MeritValue

WIDEPOINT CORP

WYYdata completeness 88%16 fiscal years on file
The thesis, from the filings

WIDEPOINT CORP earns about -42% on invested capital, below its ~9% cost of capital, but has diluted owners by 6% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $3.15 and $3.33 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$87.3M1$94.1M2$106M3$142.6M4$150.5M4
Net income$341,0965−$23.6M6−$4.05M7−$1.93M8−$2.75M8
Operating cash flow−$1.22M9$6.07M10$625,24811$1.68M12$5.71M12
Capital expenditure$258,17613$244,95314$208,20215$117,90016$237,40016
Free cash flow (derived)−$1.48M9$5.82M10$417,04611$1.56M12$5.47M12
Total debt—————
Cash & equivalents$6.48M17$7.53M17$6.92M18$6.78M19$9.82M19
Diluted shares9.2M8.7M8.8M9.3M9.7M

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
$11.92
your share of equity
Profit it earned you last year
−$2.85
Free cash flow it threw off
$5.66
Debt you’d be carrying
—

10 shares is a claim on $11.92 of net worth that earned you −$2.85 and generated $5.66 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-42% avg · 5y
FY21 1%FY22 —FY23 -37%FY24 -20%FY25 -113%

It earned about -42% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% 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 2 estimate methods that apply put fair value between $3.15 and $3.33 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$3.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.56M
DCF · Growth Exit 5Y
$3.33
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.56M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $3.33
The three cases
Bear0.0%$3.33
Base0.0%$3.33
Bull5.0%$3.89

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001654954-23-003960 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-003664 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-004306 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-002749 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-003960 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-003664 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-004306 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-002749 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-003960 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-003664 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-004306 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001654954-26-002749 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-003960 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-003664 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001654954-25-004306 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001654954-26-002749 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-003960 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001654954-25-004306 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001654954-26-002749 (CashAndCashEquivalentsAtCarryingValue)