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 $43.88 and $304.86 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 | $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) | $52.5M7,10 | $68.2M8,11 | $81.5M9,12 | $58.5M9,12 | $86.3M9,12 |
| Total debt | — | — | $7.77M13 | $9.39M14 | $10.1M14 |
| Cash & equivalents | — | — | $252.6M15 | $247.6M15 | $367.4M15 |
| Diluted shares | 11.2M | 11.4M | 11.6M | 11.8M | 12.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
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.
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 →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.
The 3 estimate methods that apply put fair value between $43.88 and $304.86 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a conservative ceiling on what a defensive investor should pay, not a target.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth15.8%
- Starting free cash flow$81.5M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth15.8%
- Starting free cash flow$81.5M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$53M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $121.08 |
| Base | 15.8% | $205.83 |
| Bull | 20.0% | $237.54 |
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.
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Connect the MeritValue MCP server to Claude or another MCP client, ask about WILSON BANK HOLDING CO, and get these exact figures with their filing receipts — not an improvised DCF.
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See pricing →Follow WBHC and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021709 (InterestAndDividendIncomeOperating)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0000950170-25-029576 (Revenues)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-082893 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021709 (NetIncomeLoss)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0000950170-25-029576 (NetIncomeLoss)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-082893 (NetIncomeLoss)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021709 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0000950170-25-029576 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-082893 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0000950170-24-021709 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0000950170-25-029576 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-082893 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-28 · period ending 2023-12-31 · accession 0000950170-25-029576 (LongTermDebt)
- 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-082893 (LongTermDebt)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-082893 (CashAndCashEquivalentsAtCarryingValue)