CAPITAL CITY BANK GROUP INC
CCBGdata completeness 100%17 fiscal years on fileCAPITAL CITY BANK GROUP INC earns about 146% 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 $31.66 and $73.91 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 | $106.4M1 | $131.9M2 | $181.1M3 | $194.7M3 | $204.4M3 |
| Net income | $33.4M4 | $33.4M5 | $52.3M6 | $52.9M6 | $61.6M6 |
| Operating cash flow | $122.2M7 | $92.7M8 | $54.8M9 | $63.6M9 | $87.6M9 |
| Capital expenditure | $5.19M10 | $6.32M11 | $7.05M12 | $8.69M12 | $7.59M12 |
| Free cash flow (derived) | $117M7 | $86.4M8 | $47.7M9 | $54.9M9 | $80M9 |
| Total debt | $35.4M13 | $57.3M14 | $35.7M15 | $28.3M16 | $50.1M16 |
| Cash & equivalents | $1.04B17 | $600.7M18 | $312.1M18 | $391.9M18 | $530M18 |
| Diluted shares | 16.9M | 17.0M | 17.0M | 17.0M | 17.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $323.27 of net worth that earned you $35.99 and generated $46.79 of cash last year, against $29.29 of debt.
It earned about 146% 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 roughly flat over 5 years — little dilution, little buyback. Total debt has risen 41% 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 $31.66 and $73.91 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$54.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$54.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$52.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $73.91 |
| Base | 0.0% | $73.91 |
| Bull | 5.0% | $85.01 |
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/A · period ending 2021-12-31 · accession 0000726601-24-000023 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000726601-25-000013 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0000726601-26-000007 (InterestAndDividendIncomeOperating)
- 10-K/A · period ending 2021-12-31 · accession 0000726601-24-000023 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000726601-25-000013 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000726601-26-000007 (NetIncomeLoss)
- 10-K/A · period ending 2021-12-31 · accession 0000726601-24-000023 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000726601-25-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000726601-26-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2021-12-31 · accession 0000726601-24-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000726601-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000726601-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000726601-22-000005 (LongTermDebt)
- 10-K/A · period ending 2022-12-31 · accession 0000726601-23-000044 (LongTermDebt)
- 10-K/A · period ending 2023-12-31 · accession 0000726601-24-000023 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000726601-26-000007 (ShortTermBorrowings)
- 10-K · period ending 2021-12-31 · accession 0000726601-25-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000726601-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)