MeritValue

CAMDEN NATIONAL CORP

CACdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$32M1$33.3M2$33.6M3$35.7M3$41.7M3
Net income$69M4$61.4M5$43.4M6$53M6$65.2M6
Operating cash flow$142.7M7$105.2M8$67.5M9$60.9M9$63.9M9
Capital expenditure$1.85M10$2.18M11$2.62M12$5.58M12$5.71M12
Free cash flow (derived)$140.9M7$103M8$64.9M9$55.4M9$58.2M9
Total debt$211.6M13$265.2M14$485.6M15$500.6M16$581.8M16
Cash & equivalents$220.6M17$75.4M18$99.8M18$215M18$97.5M18
Diluted shares15.0M14.7M14.6M14.6M17.0M

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
0.000059%
of the whole company
Your share of last year’s profit
$38.38
Your share of its debt
$342.69
Your share of free cash flow
$34.28
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$17.84
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$58.2M
DCF · Growth Exit 5Y
$21.65
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$58.2M
Earnings Power Value
$38.13
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$61.4M
  • growthAssumed0.0%
Graham Number
$59.54
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 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $21.65

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 0000750686-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000750686-25-000044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000750686-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000750686-24-000025 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000750686-25-000044 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000750686-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000750686-24-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000750686-25-000044 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000750686-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000750686-24-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000750686-25-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000750686-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000750686-23-000033 (ShortTermBorrowings)
  14. 10-K · period ending 2022-12-31 · accession 0000750686-24-000025 (ShortTermBorrowings)
  15. 10-K · period ending 2023-12-31 · accession 0000750686-25-000044 (ShortTermBorrowings)
  16. 10-K · period ending 2024-12-31 · accession 0000750686-26-000010 (ShortTermBorrowings)
  17. 10-K · period ending 2021-12-31 · accession 0000750686-25-000044 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0000750686-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)