MeritValue

BankUnited, Inc.

BKUdata completeness 88%16 fiscal years on file
The thesis, from the filings

BankUnited, Inc. earns about 27% on invested capital, and has bought back 18% of its shares over 5 years. The applicable estimate puts fair value near $37.43 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$21.7M1$22.5M2$20.9M3$20.2M3$21.7M3
Net income$415M4$285M5$178.7M6$232.5M6$268.4M6
Operating cash flow$1.22B7$1.29B8$657.5M9$433.8M9$358.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$691.2M10$692.5M11$682.5M12$683.9M13$296.9M13
Cash & equivalents$314.9M14$572.6M15$588.3M16$491.1M17$217.8M17
Diluted shares90.4M78.8M73.5M74.0M74.3M

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
$410.99
your share of equity
Profit it earned you last year
$36.12
Free cash flow it threw off
—
Debt you’d be carrying
$39.95

10 shares is a claim on $410.99 of net worth that earned you $36.12 last year, against $39.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
27% avg · 5y
FY21 17%FY22 21%FY23 34%FY24 30%FY25 32%

It earned an average 27% 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
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 57% — 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
$37.43
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$268.4M
  • growthAssumed0.0%
Graham Number
$57.13
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 0001504008-24-000006 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001504008-25-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001504008-26-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001504008-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001504008-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001504008-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001504008-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001504008-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001504008-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001504008-23-000007 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001504008-24-000006 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001504008-25-000005 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001504008-26-000011 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001504008-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001504008-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001504008-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001504008-26-000011 (CashAndCashEquivalentsAtCarryingValue)