COLONY BANKCORP INC
CBANdata completeness 100%17 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'
COLONY BANKCORP INC earns about 20% on invested capital, far above its ~9% cost of capital, but has diluted owners by 58% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $12.55 and $13.74 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 | $70.6M1 | $91.5M2 | $124.9M3 | $137.2M4 | $150M4 |
| Net income | $18.7M5 | $19.5M6 | $21.7M7 | $23.9M8 | $28.3M8 |
| Operating cash flow | $36.1M9 | $49.7M10 | $21M11 | $23.4M12 | −$5.55M12 |
| Capital expenditure | $5.84M13 | $2.9M14 | $3.62M15 | $1.08M16 | $1.35M16 |
| Free cash flow (derived) | $30.3M9 | $46.8M10 | $17.4M11 | $22.3M12 | −$6.9M12 |
| Total debt | $88.4M17 | $203.4M18 | $238.4M19 | $248M20 | $258.1M20 |
| Cash & equivalents | $197.2M21 | $80.7M22 | $83.3M23 | $231M23 | $257.6M23 |
| Diluted shares | 11.3M | 17.2M | 17.6M | 17.6M | 17.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $211.31 of net worth that earned you $15.88 and generated −$3.88 of cash last year, against $145.09 of debt.
It earned about 20% 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 up 58% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 192% 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.
The 3 estimate methods that apply put fair value between $12.55 and $13.74 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
- fcfGrowth0.0%
- fcfBase$17.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$17.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$21.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $13.74 |
| Base | 0.0% | $13.74 |
| Bull | 5.0% | $17.06 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
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.
- 10-K · period ending 2021-12-31 · accession 0000711669-23-000041 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000711669-24-000046 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0000711669-25-000046 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0000711669-26-000007 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000711669-23-000041 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000711669-24-000046 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000711669-25-000046 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0000711669-26-000007 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000711669-23-000041 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000711669-24-000046 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000711669-25-000046 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0000711669-26-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000711669-23-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000711669-24-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000711669-25-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0000711669-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000711669-23-000041 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0000711669-24-000046 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0000711669-25-000046 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000711669-26-000007 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0000711669-24-000046 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000711669-25-000046 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0000711669-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)