# World Acceptance (WRLD.US)

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

Analysis as of: 2026-10-16T07:33:11.670Z. Financial observations: FY2016–FY2026.

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: $172.37 per share; close as of 2026-10-15.

Estimated value: low $88.34 per share, central $97.18 per share, high $107.97 per share. Buy at or below the central value $97.18 per share. Valuation as of 2026-10-16T07:33:11.670Z; scenarios are not confidence intervals.

Expected annual return: 5.6% at the stated quote. About 5.6% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.44×

Chart: Net income; fiscal year observations.

- FY2017: $74M

- FY2018: $54M

- FY2019: $37M

- FY2020: $28M

- FY2021: $88M

- FY2022: $54M

- FY2023: $21M

- FY2024: $77M

- FY2025: $90M

- FY2026: $35M

### moat: pass

- Tangible common book per share

- Parent-total proxy for common earnings

- Bank / P&C ROTE, median of available years: 12.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 16.4%

- FY2018: 10.2%

- FY2019: 7.0%

- FY2020: 7.4%

- FY2021: 23.6%

- FY2022: 15.6%

- FY2023: 5.9%

- FY2024: 19.1%

- FY2025: 21.3%

- FY2026: 10.2%

### economics: fail

- Tangible common book per share

- Parent-total proxy for common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 5.4%

- Book return interval: 10 years

- Starting book value per share: $44.05

- Ending book value per share: $67.54

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 16.0%

- FY2018: 15.3%

- FY2019: -1.1%

- FY2020: -15.9%

- FY2021: 21.1%

- FY2022: 0.5%

- FY2023: 12.8%

- FY2024: 12.7%

- FY2025: 11.2%

- FY2026: -11.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for common earnings

- Diluted shares, 10-year annual growth: -5.3%

- Diluted shares, 5-year annual growth: -5.5%

- Share growth excluding flagged crisis recapitalisations: -5.3%

- Five-year share growth excluding flagged crisis recapitalisations: -5.5%

- Flagged crisis recapitalisations: 0

- Book value created per share: $23.49

- Earnings retained per share after dividends and buybacks: -$33.17

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years credit losses exceeded peer median: 2

## Holders

## Price story

Down 30% since Dec 2021 · net income -61.5%

Story as of 2026-10-16T09:59:52.925Z; price observation 2026-10-15.

The price assumes profits grow 4.4% a year forever

### Net income · FY2026

net income -61.5%; source https://www.sec.gov/Archives/edgar/data/108385/000010838526000014/wrld-20260331.htm; observed 2026-06-04.

- FY2017: $74M 

- FY2018: $54M 

- FY2019: $37M 

- FY2020: $28M 

- FY2021: $88M 

- FY2022: $54M 

- FY2023: $21M 

- FY2024: $77M 

- FY2025: $90M 

- FY2026: $35M 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are USD 585.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/108385/000010838526000014/wrld-20260331.htm#000010838526000014 (filed 2026-06-04); FY2026: revenue 585166700.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WRLD.US: World Acceptance Corporation engages in consumer finance business in the United States. The company offers short-term small installment loans, medium-term larger installment loans, related credit insurance, and ancillary products and services to individuals. It also provides income tax return preparation and electronic filing services; and automobile club memberships to borrowers. The company serves individuals with limited access to other sources of consumer credit, such as banks, credit unions, other consumer finance businesses, and credit card lenders. World Acceptance Corporation was founded in 1962 and is headquartered in Greenville, South Carolina.

### Why customers stay

It earns 12.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-04); 10-year return on tangible equity observations [[2017,0.16414634234735134],[2018,0.10179570907549187],[2019,0.07028918486243745],[2020,0.07407059663756346],[2021,0.23603826705838601],[2022,0.15588431953009388],[2023,0.0588347571889785],[2024,0.19145029194085053],[2025,0.21254251409816277],[2026,0.10189589847197063]]; median 0.12889010900103226. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 132.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-04); Dividend observations: [[2017,0],[2018,0],[2019,5997948],[2020,4612926],[2021,12268554],[2022,12805646],[2023,654920],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/108385/000010838526000014/wrld-20260331.htm (filed 2026-06-04); FY2026: cash repurchases 132421630 USD.

### Are managers owners

Insiders own 18.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WRLD.US SharesStats.PercentInsiders = 18.112000000000002 percentage points; cache date 2026-10-15.

### What could break it

The majority of the Company's competitors are independent operators with generally less than 100 branches.

- Source: https://www.sec.gov/Archives/edgar/data/108385/000010838526000014/wrld-20260331.htm (filed 2026-06-04); The small-loan consumer finance industry is highly fragmented, with numerous competitors. The majority of the Company's competitors are independent operators with generally less than 100 branches. Competition from community banks and credit unions is limited because they typically do not make loans of less than $5,000.

