Williams-Sonoma
WSMNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $261.55 Prior regular-session close from the quote source.
- $261.11–$264.85 Regular-session low and high so far today.
- 745.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Nov 18 projected Projected for 2026-11-18 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $165.51–$274.45 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own WSM if its omni-channel model and merchandising discipline prove that today’s unusually high retail margins are structural, not a pandemic-era/category-cycle artifact.
WSM price history
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Investment thesis
What must happen next
Williams-Sonoma’s differentiated high-quality home assortment and omni-channel model remain relevant enough to hold customer demand despite a normalized home-furnishings cycle.StrengtheningMateriality: High
The company is described as an omni-channel specialty retailer of high-quality products for the home. If this holds, the company can defend its revenue base without buying growth through excessive promotion; if it breaks, margin and cash flow likely follow revenue down.
Watch: Wayfair, Amazon, Target, IKEA, or other value-oriented home retailers gain share by matching design appeal at lower prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company is described as an omni-channel specialty retailer of high-quality products for the home.
Open source ↗Curated merchandising, brand positioning, and pricing discipline continue to protect gross margin from normal retail competition and promotion.StrengtheningMateriality: High
Annual GAAP gross profit was $3.603 billion for the fiscal year ended February 1, 2026, slightly above $3.582 billion in the prior fiscal year. Gross margin is the clearest test of whether customers value the assortment enough to pay premium prices; erosion would signal the moat is weakening.
Watch: Competitors intensify furniture and home-goods discounting, forcing Williams-Sonoma to promote to clear inventory.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit was $3.603 billion for the fiscal year ended February 1, 2026, slightly above $3.582 billion in.
Open source ↗The company’s operating model converts stable sales into high operating profit because fulfillment, store, labor, and overhead costs remain disciplined.StrengtheningMateriality: Medium
Annual GAAP operating income was $1.416 billion for the fiscal year ended February 1, 2026. If operating discipline holds, modest revenue can still produce strong earnings; if fixed costs or fulfillment costs rise faster than sales, the equity story shifts from quality compounder to cyclical retailer.
Watch: Delivery, fulfillment, rent, wage, or technology costs rise faster than sales and cannot be offset through pricing or productivity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating income was $1.416 billion for the fiscal year ended February 1, 2026.
Open source ↗Williams-Sonoma’s earnings quality remains high because the retail model converts accounting profit into operating cash rather than consuming cash in working capital.StrengtheningMateriality: Medium
Annual GAAP operating cash flow was $1.315 billion for the fiscal year ended February 1, 2026. Cash conversion funds dividends, buybacks, reinvestment, and downturn resilience; if working capital absorbs cash, reported earnings become less valuable to shareholders.
Watch: Inventory builds ahead of demand and requires cash-consuming markdowns or slower vendor turns.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow was $1.315 billion for the fiscal year ended February 1, 2026.
Open source ↗A cash-rich balance sheet gives Williams-Sonoma room to absorb cyclical home-demand weakness without sacrificing core merchandising or omni-channel investments.StrengtheningMateriality: Medium
Cash was $1.020 billion at February 1, 2026. Financial resilience lets shareholders benefit from a downturn if competitors retrench; if cash is depleted or leverage rises, the company loses that option value.
Watch: Management uses the cash balance for an expensive acquisition or debt-funded capital return that reduces downturn flexibility.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $1.020 billion at February 1, 2026.
Open source ↗
Full investment case & evidence
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Original research
Williams-Sonoma’s differentiated high-quality home assortment and omni-channel model remain relevant enough to hold customer demand despite a normalized home-furnishings cycle. If this holds, the company can defend its revenue base without buying growth through excessive promotion; if it breaks, margin and cash flow likely follow revenue down.
Curated merchandising, brand positioning, and pricing discipline continue to protect gross margin from normal retail competition and promotion. Gross margin is the clearest test of whether customers value the assortment enough to pay premium prices; erosion would signal the moat is weakening.
