WM Technology Inc. Class A Common Stock (MAPS)

FairStock Score: 43/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Running WM Technology through a Graham lens, I see a small online cannabis marketplace with a narrow economic position. Weedmaps may have some network effect between consumers and retailers, but cannabis remains fragmented and heavily regulated, so I cannot call that a durable moat. The filed numbers show a business that returned to profitability but is now slipping: revenue went from $188.0M in FY2023 to $184.5M in FY2024 to $174.7M in FY2025, while net income fell from $7.6M in FY2024 to $2.0M in FY2025. The latest quarter, fiscal Q2 2026 ended 2026-06-30, had revenue of $42.4M and net income of $2.0M, or diluted EPS of $0.02. That is a 4.77% margin—thin, but positive. Free cash flow of $2.9M and an 8.2% FCF yield on the $35.6M market cap are respectable for the price, and the debt-to-equity ratio of 0.18 suggests modest leverage. Still, ROE of 2.39% and ROCE of 4.73% are far from wonderful. The stock at $0.32, as of the 2026-10-13 close, trades at 0.57 times book and below the FairStock Graham Number of $0.50, implying a 36.2% margin of safety on that metric. But the Altman Z-Score of 0.64 warns of financial distress, and the Piotroski F-Score of 6/9 is only middling. With revenue and profit growth negative, this is a classic Lynch turnaround: the market doubts survival. I would demand a clearer path to stable cash generation before calling it a sound value.

In plain English: WM Technology runs Weedmaps, an online marketplace where people find cannabis products, plus software for cannabis retailers and brands. The business is not strong right now: revenue is shrinking, profits are thin, and recent yearly net income fell from $7.6M to $2.0M. At the 2026-10-13 close of $0.32, the price looks low compared with its assets and current earnings, but the shrinking business makes it a risky, uncertain situation.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer