# Williams-Sonoma (WSM.US)

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

Analysis as of: 2026-10-01T19:03:57.014Z. Financial observations: FY2009–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: $252.03 per share; close as of 2026-10-15.

Estimated value: low $92.76 per share, central $104.58 per share, high $120.32 per share. Buy at or below the central value $104.58 per share. Valuation as of 2026-10-01T19:03:57.014Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.3% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.13×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.16×

- FY2025: 0.19×

- FY2026: 0.18×

### moat: pass

- ROIC, median of available years: 28.7%

- ROIC, second-lowest year: 26.0%

- Typical minus recent gross margin: -5.7 pp

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 31.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 30.2%

- FY2018: 27.0%

- FY2019: 32.9%

- FY2020: 15.5%

- FY2021: 36.5%

- FY2022: 56.0%

- FY2023: 27.2%

- FY2024: 26.0%

- FY2025: 30.5%

- FY2026: 27.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.9B

- Net income, five-year total: $5.4B

- Return on incremental invested capital: 77.2%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 6.4 pp

- Working capital / revenue, final three-year average: 10.8%

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

- FY2022: 0.92×

- FY2023: 0.85×

- FY2024: 0.96×

- FY2025: 0.92×

- FY2026: 0.89×

### management: fail

- $1 retained earnings test: 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.2% vs 27.2%

- five-year and ten-year diluted share growth both above threshold

- Ordinary dilution, 10-year annual growth: 2.9%

- Ordinary dilution, 5-year annual growth: 9.3%

- Market cap gain: $21B

- Cumulative retained earnings: $807M

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: 9.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.7%

- Per-share value change: $5.42

- Per-share value, starting three-year median: $3.37

- Per-share value, ending three-year median: $8.79

- Buybacks concentrated in cheaper years (correlation): 0.47

- Average buyback yield: 3.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $81M

- Cumulative net income, 10 years: $7.4B

- ROIC, first three-year median: 30.2%

- ROIC, last three-year median: 27.2%

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.9%

- FY2018: -8.6%

- FY2019: -9.0%

- FY2020: -6.2%

- FY2021: -12.7%

- FY2022: -5.3%

- FY2023: 1.6%

- FY2024: -13.9%

- FY2025: -4.4%

- FY2026: -4.2%

## Holders

## Price story

Price needs cash profits to grow 11.4% a year for ten years · "Williams-Sonoma Grew Comps 6.2% and Raised Full-Year Guidance. Here’s the Catch." (finance.yahoo.com, Aug 2026) · sales +1.2%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

Price needs cash profits to grow 11.4% a year for ten years

- 2025-05-22: Williams-Sonoma (NYSE:WSM) Reports Q1 Earnings US$1,730 Million Sales, Reiterates 2025 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/williams-sonoma-nyse-wsm-reports-173202540.html))

- 2025-08-27: Williams-Sonoma Raises Full-Year Outlook Despite Trump’s Tariff Threat on Furniture Imports ([finance.yahoo.com](https://finance.yahoo.com/m/114fb505-3389-3e34-a047-abe130ccf830/williams-sonoma-raises.html))

- 2026-05-21: Williams-Sonoma tops estimates with strong margins and revenue growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/williams-sonoma-tops-estimates-strong-140343315.html))

- 2026-09-30: Williams Sonoma (WSM) Could Be 9% Undervalued As Raised Guidance Lifts Confidence ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/williams-sonoma-wsm-could-9-140930883.html))

### Sales · FY2025–2026

sales +1.2%; source https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/wsm-20260201.htm; observed 2026-03-26.

- FY2017: $5.1B 

- FY2018: $5.3B 

- FY2019: $5.7B 

- FY2020: $5.9B 

- FY2021: $6.8B 

- FY2022: $8.2B 

- FY2023: $8.7B 

- FY2024: $7.8B 

- FY2025: $7.7B 

- FY2026: $7.8B 

### Gross margin · FY2026

gross margin 46.2%; source https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/wsm-20260201.htm; observed 2026-03-26.

- FY2017: 37.0% 

- FY2018: 36.5% 

- FY2019: 37.0% 

- FY2020: 36.3% 

- FY2021: 38.9% 

- FY2022: 44.0% 

- FY2023: 42.4% 

- FY2024: 42.6% 

- FY2025: 46.5% 

- FY2026: 46.2% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Annual sales are USD 7.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2026: revenue 7806816000; grossProfit 3603051000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); WSM.US: Williams-Sonoma, Inc. operates as an omni-channel specialty retailer of various products for home the United States and internationally. The company provides cooking, dining, and entertaining products, such as cookware, tools, electrics, cutlery, tabletop and bar, outdoor, furniture, and a library of cookbooks. It offers home furnishings, home decor products and accessories, bedding, lighting, rugs, table essentials, kids accessories, made-to-order lighting, hardware, personalized products, custom gifts, and vintage-inspired heirloom products. It offers its products under the Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow brand names. The company markets its products through e-commerce websites, direct-mail catalogs, and retail stores. Williams-Sonoma, Inc. was founded in 1956 and is headquartered in San Francisco, California.

