MeritValue

Finwise Bancorp

FINWdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Finwise Bancorp earns about 112% on invested capital, but has diluted owners by 49% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $13.34 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$49.2M1$52.3M2$64.5M3$74.4M4$92.5M4
Net income$31.6M5$25.1M6$17.5M7$12.7M8$16.1M8
Operating cash flow−$9.23M9$61.2M10$12.3M11−$15M12−$28.4M12
Capital expenditure$2.33M13$7.21M14$7.46M15$1.08M16$219,00016
Free cash flow (derived)−$11.6M9$53.9M10$4.81M11−$16.1M12−$28.6M12
Total debt—————
Cash & equivalents$85.8M17$100.6M18$117M19$109.2M20$163.4M20
Diluted shares9.1M13.4M12.9M13.2M13.6M

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
$142.42
your share of equity
Profit it earned you last year
$11.86
Free cash flow it threw off
−$21.11
Debt you’d be carrying
—

10 shares is a claim on $142.42 of net worth that earned you $11.86 and generated −$21.11 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
112% avg · 5y
FY21 110%FY22 65%FY23 65%FY24 88%FY25 233%

It earned an average 112% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+49% shares · 5y

Share count is up 49% 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
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
$13.34
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$17.5M
  • growthAssumed0.0%
Graham Number
$19.03
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001140361-23-014828 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001856365-24-000013 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001856365-25-000006 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001856365-26-000006 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-014828 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001856365-24-000013 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001856365-25-000006 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001856365-26-000006 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001140361-23-014828 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001856365-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001856365-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001856365-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-23-014828 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001856365-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001856365-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001856365-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001140361-23-014828 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001856365-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001856365-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001856365-26-000006 (CashAndCashEquivalentsAtCarryingValue)