# Weis Markets (WMK.US)

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

Analysis as of: 2026-10-16T07:33:09.280Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $75.37 per share; close as of 2026-10-15.

Estimated value: low $52.45 per share, central $59.45 per share, high $68.37 per share. Buy at or below the central value $59.45 per share. Valuation as of 2026-10-16T07:33:09.280Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% 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: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.04×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 6.2%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 26.4%

- Recent gross margin (lower of latest and 3-year median): 22.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 8.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.1%

- FY2017: 9.0%

- FY2018: 7.3%

- FY2019: 6.0%

- FY2020: 11.5%

- FY2021: 10.3%

- FY2022: 11.5%

- FY2023: 9.1%

- FY2024: 8.4%

- FY2025: 6.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $467M

- Net income, five-year total: $542M

- Return on incremental invested capital: 6.0%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.7 pp

- Working capital / revenue, final three-year average: 3.0%

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

- FY2021: 0.83×

- FY2022: 1.00×

- FY2023: 1.03×

- FY2024: 0.79×

- FY2025: 0.62×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.1% vs 8.4%

- Per-share earnings: 3.24 to 3.86 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: -$212M

- Cumulative retained earnings: $573M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: $0.62

- Per-share value, starting three-year median: $3.24

- Per-share value, ending three-year median: $3.86

- Average buyback yield: 8.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $85M

- Cumulative net income, 10 years: $977M

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 8.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.24

- FY2017: $3.66

- FY2018: $2.33

- FY2019: $2.53

- FY2020: $4.42

- FY2021: $4.05

- FY2022: $4.65

- FY2023: $3.86

- FY2024: $4.09

- FY2025: $3.65

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -4.7%

- FY2018: -6.0%

- FY2019: -6.2%

- FY2020: -8.7%

- FY2021: -6.2%

- FY2022: -4.7%

- FY2023: -4.8%

- FY2024: -3.7%

- FY2025: -5.6%

## Holders

## Price story

Price needs cash profits to grow 4.2% a year for ten years · sales +3.5%

Story as of 2026-10-16T09:59:52.438Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

### Sales · FY2024–2025

sales +3.5%; source https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm; observed 2026-03-12.

- FY2016: $3.1B 

- FY2017: $3.5B 

- FY2018: $3.5B 

- FY2019: $3.5B 

- FY2020: $4.1B 

- FY2021: $4.2B 

- FY2022: $4.7B 

- FY2023: $4.7B 

- FY2024: $4.8B 

- FY2025: $5.0B 

### Gross margin · FY2025

gross margin 22.7%; source https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm; observed 2026-03-12.

- FY2016: 27.5% 

- FY2017: 26.3% 

- FY2018: 26.6% 

- FY2019: 26.5% 

- FY2020: 26.8% 

- FY2021: 26.4% 

- FY2022: 25.2% 

- FY2023: 24.7% 

- FY2024: 25.1% 

- FY2025: 22.7% 

## Owner memo

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

### How it makes money

Operates in grocery stores; annual sales are USD 5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm (filed 2026-03-12); FY2025: revenue 4957709000; grossProfit 1127063000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WMK.US: Weis Markets, Inc. engages in the retail sale of food through a chain of supermarkets. The company's retail food stores offer groceries, dairy products, frozen food, meats, seafood, fresh produce, floral, pharmacy services, deli products, prepared food, bakery products, beer and wine, and fuel; and general merchandise items, such as health and beauty care, and household products. It also operates stores in Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia primarily under the Weis Markets name, as well as Weis, Weis 2 Go, Weis Great Meals Start Here, Weis Gas-n-Go, and Weis Nutri-Facts. Weis Markets, Inc. was founded in 1912 and is based in Sunbury, Pennsylvania.

### Why customers stay

Margins ranged from 22.7% to 25.1% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: grossProfit / revenue = 24.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 25.1%.

