MeritValue

CF BANKSHARES INC.

CFBKdata completeness 88%17 fiscal years on file
The thesis, from the filings

CF BANKSHARES INC. earns about 11% on equity, comfortably above its ~9% cost of capital, and has bought back 5% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $28.71 and $80.14 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$52.3M1$67.8M2$108.3M3$118.4M3$120M3
Net income$18.5M4$18.2M5$16.9M6$13.4M6$17.5M6
Operating cash flow$253.3M7$39.8M8$18.1M9$14.2M9$18.7M9
Capital expenditure$2.96M10$905,00011$661,00012$266,00012$487,00012
Free cash flow (derived)$250.3M7$38.9M8$17.4M9$13.9M9$18.2M9
Total debt$24.3M13$29.5M13———
Cash & equivalents$166.6M14$151.8M15$261.6M16$235.3M17$259M17
Diluted shares6.7M6.5M6.4M6.3M6.3M

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
$291.27
your share of equity
Profit it earned you last year
$27.7
Free cash flow it threw off
$28.75
Debt you’d be carrying
—

10 shares is a claim on $291.27 of net worth that earned you $27.7 and generated $28.75 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
11% avg · 5y
FY21 15%FY22 13%FY23 11%FY24 8%FY25 10%

It earned about 11% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 21% 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 v0.1.0

The 3 estimate methods that apply put fair value between $28.71 and $80.14 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
$77.19
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$17.4M
DCF · Growth Exit 5Y
$80.14
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$17.4M
Earnings Power Value
$28.71
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$17.5M
  • growthAssumed0.0%
Graham Number
$41.99
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 $80.14
The three cases
Bear0.0%$80.14
Base0.0%$80.14
Bull5.0%$89.64

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 0001070680-24-000006 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001070680-25-000010 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-103638 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001070680-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001070680-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-103638 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001070680-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001070680-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-103638 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001070680-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001070680-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-103638 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001070680-23-000009 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001070680-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001070680-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001070680-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-103638 (CashAndCashEquivalentsAtCarryingValue)