# Whirlpool (WHR.US)

Canonical: https://gigainvestors.com/s/WHR

Analysis as of: 2026-10-16T07:33:06.534Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $28.04 per share; close as of 2026-10-15.

Estimated value: low $52.09 per share, central $57.29 per share, high $64.20 per share. Buy at or below the central value $57.29 per share. Valuation as of 2026-10-16T07:33:06.534Z; scenarios are not confidence intervals.

Expected annual return: 26.2% at the stated quote. About 26.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 3

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.10×

- FY2021: 0.11×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.05×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.0%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 16.0%

- Recent gross margin (lower of latest and 3-year median): 13.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.2%

- FY2018: 21.3%

- FY2019: 18.8%

- FY2020: 30.1%

- FY2021: 34.1%

- FY2022: 18.1%

- FY2023: 19.5%

- FY2024: 12.7%

- FY2025: 7.5%

- LTM to Jun 2026: 4.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $287M

- Net income, five-year total: $739M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.5 pp

- Working capital / revenue, final three-year average: -0.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.06×

- FY2023: 0.61×

- FY2024: 1.37×

- FY2025: 0.84×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.3% vs 12.7%

- Per-share earnings: 9.82 to 5.64 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.4%

- Ordinary dilution, 5-year annual growth: -2.4%

- Market cap gain: -$9.4B

- Cumulative retained earnings: -$6.0B

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.7%

- Per-share value change: -$4.18

- Per-share value, starting three-year median: $9.82

- Per-share value, ending three-year median: $5.64

- Buybacks concentrated in cheaper years (correlation): -0.19

- Average buyback yield: 6.2%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.3B

- Cumulative net income, 10 years: $4.1B

- ROIC, first three-year median: 21.3%

- ROIC, last three-year median: 12.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $11.50

- FY2017: $4.70

- FY2018: -$2.72

- FY2019: $18.44

- FY2020: $16.98

- FY2021: $28.35

- FY2022: -$27.17

- FY2023: $8.71

- FY2024: -$5.86

- FY2025: $5.64

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 28.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.52×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 2.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: -4.6%

- FY2018: -7.7%

- FY2019: -0.2%

- FY2020: -2.1%

- FY2021: -1.9%

- FY2022: -17.0%

- FY2023: -2.5%

- FY2024: -7.1%

- FY2025: -1.0%

## Holders

- [David Tepper](https://gigainvestors.com/AM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 88% since Dec 2021 · "Whirlpool's Q2 Earnings Miss on Lower Volume and Cost Pressures" (finance.yahoo.com, Aug 2026) · sales -3.9%

Story as of 2026-10-16T09:59:51.796Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.8% a year for ten years

- 2025-04-23: Whirlpool Sales Slide as Tariff Fears Hit Results ([finance.yahoo.com](https://finance.yahoo.com/m/7c73a9ad-873e-3f7e-8232-a5e917ab41f0/whirlpool-sales-slide-as.html))

- 2025-06-18: Whirlpool CEO Says Company Will Benefit From Closing Tariff Loophole ([finance.yahoo.com](https://finance.yahoo.com/m/069bc8b9-ac4e-3c5a-b3e5-195c5c7c7232/whirlpool-ceo-says-company.html))

- 2025-07-29: Whirlpool shares slump,; co slashes forecast and dividend ([investing.com](https://www.investing.com/news/stock-market-news/whirlpool-shares-slide-after-slashing-forecast-dividend-as-tariffs-bite-4157979))

- 2025-08-13: WHR Q2 Deep Dive: Soft Demand, Tariff Disruptions, and Product Launches Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/whr-q2-deep-dive-soft-033830662.html))

- 2026-02-24: Whirlpool’s Scale and Appliance Demand Meet a Slowing Housing Cycle ([nasdaq.com](https://www.nasdaq.com/articles/whirlpools-scale-and-appliance-demand-meet-slowing-housing-cycle))

- 2026-05-07: Whirlpool says Iran war causing 'recession-level industry decline.' The shares are down 20% ([cnbc.com](https://www.cnbc.com/2026/05/07/whirlpool-says-iran-war-causing-recession-level-industry-decline-the-shares-are-down-20percent.html))

### Sales · FY2025–2026

sales -3.9%; source https://www.sec.gov/Archives/edgar/data/106640/000010664026000009/whr-20251231.htm; observed 2026-02-11.

