MeritValue

Wix.com Ltd.

WIXdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Wix.com Ltd. earns about -80% on equity, with a roughly flat share count. The applicable estimate puts fair value near $5.95 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$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 shares57.0M58.0M58.4M60.0M57.7M

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
−$63.41
your share of equity
Profit it earned you last year
$8.77
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$63.41 of net worth that earned you $8.77 last year.

iii. Is this a good business?
Moat signal · return on equity
-80% avg · 5y
FY21 -80%FY22 —FY23 —FY24 —FY25 —

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 →
Management signal · capital allocation
+1% shares · 5y

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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$5.95
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$33.1M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001576789-24-000011 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001628280-25-014212 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001628280-26-015222 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001576789-24-000011 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001628280-25-014212 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001628280-26-015222 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001576789-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001628280-25-014212 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001628280-26-015222 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001576789-23-000025 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2022-12-31 · accession 0001576789-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001628280-26-015222 (CashAndCashEquivalentsAtCarryingValue)