MeritValue

CSB Bancorp, Inc.

CSBBdata completeness 100%17 fiscal years on file
The thesis, from the filings

CSB Bancorp, Inc. earns about 119% on invested capital, far above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $52.31 and $150.62 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$29.5M1$34.8M2$46M3$51.6M4$57M4
Net income$10.8M5$13.3M6$14.8M7$10M8$13.4M8
Operating cash flow$15M9$14.4M10$15.6M11$15.7M12$19.5M12
Capital expenditure$1.99M13$366,00014$424,00015$1.96M16$412,00016
Free cash flow (derived)$13M9$14M10$15.2M11$13.7M12$19.1M12
Total debt——$1.75M17$1.27M18$917,00019
Cash & equivalents$243.7M20$86.4M21$64.1M22$73.5M22$99.3M22
Diluted shares2.7M2.7M2.7M2.7M2.6M

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
$478.84
your share of equity
Profit it earned you last year
$50.67
Free cash flow it threw off
$72.36
Debt you’d be carrying
$3.48

10 shares is a claim on $478.84 of net worth that earned you $50.67 and generated $72.36 of cash last year, against $3.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
119% avg · 5y
FY21 —FY22 161%FY23 50%FY24 94%FY25 171%

It earned about 119% 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 →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 48% — deleveraging.

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 $52.31 and $150.62 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
$150.62
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.3%
  • fcfBase$15.2M
DCF · Growth Exit 5Y
$140.81
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.3%
  • fcfBase$15.2M
Earnings Power Value
$52.31
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.3M
  • growthAssumed0.0%
Graham Number
$73.91
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 years5.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $140.81
The three cases
Bear0.0%$119.66
Base5.3%$140.81
Bull10.3%$164.89

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.3%= 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 0000950170-23-008442 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-032295 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-039227 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-108381 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008442 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-032295 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-039227 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-108381 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008442 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-032295 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-039227 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-108381 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008442 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-032295 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-039227 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-108381 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-24-032295 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0000950170-25-039227 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001193125-26-108381 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0000950170-24-032295 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2022-12-31 · accession 0000950170-25-039227 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2023-12-31 · accession 0001193125-26-108381 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)