MeritValue

AMERISERV FINANCIAL INC /PA/

ASRVdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

AMERISERV FINANCIAL INC /PA/ earns about 22% on invested capital, and has bought back 3% of its shares over 5 years. The applicable estimate puts fair value near $3.52 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$15M1$14.7M1$14.5M2$15.6M3$14.6M3
Net income$7.07M4$7.45M5−$3.35M6$3.6M6$5.61M6
Operating cash flow$9.94M7$5.21M7$6.29M8$2.69M9$3.19M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$88.6M10$41M11$14.6M12—
Cash & equivalents$41.1M13$23M14$14M15$17.7M15$50.9M15
Diluted shares17.1M17.1M17.1M16.8M16.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$72.18
your share of equity
Profit it earned you last year
$3.4
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $72.18 of net worth that earned you $3.4 last year.

iii. Is this a good business?
Moat signal · return on invested capital
22% avg · 5y
FY21 17%FY22 8%FY23 13%FY24 27%FY25 43%

It earned an average 22% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 83% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$3.52
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.61M
  • growthAssumed0.0%
Graham Number
$7.43
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-004100 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001558370-25-003291 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-031270 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-004100 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003291 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-031270 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-004100 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-003291 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-031270 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004100 (ShortTermBorrowings)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003291 (ShortTermBorrowings)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-031270 (ShortTermBorrowings)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-24-004100 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-25-003291 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001104659-26-031270 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)