Wix.com Ltd. earns about -80% on equity, with a roughly flat share count. The applicable estimate puts fair value near $5.74 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 | $1.27B1 | $1.39B2 | $1.56B3 | $1.76B3 | $1.99B3 |
| Net income | −$117.2M4 | −$424.9M5 | $33.1M6 | $138.3M6 | $50.6M6 |
| Operating cash flow | $65.7M7 | $37.2M8 | $248.2M9 | $497.4M9 | $582.9M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $451.4M10 | $244.7M11 | $609.6M12 | $660.9M12 | $311.4M12 |
| Diluted shares | 57.0M | 58.0M | 58.4M | 60.0M | 57.7M |
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 −$63.41 of net worth that earned you $8.77 last year.
It earned an average -80% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
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$33.1M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 20-F filed 2024-03-22 · period ending 2021-12-31 · accession 0001576789-24-000011 (Revenues)
- 20-F filed 2025-03-21 · period ending 2022-12-31 · accession 0001628280-25-014212 (Revenues)
- 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-015222 (Revenues)
- 20-F filed 2024-03-22 · period ending 2021-12-31 · accession 0001576789-24-000011 (NetIncomeLoss)
- 20-F filed 2025-03-21 · period ending 2022-12-31 · accession 0001628280-25-014212 (NetIncomeLoss)
- 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-015222 (NetIncomeLoss)
- 20-F filed 2024-03-22 · period ending 2021-12-31 · accession 0001576789-24-000011 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2025-03-21 · period ending 2022-12-31 · accession 0001628280-25-014212 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-015222 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2023-03-30 · period ending 2021-12-31 · accession 0001576789-23-000025 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2024-03-22 · period ending 2022-12-31 · accession 0001576789-24-000011 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-015222 (CashAndCashEquivalentsAtCarryingValue)