MeritValue

CB Financial Services, Inc.

CBFVdata completeness 100%14 fiscal years on file
The thesis, from the filings

CB Financial Services, Inc. earns about 55% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $22.59 and $35.43 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$43.6M1$47.7M2$62.2M3$76.1M4$75.9M4
Net income$11.6M5$11.2M6$22.6M7$12.6M8$4.9M8
Operating cash flow$13.1M9$14.2M10$14.2M11$6.75M12$17.8M12
Capital expenditure$2.39M13$509,00014$3.29M15$3.32M16$650,00016
Free cash flow (derived)$10.7M9$13.6M10$10.9M11$3.44M12$17.2M12
Total debt$39.3M17$8.06M18$018$019$019
Cash & equivalents$119.7M20$103.7M21$68.2M22$49.6M23$31.7M23
Diluted shares5.4M5.1M5.1M5.3M5.3M

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
$296.85
your share of equity
Profit it earned you last year
$9.24
Free cash flow it threw off
$32.33
Debt you’d be carrying
$0

10 shares is a claim on $296.85 of net worth that earned you $9.24 and generated $32.33 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
55% avg · 5y
FY21 27%FY22 104%FY23 50%FY24 52%FY25 41%

It earned about 55% 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
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 100% — deleveraging.

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

The 3 estimate methods that apply put fair value between $22.59 and $35.43 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
$33.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$10.9M
DCF · Growth Exit 5Y
$35.43
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$10.9M
Earnings Power Value
$22.59
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$11.6M
  • growthAssumed0.0%
Graham Number
$24.79
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $35.43
The three cases
Bear0.0%$35.43
Base0.0%$35.43
Bull5.0%$42.56

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001605301-22-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001605301-24-000005 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001605301-25-000008 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001605301-26-000009 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001605301-23-000008 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001605301-24-000005 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001605301-25-000008 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001605301-26-000009 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001605301-23-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001605301-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001605301-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001605301-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001605301-23-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001605301-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001605301-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001605301-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001605301-23-000008 (ShortTermBorrowings)
  18. 10-K · period ending 2022-12-31 · accession 0001605301-24-000005 (ShortTermBorrowings)
  19. 10-K · period ending 2024-12-31 · accession 0001605301-26-000009 (ShortTermBorrowings)
  20. 10-K · period ending 2021-12-31 · accession 0001605301-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001605301-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001605301-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001605301-26-000009 (CashAndCashEquivalentsAtCarryingValue)