MeritValue

BYLINE BANCORP, INC.

BYdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'

The thesis, from the filings

BYLINE BANCORP, INC. earns about 34% on invested capital, far above its ~9% cost of capital, but has diluted owners by 17% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.58 and $154.98 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$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
Net assets behind them
$281.36
your share of equity
Profit it earned you last year
$28.86
Free cash flow it threw off
$30.25
Debt you’d be carrying
$0

10 shares is a claim on $281.36 of net worth that earned you $28.86 and generated $30.25 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 5y
FY21 15%FY22 20%FY23 28%FY24 71%FY25 37%

It earned about 34% 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
+17% shares · 5y

Share count is up 17% over 5 years — owners have been diluted. Worth asking what they got for it.

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 v0.5.0

The 3 estimate methods that apply put fair value between $24.58 and $154.98 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
$154.98
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth15.6%
  • fcfBase$162.2M
DCF · Growth Exit 5Y
$100.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth15.6%
  • fcfBase$162.2M
Earnings Power Value
$24.58
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$107.9M
  • growthAssumed0.0%
Graham Number
$42.55
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 years15.6%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $100.57
The three cases
Bear0.0%$54.06
Base15.6%$100.57
Bull20.0%$118.99

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

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)