WORLD ACCEPTANCE CORP
WRLDdata completeness 100%17 fiscal years on fileWORLD ACCEPTANCE CORP earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 21% of its shares over 5 years. The estimate methods put fair value between $111.18 and $610.66 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $585.2M1 | $616.5M2 | $572.8M3 | $564.2M3 | $585.2M3 |
| Net income | $53.9M4 | $21.2M5 | $77M6 | $89.2M6 | $34.6M6 |
| Operating cash flow | $272.4M7 | $291.6M8 | $265.8M9 | $254.2M9 | $259.4M9 |
| Capital expenditure | $6.07M10 | $5.83M11 | $5.93M12 | $3.68M12 | $3.88M12 |
| Free cash flow (derived) | $266.4M7 | $285.7M8 | $259.9M9 | $250.5M9 | $255.5M9 |
| Total debt | $697M13 | $598.8M14 | $498.4M15 | $447.9M16 | $587.2M17 |
| Cash & equivalents | $19.2M18 | $16.5M19 | $5.17M20 | $4.71M20 | $6.07M20 |
| Diluted shares | 6.4M | 5.9M | 5.9M | 5.5M | 5.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $698.41 of net worth that earned you $68.82 and generated $508.33 of cash last year, against $1,168.43 of debt.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is down 21% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 16% — 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 $111.18 and $610.66 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$255.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$255.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$53.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $610.66 |
| Base | 0.0% | $610.66 |
| Bull | 5.0% | $786.45 |
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 2022-03-31 · accession 0000108385-24-000024 (Revenues)
- 10-K · period ending 2023-03-31 · accession 0000108385-25-000041 (Revenues)
- 10-K · period ending 2024-03-31 · accession 0000108385-26-000014 (Revenues)
- 10-K · period ending 2022-03-31 · accession 0000108385-24-000024 (NetIncomeLoss)
- 10-K · period ending 2023-03-31 · accession 0000108385-25-000041 (NetIncomeLoss)
- 10-K · period ending 2024-03-31 · accession 0000108385-26-000014 (NetIncomeLoss)
- 10-K · period ending 2022-03-31 · accession 0000108385-24-000024 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-31 · accession 0000108385-25-000041 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0000108385-26-000014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-03-31 · accession 0000108385-24-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-03-31 · accession 0000108385-25-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-03-31 · accession 0000108385-26-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-03-31 · accession 0000108385-22-000022 (LongTermDebt)
- 10-K · period ending 2023-03-31 · accession 0000108385-23-000022 (LongTermDebt)
- 10-K · period ending 2024-03-31 · accession 0000108385-24-000024 (LongTermDebt)
- 10-K · period ending 2025-03-31 · accession 0000108385-25-000041 (LongTermDebt)
- 10-K · period ending 2026-03-31 · accession 0000108385-26-000014 (LongTermDebt)
- 10-K · period ending 2022-03-31 · accession 0000108385-23-000022 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-03-31 · accession 0000108385-24-000024 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-03-31 · accession 0000108385-26-000014 (CashAndCashEquivalentsAtCarryingValue)