MeritValue

BANK OF THE JAMES FINANCIAL GROUP INC

BOTJdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BANK OF THE JAMES FINANCIAL GROUP INC earns about 13% on equity, comfortably above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $19.85 and $43.49 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$2.5M1$3.59M2$3.9M3$4M4$4.27M4
Net income$7.59M5$8.96M6$8.7M7$7.94M8$9.02M8
Operating cash flow$16.3M9$9.31M10$9.49M11$8.51M12$11.7M12
Capital expenditure$2.91M13$1.19M14$1.57M15$2.55M16$1.17M16
Free cash flow (derived)$13.4M9$8.12M10$7.92M11$5.96M12$10.5M12
Total debt—————
Cash & equivalents$183.2M17$61.8M18$74.8M19$73.3M19$84.5M19
Diluted shares4.7M4.7M4.6M4.5M4.5M

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
$176.19
your share of equity
Profit it earned you last year
$19.86
Free cash flow it threw off
$23.1
Debt you’d be carrying
—

10 shares is a claim on $176.19 of net worth that earned you $19.86 and generated $23.1 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
13% avg · 5y
FY21 11%FY22 18%FY23 14%FY24 12%FY25 11%

It earned about 13% on equity 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
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

The 3 estimate methods that apply put fair value between $19.85 and $43.49 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
$41.62
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$7.92M
DCF · Growth Exit 5Y
$43.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$7.92M
Earnings Power Value
$19.85
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.7M
  • growthAssumed0.0%
Graham Number
$28.09
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)8.93%
Terminal growth2.5%
At your growth, a share is worth $43.49
The three cases
Bear0.0%$43.49
Base0.0%$43.49
Bull5.0%$49.52

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 0001562762-23-000147 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001562762-24-000069 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001562762-25-000054 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001275101-26-000010 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001562762-23-000147 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001562762-24-000069 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001562762-25-000054 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001275101-26-000010 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001562762-23-000147 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001562762-24-000069 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001562762-25-000054 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001275101-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001562762-23-000147 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001562762-24-000069 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001562762-25-000054 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001275101-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001562762-24-000069 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001562762-25-000054 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001275101-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)