### What the price says

The price assumes profits grow 4.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-04); Price 172.37; FX 1; original perpetual distributable cash 9.717706870049858; discount 0.1; growth 0.04362298039073008. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: $47.52 per share

- 2016-11: $56.27 per share

- 2016-12: $64.28 per share

- 2017-01: $49.07 per share

- 2017-02: $52.44 per share

- 2017-03: $51.78 per share

- 2017-04: $52.90 per share

- 2017-05: $78.12 per share

- 2017-06: $74.91 per share

- 2017-07: $75.57 per share

- 2017-08: $74.82 per share

- 2017-09: $82.89 per share

- 2017-10: $87.50 per share

- 2017-11: $82.98 per share

- 2017-12: $80.72 per share

- 2018-01: $118.05 per share

- 2018-02: $107.52 per share

- 2018-03: $105.30 per share

- 2018-04: $102.50 per share

- 2018-05: $107.85 per share

- 2018-06: $111.01 per share

- 2018-07: $99.91 per share

- 2018-08: $118.61 per share

- 2018-09: $114.36 per share

- 2018-10: $101.49 per share

- 2018-11: $108.94 per share

- 2018-12: $102.26 per share

- 2019-01: $103.69 per share

- 2019-02: $123.00 per share

- 2019-03: $117.13 per share

- 2019-04: $129.99 per share

- 2019-05: $132.29 per share

- 2019-06: $164.11 per share

- 2019-07: $126.73 per share

- 2019-08: $132.90 per share

- 2019-09: $127.51 per share

- 2019-10: $103.81 per share

- 2019-11: $94.99 per share

- 2019-12: $86.40 per share

- 2020-01: $86.47 per share

- 2020-02: $78.10 per share

- 2020-03: $54.61 per share

- 2020-04: $67.85 per share

- 2020-05: $66.50 per share

- 2020-06: $65.52 per share

- 2020-07: $74.30 per share

- 2020-08: $90.99 per share

- 2020-09: $105.55 per share

- 2020-10: $83.99 per share

- 2020-11: $112.91 per share

- 2020-12: $102.22 per share

- 2021-01: $143.42 per share

- 2021-02: $126.55 per share

- 2021-03: $129.76 per share

- 2021-04: $130.74 per share

- 2021-05: $160.61 per share

- 2021-06: $160.24 per share

- 2021-07: $189.57 per share

- 2021-08: $189.87 per share

- 2021-09: $189.58 per share

- 2021-10: $185.39 per share

- 2021-11: $205.42 per share

- 2021-12: $245.43 per share

- 2022-01: $188.98 per share

- 2022-02: $196.47 per share

- 2022-03: $191.84 per share

- 2022-04: $188.71 per share

- 2022-05: $148.07 per share

- 2022-06: $112.24 per share

- 2022-07: $110.78 per share

- 2022-08: $116.24 per share

- 2022-09: $96.82 per share

- 2022-10: $81.22 per share

- 2022-11: $70.91 per share

- 2022-12: $65.94 per share

- 2023-01: $95.72 per share

- 2023-02: $93.36 per share

- 2023-03: $83.29 per share

- 2023-04: $100.90 per share

- 2023-05: $111.19 per share

- 2023-06: $134.01 per share

- 2023-07: $157.89 per share

- 2023-08: $134.81 per share

- 2023-09: $127.06 per share

- 2023-10: $98.62 per share

- 2023-11: $111.45 per share

- 2023-12: $130.53 per share

- 2024-01: $131.31 per share

- 2024-02: $119.76 per share

- 2024-03: $144.98 per share

- 2024-04: $137.57 per share

- 2024-05: $128.49 per share

- 2024-06: $123.58 per share

- 2024-07: $122.12 per share

- 2024-08: $117.85 per share

- 2024-09: $117.98 per share

- 2024-10: $114.10 per share

- 2024-11: $120.92 per share

- 2024-12: $112.44 per share

- 2025-01: $141.16 per share

- 2025-02: $134.84 per share

- 2025-03: $126.55 per share

- 2025-04: $129.12 per share

- 2025-05: $154.48 per share

- 2025-06: $165.12 per share

- 2025-07: $157.32 per share

- 2025-08: $171.43 per share

- 2025-09: $169.14 per share

- 2025-10: $127.47 per share

- 2025-11: $154.66 per share

- 2025-12: $140.39 per share

- 2026-01: $121.25 per share

- 2026-02: $134.88 per share

- 2026-03: $135.04 per share

- 2026-04: $147.16 per share

- 2026-05: $165.09 per share

- 2026-06: $223.83 per share

- 2026-07: $179.81 per share

- 2026-08: $183.81 per share

- 2026-09: $170.78 per share

- 2026-10: $172.37 per share

## Annual estimated value (USD per share)

- FY2017: low $105.52 per share, central $116.07 per share, high $128.96 per share

- FY2018: low $117.80 per share, central $129.58 per share, high $143.98 per share

- FY2019: low $115.16 per share, central $126.67 per share, high $140.75 per share

- FY2020: low $152.96 per share, central $191.20 per share, high $254.93 per share

- FY2021: low $179.38 per share, central $224.23 per share, high $298.97 per share

- FY2022: low $148.06 per share, central $185.08 per share, high $246.77 per share

- FY2023: low $122.38 per share, central $152.97 per share, high $203.96 per share

- FY2024: low $137.86 per share, central $172.32 per share, high $229.76 per share

- FY2025: low $111.53 per share, central $122.69 per share, high $136.32 per share

- FY2026: low $79.13 per share, central $87.05 per share, high $96.72 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/108385/000010838526000014/wrld-20260331.htm); period 2026-03-31, filed 2026-06-04.

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.