MeritValue

BAR HARBOR BANKSHARES

BHBdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

BAR HARBOR BANKSHARES earns about 14% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 6% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $23.7 and $28.02 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$28.4M1$29.4M1$174.2M2$188.7M2$209.5M2
Net income$39.3M3$43.6M4$44.9M5$43.5M5$36.9M5
Operating cash flow$59.2M6$55.9M7$47.4M8$52.4M8$48.3M8
Capital expenditure$1.72M9$2.52M10$6.53M11$7.4M11$4.81M11
Free cash flow (derived)$57.5M6$53.4M7$40.9M8$45M8$43.5M8
Total debt$178.5M12$394.2M13$331.5M14$290.6M15$269.6M15
Cash & equivalents$250.4M16$92.3M17$94.8M18$72.2M19$80.8M19
Diluted shares15.0M15.1M15.2M15.3M16.0M

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
$333.77
your share of equity
Profit it earned you last year
$23.14
Free cash flow it threw off
$27.24
Debt you’d be carrying
$169

10 shares is a claim on $333.77 of net worth that earned you $23.14 and generated $27.24 of cash last year, against $169 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 15%FY22 8%FY23 13%FY24 16%FY25 20%

It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 51% 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.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $23.7 and $28.02 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$23.7
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$43.5M
DCF · Growth Exit 5Y
$26.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$43.5M
Earnings Power Value
$28.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$43.5M
  • growthAssumed0.0%
Graham Number
$40.71
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $26.57
The three cases
Bear0.0%$26.57
Base0.0%$26.57
Bull5.0%$35.86

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-003742 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001104659-26-027217 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2021-12-31 · accession 0001558370-24-002920 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001558370-25-002653 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001104659-26-027217 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001558370-24-002920 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001558370-25-002653 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001104659-26-027217 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-24-002920 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-25-002653 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001104659-26-027217 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-003742 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-002920 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-002653 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-027217 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-003742 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-002920 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-002653 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-027217 (CashAndCashEquivalentsAtCarryingValue)