A Business at a Glance
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Our Company Founded in 2008, and headquartered in Irvine, California, WM Technology, Inc. operates a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses, which are sold to both storefront locations and delivery operators (“retailers”) and brands in the legalized cannabis markets in states and territories of the United States. Our comprehensive business-to-consumer and business-to-business suite of products afford cannabis retailers and brands of all sizes integrated tools to compliantly run their businesses and to reach, convert, and retain consumers. WM Technology, Inc. was initially incorporated in the Cayman Islands on June 7, 2019 under the name “Silver Spike Acquisition Corp” (“Silver Spike”).
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 179M | 185M | 188M | 216M | 193M | 162M |
| Net Income | 7.9M | 7.6M | -9.9M | -116M | 60M | 39M |
| EPS | $0.08 | $0.05 | $-0.06 | $-0.77 | $0.41 | $0.29 |
| Free Cash Flow | 0 | 25M | 11M | -28M | 22M | 37M |
| ROIC | 13.9% | 55.9% | -60.4% | 956.7% | 95.0% | 76.4% |
| Gross Margin | - | 95.1% | 93.3% | 92.9% | 95.9% | 95.3% |
| Debt/Equity | 0.00 | 1.71 | 3.90 | 6.30 | 3.67 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 11M | 15M | -18M | -70M | -8.2M | 41M |
| Operating Margin | 6.2% | 8.0% | -9.8% | -32.3% | -4.2% | 25.5% |
| ROE | 13.9% | 29.1% | -60.4% | -866.9% | 95.0% | - |
| Shares Outstanding | 108M | 154M | 154M | 151M | 148M | 136M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 162M | 193M | 216M | 188M | 185M | 179M |
| Gross Margin | 95.3% | 95.9% | 92.9% | 93.3% | 95.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 41M | -8.2M | -70M | -18M | 15M | 11M |
| Op. Margin | 25.5% | -4.2% | -32.3% | -9.8% | 8.0% | 6.2% |
| Net Income | 39M | 60M | -116M | -9.9M | 7.6M | 7.9M |
| Net Margin | 24.0% | 31.3% | -53.8% | -5.3% | 4.1% | 4.4% |
| Non-Recurring | 0 | 0 | 4.3M | 24M | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 76.4% | 95.0% | N/M | -60.4% | 55.9% | 13.9% |
| ROE | N/A | 95.0% | -866.9% | -60.4% | 29.1% | 13.9% |
| ROA | 72.0% | 16.5% | -58.3% | -5.9% | 4.4% | 4.1% |
| Cash Flow | ||||||
| Op. Cash Flow | 39M | 30M | -12M | 23M | 37M | 33M |
| Free Cash Flow | 37M | 22M | -28M | 11M | 25M | 0 |
| Owner Earnings | 35M | -3.6M | -47M | -2.7M | 14M | 10M |
| CapEx | 1.3M | 7.9M | 16M | 12M | 12M | 0 |
| Maint. CapEx | 4.0M | 4.4M | 11M | 12M | 13M | 13M |
| Growth CapEx | 0 | 3.5M | 4.6M | 0 | 0 | 0 |
| D&A | 4.0M | 4.4M | 11M | 12M | 13M | 13M |
| CapEx/OCF | 3.4% | 26.3% | N/A | 51.8% | 31.7% | 0.0% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 406K | 5.6M | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | 0.6% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 29M | 23M | 14M | 9.2M | 9.2M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | 0 |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | 3.67 | 6.30 | 3.90 | 1.71 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 0 | 64M | 13M | 16M | 36M | 57M |
| Total Assets | 54M | 365M | 199M | 167M | 182M | 193M |
| Total Liabilities | 25M | 233M | 84M | 64M | 62M | 58M |
| Intangibles | 8.5M | 54M | 79M | 71M | 70M | 70M |
| Retained Earnings | 0 | 61M | -55M | -65M | -57M | -57M |