- FY2017: $21B 

- FY2018: $21B 

- FY2019: $20B 

- FY2020: $19B 

- FY2021: $22B 

- FY2022: $20B 

- FY2023: $19B 

- FY2024: $17B 

- FY2025: $16B 

- FY2026: $15B 

### Gross margin · FY2026

gross margin 13.5%; source https://www.sec.gov/Archives/edgar/data/106640/000010664026000009/whr-20251231.htm; observed 2026-02-11.

- FY2017: 16.9% 

- FY2018: 15.9% 

- FY2019: 16.0% 

- FY2020: 19.5% 

- FY2021: 20.1% 

- FY2022: 15.3% 

- FY2023: 16.4% 

- FY2024: 15.4% 

- FY2025: 15.2% 

- FY2026: 13.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are USD 15.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/106640/000010664026000009/whr-20251231.htm (filed 2026-02-11); FY2025: revenue 15524000000; grossProfit 2360000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WHR.US: Whirlpool Corporation manufactures and markets home appliances and related products and services in the North America, Latin America, and internationally. The company's principal products include refrigerators, freezers, ice makers, and refrigerator water filters; laundry appliances, and commercial laundry products and related laundry accessories; cooking and other small domestic appliances; and dishwasher appliances and related accessories, as well as mixers. It markets and distributes its products primarily under the Whirlpool, Maytag, KitchenAid, JennAir, Consul, Brastemp, Amana, InSinkErator, affresh, Gladiator, Swash, everydrop, Eslabon de Lujo, and Acros brands. The company sells its products to retailers, distributors, builders, and other manufacturers, as well as directly to consumers. Whirlpool Corporation was founded in 1911 and is headquartered in Benton Harbor, Michigan.

### Why customers stay

Margins ranged from 15.2% to 16.4% during 2023–25; it earns 19% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 15.4%.

- Source: https://www.sec.gov/Archives/edgar/data/106640/000010664026000009/whr-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2017,0.19163039176889593],[2018,0.2126010626010626],[2019,0.18816715050103905],[2020,0.30090659323554975],[2021,0.34060249975218754],[2022,0.1814274823708786],[2023,0.19537420866939686],[2024,0.1267379679144385],[2025,0.07528208701754044],[2026,0.04799144828598693]]; median 0.1898987711349675. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 0; upkeep 660000000; owner earnings 883215517.2413793. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 30000000; upkeep 654000000; owner earnings 350000000. Growth capex / owner earnings = 0.08571428571428572.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 0; upkeep 532000000; cash acquisitions 0; owner earnings 1238357262.1035058. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 410000000; cash acquisitions 0; owner earnings 1233000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 31000000; upkeep 494000000; cash acquisitions 46000000; owner earnings 1783000000. Growth capex plus acquisitions / owner earnings = 0.04318564217610768.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 549000000; cash acquisitions 14000000; owner earnings 293000000. Growth capex plus acquisitions / owner earnings = 0.04778156996587031.

- Source: https://www.sec.gov/Archives/edgar/data/106640/000010664026000009/whr-20251231.htm (filed 2026-02-11); FY2025: growth capex 0; upkeep 389000000; cash acquisitions 0; owner earnings 266000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,294000000],[2017,312000000],[2018,306000000],[2019,305000000],[2020,311000000],[2021,338000000],[2022,390000000],[2023,384000000],[2024,384000000],[2025,299000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WHR.US SharesStats.PercentInsiders = 0.726 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 13.8% yearly over ten years; actual decline was 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate -0.2039211954572761. Price 28.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.824341279799247 → FY2025 4.733096085409253. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $149.82 per share

