FB Bancorp, Inc. /MD/ earns about 28% on invested capital. The applicable estimate puts fair value near $0.61 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 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) | −$14M5,7 | −$4.55M6,8 | −$3.9M6,8 |
| Total debt | — | — | — |
| Cash & equivalents | $87.1M9 | $98.8M10 | $60.3M10 |
| Diluted shares | 0 | 3.6M | 18.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $172.79 of net worth that earned you $0.69 and generated −$2.14 of cash last year.
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 →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.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$1.12M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2025-03-27 · periods ending 2023-12-31, 2024-12-31 · accession 0000950170-25-046089 (Revenues)
- 10-K filed 2026-03-26 · period ending 2025-12-31 · accession 0001193125-26-126081 (InterestAndDividendIncomeOperating)
- 10-K filed 2025-03-27 · period ending 2023-12-31 · accession 0000950170-25-046089 (NetIncomeLoss)
- 10-K filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-126081 (NetIncomeLoss)
- 10-K filed 2025-03-27 · period ending 2023-12-31 · accession 0000950170-25-046089 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-126081 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-27 · period ending 2023-12-31 · accession 0000950170-25-046089 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-126081 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-03-27 · period ending 2023-12-31 · accession 0000950170-25-046089 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-126081 (CashAndCashEquivalentsAtCarryingValue)