The company’s operating model converts stable sales into high operating profit because fulfillment, store, labor, and overhead costs remain disciplined. If operating discipline holds, modest revenue can still produce strong earnings; if fixed costs or fulfillment costs rise faster than sales, the equity story shifts from quality compounder to cyclical retailer.
Williams-Sonoma’s earnings quality remains high because the retail model converts accounting profit into operating cash rather than consuming cash in working capital. Cash conversion funds dividends, buybacks, reinvestment, and downturn resilience; if working capital absorbs cash, reported earnings become less valuable to shareholders.
A cash-rich balance sheet gives Williams-Sonoma room to absorb cyclical home-demand weakness without sacrificing core merchandising or omni-channel investments. Financial resilience lets shareholders benefit from a downturn if competitors retrench; if cash is depleted or leverage rises, the company loses that option value.
All standing thesis claims
Original report summary
its omni-channel model and merchandising discipline prove that today’s unusually high retail margins are structural, not a pandemic-era/category-cycle artifact.
Bull case and bear case
Bull case and bear case for Williams Sonoma
Where the evidence on Williams Sonoma stands: Strengthening on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Williams-Sonoma’s differentiated high-quality home assortment and omni-channel model remain relevant enough to hold customer demand despite a normalized home-furnishings cycle.
Curated merchandising, brand positioning, and pricing discipline continue to protect gross margin from normal retail competition and promotion.
The company’s operating model converts stable sales into high operating profit because fulfillment, store, labor, and overhead costs remain disciplined.
Williams-Sonoma’s earnings quality remains high because the retail model converts accounting profit into operating cash rather than consuming cash in working capital.
A cash-rich balance sheet gives Williams-Sonoma room to absorb cyclical home-demand weakness without sacrificing core merchandising or omni-channel investments.
Bear case: what would count against it
Wayfair, Amazon, Target, IKEA, or other value-oriented home retailers gain share by matching design appeal at lower prices.
Competitors intensify furniture and home-goods discounting, forcing Williams-Sonoma to promote to clear inventory.
Delivery, fulfillment, rent, wage, or technology costs rise faster than sales and cannot be offset through pricing or productivity.
Company research
Research on Williams Sonoma
- Reporting · Williams-Sonoma, Inc. (NYSE: WSM) Sales Rise as Clean Margin Slips
Comparable sales grew 6.2%, but adjusted operating margin fell 60 basis points as tariff costs pressured merchandise margins.
Thesis-Break Engine
What has broken in Williams Sonoma’s thesis
Each break OptimistFi flagged on Williams Sonoma, dated — with what has historically followed the same kind of break across the market, not a forecast for Williams Sonoma.
- Price target fell below the stockcondition set before this filing
Across all companies, this kind of break has happened 1,809 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on Williams Sonoma at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Williams Sonoma filed an SEC 8-K on 2026-08-26: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Williams Sonoma filed an SEC 8-K on 2026-05-21: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Wayfair, Amazon, Target, IKEA, or other value-oriented home retailers gain share by matching design appeal at lower prices.
- Competitors intensify furniture and home-goods discounting, forcing Williams-Sonoma to promote to clear inventory.
- Delivery, fulfillment, rent, wage, or technology costs rise faster than sales and cannot be offset through pricing or productivity.
- Inventory builds ahead of demand and requires cash-consuming markdowns or slower vendor turns.
- Management uses the cash balance for an expensive acquisition or debt-funded capital return that reduces downturn flexibility.
WSM news
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Financial statements
WSM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
WSM: quick answers
- When does Williams Sonoma (WSM) report earnings next?
- Williams Sonoma's next results are projected for November 18, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 26, 2026. Earnings calendar
- What is WSM's short interest?
- As of October 30, 2026, 5.9M WSM shares were sold short, 5.04% of its shares outstanding, down 10.1% from the count before. At the stock's average daily volume that is 5.9 days to cover. FINRA publishes the count twice a month. WSM short interest history