F&M BANK CORP
FMBMdata completeness 100%17 fiscal years on fileF&M BANK CORP earns about 45% on invested capital, far above its ~9% cost of capital, but has diluted owners by 3% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.26 and $44.14 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $35.6M1 | $42.1M2 | $56.4M3 | $64.5M4 | $67.8M4 |
| Net income | $10.7M5 | $8.32M6 | $2.77M7 | $7.29M8 | $11.2M8 |
| Operating cash flow | $21.3M9 | $17.6M10 | $2.17M11 | $7.13M12 | $16.5M12 |
| Capital expenditure | $563,00013 | $3.64M14 | $5.45M15 | $282,00016 | $724,00016 |
| Free cash flow (derived) | $20.7M9 | $13.9M10 | −$3.29M11 | $6.85M12 | $15.8M12 |
| Total debt | $31.8M17 | $76.9M18 | $66.9M19 | $14M19 | $9.92M20 |
| Cash & equivalents | $88.1M21 | $35M22 | $23.7M22 | $57M23 | $68.9M23 |
| Diluted shares | 3.4M | 3.4M | 3.48B | 3.5M | 3.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $294.94 of net worth that earned you $31.61 and generated $44.41 of cash last year, against $27.91 of debt.
It earned about 45% 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 →Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 69% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $24.26 and $44.14 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$6.85M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$6.85M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$8.32M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $44.14 |
| Base | 0.0% | $44.14 |
| Bull | 5.0% | $50.81 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001654954-23-003359 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001654954-24-003726 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001654954-25-003506 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0001654954-26-002891 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-003359 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001654954-24-003726 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001654954-25-003506 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001654954-26-002891 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-003359 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001654954-24-003726 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001654954-25-003506 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001654954-26-002891 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-003359 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001654954-24-003726 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001654954-25-003506 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001654954-26-002891 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-003359 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001654954-24-003726 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001654954-25-003506 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-12-31 · accession 0001654954-26-002891 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-003359 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001654954-24-003726 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001654954-26-002891 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)