Top 30 automatic movements ranked by value for money

 I'm weighting:

• Movement quality
• Real-world accuracy
• Reliability
• Power reserve
• Serviceability / parts availability
• Cost of the watch containing it
• How much extra you are actually getting as you move up the price ladder

That last point is crucial. A $1,000 movement isn't necessarily twice as good as a $500 movement.

Current market data also supports the idea that Miyota and Seiko dominate the value end, while Sellita/ETA occupy the traditional Swiss middle ground. 

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Rank	Movement	Typical watch price*	Power reserve	Value	My verdict
1	Miyota 9015	$400–900	~42h	⭐⭐⭐⭐⭐	Best overall value
2	Seiko NH35	$200–500	~41h	⭐⭐⭐⭐⭐	Best cheap movement
3	Sellita SW200-1	$600–1,500	~38h	⭐⭐⭐⭐⭐	Best Swiss workhorse
4	Seiko 4R35/4R36	$250–600	~41h	⭐⭐⭐⭐⭐	Outstanding value
5	Tissot/ETA Powermatic 80	$600–1,200	~80h	⭐⭐⭐⭐⭐	Best power reserve/value
6	Miyota 9039	$500–1,000	~42h	⭐⭐⭐⭐⭐	Excellent slim no-date
7	Orient F6922	$250–500	~40h	⭐⭐⭐⭐⭐	Superb inexpensive in-house
8	Seiko 6R35	$700–1,300	~70h	⭐⭐⭐⭐½	Excellent everyday movement
9	Miyota 8215	$200–400	~42h	⭐⭐⭐⭐½	Cheap and proven
10	ETA 2824-2	$700–1,500+	~38h	⭐⭐⭐⭐½	Classic Swiss benchmark
11	Seiko 6R15	$600–1,200 used	~50h	⭐⭐⭐⭐½	Excellent older Seiko
12	Miyota 9019	$500–900	~42h	⭐⭐⭐⭐½	Thin 28,800-vph option
13	Seiko NH34	$300–600	~41h	⭐⭐⭐⭐½	Fantastic cheap GMT
14	Sellita SW300-1	$1,000–2,000	~42h	⭐⭐⭐⭐½	Excellent thin Swiss
15	ETA 2892-A2	$1,000–2,000	~42h	⭐⭐⭐⭐½	Superior thin Swiss workhorse
16	Seiko 7S26	$150–400	~41h	⭐⭐⭐⭐½	Legendary durability
17	Tudor MT56xx	$3,000–5,000	~70h	⭐⭐⭐⭐½	Excellent luxury value
18	Omega 2500 Co-Axial	$2,500–5,000 used	~48h	⭐⭐⭐⭐½	Great used-watch value
19	Omega 8800/8900	$5,000–8,000+	55–60h	⭐⭐⭐⭐½	Superb modern engineering
20	Rolex 3135	$7,000–12,000 used	~48h	⭐⭐⭐⭐½	Exceptional durability
21	Rolex 3235	$10,000+	~70h	⭐⭐⭐⭐	Outstanding, but diminishing returns
22	Grand Seiko 9S	$4,000–8,000	~55h	⭐⭐⭐⭐	Exceptional finishing
23	Zenith El Primero	$6,000–12,000	~50h	⭐⭐⭐⭐	Superb chronograph
24	Valjoux/ETA 7750	$1,500–4,000	~42h	⭐⭐⭐⭐½	Great chrono workhorse
25	Seiko 8R48	$2,000–4,000	~45h	⭐⭐⭐⭐	Excellent Japanese chrono
26	IWC 32111/32110	$3,000–6,000	~72h	⭐⭐⭐⭐	Excellent modern architecture
27	Nomos DUW 3001	$3,000–5,000	~43h	⭐⭐⭐⭐	Beautifully engineered
28	Longines L888	$1,500–3,000	~72h	⭐⭐⭐⭐½	Excellent mid-price Swiss
29	Sellita SW300	$1,000–2,000	~42h	⭐⭐⭐⭐½	Great ETA 2892 alternative
30	Patek Philippe 240	$30,000+ watches	~48h	⭐⭐⭐	Technically extraordinary, terrible $/performance

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🥇 My overall winner: Miyota 9015

This is the movement I'd choose if I wanted to maximise mechanical quality per dollar.

The 9015 is:

• 28,800 vph
• about 42-hour reserve
• 24 jewels
• hacking
• hand winding
• only about 3.9 mm thick
• relatively inexpensive
• widely available
• very easy to service

Its thinness is particularly useful because it allows manufacturers to make a genuinely slim automatic watch.

Why #1 rather than NH35?

The NH35 is extraordinarily good value, but the 9015 gives you:

higher frequency + thinner movement + generally better positional performance potential.

