MeritValue

FIRST UNITED CORP/MD/

FUNCdata completeness 100%16 fiscal years on file
The thesis, from the filings

FIRST UNITED CORP/MD/ earns about 23% on invested capital, far above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $32.77 and $52.73 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$16.1M1$16.2M2$16.7M3$17.7M4$18.4M4
Net income$19.8M5$25M6$15.1M7$20.6M8$24.5M8
Operating cash flow$20M9$26.5M10$22.5M11$22.3M12$19.4M12
Capital expenditure$1.13M13$3.58M14$353,00015$1.92M16$3.97M16
Free cash flow (derived)$18.9M9$23M10$22.1M11$20.4M12$15.4M12
Total debt$88.6M17$95.5M18$156.3M19$186.3M20$113.6M20
Cash & equivalents$115.7M21$74.3M22$49.8M23$78.3M24$131.6M24
Diluted shares6.7M6.7M6.7M6.5M6.5M

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
$313.09
your share of equity
Profit it earned you last year
$37.69
Free cash flow it threw off
$23.69
Debt you’d be carrying
$174.65

10 shares is a claim on $313.09 of net worth that earned you $37.69 and generated $23.69 of cash last year, against $174.65 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
23% avg · 5y
FY21 21%FY22 17%FY23 13%FY24 23%FY25 41%

It earned about 23% 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
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 28% 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 $32.77 and $52.73 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
$52.73
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth2.5%
  • fcfBase$20.4M
DCF · Growth Exit 5Y
$52.7
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth2.5%
  • fcfBase$20.4M
Earnings Power Value
$32.77
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$20.6M
  • growthAssumed0.0%
Graham Number
$51.53
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 years2.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $52.7
The three cases
Bear0.0%$47.49
Base2.5%$52.7
Bull7.5%$64.56

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 2.5%= 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 0001558370-23-004547 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003390 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003375 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-025836 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004547 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003390 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003375 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-025836 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004547 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003390 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003375 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-025836 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004547 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003390 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003375 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-025836 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-004547 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-003390 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-003375 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-025836 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0001558370-23-004547 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001558370-24-003390 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001558370-25-003375 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001104659-26-025836 (CashAndCashEquivalentsAtCarryingValue)