Cullman Bancorp, Inc. /MD/
CULLdata completeness 88%4 fiscal years on fileData notes: no data for concept 'totalDebt'
Cullman Bancorp, Inc. /MD/ earns about 8% on invested capital, below its ~9% cost of capital, but has diluted owners by 7% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $5.41 and $9.62 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
|---|---|---|---|---|
| Revenue | $14.2M1 | $13.4M2 | $16.5M3 | $19.5M3 |
| Net income | $3.55M4 | $1.75M5 | $4.18M6 | $3.95M6 |
| Operating cash flow | $3.44M7 | $5.23M8 | $5.77M9 | $5.86M9 |
| Capital expenditure | $430,00010 | $1.31M11 | $1.74M12 | $3.63M12 |
| Free cash flow (derived) | $3.01M7 | $3.92M8 | $4.03M9 | $2.23M9 |
| Total debt | — | — | — | — |
| Cash & equivalents | $3.14M13 | $2.21M13 | $36.6M14 | $13M14 |
| Diluted shares | 6.7M | 7.0M | 7.0M | 7.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $141.71 of net worth that earned you $5.51 and generated $3.11 of cash last year.
It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 7% over 4 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 $5.41 and $9.62 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$3.92M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$3.92M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.75M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $9.62 |
| Base | 0.0% | $9.62 |
| Bull | 5.0% | $11.51 |
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 2020-12-31 · accession 0000950170-22-004488 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-009870 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035099 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2020-12-31 · accession 0000950170-22-004488 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-009870 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035099 (NetIncomeLoss)
- 10-K · period ending 2020-12-31 · accession 0000950170-22-004488 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-009870 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035099 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2020-12-31 · accession 0000950170-22-004488 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-009870 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035099 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2020-12-31 · accession 0000950170-22-004488 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035099 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)