AMES NATIONAL CORP
ATLOdata completeness 100%17 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
AMES NATIONAL CORP earns about 38% on invested capital, far above its ~9% cost of capital, and has bought back 2% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $21.96 and $34.87 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $60.5M1 | $61.6M2 | $74.3M3 | $82.6M4 | $87.1M4 |
| Net income | $23.9M5 | $19.3M6 | $10.8M7 | $10.2M8 | $19M8 |
| Operating cash flow | $30.5M9 | $21.2M10 | $19.2M11 | $14.3M12 | $21.3M12 |
| Capital expenditure | $1.87M13 | $2.86M14 | $4.89M15 | $298,00016 | $642,00016 |
| Free cash flow (derived) | $28.6M9 | $18.4M10 | $14.3M11 | $14M12 | $20.7M12 |
| Total debt | — | — | $3.49M17 | $20M18 | $18.4M19 |
| Cash & equivalents | $89.1M20 | $27.9M21 | $55.1M22 | $101.2M23 | $126.8M23 |
| Diluted shares | 9.1M | 9.0M | 9.0M | 9.0M | 8.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $233.71 of net worth that earned you $21.39 and generated $23.27 of cash last year, against $20.63 of debt.
It earned about 38% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 426% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $21.96 and $34.87 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$14.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$14.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$19M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $34.87 |
| Base | 0.0% | $34.87 |
| Bull | 5.0% | $40.35 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-24-007097 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001437749-25-007223 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0001437749-26-007976 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (CashAndCashEquivalentsAtCarryingValue)