Western New England Bancorp, Inc.
WNEBdata completeness 100%17 fiscal years on fileWestern New England Bancorp, Inc. earns about 24% on invested capital, far above its ~9% cost of capital, and has bought back 13% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $7.79 and $9.68 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 | $79.8M1 | $85.9M2 | $101.1M3 | $109.8M3 | $118.6M3 |
| Net income | $23.7M4 | $25.9M5 | $15.1M6 | $11.7M6 | $15.3M6 |
| Operating cash flow | $28.8M7 | $36.8M8 | $14.8M9 | $12.2M9 | $18.2M9 |
| Capital expenditure | $3.46M10 | $1.14M11 | $2.9M12 | $1.2M12 | $1.07M12 |
| Free cash flow (derived) | $25.3M7 | $35.6M8 | $11.9M9 | $11M9 | $17.1M9 |
| Total debt | — | $41.4M13 | $16.1M14 | $5.39M15 | $13.3M15 |
| Cash & equivalents | $103.5M16 | $30.3M17 | $28.8M17 | $66.5M17 | $40.4M17 |
| Diluted shares | 23.3M | 21.9M | 21.6M | 21.0M | 20.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $121.86 of net worth that earned you $7.51 and generated $8.43 of cash last year, against $6.53 of debt.
It earned about 24% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 68% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $7.79 and $9.68 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$11.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$11.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$15.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $9.68 |
| Base | 0.0% | $9.68 |
| Bull | 5.0% | $11.7 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001999371-24-003319 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001839882-25-014778 (InterestAndDividendIncomeOperating)
- 10-K/A · period ending 2023-12-31 · accession 0001999371-26-006029 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001999371-24-003319 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001839882-25-014778 (NetIncomeLoss)
- 10-K/A · period ending 2023-12-31 · accession 0001999371-26-006029 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001999371-24-003319 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001839882-25-014778 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2023-12-31 · accession 0001999371-26-006029 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001999371-24-003319 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001839882-25-014778 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2023-12-31 · accession 0001999371-26-006029 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001999371-24-003319 (ShortTermBorrowings)
- 10-K · period ending 2023-12-31 · accession 0001839882-25-014778 (ShortTermBorrowings)
- 10-K/A · period ending 2024-12-31 · accession 0001999371-26-006029 (ShortTermBorrowings)
- 10-K · period ending 2021-12-31 · accession 0001839882-25-014778 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K/A · period ending 2022-12-31 · accession 0001999371-26-006029 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)