MeritValue

First Bancorp, Inc /ME/

FNLCdata completeness 100%18 fiscal years on file
The thesis, from the filings

First Bancorp, Inc /ME/ earns about 20% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $26.14 and $31.81 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$77.1M1$93M2$128.2M3$148.8M3$160.3M3
Net income$36.3M4$39M5$29.5M6$27M6$34.4M6
Operating cash flow$56.7M7$41.2M8$36.9M9$26M9$37.8M9
Capital expenditure$3.76M10$1.4M11$2.64M12$1.48M12$3.22M12
Free cash flow (derived)$52.9M7$39.8M8$34.3M9$24.6M9$34.6M9
Total debt$136.3M13$103.5M14$69.7M15$146.3M16$187.8M16
Cash & equivalents$20.6M17$22.7M18$31.9M18$27.6M18$27.8M18
Diluted shares11.0M11.0M11.1M11.1M11.2M

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
$252.7
your share of equity
Profit it earned you last year
$30.7
Free cash flow it threw off
$30.87
Debt you’d be carrying
$167.63

10 shares is a claim on $252.7 of net worth that earned you $30.7 and generated $30.87 of cash last year, against $167.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 13%FY22 17%FY23 29%FY24 22%FY25 22%

It earned about 20% 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 →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 38% 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

The 3 estimate methods that apply put fair value between $26.14 and $31.81 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$26.14
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$34.3M
DCF · Growth Exit 5Y
$29.43
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$34.3M
Earnings Power Value
$31.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$34.4M
  • growthAssumed0.0%
Graham Number
$41.78
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $29.43
The three cases
Bear0.0%$29.43
Base0.0%$29.43
Bull5.0%$40.02

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000765207-24-000010 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000765207-25-000018 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000765207-26-000067 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000765207-24-000010 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000765207-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000765207-26-000067 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000765207-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000765207-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000765207-26-000067 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000765207-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000765207-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000765207-26-000067 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000765207-23-000010 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000765207-24-000010 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000765207-25-000018 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000765207-26-000067 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000765207-25-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0000765207-26-000067 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)