Wilhelmina International, Inc.
WHLMHIGH VELOCITYFILING INTENSITYWilhelmina International, Inc. reads as High Velocity (composite 62/100); pressure / disclosure signals dominate the posture this cycle · primary market Industrial Services.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
N/A
0/3 active fiscal years in window
Buyer archetype
Selective Buyer
Acquisition use is visible but targeted.
Composite score
62
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $23M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- 164 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 44 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 5 spin pre-registrations
- Latest event 22y ago; heavily discounted
- 44 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 44 activism filings
- Latest activism 1.6y ago
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 332d stale
- 10-K 471d stale
- 44 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 non-reliance 8-K
- 3 auditor changes
- 7 NT late filings
- Latest event 3.1y ago; discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 164 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $14M
- 10-Q 332d ago
- 4 active signals
Capital cadence.
No disclosed M&A capital in the 10-year window.
This issuer has not disclosed material acquisition spend or count in the last ten fiscal years.
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On50%
- Geographic Expansion50%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Exceptions to these rules are (i) when a company does not exercise control over the decision making of an entity although the company does own over 50% of the entity and (ii) when a company does exercise control over the decision making of an entity but the company owns between 20% and 50% of the entity.”
“In general, the accounting rules and regulations require the consolidation of entities in which the company holds an equity interest greater than 50% and the use of the equity method of accounting for entities in which the company holds an interest between 20% and 50%.”
“growth through acquisitions, with an international focus.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Industrial Services
- Market spend (2023–2025)
- $65.5B
- Market spend (2020–2022)
- $39.6B
- Recent vs prior
- +65%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
WHLM trades at a +11.6-turn premium to the Industrial Services peer median of 11.4×.
- EV / Revenue
- 1.0×
- Net debt / EBITDA
- N/A
- Peer median EV / EBITDA
- 11.4×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Wilhelmina International, Inc.WHLM | 22.9× | 1.0× | N/A | $18M | N/A |
| 15.1× | 1.0× | -0.4× | $24.2B | $444M | |
Paychex, Inc.PAYX | 13.1× | 5.8× | 1.1× | $6.3B | $3.2B |
| 11.4× | 0.9× | 7.8× | $2.5B | $3.9B | |
| 11.3× | 4.5× | 0.2× | $16.4B | $931M | |
AZZ Inc.AZZ | 8.7× | 3.0× | 0.8× | $1.7B | $1.3B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Industrial Services. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)432025-03-27
- 10-Q (quarterly)912025-08-13
- 8-K (event)1642025-06-12
- Proxy / DEF 14A372025-04-29
- Activism (13D / DFAN / PREC)442024-11-26
Signals on file
- critical
Non-reliance disclosure
2022-12-061 Item 4.02 filing on file; financial-statement non-reliance.
- elevated
Auditor change
2023-05-223 Item 4.01 filings on file; certifying accountant change.
- watch
Late-filing notice
2009-11-177 NT 10-K/10-Q filings on file.
- elevated
Spin registration
2004-07-095 Form 10-12 filings on file; pre-spin registration.
- elevated
Activism on file
2024-11-2644 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Spin/Carve candidate
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.