WSFS · Financials(national commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $1.7 billion its operations generated over 10 years, 55.6% went to buybacks and 33.3% to acquisitions; the share count rose 81.7%. On the accounting screens, it passes 4 of 5 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow after stock pay200.8M
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/5tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0500.0M1.0B1.5B
2016Revenue 321.6MOperating income 120.0M
2017Revenue 379.4MOperating income 141.9M
2018Revenue 455.5MOperating income 217.3M
2019Revenue 709.2MOperating income 270.5M
2020Revenue 715.4MOperating income 193.4M
2021Revenue 641.8MOperating income 380.4M
2022Revenue 963.9MOperating income 341.5M
2023Operating income 616.7M
2024Operating income 1.1B
2025Operating income 1.1B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+48.0%
+41.7%
+28.0%
Net income
+8.9%
+20.1%
+18.1%
Earnings per share
+13.4%
+17.5%
+10.6%
Free cash flow per share
-20.1%
+88.7%
+5.9%
Dividend per share
+5.4%
+6.4%
+11.6%
Shares
-3.9%
+2.2%
+6.9%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%20.0%40.0%60.0%
2016Operating 37.3%Net 19.9%Free cash flow 21.9%
2017Operating 37.4%Net 13.2%Free cash flow 32.3%
2018Operating 47.7%Net 29.6%Free cash flow 28.6%
2019Operating 38.1%Net 21.0%Free cash flow 10.7%
2020Operating 27.0%Net 16.0%Free cash flow 1.1%
2021Operating 59.3%Net 42.3%Free cash flow 18.6%
2022Operating 35.4%Net 23.1%Free cash flow 49.0%
2023
2024
2025
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
10.5%
Return on assets
1.3%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200.0M400.0M600.0M
2016Net income 64.1MFree cash flow 70.3MAfter stock-based pay 67.3M
2017Net income 50.2MFree cash flow 122.4MAfter stock-based pay 119.0M
2018Net income 134.7MFree cash flow 130.1MAfter stock-based pay 127.8M
2019Net income 148.8MFree cash flow 75.7MAfter stock-based pay 72.1M
2020Net income 114.8MFree cash flow 8.0MAfter stock-based pay 5.3M
2021Net income 271.4MFree cash flow 119.1MAfter stock-based pay 113.4M
2022Net income 222.4MFree cash flow 472.0MAfter stock-based pay 465.7M
2023Net income 269.2MFree cash flow 230.6MAfter stock-based pay 221.0M
2024Net income 263.7MFree cash flow 205.6MAfter stock-based pay 193.7M
2025Net income 287.3MFree cash flow 213.6MAfter stock-based pay 200.8M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.7B generated by the business. Each band is its share of that total.
Reinvested in the business 5%86.9M
Acquisitions 33%576.7M
Dividends 14%246.8M
Share buybacks 56%964.9M
More than it generated: funded with cash or new debt -8%-141.0M
Over the same years it paid 61.4M in stock. The share count rose 81.7%. 903.5M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$2.00$4.00$6.00$8.00
2016Earnings per share $2.06Free cash flow per share $2.26Dividend per share $0.25
2017Earnings per share $1.56Free cash flow per share $3.79Dividend per share $0.29
2018Earnings per share $4.19Free cash flow per share $4.04Dividend per share $0.41
2019Earnings per share $3.00Free cash flow per share $1.53Dividend per share $0.45
2020Earnings per share $2.27Free cash flow per share $0.16Dividend per share $0.48
2021Earnings per share $5.69Free cash flow per share $2.50Dividend per share $0.51
2022Earnings per share $3.49Free cash flow per share $7.42Dividend per share $0.56
2023Earnings per share $4.40Free cash flow per share $3.77Dividend per share $0.60
2024Earnings per share $4.41Free cash flow per share $3.44Dividend per share $0.60
2025Earnings per share $5.09Free cash flow per share $3.78Dividend per share $0.66
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
30.0M40.0M50.0M60.0M70.0M
2016Diluted shares 31.1M
2017Diluted shares 32.3M
2018Diluted shares 32.2M
2019Diluted shares 49.6M
2020Diluted shares 50.5M
2021Diluted shares 47.7M
2022Diluted shares 63.7M
2023Diluted shares 61.2M
2024Diluted shares 59.7M
2025Diluted shares 56.5M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
2× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 5 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Reported profit comfortably exceeds the cash generated (287M against 220M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$258,0071 sale(s) by 1 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
