Eagle Bancorp Montana, Inc.
EBMTdata completeness 100%15 fiscal years on fileEagle Bancorp Montana, Inc. earns about 22% on invested capital, far above its ~9% cost of capital, but has diluted owners by 18% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $14.17 and $28.77 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 | $49.7M1 | $69.5M2 | $91.6M3 | $104.2M4 | $108.4M4 |
| Net income | $14.4M5 | $10.7M6 | $10.1M7 | $9.78M8 | $14.8M8 |
| Operating cash flow | $56.5M9 | $41.9M10 | $9.35M11 | $28.5M12 | $33.1M12 |
| Capital expenditure | $12.2M13 | $16.8M14 | $14.2M15 | $14.1M16 | $4.78M16 |
| Free cash flow (derived) | $44.2M9 | $25.1M10 | −$4.84M11 | $14.5M12 | $28.3M12 |
| Total debt | $29.9M17 | $58.8M18 | $59M19 | $59.1M20 | $44.5M20 |
| Cash & equivalents | $61.4M21 | $21.8M22 | $24.5M23 | $31.6M24 | $63M24 |
| Diluted shares | 6.7M | 7.4M | 7.8M | 7.9M | 7.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $245.16 of net worth that earned you $18.96 and generated $36.23 of cash last year, against $56.81 of debt.
It earned about 22% 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 18% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 49% over the same window.
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 $14.17 and $28.77 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$14.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$14.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$10.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $28.77 |
| Base | 0.0% | $28.77 |
| Bull | 5.0% | $35.16 |
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 0001437749-23-005778 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-006812 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007739 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007330 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-005778 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-006812 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007739 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007330 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-005778 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-006812 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007739 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007330 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-005778 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-006812 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007739 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007330 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-005778 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-006812 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007739 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007330 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-005778 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-006812 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007739 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-007330 (CashAndCashEquivalentsAtCarryingValue)