MeritValue

FULTON FINANCIAL CORP

FULTdata completeness 75%18 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

FULTON FINANCIAL CORP earns about 34% on invested capital, but has diluted owners by 12% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $16.23 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$240.2M1$227.2M2$228.4M3$296M3$276.8M3
Net income$275.5M4$287M5$284.3M6$288.7M6$391.6M6
Operating cash flow$338.4M7$594.8M8$363M9$416.6M9$304.5M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$416.8M10————
Cash & equivalents$1.64B11$681.9M12$549.7M12$1.06B12$1.06B12
Diluted shares163.3M165.5M166.8M177.2M183.3M

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
$190.43
your share of equity
Profit it earned you last year
$21.37
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $190.43 of net worth that earned you $21.37 last year.

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 5y
FY21 22%FY22 19%FY23 28%FY24 51%FY25 51%

It earned an average 34% 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
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it. 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$16.23
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$287M
  • growthAssumed0.0%
Graham Number
$29.85
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 0000700564-24-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000700564-25-000014 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000700564-26-000006 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000700564-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000700564-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000700564-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000700564-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000700564-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000700564-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000700564-22-000010 (ShortTermBorrowings)
  11. 10-K · period ending 2021-12-31 · accession 0000700564-25-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2022-12-31 · accession 0000700564-26-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)