MeritValue

Perella Weinberg Partners

PWPdata completeness 88%7 fiscal years on file
The thesis, from the filings

Perella Weinberg Partners earns about -2% on equity, below its ~9% cost of capital, but has diluted owners by 9% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $16.9 and $17.22 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$801.7M1$631.5M2$648.7M3$878M3$750.9M3
Net income−$9.42M4$17.9M5−$17.2M6−$64.7M6$35.5M6
Operating cash flow$234.9M7−$17.8M8$145.9M9$223.4M9$34.8M9
Capital expenditure$1.46M10$26.6M11$57.6M12$16.4M12$4.31M12
Free cash flow (derived)$233.4M7−$44.3M8$88.3M9$207M9$30.5M9
Total debt$013————
Cash & equivalents$502.8M14$171.6M15$247.2M16$331.6M17$255.9M17
Diluted shares92.7M89.8M86.8M53.2M100.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$12.63
your share of equity
Profit it earned you last year
$3.52
Free cash flow it threw off
$3.02
Debt you’d be carrying
—

10 shares is a claim on −$12.63 of net worth that earned you $3.52 and generated $3.02 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-2% avg · 5y
FY21 -7%FY22 13%FY23 -11%FY24 —FY25 —

It earned about -2% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 5y

Share count is up 9% 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.

iv. What it’s worth — engine v0.1.0

The 2 estimate methods that apply put fair value between $16.9 and $17.22 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$17.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth3.2%
  • fcfBase$88.3M
DCF · Growth Exit 5Y
$16.9
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth3.2%
  • fcfBase$88.3M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years3.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $16.9
The three cases
Bear0.0%$15.05
Base3.2%$16.9
Bull8.2%$20.3

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 3.2%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001777835-24-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001777835-25-000056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001777835-26-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001777835-24-000031 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001777835-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001777835-26-000022 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001777835-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001777835-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001777835-26-000022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001777835-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001777835-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001777835-26-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-12-31 · accession 0001777835-22-000054 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001777835-23-000030 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001777835-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001777835-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001777835-26-000022 (CashAndCashEquivalentsAtCarryingValue)