- Source: https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm (filed 2026-03-12); FY2025: grossProfit / revenue = 22.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on capital observations [[2016,0.08127306621029282],[2017,0.08962783201073904],[2018,0.0732998988204748],[2019,0.0603356811899017],[2020,0.11501257842286297],[2021,0.10253351907697042],[2022,0.11506459275174442],[2023,0.0909019832233951],[2024,0.08417257149048783],[2025,0.06217984613829992]]; median 0.08690020175061344. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 25% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm (filed 2026-03-12); Gross margin observations: [[2021,0.26410910665306003],[2022,0.2516883190447584],[2023,0.24738202450526406]]; range within 2 percentage points.

### Where the cash goes

Spends 72.2% of cash earnings on expansion; earns 6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2016: growth capex 67242185.28365076; upkeep 77469814.71634924; cash acquisitions 63632000; owner earnings 86554185.28365076. Growth capex plus acquisitions / owner earnings = 1.5120491846206727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2017: growth capex 14007000; upkeep 85415000; cash acquisitions 0; owner earnings 98414000. Growth capex plus acquisitions / owner earnings = 0.14232731115491698.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2018: growth capex 5669000; upkeep 93567000; cash acquisitions 0; owner earnings 62738000. Growth capex plus acquisitions / owner earnings = 0.0903599094647582.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2019: growth capex 9222246.897975668; upkeep 93722753.10202433; owner earnings 67966246.89797567. Growth capex / owner earnings = 0.1356886295607761.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2020: growth capex 31748000; upkeep 99370000; owner earnings 118917000. Growth capex / owner earnings = 0.26697612620567285.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2021: growth capex 30599671.799342632; upkeep 121408328.20065737; owner earnings 90244671.79934263. Growth capex / owner earnings = 0.33907455353575267.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 18962000; upkeep 104026000; owner earnings 125196000. Growth capex / owner earnings = 0.15145851305153518.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: growth capex 0; upkeep 105085000; owner earnings 107181000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: growth capex 24297380.239577472; upkeep 137051619.76042253; owner earnings 86764380.23957747. Growth capex / owner earnings = 0.2800386537941782.

- Source: https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm (filed 2026-03-12); FY2025: growth capex 41877675.462494135; upkeep 160503324.53750587; owner earnings 57976675.462494135. Growth capex / owner earnings = 0.7223193659937495.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Incremental return on capital 0.060123841670070996, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2016,32278000],[2017,32278000],[2018,32546000],[2019,33354000],[2020,33354000],[2021,33623000],[2022,34968000],[2023,36582000],[2024,36582000],[2025,35117000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/105418/000010541826000024/wmk-20251227x10k.htm (filed 2026-03-12); FY2025: cash repurchases 140000000 USD.

### Are managers owners

Insiders own 34.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WMK.US SharesStats.PercentInsiders = 34.305 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years; actual growth was 0.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Ten-year compound average after fade. Initial solved rate 0.047660074891559545. Price 75.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.205707402670791 → FY2025 2.257181863352237. Closing-price date 2026-10-15.

