MeritValue

WHIRLPOOL CORP /DE/

WHRdata completeness 100%18 fiscal years on file
The thesis, from the filings

WHIRLPOOL CORP /DE/ earns about 4% on invested capital, and has bought back 11% of its shares over 5 years. The applicable estimate puts fair value near $58.64 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$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$820M8$366M9$384M9$81M9
Total debt$10.5B13$15.2B14$14.4B15$13.2B16$12.7B16
Cash & equivalents$3.04B17$1.96B18$1.57B19$1.28B20$669M20
Diluted shares62.9M55.9M55.2M55.1M56.2M

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
$485.05
your share of equity
Profit it earned you last year
$56.58
Free cash flow it threw off
$14.41
Debt you’d be carrying
$2,257.83

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 $2,257.83 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 16%FY22 -5%FY23 5%FY24 -1%FY25 3%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 21% 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
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$366M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$366M
Earnings Power Value
$58.64
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$318M
  • growthAssumed0.0%
Graham Number
$78.59
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000106640-24-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000106640-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000106640-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000106640-24-000020 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000106640-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000106640-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000106640-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000106640-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000106640-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000106640-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000106640-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000106640-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000106640-23-000015 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000106640-24-000020 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000106640-25-000011 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000106640-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000106640-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000106640-24-000020 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000106640-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000106640-26-000009 (CashAndCashEquivalentsAtCarryingValue)