So I'd describe them as:

NH35 = unbeatable cheapness

9015 = sweet spot

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My personal "sweet spot"

If I had to pick five movements for five different purposes:

Purpose	Movement I'd choose
Absolute cheap value	🥇 Seiko NH35
Best overall value	🥇 Miyota 9015
Best Swiss value	🥇 Sellita SW200-1
Best long power reserve/value	🥇 Powermatic 80
Best luxury engineering/value	🥇 Omega 8900

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Arp 2500 - 1003, 1033, 1046 envelope generators

The ARP 2500 has a variety of envelope generators.
The 1003, 1033 & 1046 share common features.

The 1003 is identical to the 1033 except that it contains no gate delay circuits.
The 1046 is equivalent in function to a 1003 plus a 1033

EG's are used to produce repeatable transient control signals.
They can be used to control volume (in the case of a VCA) or timbre (VCO or filter) with respect to time.

A unique feature of all these envelope generators is their use of both gates & triggers.

 These gate and trigger inputs are connected to the gate & trigger inputs of the keyboard
All ARP keyboards have 51 notes.

This is a 3001 - a one-voice 5 octave keyboard

It produces 3 types of Control Voltages:
1. Trigger - a short transient 10V pulse which occurs whenever a key is depressed.
2. Gate - a switched 10V signal indicating that a key is depressed.
3. Output - a control voltage whose amplitude is related to the lowest key being depressed.

The two voice keyboards have an additional output:
 4. Aux - an additional CV proportional to the interval between the lowest &
     highest key depressed if 2 or more keys are depressed simultaneously.

The trigger & gate voltages are typically used to control envelope generators.
The Output & Aux voltages are used to control oscillators , filters & amplifiers.

Envelope Shapes

Envelope shapes are very similar to a modern ADSR

ATTACK
When a gate signal is applied, the EG's output will rise exponentially to 10V
(the rate is determined by the "attack" setting).

DECAY
When 10V is reached, the attack phase is ended, and the voltage will decay exponentially to the Sustain level. (the rate is determined by the "initial decay time" setting). In modern synths, we just call this the "decay".

SUSTAIN
The sustain level is adjustable from zero to 10V
The output remains at the sustain level until the gate is removed.

RELEASE
When the gate is removed, the voltage drops to zero volts.
This is called the "Final Decay Time".
The rate of the drop is exponential and is determined by the "Final Decay Time" setting.

If the gate signal is suddenly removed, the envelope will immediately start to decay to zero unless
another gate is imputed. In this case the envelope will then restart the attack phase.


Trigger Modes

There are 2 trigger modes: Single vs Multiple.

When the Trigger modes switch is in the "single" position, only Gate voltages are needed.
When the Trigger modes switch is in the "multiple" position, both Gate & trigger inputs are required for the envelope to fire. The attack is initiated by a positive pulse at the trig input. But the envelope will only fire is there is a gate signal also present when the trigger occurs.
The presence of a gate signal or a trigger signal alone will not start the envelope.

Connections for a sustain pedal can be made via jacks at the back of the module.
This terminal, when connected to ground through a switch, acts like the sustain pedal on a piano.

1046 Quad EG (rear sustain pedal inputs)

Notice, there is also an inverted envelope output
This is zero to -10V
This output is only available at the lower matrix switch.

Electrical specs of the 1003 envelope generator:

Controls
Attack time: 0.001 secs to 2.0 secs
Initial Decay: 0.001 secs to 2.0 secs
Sustain: 0 to 10 Volts
Final Decay: 0.001 secs to 2.0 secs

Inputs:
Gate sensitivity: 1.8V in the lower matrix switch
                        9.6V in the upper matrix switch
Trigger sensitivity:  1.8 volts
All impedances are 100K

Outputs:
0 to +10V @ 1K
0 to -10V @ 1K

 Power requirements:
+/- 15 volts @ 50ma , regulated to +/-0.1%
The lamps require +12V to +15V # 40ma.

 

WAX wam research

 WAX

https://wilsonassetmanagement.com.au/listed-investment-companies/wam-research/

https://www.asx.com.au/markets/company/WAX

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ASX:WAX is the ticker symbol for WAM Research Limited, a listed investment company (LIC) managed by MAM Pty Limited, part of the Wilson Asset Management Group. [1, 2]

How does this compares with + (VSO).... Australian Small Companies

Overview & Objectives

Focus: Invests in a diversified, actively managed portfolio of undervalued small-to-medium-sized industrial growth companies listed on the Australian Securities Exchange (ASX). [1, 2]
Goals: Aims to deliver a high real rate of return (income and capital growth) while providing a secure stream of fully franked dividends. [1, 2]
Benchmark: Measured against the S&P/ASX All Ordinaries Accumulation Index. [1, 2]
Leadership: Founded in 2002 (listed in August 2003), chaired by Geoff Wilson, and led by CEO Katherine Thorley. [1, 2, 3]

Key Details & Trading Metrics

Market Capitalisation: Approximately AUD $220 million to $230 million.
Share Price: Historically trading around $1.05 AUD.
Dividends: Known for targeting income-focused investors through regular fully franked interim and final dividend distributions. [1, 2, 3, 4, 5, 6]
Not a good share if you want share price growth but if you include franking credits and dividends this has outperformed the ALL ords index.

