MeritValue

EWSB Bancorp, Inc. /MD/

EWSBdata completeness 100%3 fiscal years on file
The thesis, from the filings

EWSB Bancorp, Inc. /MD/ earns about 5% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.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 2023FY 2024FY 2025
Revenue—$9.74M1$11.1M1
Net income−$935,2402−$1.7M3−$4.18M3
Operating cash flow−$1.48M4−$2.22M5−$1.67M5
Capital expenditure$30,3866$105,9137$104,8787
Free cash flow (derived)−$1.51M4−$2.33M5−$1.78M5
Total debt$19M8$24.2M9$38.4M9
Cash & equivalents$1.61M10$1.19M11$1.27M11
Diluted shares0197,223703,811

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
$187.81
your share of equity
Profit it earned you last year
−$59.35
Free cash flow it threw off
−$25.23
Debt you’d be carrying
$545.16

10 shares is a claim on $187.81 of net worth that earned you −$59.35 and generated −$25.23 of cash last year, against $545.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 3y
FY23 9%FY24 2%FY25 5%

It earned an average 5% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Total debt has risen 102% 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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001104659-26-034594 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2023-12-31 · accession 0001558370-25-003534 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-034594 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001558370-25-003534 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001104659-26-034594 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001558370-25-003534 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-034594 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-003534 (LongTermDebt)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-034594 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-003534 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-034594 (CashAndCashEquivalentsAtCarryingValue)