### Why customers stay

Margins ranged from 42.6% to 46.5% during 2024–26; it earns 28.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: grossProfit / revenue = 42.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2025: grossProfit / revenue = 46.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2026: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); 10-year return on capital observations [[2017,0.30240321432684897],[2018,0.26962831371444973],[2019,0.32870776400711826],[2020,0.15506608692070553],[2021,0.3648556280771789],[2022,0.5603165666370843],[2023,0.2717863379001341],[2024,0.25996230346354915],[2025,0.3053955300319478],[2026,0.2720664730211282]]; median 0.28723484367398855. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.7% of cash earnings on expansion; earns 77.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2017: growth capex 20298352.506421566; upkeep 177115647.49357843; owner earnings 250350352.50642157. Growth capex / owner earnings = 0.08107978400350328.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2018: growth capex 6635000; upkeep 183077000; owner earnings 216557000. Growth capex / owner earnings = 0.03063858476059421.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2019: growth capex 1294000; upkeep 188808000; owner earnings 273882000. Growth capex / owner earnings = 0.00472466244587085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2020: growth capex 0; upkeep 186276000; owner earnings 293382000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2021: growth capex 0; upkeep 169513000; owner earnings 626671000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2022: growth capex 30430000; upkeep 196087000; owner earnings 1031097000. Growth capex / owner earnings = 0.029512257333694114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: growth capex 113828657.40519246; upkeep 240288342.59480754; owner earnings 1011500657.4051925. Growth capex / owner earnings = 0.112534437394433.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: growth capex 0; upkeep 188458000; owner earnings 909140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2025: growth capex 0; upkeep 221567000; owner earnings 1034503000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2026: growth capex 26664382.07689652; upkeep 232773617.92310348; owner earnings 980590382.0768965. Growth capex / owner earnings = 0.027192171740886537.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Incremental return on capital 0.77161843111156, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Dividend observations: [[2017,133539000],[2018,135010000],[2019,140325000],[2020,150640000],[2021,157645000],[2022,187539000],[2023,217345000],[2024,232475000],[2025,280058000],[2026,316484000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2026: cash repurchases 853962000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); WSM.US SharesStats.PercentInsiders = 1.089 percentage points; cache date 2026-10-02.

### What the price says

The price assumes cash profits grow 11.5% yearly over ten years; actual growth was 10.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Ten-year compound average after fade. Initial solved rate 0.15272301166604463. Price 233.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.917537078456494 → FY2026 7.8448181907120675. Closing-price date 2026-10-01.

