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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$2.7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -97%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $7.4M 100.0% | $4.6M 100.0% | $5.7M 100.0% | $5.0M 100.0% |
| Cost of Revenue | $5.0M 68.1% | $2.7M 59.6% | $3.8M 65.5% | $2.8M 56.9% |
| Gross Profit | $2.4M 31.9% | $1.8M 40.4% | $2.0M 34.5% | $2.1M 43.1% |
| Selling, General & Admin | $3.9M 52.4% | $1.7M 37.8% | $1.3M 23.1% | $888K 17.9% |
| Operating Income | -$1.5M -20.5% | $116K 2.5% | $655K 11.4% | $1.3M 25.2% |
| Interest Expense | $17K 0.2% | $21K 0.5% | $22K 0.4% | $22K 0.4% |
| Other Income (Expense), net | -$3.1M -42.5% | $3K 0.1% | $40K 0.7% | $32K 0.6% |
| Pretax Income | -$4.7M -63.0% | $119K 2.6% | $696K 12.1% | $1.3M 25.9% |
| Income Tax Expense | $85K 1.2% | $7K 0.2% | $204K 3.6% | $307K 6.2% |
| Net Income | -$4.8M -64.4% | $112K 2.4% | $491K 8.6% | $979K 19.7% |
| Per Share | ||||
| EPS (Basic) | -$0.97 | $0.02 | $0.11 | $0.04 |
| EPS (Diluted) | -$0.97 | $0.02 | $0.11 | $0.04 |
| Weighted Avg Shares (Basic) | 4.9M | 4.6M | 4.6M | 22.9M |
| Weighted Avg Shares (Diluted) | 4.9M | 4.6M | 4.6M | 22.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-29
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -100% against ROIC -97% — -4% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -127.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | 56.9 | 65.5 | 59.6 | 68.1 |
| Gross Profit | 43.1 | 34.5 | 40.4 | 31.9 |
| SG&A | 17.9 | 23.1 | 37.8 | 52.4 |
| Operating Income | 25.2 | 11.4 | 2.5 | -20.5 |
| Income Tax | 6.2 | 3.6 | 0.2 | 1.2 |
| Net Income | 19.7 | 8.6 | 2.4 | -64.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WFF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2023, FY2024). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1.51 today, the market must believe free cash flow compounds 39.5%/yr for a decade (off $642K on the 3-yr avg basis).
Default is 11.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt -$2.1M
mean -233.4% · volatility σ 359% · implied rate exceeded in 0/2 yrs
Central path = implied 39.5%/yr growth; shaded band = ±1σ (359%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.3M covers all $189K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.9% on $189K of debt.
Cash of $2.3M fully covers short-term debt of $29K.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMCR | $21.8B | 19.8× | 10.3× | 0.9× | 56.6% | 20.0% | 4.7% | 9.4% | 4.3% | 3.8× | — |
| HAS | $16.9B | — | 137.3× | 3.1× | 13.1% | 75.8% | -6.0% | -57.0% | -8.4% | — | 207 |
| GOLF | $5.0B | 27.6× | 16.8× | 2.0× | 4.1% | 47.7% | 7.4% | 24.1% | 10.9% | 2.7× | 66 |
| MAT | $4.4B | 12.5× | 7.7× | 0.8× | -0.6% | 48.7% | 7.4% | 17.8% | 8.7% | 1.5× | 84 |
| BRC | $3.9B | — | 12.1× | 2.3× | 9.8% | 51.7% | 12.4% | 15.1% | 15.0% | -0.6× | 65 |
| YETI | $3.2B | 21.8× | 12.3× | 1.7× | 2.1% | 57.4% | 8.9% | 25.4% | 22.9% | 0.3× | 102 |
| CALY | $2.7B | — | 14.3× | 1.3× | -0.8% | 42.1% | -19.9% | -19.8% | -14.8% | -1.2× | 66 |
| PTON | $2.3B | 37.7× | 11.3× | 0.9× | -1.8% | 52.6% | 2.6% | -45.2% | 5.3% | 0.6× | 90 |
| ODC | $1.1B | — | 11.0× | 2.1× | 1.7% | 27.8% | 11.5% | 19.1% | 19.1% | -0.8× | 26 |
| DAKT | $951M | 21.5× | 10.4× | 1.1× | 10.9% | 27.3% | 5.4% | 15.1% | 14.6% | -1.5× | 31 |
| JOUT | $484M | — | 79.9× | 0.8× | -0.1% | 35.1% | -5.8% | -8.2% | -8.2% | — | 28 |
| FNKO | $375M | — | 41.1× | 0.4× | -13.5% | — | -7.4% | -36.3% | -16.4% | 13.5× | 16 |
| JAKK | $372M | 37.5× | 13.1× | 3.3× | -83.6% | — | 8.7% | 4.0% | 4.0% | -2.1× | 15 |
| ESCA | $277M | 20.3× | 12.4× | 1.1× | -4.5% | 26.9% | 5.7% | 7.9% | 7.1% | 0.8× | 18 |
| AOUT | $232M | — | 61.1× | 1.2× | -14.3% | 44.7% | -4.8% | -5.6% | -5.6% | -6.2× | 11 |
| TOYO | $201M | 4.2× | 1.9× | 0.5× | 142% | 22.5% | 9.3% | 35.6% | 27.9% | -0.2× | — |
| CLAR | $172M | — | — | 0.7× | -5.2% | 33.1% | -18.6% | -23.7% | -23.7% | — | 12 |
| WFF | $95M | — | — | 12.8× | 61.9% | 31.9% | -64.4% | -100% | -96.6% | — | — |
Peers = companies sharing WFF's sector (Miscellaneous Manufacturing Industries) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns -52.39pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | 64.0% | 11.7% (today's — no rate published for this year) | 52.3pts |
| FY2023 | 21.5% | 10.4% | 11.1pts |
| FY2024 | 4.2% | 11.6% | -7.4pts |
| FY2025 | -40.7% | 10.8% | -51.5pts |
| Now | -96.6% | 11.7% | -108.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | 43.1% | 25.2% | 19.7% |
| FY2023 | 34.5% | 11.4% | 8.6% |
| FY2024 | 40.4% | 2.5% | 2.4% |
| FY2025 | 31.9% | -20.5% | -64.4% |
Return on equity is 4 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
ROIC ex-goodwill is -40.71% against -40.71% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 2.39x of reported profit into free cash flow over 3 years, with accruals negative.
Only 3 profitable years available, so the average is shorter than the five the threshold assumes.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (20-F); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $1.51, free cash flow must compound 39.51%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 20.5% | 39.5% |
| FY2025 | −487.3% | 39.5% |
The implied rate of 39.51% has not been achieved in any of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$5M | −$5M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $2M | −$2M |
| Operating cash flow | −$2M | −$2M |
| Capex | −$281,745 | −$3M |
| Free cash flow | −$3M | −$3M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | 15.4% | not reported | not reported |
| FY2024 | -20.3% | -18.4% | 1.9 points |
| FY2025 | 61.9% | -11.8% | -73.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | 137.2 days | 43.2 days | 81.1 days | 99.4 days |
| FY2024 | 140.5 days | 113.3 days | 58.2 days | 195.5 days |
| FY2025 | 76.5 days | 40.4 days | 64.5 days | 52.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2022 | not reported |
| FY2023 | -3.1 percent |
| FY2024 | -10.3 percent |
| FY2025 | -20.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.