C & F FINANCIAL CORP
CFFIdata completeness 100%17 fiscal years on fileC & F FINANCIAL CORP earns about 37% on invested capital, far above its ~9% cost of capital, and has bought back 10% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $85.89 and $165.13 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 | $135.2M1 | $122.7M2 | $127.3M3 | $127.3M3 | $140.8M3 |
| Net income | $28.7M4 | $29.2M5 | $23.6M6 | $19.8M6 | $26.8M6 |
| Operating cash flow | $157.4M7 | $90.6M8 | $38.8M9 | $36.8M9 | $24.5M9 |
| Capital expenditure | $4.79M10 | $3.39M11 | $1.46M12 | $3.49M12 | $2.33M12 |
| Free cash flow (derived) | $152.6M7 | $87.2M8 | $37.4M9 | $33.3M9 | $22.2M9 |
| Total debt | $34.7M13 | $36.6M14 | $58.2M15 | $29M16 | $20M16 |
| Cash & equivalents | $267.7M17 | $26.7M18 | $75.2M18 | $65.6M18 | $79.1M18 |
| Diluted shares | 3.6M | 3.5M | 3.4M | 3.3M | 3.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $808.49 of net worth that earned you $82.89 and generated $68.45 of cash last year, against $61.78 of debt.
It earned about 37% 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 down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 42% — deleveraging.
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 $85.89 and $165.13 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$33.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$33.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$26.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $165.13 |
| Base | 0.0% | $165.13 |
| Bull | 5.0% | $200.68 |
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 0000913341-24-000009 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0000913341-25-000016 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0000913341-26-000010 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0000913341-24-000009 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000913341-25-000016 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000913341-26-000010 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000913341-24-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000913341-25-000016 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000913341-26-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000913341-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000913341-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000913341-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000913341-23-000012 (ShortTermBorrowings)
- 10-K · period ending 2022-12-31 · accession 0000913341-24-000009 (ShortTermBorrowings)
- 10-K · period ending 2023-12-31 · accession 0000913341-25-000016 (ShortTermBorrowings)
- 10-K · period ending 2024-12-31 · accession 0000913341-26-000010 (ShortTermBorrowings)
- 10-K · period ending 2021-12-31 · accession 0000913341-25-000016 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000913341-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)