| Working Capital | 11M | 61M | 8.7M | 18M | 39M | 39M |
| Current Assets | 34M | 99M | 55M | 51M | 70M | 70M |
| Current Liabilities | 23M | 38M | 46M | 34M | 30M | 30M |
| Per Share Data | ||||||
| EPS | 0.29 | 0.41 | -0.77 | -0.06 | 0.05 | 0.08 |
| Owner EPS | 0.25 | -0.02 | -0.31 | -0.02 | 0.09 | 0.09 |
| Book Value | N/A | 0.43 | 0.09 | 0.11 | 0.23 | 0.53 |
| Cash Flow/Share | 0.28 | 0.20 | -0.08 | 0.15 | 0.24 | 0.20 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 135.9M | 148.1M | 150.5M | 154.3M | 154.3M | 107.9M |
| Valuation | ||||||
| P/E Ratio | 44.9 | 15.1 | N/A | N/A | 29.5 | 4.6 |
| P/FCF | 46.8 | 41.0 | N/A | 9.8 | 9.0 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 3.5 |
| Price/Book | N/A | 14.4 | 9.6 | 6.6 | 6.2 | 0.7 |
| Price/Sales | 8.5 | 12.0 | 2.7 | 0.8 | 0.9 | 0.2 |
| FCF Yield | 2.1% | 2.4% | -21.5% | 10.2% | 11.1% | N/A |
| Market Cap | 1.7B | 914M | 129M | 108M | 225M | 39M |
| Avg. Price | 10.17 | 15.66 | 3.93 | 1.02 | 1.02 | 0.36 |
| Year-End Price | 12.84 | 6.17 | 0.86 | 0.70 | 1.46 | 0.36 |
WM TECHNOLOGY, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
WM TECHNOLOGY, INC. trades at 7.3x trailing earnings, compared to its 15-year median P/E of 29.5x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 2.2x vs a median of 25.4x. The company's 5-year average ROIC is 41.7% with a gross margin of 94.5%. At current prices, the estimated annualized return to fair value is -15.0%.
WM TECHNOLOGY, INC. (MAPS) has a current P/E ratio of 7.3, compared to its historical median P/E of 29.5. The stock is currently considered Cheap based on its historical valuation range.
WM TECHNOLOGY, INC. (MAPS) has a 5-year average return on invested capital (ROIC) of 41.7%. This indicates strong capital allocation and a potential competitive advantage.
WM TECHNOLOGY, INC. (MAPS) has a market capitalization of $39M. It is classified as a small-cap stock.
WM TECHNOLOGY, INC. (MAPS) does not currently pay a regular dividend.
Based on historical P/E analysis, WM TECHNOLOGY, INC. (MAPS) appears cheap. The current P/E of 7.3 is 75% below its historical median of 29.5. The estimated fair value CAGR (P/E method) is -32.8%.
WM TECHNOLOGY, INC. (MAPS) operates in the Services-Prepackaged Software industry, within the Technology sector.
WM TECHNOLOGY, INC. (MAPS) reported annual revenue of $185 million in its most recent fiscal year, based on SEC EDGAR filings.
WM TECHNOLOGY, INC. (MAPS) has a net profit margin of 4.1%. This is a modest margin.
WM TECHNOLOGY, INC. (MAPS) generated $25 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WM TECHNOLOGY, INC. (MAPS) has a debt-to-equity ratio of 1.71. This indicates higher leverage, which may increase financial risk.
WM TECHNOLOGY, INC. (MAPS) reported earnings per share (EPS) of $0.05 in its most recent fiscal year.
WM TECHNOLOGY, INC. (MAPS) has a return on equity (ROE) of 29.1%. This indicates the company generates strong returns for shareholders.
WM TECHNOLOGY, INC. (MAPS) has a 5-year average gross margin of 94.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for WM TECHNOLOGY, INC. (MAPS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WM TECHNOLOGY, INC. (MAPS) has a book value per share of $0.23, based on its most recent annual SEC filing.