ENB Financial Corp

ENBPdata completeness 100%17 fiscal years on file

The thesis, from the filings

ENB Financial Corp earns about 57% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $27.23 and $80.05 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$43.6M¹	$56M²	$77.9M³	$92.9M⁴	$106.1M⁴
Net income	$14.9M⁵	$14.6M⁶	$12.4M⁷	$15.3M⁸	$21.6M⁸
Operating cash flow	$13.3M⁹	$21.6M¹⁰	$30.1M¹¹	$15.8M¹²	$25.1M¹²
Capital expenditure	$1.04M¹³	$2.19M¹⁴	$1.55M¹⁵	$4.31M¹⁶	$5.94M¹⁶
Free cash flow (derived)	$12.2M⁹	$19.4M¹⁰	$28.6M¹¹	$11.5M¹²	$19.2M¹²
Total debt	—	$16M¹⁷	—	$60M¹⁸	$60M¹⁸
Cash & equivalents	$158.4M¹⁹	$37.6M²⁰	$89M²¹	$68.9M²²	$60.6M²²
Diluted shares	5.6M	5.6M	5.6M	5.7M	5.7M

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

Net assets behind them

$283.74

your share of equity

Profit it earned you last year

$37.98

Free cash flow it threw off

$33.78

Debt you’d be carrying

$105.71

10 shares is a claim on $283.74 of net worth that earned you $37.98 and generated $33.78 of cash last year, against $105.71 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

57% avg · 5y

FY21 —FY22 25%FY23 105%FY24 51%FY25 48%

It earned about 57% 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

+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 275% 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.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $27.23 and $80.05 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

$80.05

assumptions (10)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
terminalGrowth2.5%
projectionYears10
fcfGrowth7.7%
fcfBase$19.2M

DCF · Growth Exit 5Y

$67.36

assumptions (10)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
terminalGrowth2.5%
projectionYears5
fcfGrowth7.7%
fcfBase$19.2M

Earnings Power Value

$27.23

assumptions (8)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
normalizedEarnings$14.9M
growthAssumed0.0%

Graham Number

$49.25

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?

Market price See live price ↗

Type a price. The ledger answers.

Or set your own belief

FCF growth, next 5 years7.7%

Discount rate (WACC)8.93%

Terminal growth2.5%

At your growth, a share is worth $67.36

The three cases

Bear	0.0%	$48.37
Base	7.7%	$67.36
Bull	12.7%	$82.73

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

Default growth 7.7%= 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

10-K · period ending 2021-12-31 · accession 0001174947-23-000382 (InterestAndDividendIncomeOperating)
10-K · period ending 2022-12-31 · accession 0001174947-24-000388 (InterestAndDividendIncomeOperating)
10-K · period ending 2023-12-31 · accession 0001174947-25-000372 (InterestAndDividendIncomeOperating)
10-K · period ending 2024-12-31 · accession 0001174947-26-000410 (InterestAndDividendIncomeOperating)
10-K · period ending 2021-12-31 · accession 0001174947-23-000382 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001174947-24-000388 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001174947-25-000372 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001174947-26-000410 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001174947-23-000382 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001174947-24-000388 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001174947-25-000372 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001174947-26-000410 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001174947-23-000382 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001174947-24-000388 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001174947-25-000372 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001174947-26-000410 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001174947-24-000388 (ShortTermBorrowings)
10-K · period ending 2024-12-31 · accession 0001174947-26-000410 (ShortTermBorrowings)
10-K · period ending 2021-12-31 · accession 0001174947-23-000382 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001174947-24-000388 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001174947-25-000372 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001174947-26-000410 (CashAndCashEquivalentsAtCarryingValue)