MeritValue

WSFS FINANCIAL CORP

WSFSdata completeness 88%17 fiscal years on file
The thesis, from the filings

WSFS FINANCIAL CORP earns about 52% on invested capital, far above its ~9% cost of capital, but has diluted owners by 18% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $49.39 and $255.69 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$641.8M1$963.9M1$976.5M2$1.06B2$1.02B2
Net income$271.4M3$222.4M4$269.2M5$263.7M5$287.3M5
Operating cash flow$125.6M6$480.9M7$237M8$219.9M8$220M8
Capital expenditure$6.58M9$8.81M10$6.41M11$14.3M11$6.39M11
Free cash flow (derived)$119.1M6$472M7$230.6M8$205.6M8$213.6M8
Total debt—————
Cash & equivalents$1.53B12$837.3M13$1.09B14$1.15B15$1.7B15
Diluted shares47.7M63.7M61.2M59.7M56.5M

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
$484.95
your share of equity
Profit it earned you last year
$50.88
Free cash flow it threw off
$37.83
Debt you’d be carrying
—

10 shares is a claim on $484.95 of net worth that earned you $50.88 and generated $37.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
52% avg · 5y
FY21 71%FY22 18%FY23 33%FY24 56%FY25 80%

It earned about 52% 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
+18% shares · 5y

Share count is up 18% 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 $49.39 and $255.69 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
$255.69
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$213.6M
DCF · Growth Exit 5Y
$153.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$213.6M
Earnings Power Value
$49.39
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$269.2M
  • growthAssumed0.0%
Graham Number
$74.52
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $153.42
The three cases
Bear0.0%$84.13
Base20.0%$153.42
Bull20.0%$153.42

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

Default growth 20.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-23-005573 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0000828944-26-000006 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2021-12-31 · accession 0001628280-24-007987 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001628280-25-008977 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000828944-26-000006 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001628280-24-007987 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001628280-25-008977 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000828944-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-24-007987 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-25-008977 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000828944-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001628280-23-005573 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-007987 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-008977 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0000828944-26-000006 (CashAndCashEquivalentsAtCarryingValue)