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

- 2016-10: $23.11 per share

- 2016-11: $27.39 per share

- 2016-12: $24.20 per share

- 2017-01: $24.11 per share

- 2017-02: $24.30 per share

- 2017-03: $26.81 per share

- 2017-04: $27.03 per share

- 2017-05: $24.33 per share

- 2017-06: $24.25 per share

- 2017-07: $23.22 per share

- 2017-08: $23.00 per share

- 2017-09: $24.93 per share

- 2017-10: $25.80 per share

- 2017-11: $25.58 per share

- 2017-12: $25.85 per share

- 2018-01: $25.62 per share

- 2018-02: $25.88 per share

- 2018-03: $26.38 per share

- 2018-04: $23.90 per share

- 2018-05: $27.69 per share

- 2018-06: $30.69 per share

- 2018-07: $29.25 per share

- 2018-08: $35.12 per share

- 2018-09: $32.86 per share

- 2018-10: $29.69 per share

- 2018-11: $28.32 per share

- 2018-12: $25.23 per share

- 2019-01: $27.22 per share

- 2019-02: $29.08 per share

- 2019-03: $28.14 per share

- 2019-04: $28.59 per share

- 2019-05: $29.25 per share

- 2019-06: $32.50 per share

- 2019-07: $33.34 per share

- 2019-08: $32.90 per share

- 2019-09: $33.99 per share

- 2019-10: $33.40 per share

- 2019-11: $34.70 per share

- 2019-12: $36.72 per share

- 2020-01: $35.04 per share

- 2020-02: $31.20 per share

- 2020-03: $21.26 per share

- 2020-04: $30.92 per share

- 2020-05: $41.61 per share

- 2020-06: $41.01 per share

- 2020-07: $43.56 per share

- 2020-08: $43.88 per share

- 2020-09: $45.22 per share

- 2020-10: $45.61 per share

- 2020-11: $54.74 per share

- 2020-12: $50.92 per share

- 2021-01: $64.46 per share

- 2021-02: $65.65 per share

- 2021-03: $89.60 per share

- 2021-04: $85.38 per share

- 2021-05: $84.77 per share

- 2021-06: $79.83 per share

- 2021-07: $75.85 per share

- 2021-08: $93.35 per share

- 2021-09: $88.67 per share

- 2021-10: $92.87 per share

- 2021-11: $97.42 per share

- 2021-12: $84.57 per share

- 2022-01: $80.27 per share

- 2022-02: $72.43 per share

- 2022-03: $72.50 per share

- 2022-04: $65.24 per share

- 2022-05: $63.96 per share

- 2022-06: $55.48 per share

- 2022-07: $72.21 per share

- 2022-08: $74.38 per share

- 2022-09: $58.93 per share

- 2022-10: $61.92 per share

- 2022-11: $58.45 per share

- 2022-12: $57.46 per share

- 2023-01: $67.47 per share

- 2023-02: $62.46 per share

- 2023-03: $60.83 per share

- 2023-04: $60.52 per share

- 2023-05: $56.76 per share

- 2023-06: $62.57 per share

- 2023-07: $69.32 per share

- 2023-08: $70.60 per share

- 2023-09: $77.70 per share

- 2023-10: $75.12 per share

- 2023-11: $93.77 per share

- 2023-12: $100.89 per share

- 2024-01: $96.70 per share

- 2024-02: $117.77 per share

- 2024-03: $158.77 per share

- 2024-04: $143.39 per share

- 2024-05: $146.61 per share

- 2024-06: $141.19 per share

- 2024-07: $154.68 per share

- 2024-08: $134.33 per share

- 2024-09: $154.92 per share

- 2024-10: $134.13 per share

- 2024-11: $172.02 per share

- 2024-12: $185.18 per share

- 2025-01: $211.37 per share

- 2025-02: $194.58 per share

- 2025-03: $158.10 per share

- 2025-04: $154.47 per share

- 2025-05: $161.76 per share

- 2025-06: $163.37 per share

- 2025-07: $187.05 per share

- 2025-08: $188.19 per share

- 2025-09: $195.45 per share

- 2025-10: $194.34 per share

- 2025-11: $180.01 per share

- 2025-12: $178.59 per share

- 2026-01: $204.65 per share

- 2026-02: $205.65 per share

- 2026-03: $182.33 per share

- 2026-04: $181.21 per share

- 2026-05: $203.57 per share

- 2026-06: $233.10 per share

- 2026-07: $228.66 per share

- 2026-08: $228.25 per share

- 2026-09: $227.94 per share

## Annual estimated value (USD per share)

- FY2017: low $31.84 per share, central $36.06 per share, high $41.67 per share

- FY2018: low $30.80 per share, central $34.59 per share, high $39.64 per share

- FY2019: low $46.36 per share, central $65.06 per share, high $75.94 per share

- FY2020: low $49.63 per share, central $65.72 per share, high $76.34 per share

- FY2021: low $60.11 per share, central $76.55 per share, high $87.39 per share

- FY2022: low $64.77 per share, central $90.37 per share, high $104.64 per share

- FY2023: low $57.38 per share, central $73.78 per share, high $86.02 per share

- FY2024: low $90.79 per share, central $110.17 per share, high $127.09 per share

- FY2025: low $89.91 per share, central $101.16 per share, high $116.15 per share

- FY2026: low $92.76 per share, central $104.58 per share, high $120.32 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/719955/000071995526000059/wsm-20260201.htm); period 2026-02-01, filed 2026-03-26.

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.

## Reported holder observations



# WSM — Williams-Sonoma Inc.

Held by 1 investor · USD 3,314,906 total · 2024 Q2 · reported price USD 141.18 (split-adjusted).
Page: https://gigainvestors.com/s/WSM

## Holders (2024 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Allen Bond (https://gigainvestors.com/JIM) | USD 3,314,906 | <0.1% | reduce -11.99% |

## Total held by quarter

- 2022 Q2: USD 1,704,038 · 1 holder · USD 55.47
- 2022 Q3: USD 1,810,022 · 1 holder · USD 58.92
- 2022 Q4: USD 1,764,864 · 1 holder · USD 57.45
- 2023 Q1: USD 1,815,859 · 1 holder · USD 59.11
- 2023 Q2: USD 2,154,004 · 1 holder · USD 62.58
- 2023 Q3: USD 3,536,904 · 1 holder · USD 77.70
- 2023 Q4: USD 3,705,048 · 1 holder · USD 100.90
- 2024 Q1: USD 4,235,984 · 1 holder · USD 158.77
- 2024 Q2: USD 3,314,906 · 1 holder · USD 141.18
- 2024 Q3: USD 0 · 0 holders