MeritValue

FB Bancorp, Inc. /MD/

FBLAdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

FB Bancorp, Inc. /MD/ earns about 28% on invested capital. The applicable estimate puts fair value near $0.64 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 2023FY 2024FY 2025
Revenue$69.1M1$66.5M1$65.8M2
Net income$1.12M3−$6.21M4$1.25M4
Operating cash flow−$7M5$814,0006$2.76M6
Capital expenditure$7.03M7$5.37M8$6.66M8
Free cash flow (derived)−$14M5−$4.55M6−$3.9M6
Total debt———
Cash & equivalents$87.1M9$98.8M10$60.3M10
Diluted shares03.6M18.2M

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
$172.79
your share of equity
Profit it earned you last year
$0.69
Free cash flow it threw off
−$2.14
Debt you’d be carrying
—

10 shares is a claim on $172.79 of net worth that earned you $0.69 and generated −$2.14 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
28% avg · 3y
FY23 51%FY24 17%FY25 17%

It earned an average 28% 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

Not enough history to read capital allocation.

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
$0.64
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.12M
  • growthAssumed0.0%
Graham Number
$5.22
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0000950170-25-046089 (Revenues)
  2. 10-K · period ending 2025-12-31 · accession 0001193125-26-126081 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046089 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-126081 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-046089 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-126081 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046089 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-126081 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-046089 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-126081 (CashAndCashEquivalentsAtCarryingValue)