CATHAY GENERAL BANCORP
CATYdata completeness 88%17 fiscal years on fileCATHAY GENERAL BANCORP earns about 24% on invested capital, far above its ~9% cost of capital, and has bought back 12% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $47.02 and $86.45 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $39.1M1 | $42.2M2 | $43.9M3 | $52.3M3 | $53.8M3 |
| Net income | $298.3M4 | $360.6M5 | $354.1M6 | $286M6 | $315.1M6 |
| Operating cash flow | $334.3M7 | $467.4M8 | $384.7M9 | $329.2M9 | $368.6M9 |
| Capital expenditure | $3.73M10 | $3.39M11 | $3.4M12 | $3.64M12 | $4.91M12 |
| Free cash flow (derived) | $330.6M7 | $464M8 | $381.3M9 | $325.5M9 | $363.7M9 |
| Total debt | $119.1M13 | $119.1M14 | $119.1M15 | $119.1M16 | $119.1M16 |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 78.6M | 74.7M | 72.9M | 72.3M | 69.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $421.21 of net worth that earned you $45.37 and generated $52.36 of cash last year, against $17.15 of debt.
It earned about 24% 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 →Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $47.02 and $86.45 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth3.2%
- fcfBase$363.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth3.2%
- fcfBase$363.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$315.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $73.1 |
| Base | 3.2% | $84.41 |
| Bull | 8.2% | $104.76 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 3.2%= 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.
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005948 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005749 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-006157 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005948 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005749 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-006157 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005948 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005749 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-006157 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005948 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005749 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-006157 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-004952 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-005948 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-005749 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-006157 (LongTermDebt)