Community West Bancshares
CWBCdata completeness 100%17 fiscal years on fileCommunity West Bancshares earns about 28% on invested capital, far above its ~9% cost of capital, but has diluted owners by 55% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $14.48 and $15.87 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 | $73.9M1 | $83M2 | $102.4M3 | $160.4M3 | $185.7M3 |
| Net income | $28.4M4 | $26.6M5 | $25.5M6 | $7.67M6 | $38.2M6 |
| Operating cash flow | $42.9M7 | $23.7M8 | $27.5M9 | $22.2M9 | $46.1M9 |
| Capital expenditure | $1.05M10 | $362,00011 | $9.81M12 | $5.04M12 | $2.51M12 |
| Free cash flow (derived) | $41.8M7 | $23.3M8 | $17.7M9 | $17.2M9 | $43.6M9 |
| Total debt | — | — | $69.7M13 | $69.9M14 | $69.5M14 |
| Cash & equivalents | $163.5M15 | $31.2M16 | $53.7M17 | $120.4M18 | $119M18 |
| Diluted shares | 12.3M | 11.7M | 11.8M | 17.2M | 19.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $214.79 of net worth that earned you $20.02 and generated $22.87 of cash last year, against $36.46 of debt.
It earned about 28% 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 55% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
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 $14.48 and $15.87 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$17.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$17.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$26.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.87 |
| Base | 0.0% | $15.87 |
| Bull | 5.0% | $19.08 |
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/A · period ending 2021-12-31 · accession 0001628280-24-041802 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-013157 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-016895 (InterestAndDividendIncomeOperating)
- 10-K/A · period ending 2021-12-31 · accession 0001628280-24-041802 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-013157 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-016895 (NetIncomeLoss)
- 10-K/A · period ending 2021-12-31 · accession 0001628280-24-041802 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-013157 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-016895 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2021-12-31 · accession 0001628280-24-041802 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-013157 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-016895 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-013157 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-016895 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001127371-23-000043 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2022-12-31 · accession 0001628280-24-041802 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-013157 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-016895 (CashAndCashEquivalentsAtCarryingValue)