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

- 2016-10: $55.63 per share

- 2016-11: $55.70 per share

- 2016-12: $66.84 per share

- 2017-01: $59.44 per share

- 2017-02: $60.00 per share

- 2017-03: $59.65 per share

- 2017-04: $57.81 per share

- 2017-05: $51.62 per share

- 2017-06: $48.72 per share

- 2017-07: $47.31 per share

- 2017-08: $44.21 per share

- 2017-09: $43.50 per share

- 2017-10: $38.83 per share

- 2017-11: $41.17 per share

- 2017-12: $41.39 per share

- 2018-01: $39.76 per share

- 2018-02: $37.27 per share

- 2018-03: $40.98 per share

- 2018-04: $46.02 per share

- 2018-05: $54.53 per share

- 2018-06: $53.34 per share

- 2018-07: $51.13 per share

- 2018-08: $46.59 per share

- 2018-09: $43.40 per share

- 2018-10: $46.15 per share

- 2018-11: $45.80 per share

- 2018-12: $47.78 per share

- 2019-01: $48.52 per share

- 2019-02: $50.31 per share

- 2019-03: $40.81 per share

- 2019-04: $42.05 per share

- 2019-05: $37.80 per share

- 2019-06: $36.41 per share

- 2019-07: $36.45 per share

- 2019-08: $38.23 per share

- 2019-09: $38.14 per share

- 2019-10: $38.49 per share

- 2019-11: $39.83 per share

- 2019-12: $40.49 per share

- 2020-01: $36.69 per share

- 2020-02: $37.25 per share

- 2020-03: $41.66 per share

- 2020-04: $50.03 per share

- 2020-05: $55.73 per share

- 2020-06: $50.12 per share

- 2020-07: $49.82 per share

- 2020-08: $49.23 per share

- 2020-09: $48.00 per share

- 2020-10: $45.41 per share

- 2020-11: $47.63 per share

- 2020-12: $47.81 per share

- 2021-01: $49.28 per share

- 2021-02: $53.45 per share

- 2021-03: $56.52 per share

- 2021-04: $51.85 per share

- 2021-05: $50.88 per share

- 2021-06: $51.66 per share

- 2021-07: $52.65 per share

- 2021-08: $56.95 per share

- 2021-09: $52.55 per share

- 2021-10: $56.31 per share

- 2021-11: $62.95 per share

- 2021-12: $65.88 per share

- 2022-01: $60.24 per share

- 2022-02: $61.67 per share

- 2022-03: $71.42 per share

- 2022-04: $79.88 per share

- 2022-05: $73.52 per share

- 2022-06: $74.54 per share

- 2022-07: $76.93 per share

- 2022-08: $77.71 per share

- 2022-09: $71.24 per share

- 2022-10: $93.67 per share

- 2022-11: $87.21 per share

- 2022-12: $82.29 per share

- 2023-01: $86.34 per share

- 2023-02: $76.44 per share

- 2023-03: $84.67 per share

- 2023-04: $82.49 per share

- 2023-05: $59.54 per share

- 2023-06: $64.21 per share

- 2023-07: $66.34 per share

- 2023-08: $64.87 per share

- 2023-09: $63.00 per share

- 2023-10: $65.10 per share

- 2023-11: $60.35 per share

- 2023-12: $63.96 per share

- 2024-01: $60.75 per share

- 2024-02: $64.94 per share

- 2024-03: $64.40 per share

- 2024-04: $63.13 per share

- 2024-05: $65.55 per share

- 2024-06: $62.77 per share

- 2024-07: $75.45 per share

- 2024-08: $67.58 per share

- 2024-09: $68.93 per share

- 2024-10: $62.89 per share

- 2024-11: $72.83 per share

- 2024-12: $67.72 per share

- 2025-01: $67.56 per share

- 2025-02: $73.98 per share

- 2025-03: $77.05 per share

- 2025-04: $85.99 per share

- 2025-05: $75.80 per share

- 2025-06: $72.49 per share

- 2025-07: $72.41 per share

- 2025-08: $71.65 per share

- 2025-09: $71.87 per share

- 2025-10: $63.34 per share

- 2025-11: $64.97 per share

- 2025-12: $64.09 per share

- 2026-01: $71.15 per share

- 2026-02: $67.76 per share

- 2026-03: $68.39 per share

- 2026-04: $70.18 per share

- 2026-05: $72.97 per share

- 2026-06: $78.31 per share

- 2026-07: $77.05 per share

- 2026-08: $71.05 per share

- 2026-09: $72.98 per share

- 2026-10: $75.37 per share

## Annual estimated value (USD per share)

- FY2016: low $27.82 per share, central $33.73 per share, high $39.13 per share

- FY2017: low $33.01 per share, central $41.14 per share, high $47.84 per share

- FY2018: low $33.04 per share, central $40.34 per share, high $46.82 per share

- FY2019: low $32.61 per share, central $36.71 per share, high $42.16 per share

- FY2020: low $58.78 per share, central $73.50 per share, high $84.72 per share

- FY2021: low $49.66 per share, central $61.01 per share, high $69.82 per share

- FY2022: low $56.76 per share, central $71.17 per share, high $81.53 per share

- FY2023: low $59.74 per share, central $70.68 per share, high $80.31 per share

- FY2024: low $62.44 per share, central $77.87 per share, high $89.08 per share

- FY2025: low $49.83 per share, central $56.43 per share, high $64.83 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/105418/000010541826000024/wmk-20251227x10k.htm); period 2025-12-27, filed 2026-03-12.

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.