MeritValue

First Seacoast Bancorp, Inc.

FSEAdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'cash'; no data for concept 'totalDebt'

The thesis, from the filings

First Seacoast Bancorp, Inc. earns about 7% on invested capital, and has bought back 37% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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$15.5M1$16.6M2$20.6M3$25.4M4$27M4
Net income$2.62M5−$565,0006−$10.7M7−$513,0008−$845,0008
Operating cash flow$2.42M9$973,00010−$1.92M11−$2.95M12$449,00012
Capital expenditure$36,00013$103,00014$349,00015$368,00016$120,00016
Free cash flow (derived)$2.39M9$870,00010−$2.26M11−$3.32M12$329,00012
Total debt—————
Cash & equivalents—————
Diluted shares5.8M4.8M4.7M4.3M3.7M

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
$172.85
your share of equity
Profit it earned you last year
−$2.3
Free cash flow it threw off
$0.89
Debt you’d be carrying
—

10 shares is a claim on $172.85 of net worth that earned you −$2.3 and generated $0.89 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 6%FY22 1%FY23 3%FY24 10%FY25 15%

It earned an average 7% 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
−37% shares · 5y

Share count is down 37% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-009640 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038432 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-042908 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-116794 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009640 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038432 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-042908 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-116794 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009640 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038432 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-042908 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-116794 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009640 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-038432 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-042908 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-116794 (PaymentsToAcquirePropertyPlantAndEquipment)