MeritValue

Esquire Financial Holdings, Inc.

ESQdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Esquire Financial Holdings, Inc. earns about 172% on invested capital, far above its ~9% cost of capital, but has diluted owners by 9% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $49.06 and $195.76 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$44.5M1$61M2$91.9M3$113.4M3$139.4M3
Net income$17.9M4$28.5M5$41M6$43.7M6$50.8M6
Operating cash flow$30.1M7$38.8M8$42.4M9$42.2M9$59.8M9
Capital expenditure$1M10$73,00011$605,00012$714,00012$3.16M12
Free cash flow (derived)$29.1M7$38.7M8$41.8M9$41.5M9$56.7M9
Total debt—————
Cash & equivalents$149.2M13$164.1M14$165.2M15$126.3M16$235.9M16
Diluted shares7.9M8.2M8.3M8.5M8.7M

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
shares
Net assets behind them
$334.32
your share of equity
Profit it earned you last year
$58.67
Free cash flow it threw off
$65.43
Debt you’d be carrying
—

10 shares is a claim on $334.32 of net worth that earned you $58.67 and generated $65.43 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
172% avg · 5y
FY21 —FY22 —FY23 141%FY24 106%FY25 270%

It earned about 172% 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
+9% shares · 5y

Share count is up 9% 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 $49.06 and $195.76 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
$195.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth12.9%
  • fcfBase$41.8M
DCF · Growth Exit 5Y
$145.9
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth12.9%
  • fcfBase$41.8M
Earnings Power Value
$49.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$41M
  • growthAssumed0.0%
Graham Number
$66.45
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 years12.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $145.9
The three cases
Bear0.0%$96.17
Base12.9%$145.9
Bull17.9%$172

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

Default growth 12.9%= 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 0001558370-24-004363 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-003114 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-027706 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-004363 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003114 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-027706 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-004363 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-003114 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-027706 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-004363 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-003114 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-027706 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004707 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004363 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003114 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-027706 (CashAndCashEquivalentsAtCarryingValue)