CHEMUNG FINANCIAL CORP
CHMGdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
CHEMUNG FINANCIAL CORP earns about 34% on invested capital, far above its ~9% cost of capital, but has diluted owners by 3% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $53.93 and $100.9 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 | $69M1 | $81.5M2 | $113.1M3 | $127.6M4 | $132.8M4 |
| Net income | $26.4M5 | $28.8M6 | $25M7 | $23.7M8 | $15.1M8 |
| Operating cash flow | $35.5M9 | $35M10 | $30.9M11 | $29.8M12 | $45.5M12 |
| Capital expenditure | $367,00013 | $426,00014 | $462,00015 | $3.63M16 | $1.69M16 |
| Free cash flow (derived) | $35.1M9 | $34.6M10 | $30.4M11 | $26.2M12 | $43.8M12 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $27M17 | $55.9M18 | $36.8M19 | $47M20 | $50.1M20 |
| Diluted shares | 4.7M | 4.7M | 4.7M | 4.8M | 4.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $530.2 of net worth that earned you $31.44 and generated $91.2 of cash last year.
It earned about 34% 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 up 3% over 5 years — owners have been diluted. Worth asking what they got for it.
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 $53.93 and $100.9 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$30.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$30.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$25M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $100.9 |
| Base | 0.0% | $100.9 |
| Bull | 5.0% | $122.8 |
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 0000763563-23-000037 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000763563-24-000043 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0000763563-25-000058 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-017546 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000763563-23-000037 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000763563-24-000043 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000763563-25-000058 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-017546 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000763563-23-000037 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000763563-24-000043 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000763563-25-000058 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-017546 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000763563-23-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000763563-24-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000763563-25-000058 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-017546 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000763563-23-000037 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000763563-24-000043 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000763563-25-000058 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-017546 (CashAndCashEquivalentsAtCarryingValue)