MeritValue

CARVER BANCORP INC

CARVdata completeness 100%16 fiscal years on file
The thesis, from the filings

CARVER BANCORP INC earns about -14% on equity, but has diluted owners by 52% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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$4.2M1$4.98M2$2.9M3$2.96M4$3M4
Net income−$3.9M5−$847,0006−$4.4M7−$2.98M8−$13.7M8
Operating cash flow$2.21M9$7.15M10−$10.5M11−$6.57M12−$12.6M12
Capital expenditure$256,00013$192,00014$225,00015$360,00016$331,00016
Free cash flow (derived)$1.96M9$6.96M10−$10.7M11−$6.93M12−$12.9M12
Total debt—$15.9M17$40.9M18$46.4M19$20.2M20
Cash & equivalents$75.6M21$61M22$42.6M23$59M24$50.3M24
Diluted shares3.4M3.6M4.3M4.8M5.2M

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
$57.06
your share of equity
Profit it earned you last year
−$26.51
Free cash flow it threw off
−$24.96
Debt you’d be carrying
$39

10 shares is a claim on $57.06 of net worth that earned you −$26.51 and generated −$24.96 of cash last year, against $39 of debt.

iii. Is this a good business?
Moat signal · return on equity
-14% avg · 5y
FY21 -7%FY22 -2%FY23 -10%FY24 -7%FY25 -46%

It earned an average -14% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+52% shares · 5y

Share count is up 52% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 27% over the same window.

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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-03-31 · accession 0001016178-22-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-03-31 · accession 0001016178-23-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-03-31 · accession 0001016178-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-03-31 · accession 0001016178-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-03-31 · accession 0001016178-22-000012 (NetIncomeLoss)
  6. 10-K · period ending 2022-03-31 · accession 0001016178-23-000011 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001016178-24-000013 (NetIncomeLoss)
  8. 10-K · period ending 2024-03-31 · accession 0001016178-25-000010 (NetIncomeLoss)
  9. 10-K · period ending 2021-03-31 · accession 0001016178-22-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001016178-23-000011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-03-31 · accession 0001016178-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-03-31 · accession 0001016178-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-03-31 · accession 0001016178-22-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-03-31 · accession 0001016178-23-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-03-31 · accession 0001016178-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-03-31 · accession 0001016178-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001016178-22-000012 (LongTermDebt)
  18. 10-K · period ending 2023-03-31 · accession 0001016178-23-000011 (LongTermDebt)
  19. 10-K · period ending 2024-03-31 · accession 0001016178-24-000013 (LongTermDebt)
  20. 10-K · period ending 2025-03-31 · accession 0001016178-25-000010 (LongTermDebt)
  21. 10-K · period ending 2021-03-31 · accession 0001016178-22-000012 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-03-31 · accession 0001016178-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-03-31 · accession 0001016178-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-03-31 · accession 0001016178-25-000010 (CashAndCashEquivalentsAtCarryingValue)