MeritValue

EAGLE FINANCIAL SERVICES INC

EFSIdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

EAGLE FINANCIAL SERVICES INC earns about 10% on equity, barely covering its ~9% cost of capital, but has diluted owners by 51% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $22.05 and $145.85 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$236,0001$3,0002$02$91.3M3$99M3
Net income$11M4$14.5M5$9.36M6$15.3M7$8.21M7
Operating cash flow$16.5M8$13.8M9$6.88M10$18.8M11$25.8M11
Capital expenditure$520,00012$838,00013$1.07M14$1.02M15$1.41M15
Free cash flow (derived)$15.9M8$13M9$5.8M10$17.7M11$24.3M11
Total debt—————
Cash & equivalents$64.1M16$66.9M17$138.4M18$193.2M18$217.2M18
Diluted shares3.4M3.5M3.5M3.6M5.2M

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
$364.66
your share of equity
Profit it earned you last year
$15.86
Free cash flow it threw off
$47.02
Debt you’d be carrying
—

10 shares is a claim on $364.66 of net worth that earned you $15.86 and generated $47.02 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
10% avg · 5y
FY21 10%FY22 14%FY23 9%FY24 13%FY25 4%

It earned about 10% on equity against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
+51% shares · 5y

Share count is up 51% 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.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $22.05 and $145.85 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
$145.85
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth11.0%
  • fcfBase$17.7M
DCF · Growth Exit 5Y
$120.04
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth11.0%
  • fcfBase$17.7M
Earnings Power Value
$22.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$11M
  • growthAssumed0.0%
Graham Number
$36.12
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 years11.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $120.04
The three cases
Bear0.0%$90.9
Base11.0%$120.04
Bull16.0%$137.46

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

Default growth 11.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-010622 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038718 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0000880641-26-000004 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-010622 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-038718 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-047778 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0000880641-26-000004 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-010622 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-038718 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-047778 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0000880641-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-010622 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-038718 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-047778 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0000880641-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-24-038718 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-25-047778 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0000880641-26-000004 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)