MeritValue

BYLINE BANCORP, INC.

BYdata completeness 100%11 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$248.9M1$301.6M2$479.5M3$565.9M3$572.2M3
Net income$92.8M4$88M5$107.9M6$120.8M6$130.1M6
Operating cash flow$74.4M7$220.3M8$166.1M9$175.2M9$140.3M9
Capital expenditure$2.24M10$3.63M11$3.86M12$3.99M12$4M12
Free cash flow (derived)$72.2M7$216.7M8$162.2M9$171.2M9$136.3M9
Total debt—$013$18.3M14$11.7M15$015
Cash & equivalents$157.9M16$179.4M17$226.1M18$563.1M19$149.1M19
Diluted shares38.4M37.5M40.4M43.9M45.1M

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
You’d own
0.000022%
of the whole company
Your share of last year’s profit
$28.86
Your share of its debt
$0
Your share of free cash flow
$30.25
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$161.93
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth15.6%
  • fcfBase$162.2M
DCF · Growth Exit 5Y
$104.52
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth15.6%
  • fcfBase$162.2M
Earnings Power Value
$25.23
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$107.9M
  • growthAssumed0.0%
Graham Number
$42.77
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years15.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $104.52

Default growth 15.6%= 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 0000950170-24-024969 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030118 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-083194 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-024969 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030118 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-083194 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-024969 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030118 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-083194 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-024969 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-030118 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-083194 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-024969 (ShortTermBorrowings)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-030118 (ShortTermBorrowings)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-083194 (ShortTermBorrowings)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-006310 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-024969 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-030118 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-083194 (CashAndCashEquivalentsAtCarryingValue)