MeritValue

Princeton Bancorp, Inc.

BPRNdata completeness 88%5 fiscal years on file
The thesis, from the filings

Princeton Bancorp, Inc. earns about 45% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $33,972.23 and $62,695.44 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$69.3M1$74.1M2$98.2M3$122.9M4$130.6M4
Net income$22.5M5$26.5M6$25.8M7$10.2M8$18.6M8
Operating cash flow$12.9M9$24M10$23.1M11$14.7M12$21.5M12
Capital expenditure$1.19M13$607,00014$1.71M15$1.53M16$889,00016
Free cash flow (derived)$11.7M9$23.4M10$21.4M11$13.2M12$20.6M12
Total debt$017$10M18$018——
Cash & equivalents$158.7M19$53.4M20$150.6M21$117.3M21$135.7M21
Diluted shares6,8146,4496,3896,6206,859

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
$394,681.44
your share of equity
Profit it earned you last year
$27,133.69
Free cash flow it threw off
$30,034.99
Debt you’d be carrying
—

10 shares is a claim on $394,681.44 of net worth that earned you $27,133.69 and generated $30,034.99 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
45% avg · 5y
FY21 48%FY22 18%FY23 60%FY24 44%FY25 58%

It earned about 45% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 $33,972.23 and $62,695.44 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
$59,464.37
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$20.6M
DCF · Growth Exit 5Y
$62,695.44
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$20.6M
Earnings Power Value
$33,972.23
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$22.5M
  • growthAssumed0.0%
Graham Number
$1,551.31
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 $62,695.44
The three cases
Bear0.0%$62,695.44
Base0.0%$62,695.44
Bull5.0%$73,082.43

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 0001193125-23-079231 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001193125-24-076546 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-25-054907 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-106151 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-079231 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001193125-24-076546 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001193125-25-054907 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-106151 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001193125-23-079231 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001193125-24-076546 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-25-054907 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-106151 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-079231 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-24-076546 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-25-054907 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-106151 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001193125-23-079231 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001193125-24-076546 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001193125-24-076546 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2022-12-31 · accession 0001193125-25-054907 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2023-12-31 · accession 0001193125-26-106151 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)