WHIRLPOOL CORP /DE/ earns about 6% on invested capital, and has bought back 11% of its shares over 5 years. The applicable estimate puts fair value near $56.58 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 | $22B1 | $19.7B2 | $19.5B3 | $16.6B3 | $15.5B3 |
| Net income | $1.78B4 | −$1.52B5 | $481M6 | −$323M6 | $318M6 |
| Operating cash flow | $2.18B7 | $1.39B8 | $915M9 | $835M9 | $470M9 |
| Capital expenditure | $525M10 | $570M11 | $549M12 | $451M12 | $389M12 |
| Free cash flow (derived) | $1.65B7,10 | $820M8,11 | $366M9,12 | $384M9,12 | $81M9,12 |
| Total debt | $5.24B13,14 | $7.62B15,16 | $7.23B17,18 | $6.63B19,20 | $6.52B19,20 |
| Cash & equivalents | $3.04B21 | $1.96B22 | $1.57B23 | $1.28B24 | $669M24 |
| Diluted shares | 62.9M | 55.9M | 55.2M | 55.1M | 56.2M |
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 $485.05 of net worth that earned you $56.58 and generated $14.41 of cash last year, against $1,160.14 of debt.
It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 24% 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.
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 growth0.0%
- Starting free cash flow$366M
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 growth0.0%
- Starting free cash flow$366M
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$318M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-14 · period ending 2021-12-31 · accession 0000106640-24-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000106640-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-11 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-02-14 · period ending 2021-12-31 · accession 0000106640-24-000020 (NetIncomeLoss)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000106640-25-000011 (NetIncomeLoss)
- 10-K filed 2026-02-11 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (NetIncomeLoss)
- 10-K filed 2024-02-14 · period ending 2021-12-31 · accession 0000106640-24-000020 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000106640-25-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-11 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-14 · period ending 2021-12-31 · accession 0000106640-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-13 · period ending 2022-12-31 · accession 0000106640-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-11 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-02-10 · period ending 2021-12-31 · accession 0000106640-23-000015 (LongTermDebt)
- 10-K filed 2023-02-10 · period ending 2021-12-31 · accession 0000106640-23-000015 (ShortTermBorrowings)
- 10-K filed 2024-02-14 · period ending 2022-12-31 · accession 0000106640-24-000020 (LongTermDebt)
- 10-K filed 2024-02-14 · period ending 2022-12-31 · accession 0000106640-24-000020 (ShortTermBorrowings)
- 10-K filed 2025-02-13 · period ending 2023-12-31 · accession 0000106640-25-000011 (LongTermDebt)
- 10-K filed 2025-02-13 · period ending 2023-12-31 · accession 0000106640-25-000011 (ShortTermBorrowings)
- 10-K filed 2026-02-11 · periods ending 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (LongTermDebt)
- 10-K filed 2026-02-11 · periods ending 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (ShortTermBorrowings)
- 10-K filed 2023-02-10 · period ending 2021-12-31 · accession 0000106640-23-000015 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-14 · period ending 2022-12-31 · accession 0000106640-24-000020 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-13 · period ending 2023-12-31 · accession 0000106640-25-000011 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-11 · periods ending 2024-12-31, 2025-12-31 · accession 0000106640-26-000009 (CashAndCashEquivalentsAtCarryingValue)