EQUITY BANCSHARES INC
EQBKdata completeness 88%13 fiscal years on fileEQUITY BANCSHARES INC earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 21% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $19.62 and $29.47 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 | $157.4M1 | $188.2M2 | $246.7M3 | $296.8M3 | $330.8M3 |
| Net income | $52.5M4 | $57.7M5 | $7.82M6 | $62.6M6 | $22.7M6 |
| Operating cash flow | $102.7M7 | $74.1M8 | $76.5M9 | $73.8M9 | $51.4M9 |
| Capital expenditure | $5.1M10 | $3.48M11 | $15.6M12 | $8.49M12 | $13.3M12 |
| Free cash flow (derived) | $97.6M7 | $70.6M8 | $61M9 | $65.4M9 | $38.1M9 |
| Total debt | $159.4M13 | $288.7M14 | $386.9M15 | $312.8M16 | $443.2M17 |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 15.3M | 16.4M | 15.6M | 15.7M | 18.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $396.63 of net worth that earned you $12.31 and generated $20.65 of cash last year, against $240.14 of debt.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 21% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 178% 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 $19.62 and $29.47 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$61M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$61M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$52.5M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $23.17 |
| Base | 0.0% | $23.17 |
| Bull | 5.0% | $34.59 |
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 0000950170-24-028081 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-035585 (InterestAndDividendIncomeOperating)
- 10-K/A · period ending 2023-12-31 · accession 0001193125-26-100184 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-028081 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-035585 (NetIncomeLoss)
- 10-K/A · period ending 2023-12-31 · accession 0001193125-26-100184 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-028081 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-035585 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2023-12-31 · accession 0001193125-26-100184 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-028081 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-035585 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2023-12-31 · accession 0001193125-26-100184 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001564590-22-009338 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0000950170-23-007069 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0000950170-24-028081 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000950170-25-035585 (LongTermDebt)
- 10-K/A · period ending 2025-12-31 · accession 0001193125-26-100184 (LongTermDebt)