MeritValue

CONSUMERS BANCORP INC /OH/

CBKMdata completeness 88%16 fiscal years on file
The thesis, from the filings

CONSUMERS BANCORP INC /OH/ earns about 30% on invested capital, far above its ~10% cost of capital, but has diluted owners by 4% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $23.03 and $32.99 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$3.86M1$4.14M2$4.38M3$4.62M4$4.91M4
Net income$11.2M5$10.7M6$8.58M7$8.67M8$11.2M8
Operating cash flow$14.9M9$13.3M10$9.38M11$7.93M12$11.2M12
Capital expenditure$1.48M13$1.82M14$983,00015$3.07M16$1.64M16
Free cash flow (derived)$13.5M9$11.5M10$8.39M11$4.86M12$9.55M12
Total debt$21.3M17$26.4M18$30M19$15.5M20$29.2M20
Cash & equivalents—————
Diluted shares3.0M3.1M3.1M3.1M3.1M

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
$285.55
your share of equity
Profit it earned you last year
$35.47
Free cash flow it threw off
$30.35
Debt you’d be carrying
$92.79

10 shares is a claim on $285.55 of net worth that earned you $35.47 and generated $30.35 of cash last year, against $92.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
30% avg · 5y
FY22 16%FY23 20%FY24 37%FY25 41%FY26 38%

It earned about 30% on invested capital, year after year, against a ~10% 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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 37% 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 v0.5.0

The 3 estimate methods that apply put fair value between $23.03 and $32.99 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
$23.03
assumptions (10)
  • riskFreeRate5.3%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$8.39M
DCF · Growth Exit 5Y
$25.56
assumptions (10)
  • riskFreeRate5.3%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$8.39M
Earnings Power Value
$32.99
assumptions (8)
  • riskFreeRate5.3%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$10.7M
  • growthAssumed0.0%
Graham Number
$47.76
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)9.54%
Terminal growth2.5%
At your growth, a share is worth $25.56
The three cases
Bear0.0%$25.56
Base0.0%$25.56
Bull5.0%$33.89

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 2022-06-30 · accession 0001437749-23-025368 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001437749-24-028613 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001437749-25-028445 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-06-30 · accession 0001437749-26-030039 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-06-30 · accession 0001437749-23-025368 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001437749-24-028613 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001437749-25-028445 (NetIncomeLoss)
  8. 10-K · period ending 2025-06-30 · accession 0001437749-26-030039 (NetIncomeLoss)
  9. 10-K · period ending 2022-06-30 · accession 0001437749-23-025368 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001437749-24-028613 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001437749-25-028445 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-06-30 · accession 0001437749-26-030039 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-06-30 · accession 0001437749-23-025368 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0001437749-24-028613 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-06-30 · accession 0001437749-25-028445 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-06-30 · accession 0001437749-26-030039 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-06-30 · accession 0001437749-23-025368 (ShortTermBorrowings)
  18. 10-K · period ending 2023-06-30 · accession 0001437749-24-028613 (ShortTermBorrowings)
  19. 10-K · period ending 2024-06-30 · accession 0001437749-25-028445 (ShortTermBorrowings)
  20. 10-K · period ending 2025-06-30 · accession 0001437749-26-030039 (ShortTermBorrowings)