- 2016-11: $162.44 per share

- 2016-12: $181.77 per share

- 2017-01: $174.89 per share

- 2017-02: $178.59 per share

- 2017-03: $171.33 per share

- 2017-04: $185.68 per share

- 2017-05: $185.54 per share

- 2017-06: $191.62 per share

- 2017-07: $177.88 per share

- 2017-08: $171.62 per share

- 2017-09: $184.44 per share

- 2017-10: $163.93 per share

- 2017-11: $168.57 per share

- 2017-12: $168.64 per share

- 2018-01: $181.42 per share

- 2018-02: $162.43 per share

- 2018-03: $153.11 per share

- 2018-04: $154.95 per share

- 2018-05: $144.75 per share

- 2018-06: $146.23 per share

- 2018-07: $131.10 per share

- 2018-08: $124.98 per share

- 2018-09: $118.75 per share

- 2018-10: $109.76 per share

- 2018-11: $126.13 per share

- 2018-12: $106.87 per share

- 2019-01: $133.01 per share

- 2019-02: $141.51 per share

- 2019-03: $132.89 per share

- 2019-04: $138.82 per share

- 2019-05: $114.88 per share

- 2019-06: $142.36 per share

- 2019-07: $145.48 per share

- 2019-08: $139.09 per share

- 2019-09: $158.36 per share

- 2019-10: $152.12 per share

- 2019-11: $143.10 per share

- 2019-12: $147.53 per share

- 2020-01: $146.17 per share

- 2020-02: $127.86 per share

- 2020-03: $85.80 per share

- 2020-04: $111.74 per share

- 2020-05: $121.82 per share

- 2020-06: $129.53 per share

- 2020-07: $163.12 per share

- 2020-08: $177.72 per share

- 2020-09: $183.89 per share

- 2020-10: $184.96 per share

- 2020-11: $194.61 per share

- 2020-12: $180.49 per share

- 2021-01: $185.09 per share

- 2021-02: $190.08 per share

- 2021-03: $220.35 per share

- 2021-04: $236.45 per share

- 2021-05: $237.09 per share

- 2021-06: $218.02 per share

- 2021-07: $221.54 per share

- 2021-08: $221.53 per share

- 2021-09: $203.86 per share

- 2021-10: $210.83 per share

- 2021-11: $217.74 per share

- 2021-12: $234.66 per share

- 2022-01: $210.19 per share

- 2022-02: $201.27 per share

- 2022-03: $172.78 per share

- 2022-04: $181.52 per share

- 2022-05: $184.24 per share

- 2022-06: $154.87 per share

- 2022-07: $172.87 per share

- 2022-08: $156.60 per share

- 2022-09: $134.81 per share

- 2022-10: $138.24 per share

- 2022-11: $146.53 per share

- 2022-12: $141.46 per share

- 2023-01: $155.59 per share

- 2023-02: $137.98 per share

- 2023-03: $132.02 per share

- 2023-04: $139.59 per share

- 2023-05: $129.29 per share

- 2023-06: $148.79 per share

- 2023-07: $144.26 per share

- 2023-08: $139.96 per share

- 2023-09: $133.70 per share

- 2023-10: $104.56 per share

- 2023-11: $108.90 per share

- 2023-12: $121.77 per share

- 2024-01: $109.52 per share

- 2024-02: $107.39 per share

- 2024-03: $119.63 per share

- 2024-04: $94.86 per share

- 2024-05: $93.03 per share

- 2024-06: $102.20 per share

- 2024-07: $101.97 per share

- 2024-08: $100.29 per share

- 2024-09: $107.00 per share

- 2024-10: $103.51 per share

- 2024-11: $111.42 per share

- 2024-12: $114.48 per share

- 2025-01: $105.01 per share

- 2025-02: $101.79 per share

- 2025-03: $90.13 per share

- 2025-04: $76.28 per share

- 2025-05: $78.09 per share

- 2025-06: $101.42 per share

- 2025-07: $83.04 per share

- 2025-08: $93.15 per share

- 2025-09: $78.60 per share

- 2025-10: $71.63 per share

- 2025-11: $77.35 per share

- 2025-12: $72.14 per share

- 2026-01: $79.99 per share

- 2026-02: $68.43 per share

- 2026-03: $53.92 per share

- 2026-04: $56.06 per share

- 2026-05: $43.42 per share

- 2026-06: $39.42 per share

- 2026-07: $37.50 per share

- 2026-08: $40.84 per share

- 2026-09: $30.68 per share

- 2026-10: $28.04 per share

## Annual estimated value (USD per share)

- FY2016: low $118.81 per share, central $133.97 per share, high $154.15 per share

- FY2017: low $126.04 per share, central $142.17 per share, high $163.65 per share

- FY2018: low $123.81 per share, central $139.24 per share, high $159.78 per share

- FY2019: low $154.08 per share, central $172.05 per share, high $195.97 per share

- FY2020: low $175.74 per share, central $195.48 per share, high $221.76 per share

- FY2021: low $273.03 per share, central $304.97 per share, high $347.48 per share

- FY2022: low $261.82 per share, central $294.06 per share, high $336.99 per share

- FY2023: low $255.00 per share, central $287.21 per share, high $330.09 per share

- FY2024: low $66.72 per share, central $73.56 per share, high $82.66 per share

- FY2025: low $51.85 per share, central $58.11 per share, high $66.46 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/106640/000010664026000009/whr-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.