MeritValue

Winchester Bancorp, Inc./MD/

WSBKdata completeness 75%3 fiscal years on file
The thesis, from the filings

Winchester Bancorp, Inc./MD/ earns about 34% on invested capital. The applicable estimate puts fair value near $0.88 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 2024FY 2025FY 2026
Revenue$34.9M1$42.7M2$50.4M2
Net income$786,0003−$874,0004$4.42M4
Operating cash flow$231,0005$2.47M6$5.4M6
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$44.1M7$55.2M8$60M8
Diluted shares09.0M9.0M

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.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$134.34
your share of equity
Profit it earned you last year
$4.93
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $134.34 of net worth that earned you $4.93 last year.

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 3y
FY24 42%FY25 21%FY26 39%

It earned an average 34% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Not enough history to read capital allocation.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
Earnings Power Value
$0.88
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$786,000
  • Growth assumed0.0%
Graham Number
$11.96
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2025-09-17 · period ending 2024-06-30 · accession 0001193125-25-206332 (InterestAndDividendIncomeOperating)
  2. 10-K filed 2026-09-16 · periods ending 2025-06-30, 2026-06-30 · accession 0001193125-26-392194 (InterestAndDividendIncomeOperating)
  3. 10-K filed 2025-09-17 · period ending 2024-06-30 · accession 0001193125-25-206332 (NetIncomeLoss)
  4. 10-K filed 2026-09-16 · periods ending 2025-06-30, 2026-06-30 · accession 0001193125-26-392194 (NetIncomeLoss)
  5. 10-K filed 2025-09-17 · period ending 2024-06-30 · accession 0001193125-25-206332 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2026-09-16 · periods ending 2025-06-30, 2026-06-30 · accession 0001193125-26-392194 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2025-09-17 · period ending 2024-06-30 · accession 0001193125-25-206332 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K filed 2026-09-16 · periods ending 2025-06-30, 2026-06-30 · accession 0001193125-26-392194 (CashAndCashEquivalentsAtCarryingValue)