MeritValue

WILSON BANK HOLDING CO

WBHCdata completeness 100%17 fiscal years on file
The thesis, from the filings

WILSON BANK HOLDING CO earns about 54% on invested capital, far above its ~9% cost of capital, but has diluted owners by 8% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $45.47 and $322.22 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$129.8M1$184.8M2$8.49M3$8.63M3$8.33M3
Net income$49.4M4$53M5$48.9M6$56.5M6$75.7M6
Operating cash flow$61.4M7$73.2M8$86.1M9$62M9$90M9
Capital expenditure$8.92M10$5.02M11$4.64M12$3.49M12$3.7M12
Free cash flow (derived)$52.5M7$68.2M8$81.5M9$58.5M9$86.3M9
Total debt——$7.77M13$9.39M14$10.1M14
Cash & equivalents——$252.6M15$247.6M15$367.4M15
Diluted shares11.2M11.4M11.6M11.8M12.1M

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
$481.19
your share of equity
Profit it earned you last year
$62.62
Free cash flow it threw off
$71.35
Debt you’d be carrying
$8.34

10 shares is a claim on $481.19 of net worth that earned you $62.62 and generated $71.35 of cash last year, against $8.34 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
54% avg · 5y
FY21 14%FY22 18%FY23 62%FY24 74%FY25 102%

It earned about 54% 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
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 30% over the same window.

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 $45.47 and $322.22 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
$322.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth15.8%
  • fcfBase$81.5M
DCF · Growth Exit 5Y
$215.63
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth15.8%
  • fcfBase$81.5M
Earnings Power Value
$45.47
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$53M
  • growthAssumed0.0%
Graham Number
$82.33
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 years15.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $215.63
The three cases
Bear0.0%$125.84
Base15.8%$215.63
Bull20.0%$249.26

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

Default growth 15.8%= 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 0000950170-24-021709 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029576 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082893 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021709 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029576 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-082893 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021709 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029576 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082893 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021709 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029576 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-082893 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-029576 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-082893 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-082893 (CashAndCashEquivalentsAtCarryingValue)