MeritValue

WEYCO GROUP INC

WEYSdata completeness 88%17 fiscal years on file
The thesis, from the filings

WEYCO GROUP INC earns about 15% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $32 and $236.65 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$267.6M1$351.7M2$318M3$290.3M4$276.2M4
Net income$20.6M5$29.5M6$30.2M7$30.3M8$23.1M8
Operating cash flow$6.39M9−$29.9M10$98.6M11$37.7M12$37.3M12
Capital expenditure$1.01M13$2.34M14$3.31M15$1.39M16$1.75M16
Free cash flow (derived)$5.39M9−$32.2M10$95.3M11$36.3M12$35.5M12
Total debt—$31.1M17———
Cash & equivalents$19.7M18$16.9M19$69.3M20$71M21$96M21
Diluted shares9.7M9.6M9.5M9.6M9.6M

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
$250.46
your share of equity
Profit it earned you last year
$24.13
Free cash flow it threw off
$37.12
Debt you’d be carrying
—

10 shares is a claim on $250.46 of net worth that earned you $24.13 and generated $37.12 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY21 11%FY22 13%FY23 17%FY24 17%FY25 16%

It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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 $32 and $236.65 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
$236.65
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$36.3M
DCF · Growth Exit 5Y
$133.92
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$36.3M
Earnings Power Value
$32
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$29.5M
  • growthAssumed0.0%
Graham Number
$36.85
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $133.92
The three cases
Bear0.0%$64.32
Base20.0%$133.92
Bull20.0%$133.92

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

Default growth 20.0%= 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 0001410578-23-000248 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003196 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002984 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-027690 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000248 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003196 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002984 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-027690 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000248 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003196 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002984 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-027690 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000248 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003196 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002984 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-027690 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-003196 (ShortTermBorrowings)
  18. 10-K · period ending 2021-12-31 · accession 0001410578-23-000248 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-24-003196 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001558370-25-002984 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-027690 (CashAndCashEquivalentsAtCarryingValue)