MeritValue

WASHINGTON TRUST BANCORP INC

WASHdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

WASHINGTON TRUST BANCORP INC earns about 32% on invested capital, far above its ~9% cost of capital, but has diluted owners by 10% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $28.08 and $45.15 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$51.1M1$48.2M2$44.5M3$48.2M3$57.7M3
Net income$76.9M4$71.7M5$48.2M6−$28.1M6$52.2M6
Operating cash flow$100.8M7$113M8$31.6M9$57.7M9$80.3M9
Capital expenditure$3.49M10$6.14M11$5.05M12$4M12$2.01M12
Free cash flow (derived)$97.3M7$106.9M8$26.6M9$53.7M9$78.3M9
Total debt—————
Cash & equivalents$178.5M13$118.4M14$90.2M14$113.9M14$103.7M14
Diluted shares17.5M17.4M17.1M17.1M19.3M

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
$281.93
your share of equity
Profit it earned you last year
$27.1
Free cash flow it threw off
$40.61
Debt you’d be carrying
—

10 shares is a claim on $281.93 of net worth that earned you $27.1 and generated $40.61 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
32% avg · 5y
FY21 23%FY22 30%FY23 51%FY24 18%FY25 39%

It earned about 32% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+10% shares · 5y

Share count is up 10% 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 3 estimate methods that apply put fair value between $28.08 and $45.15 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$42.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$53.7M
DCF · Growth Exit 5Y
$45.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$53.7M
Earnings Power Value
$28.08
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$52.2M
  • growthAssumed0.0%
Graham Number
$41.46
assumptions (1)
  • grahamMultiplier2250.0%

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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $45.15
The three cases
Bear0.0%$45.15
Base0.0%$45.15
Bull5.0%$54.77

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000737468-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000737468-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000737468-26-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000737468-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000737468-25-000007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000737468-26-000034 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000737468-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000737468-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000737468-26-000034 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000737468-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000737468-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000737468-26-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000737468-25-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0000737468-26-000034 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)