MeritValue

FRANKLIN FINANCIAL SERVICES CORP /PA/

FRAFdata completeness 75%17 fiscal years on file
The thesis, from the filings

FRANKLIN FINANCIAL SERVICES CORP /PA/ earns about 421% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $33.37 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$47.6M1$56.4M2$76.8M3$101.5M4$114.4M4
Net income$19.6M5$14.9M6$13.6M7$11.1M8$21.2M8
Operating cash flow$26.3M9$25.2M10$26.6M11$21.8M12$25.4M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$19.6M13,14$19.6M15$19.7M15——
Cash & equivalents$175.1M16$64.9M17$23.1M18$203.6M19$127.7M19
Diluted shares4.4M4.4M4.4M4.4M4.5M

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.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$391.51
your share of equity
Profit it earned you last year
$47.42
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $391.51 of net worth that earned you $47.42 last year.

iii. Is this a good business?
Moat signal · return on invested capital
421% avg · 5y
FY21 1469%FY22 28%FY23 26%FY24 —FY25 163%

It earned an average 421% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
Earnings Power Value
$33.37
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$14.9M
  • Growth assumed0.0%
Graham Number
$64.58
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-03-10 · period ending 2021-12-31 · accession 0000723646-23-000018 (InterestAndDividendIncomeOperating)
  2. 10-K/A filed 2024-03-12 · period ending 2022-12-31 · accession 0000723646-24-000019 (InterestAndDividendIncomeOperating)
  3. 10-K filed 2025-03-14 · period ending 2023-12-31 · accession 0000723646-25-000020 (InterestAndDividendIncomeOperating)
  4. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0000723646-26-000016 (InterestAndDividendIncomeOperating)
  5. 10-K filed 2023-03-10 · period ending 2021-12-31 · accession 0000723646-23-000018 (NetIncomeLoss)
  6. 10-K/A filed 2024-03-12 · period ending 2022-12-31 · accession 0000723646-24-000019 (NetIncomeLoss)
  7. 10-K filed 2025-03-14 · period ending 2023-12-31 · accession 0000723646-25-000020 (NetIncomeLoss)
  8. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0000723646-26-000016 (NetIncomeLoss)
  9. 10-K filed 2023-03-10 · period ending 2021-12-31 · accession 0000723646-23-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A filed 2024-03-12 · period ending 2022-12-31 · accession 0000723646-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-03-14 · period ending 2023-12-31 · accession 0000723646-25-000020 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0000723646-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A filed 2022-03-18 · period ending 2021-12-31 · accession 0000723646-22-000021 (NotesPayable)
  14. 10-K/A filed 2022-03-18 · period ending 2021-12-31 · accession 0000723646-22-000021 (ShortTermBorrowings)
  15. 10-K/A filed 2024-03-12 · periods ending 2022-12-31, 2023-12-31 · accession 0000723646-24-000019 (NotesPayable)
  16. 10-K filed 2023-03-10 · period ending 2021-12-31 · accession 0000723646-23-000018 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A filed 2024-03-12 · period ending 2022-12-31 · accession 0000723646-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2025-03-14 · period ending 2023-12-31 · accession 0000723646-25-000020 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0000723646-26-000016 (CashAndCashEquivalentsAtCarryingValue)