MeritValue

Avidbank Holdings, Inc.

AVBHdata completeness 100%2 fiscal years on file
The thesis, from the filings

Avidbank Holdings, Inc. earns about 26% on invested capital, but has diluted owners by 14% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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 2024FY 2025
Revenue$142.4M1$145.8M1
Net income$21M2−$19.6M2
Operating cash flow$22.7M3$39M3
Capital expenditure$47,0004$93,0004
Free cash flow (derived)$22.6M3$38.9M3
Total debt$185M5$60M5
Cash & equivalents$82.7M6$154.6M6
Diluted shares7.6M8.7M

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
$322.87
your share of equity
Profit it earned you last year
−$22.47
Free cash flow it threw off
$44.75
Debt you’d be carrying
$68.95

10 shares is a claim on $322.87 of net worth that earned you −$22.47 and generated $44.75 of cash last year, against $68.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
26% avg · 2y
FY24 26%FY25 26%

It earned an average 26% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+14% shares · 2y

Share count is up 14% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 68% — 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001437749-26-008852 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2024-12-31 · accession 0001437749-26-008852 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001437749-26-008852 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-008852 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0001437749-26-008852 (ShortTermBorrowings)
  6. 10-K · period ending 2024-12-31 · accession 0001437749-26-008852 (CashAndCashEquivalentsAtCarryingValue)