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Wilhelmina International, Inc (WHLM) Fair Value & Analysis

Industrials · US · Market cap $13.5M

WI Wilhelmina International, Inc logo Wilhelmina International, Inc WHLM · US
Price$0.5000
Fair Value$0.6500
Upside+30.0%
Quality60/100
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Weak Growth
Thin margins · 3.0% net margin
Low debt · generates free cash flow
Trails peers (5/13)
Narrow moat 25/100
Evidence: High Range $0.6500 – $0.6500 Share as image

Fair value as of: Jul 25, 2026

From 24 valuation models · updated 17 days ago

Fair value updated Jul 25, 2026, revised from $3.59 to $0.6500 (−81.9%) since Jun 25, 2026.

A solid business, screening 30% undervalued on our models.

What matters now

  • The price is below even our cautious bear case ($0.6500). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

$6.70 $0.5000 Fair Value $0.6500 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 25, 2026.

How to read this chart

60‑month range $0.5000 – $6.70 · the $0.5000 price screens below the $0.6500 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 25, 2026.

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Analysis

Wilhelmina International, Inc (WHLM) currently trades at $0.5000, while our model-based Fair Value estimate is $0.6500, implying the stock looks roughly 30.0% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Wilhelmina International, Inc generated revenue of $18.0M at a net margin of 3.0%. Revenue declined 0.8% year over year. It earns a return on equity of 2.2%. The balance sheet holds a net cash position of $2.1M. Fundamentals as of Jul 25, 2026

For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at 30%, WHLM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF $1.27 $1.91 $2.91 80
Residual Income $0.6000 $0.5500 $0.3900 76
Rev-Margin DCF $0.8300 $1.14 $1.78 74
All 24 models by family
DCF Models
FCF DCF $1.34 $1.79 $3.09 38
Owner Earnings $0.5400 $0.8500 $1.38 31
5Y Revenue Exit $0.7900 $1.02 $1.50 39
5Y EBITDA Exit $0.8300 $1.10 $1.64 41
5Y P/E Exit $0.8600 $1.36 $2.00 38
10Y Revenue Exit $0.9800 $1.49 $1.69 36
10Y EBITDA Exit $1.02 $1.56 $2.39 37
10Y P/E Exit $1.03 $1.61 $2.46 35
Earnings-Based
Graham-Dodd $0.1500 $1.08 $1.51 54
Lynch FV $0.5600 $0.7900 $1.03 50
PEG = 1.0 $0.5600 $0.7900 $1.03 46
EPV $0.3500 $0.3600 $0.3700 59
Multiples
P/E Multiple $0.3600 $0.4800 $0.6000 63
P/S Multiple $0.2900 $0.3900 $0.4800 58
P/B Multiple $0.2900 $0.3900 $0.4800 55
EV/EBIT $0.5600 $0.6700 $0.7800 53
EV/EBITDA $0.5500 $0.6500 $0.7600 54
EV/Revenue $0.4700 $0.5700 $0.6700 43
Asset-Based
NCAV (Graham) $0.4700 $0.6300 $0.9400 50
Growth DCF
Growth DCF $1.27 $1.91 $2.91 80
Rev-Margin DCF $0.8300 $1.14 $1.78 74
Economic Profit
Residual Income $0.6000 $0.5500 $0.3900 76
ROIC Compounder $0.3500 $0.3600 $0.3700 72
Growth Earnings
Growth-Adj P/E $0.7300 $1.04 $1.35 68

Widest divergence: DCF Models ($1.36) versus Economic Profit ($0.3600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) $18.0M
Revenue growth (YoY) -0.8%
Net margin 3.0%
Return on equity 2.2%
Free cash flow $2.5M FY2024
P/E ratio 27.5
More key figures
Operating margin 2.2%
EPS (TTM) $0.1000
EPS growth (YoY) -58.2%
Net cash $2.1M FY2023

Figures from reported company fundamentals · as of Jul 25, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 62 · Market factors (momentum, volatility) 14

Profitability 34
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Wilhelmina International, Inc. primarily engages in the fashion model management business. It specializes in the representation and management of models, entertainers, athletes, and other talent to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies.

Full company description

Wilhelmina International, Inc. primarily engages in the fashion model management business. It specializes in the representation and management of models, entertainers, athletes, and other talent to various clients, including retailers, designers, advertising agencies, print and electronic media and catalog companies. The company also provides fashion modeling talent and social media influencer services to clients, such as advertising agencies, branded consumer goods companies, fashion designers, Internet sites, retailers, department stores, product catalogs, and magazine publications. In addition, the company is involved in the licensing of the Wilhelmina name to third parties, such as fashion model agencies; television syndication royalties and production series contracts; and model search contests. It has operations in Los Angeles, Miami, and London, as well as a network of licensees in various local markets in the United States and internationally. Wilhelmina International, Inc. was founded in 1967 and is headquartered in Dallas, Texas.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Wilhelmina International, Inc reported revenue of $17.6M in FY2024 versus $41.6M in FY2020, a compound −19.3%/yr. Reported net income was $614K in FY2024.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2024)
$17.6M
Latest YoY
+2.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−32.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−25.3%
Avg. growth/yr (28Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.3%
Revenue −19.3%/yr
FY20 $41.6M
FY21 $56.8M
FY22 $17.8M
FY23 $17.2M
FY24 $17.6M
Net income
FY20 −$4.9M
FY21 $4.5M
FY22 $3.5M
FY23 $433K
FY24 $614K
Character of growth · EPS growth decomposed (2012-2023) +6.5 % p.a.
Revenue per share −6.6 pp

of which total revenue −8.2 pp · buybacks/dilution +1.7 pp

EBIT margin +10.6 pp
Tax rate −0.1 pp
Residual (interest, one-offs) +2.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Wilhelmina International, Inc Fair Value". https://www.fairvalue-calculator.com/stock/WHLM

Peer Group

Specialty Business Services · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside +30% · Above median
Return on equity (TTM) 2% · Below median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth -1% · Below median
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/E (TTM) 27.5× · Pricier than median
P/B 0.53× · Cheaper than 75% of peers
P/S (TTM) 0.75× · Cheaper than median
P/FCF 5.3× · Pricier than median
EV/EBITDA 11.0× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 73 · sector 24
FUTURE 0 · sector 27
PAST 9 · sector 33
HEALTH 96 · sector 92
DIVIDEND 0 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Wilhelmina International, Inc (WHLM) overvalued or undervalued?
As of Jul 25, 2026, our model estimates a fair value of $0.6500 versus a price of $0.5000, about +30% (undervalued).
What is the fair value of WHLM?
Our model-based fair value for Wilhelmina International, Inc is $0.6500 (as of Jul 25, 2026), built from audited fundamentals. The current price is $0.5000.
What is the quality score of WHLM?
Wilhelmina International, Inc has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Wilhelmina International, Inc (WHLM)?
Wilhelmina International, Inc reported trailing-twelve-month revenue of about $18.0M (latest available figure, as of Jul 25, 2026).
What is the net profit margin of WHLM?
The net profit margin of Wilhelmina International, Inc is about 3.0%, meaning it keeps roughly 3.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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