, 2025) was $0.54 million.
• Cash Position: Cash and cash equivalents stood at $5.5 million as of March 31, 2025, a decrease from $8.5 million at the end of 2024, primarily due to cash used in operating and financing activities, including the repurchase of treasury stock.

The increase in operating income shows effective cost management against rising revenue. Still, the overall scale of the business, with TTM revenue of $18.03 million, suggests a niche, specialized operation in a competitive talent market. For a deeper dive into the ownership structure and market sentiment, you should be Exploring Wilhelmina International, Inc. (WHLM) Investor Profile: Who's Buying and Why? Exploring Wilhelmina International, Inc. (WHLM) Investor Profile: Who's Buying and Why?

Wilhelmina International, Inc. (WHLM) Market Position & Future Outlook

Wilhelmina International, Inc. (WHLM) holds a unique position as one of the few publicly traded, globally recognized talent management firms in a fragmented, largely private industry. As of late 2025, the company is focused on stabilizing its core model management business while aggressively expanding its high-margin licensing and digital talent segments to drive profitability.

The company reported Q1 2025 total revenues of $4.6 million, an increase of 10.9% over the prior year, with year-to-date gross billings growth hitting 10.1%, showing solid demand for its talent roster. Still, with a market capitalization around $17.5 million as of November 2025, WHLM is a niche player that must strategically navigate the industry's shift toward digital-first models and influencer-hybrid talent.

Competitive Landscape

The global modeling agency market, valued at an estimated $7.46 billion in 2025, is moderately concentrated at the top, but Wilhelmina International, Inc. competes against two massive, privately-held powerhouses. Here is how the competitive landscape stacks up, using a derived market share estimate for WHLM based on its public revenue against the total market size.

Opportunities & Challenges

The modeling industry is changing fast, so Wilhelmina International, Inc.'s future performance hinges on its ability to capitalize on digital trends while mitigating persistent legal and liquidity concerns. The company's strategic initiatives, like the licensing expansion, are crucial to boosting margins beyond the core agency commission model.

Industry Position

Wilhelmina International, Inc.'s industry standing is defined by its heritage and its pivot toward a more asset-light, diversified revenue stream. Unlike its larger, private rivals, the company's public status offers transparency but also exposes its relatively small size and capital constraints.

The company's focus on cost-efficiency is clear: management executed a $0.89 million share repurchase in Q1 2025 and approved a reverse/forward stock split to reduce administrative costs from small shareholders.

• Core business, model bookings, is showing traction with gross billings up 10.1% year-to-date.
• Profitability is under pressure, though, as higher personnel and operating costs squeezed margins in Q2 2025.
• The licensing segment, while small, is seen as a key growth driver to improve overall operating leverage.
• WHLM is defintely a recognized name, but its small market cap means it lacks the capital scale of competitors like IMG Models, which is backed by the massive Endeavor Group Holdings.

For a deeper dive into the capital structure and investor base, you should check out Exploring Wilhelmina International, Inc. (WHLM) Investor Profile: Who's Buying and Why?