MeritValue

WESBANCO INC

WSBCdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

WESBANCO INC earns about 20% on invested capital, far above its ~9% cost of capital, but has diluted owners by 39% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $21.87 and $43.07 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$485M1$513.7M2$711.5M3$825.6M3$1.27B3
Net income$242.3M4$192.1M5$159M6$151.5M6$223.1M6
Operating cash flow$336.3M7$204.1M8$169.3M9$211M9$290.4M9
Capital expenditure$8.54M10$7.99M11$22.5M12$10.3M12$10.4M12
Free cash flow (derived)$327.8M7$196.2M8$146.8M9$200.7M9$280M9
Total debt—————
Cash & equivalents$1.25B13$408.4M14$595.4M15$568.1M16$956.1M16
Diluted shares65.7M60.2M59.4M62.7M91.0M

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
$442.9
your share of equity
Profit it earned you last year
$24.51
Free cash flow it threw off
$30.76
Debt you’d be carrying
—

10 shares is a claim on $442.9 of net worth that earned you $24.51 and generated $30.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 18%FY22 11%FY23 18%FY24 24%FY25 28%

It earned about 20% 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 →
Management signal · capital allocation
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it.

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

The 3 estimate methods that apply put fair value between $21.87 and $43.07 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$41.34
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.8%
  • fcfBase$200.7M
DCF · Growth Exit 5Y
$43.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.8%
  • fcfBase$200.7M
Earnings Power Value
$21.87
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$192.1M
  • growthAssumed0.0%
Graham Number
$47.14
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $43.07
The three cases
Bear0.0%$42
Base0.8%$43.07
Bull5.8%$50.91

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.8%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-020323 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030795 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-085463 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020323 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030795 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-085463 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020323 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030795 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-085463 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-020323 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-030795 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-085463 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004507 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-020323 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-030795 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-085463 (CashAndCashEquivalentsAtCarryingValue)