WM TECHNOLOGY, INC.
MAPSdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
WM TECHNOLOGY, INC. earns about -162% on equity, below its ~9% cost of capital, but has diluted owners by 62% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.19 and $2.36 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $193.1M1 | $215.5M1 | $188M2 | $184.5M3 | $174.7M3 |
| Net income | $60.4M4 | −$116M4 | −$9.9M5 | $7.64M6 | $1.96M6 |
| Operating cash flow | $30.2M7 | −$11.6M7 | $22.9M8 | $36.7M9 | $26.2M9 |
| Capital expenditure | $7.94M10 | $16.1M10 | $11.9M11 | $11.6M12 | $12.7M12 |
| Free cash flow (derived) | $22.3M7 | −$27.7M7 | $11.1M8 | $25M9 | $13.5M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $67.8M13 | $28.6M14 | $34.4M15 | $52M16 | $62.4M16 |
| Diluted shares | 66.8M | 85.0M | 93.2M | 97.1M | 108.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $5.28 of net worth that earned you $0.18 and generated $1.25 of cash last year.
It earned about -162% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 62% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.19 and $2.36 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$13.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$13.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.96M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.36 |
| Base | 0.0% | $2.36 |
| Bull | 5.0% | $2.79 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001779474-24-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001779474-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001779474-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001779474-24-000023 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001779474-25-000007 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001779474-26-000013 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001779474-24-000023 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001779474-25-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001779474-26-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001779474-23-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001779474-25-000007 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2024-12-31 · accession 0001779474-26-000013 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0001779474-24-000023 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001779474-25-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0001779474-26-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0001779474-26-000013 (CashAndCashEquivalentsAtCarryingValue)