MeritValue

Bogota Financial Corp.

BSBKdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Bogota Financial Corp. earns about 17% on invested capital, comfortably above its ~9% cost of capital, and has bought back 10% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $1.73 and $4.13 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$25.1M1$30.3M2$37.3M3$41.7M4$43M4
Net income$7.52M5$6.88M6$642,5357−$2.17M8$2.09M8
Operating cash flow$5.96M9$10.9M10$1.44M11−$2.56M12$3.2M12
Capital expenditure$1.46M13$241,47414$318,03515$594,78716$70,36816
Free cash flow (derived)$4.5M9$10.6M10$1.12M11−$3.15M12$3.13M12
Total debt—————
Cash & equivalents$105.1M17$16.8M18$24.9M19$52.2M20$35.6M20
Diluted shares13.9M13.6M12.9M12.8M12.5M

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
$112.71
your share of equity
Profit it earned you last year
$1.67
Free cash flow it threw off
$2.51
Debt you’d be carrying
—

10 shares is a claim on $112.71 of net worth that earned you $1.67 and generated $2.51 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 29%FY22 10%FY23 20%FY24 7%FY25 17%

It earned about 17% 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
−10% shares · 5y

Share count is down 10% 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 $1.73 and $4.13 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
$4.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.12M
DCF · Growth Exit 5Y
$4.13
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.12M
Earnings Power Value
$1.73
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.09M
  • growthAssumed0.0%
Graham Number
$6.57
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 $4.13
The three cases
Bear0.0%$4.13
Base0.0%$4.13
Bull5.0%$4.44

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 0000950170-23-009720 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009812 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009807 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010056 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009720 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009812 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009807 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010056 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009720 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009812 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009807 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010056 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009720 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009812 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009807 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010056 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-009720 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-009812 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-009807 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-010056 (CashAndCashEquivalentsAtCarryingValue)