MeritValue

AMES NATIONAL CORP

ATLOdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 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 shares9.1M9.0M9.0M9.0M8.9M

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
You’d own
0.00011%
of the whole company
Your share of last year’s profit
$21.39
Your share of its debt
$20.63
Your share of free cash flow
$23.27
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$33.95
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$14.3M
DCF · Growth Exit 5Y
$35.74
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$14.3M
Earnings Power Value
$22.54
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$19M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $35.74

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-24-007097 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-25-007223 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001437749-26-007976 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001437749-23-006159 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001437749-24-007097 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001437749-25-007223 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001437749-26-007976 (CashAndCashEquivalentsAtCarryingValue)