An investment analyst from Wilson Asset Management discusses portfolio themes and small-to-mid-cap strategies:

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Size Categories on the ASX

Large-Cap ($10 billion+): Major established industry giants and blue-chip stocks (e.g., BHP, Commonwealth Bank, CSL). [1, 2]
Mid-Cap ($2 billion to $10 billion): Medium-sized companies that sit outside the top 50 but within the top 100 or 200 (tracked often by the S&P/ASX MidCap 50). Examples include JB Hi-Fi, NextDC, and TechnologyOne. [1, 2, 3]
Small-Cap ($300 million to $2 billion): Smaller, growing businesses that sit outside the top 100 companies (tracked by the S&P/ASX Small Ordinaries). [1, 2]
Micro-Cap (Under $300 million): Very small or emerging companies, often speculative miners or early-stage tech firms. [1, 2]

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Key Characteristics

Growth Potential: Small and medium companies often have more room to expand their operations than large mega-cap stocks. [1]
Higher Risk: They can be more volatile, face tighter access to capital, and have lower daily trading liquidity (fewer shares traded daily). [1]
Sector Diversity: Unlike the large-cap ASX, which is dominated by major banks and mining firms, small-to-medium brackets include a wider mix of technology, healthcare, specialized retail, and emerging resources

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NTA over the last 10 years

Over the last 10 years, the underlying Net Tangible Assets (NTA) for WAM Research Limited (ASX: WAX) has experienced a structural decline despite delivering decent annualised investment returns. [1, 2]

While Wilson Asset Management's gross investment portfolio performance has historically achieved strong returns before fees, the net value left inside the company (the NTA) has been steadily chipped away to fund high, consistent dividend payments. [1, 2, 3, 4]

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📊 Long-Term NTA Performance & Current Position

Annualised NTA Return: Over a recent 10-year tracking period, WAX achieved an annualised NTA return of approximately 7.68%. This trailed the S&P/ASX 300 Industrials Accumulation Index after factoring in management costs and taxes. [1, 2]
Pre-Tax NTA erosion: Ten years ago (circa 2016), WAX's pre-tax NTA generally hovered above $1.00 to $1.10 per share. By July 31, 2026, the pre-tax NTA has fallen significantly to $0.74 per share. [1, 2]
5-Year Context: This decline is part of a longer structural trend. For instance, in late 2020, the NTA sat at $1.13 per share. The asset base has steadily shrunk during a market macro-cycle where the broader S&P/ASX 200 index climbed substantially. [1]

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⚠️ The Mechanics Behind the NTA Decline

Independent analyst reviews and market data point to a few core reasons why WAX's NTA has steadily eroded over the decade:

The "Income Trap" Payout Ratio: WAX targets a high, predictable stream of dividends (historically 10.0 cents per share annually). When the underlying investment portfolio does not generate enough profit to cover this distribution, the company is forced to draw from its historical profits reserves. This effectively hollows out the capital base and lowers the NTA over time. [1, 2, 3, 4]
Total Expense Ratio (TER) Impact: WAX charges a standard 1.0% per annum management fee. Over 10 years, the compounding effect of management fees, expenses, and taxes creates a noticeable drag between the gross portfolio performance advertised and the actual net asset value remaining for shareholders. [, 2]
Small-to-Mid Cap Headwinds: WAX focuses on undervalued small-to-medium Australian industrial companies. This sector faced severe valuation contractions leading into 2026, culminating in an 18% decline in WAX's investment portfolio for the financial year ending June 30, 2026, dealing a sharp blow to its recent NTA. [1, 3]

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🔍 Share Price Premium vs. NTA

Historically, WAX has been famous for trading at a 10% to 18% premium relative to its actual NTA because retail investors prized the high grossed-up dividend yields. [1, 2]

However, because the underlying asset base has shrunk, the company's franking account has recently been depleted—forcing WAX to shift from fully franked dividends to partially franked dividends (around 55% to 60% franked in 2026). As a result, the market has begun re-rating the stock closer to its underlying NTA, which has caused the share price to correct downwards faster than the portfolio itself. [1, 2, 3]

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Sep 2026

Underperformance of the share price.

The underperformance of WAM Research Limited (ASX: WAX) is primarily driven by a contraction of its historical share price premium to Net Tangible Assets (NTA), negative investment portfolio returns in the small-to-mid-cap industrial space, and a negative earnings per share (EPS) of -0.134 AUD.

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