GERMAN AMERICAN BANCORP, INC.
GABCdata completeness 100%17 fiscal years on fileGERMAN AMERICAN BANCORP, INC. earns about 26% on invested capital, far above its ~9% cost of capital, but has diluted owners by 39% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $23.69 and $43.17 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $170.4M1 | $278.1M2 | $316.9M3 | $353.7M3 | $487.4M3 |
| Net income | $84.1M4 | $81.8M5 | $85.9M6 | $83.8M6 | $112.6M6 |
| Operating cash flow | $100.8M7 | $110M8 | $107.2M9 | $95.8M9 | $159.3M9 |
| Capital expenditure | $4.69M10 | $7.85M11 | $5.75M12 | $5.05M12 | $5.32M12 |
| Free cash flow (derived) | $96.2M7 | $102.2M8 | $101.5M9 | $90.7M9 | $154M9 |
| Total debt | $152.2M13 | $64.5M14 | $89.5M15 | $114.6M16 | $100M17 |
| Cash & equivalents | $395.2M18 | $117.4M19 | $115.3M19 | $188.8M19 | $118.4M19 |
| Diluted shares | 26.5M | 29.5M | 29.6M | 29.7M | 36.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $315.88 of net worth that earned you $30.61 and generated $41.85 of cash last year, against $27.18 of debt.
It earned about 26% 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 →Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 34% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $23.69 and $43.17 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth1.8%
- fcfBase$101.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth1.8%
- fcfBase$101.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$84.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $39.91 |
| Base | 1.8% | $43.17 |
| Bull | 6.8% | $53.36 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 1.8%= 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.
- 10-K · period ending 2021-12-31 · accession 0000714395-24-000014 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000714395-25-000012 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0000714395-26-000011 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0000714395-24-000014 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000714395-25-000012 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000714395-26-000011 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000714395-24-000014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000714395-25-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000714395-26-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000714395-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000714395-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000714395-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000714395-22-000014 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0000714395-23-000008 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0000714395-24-000014 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000714395-25-000012 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0000714395-26-000011 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0000714395-25-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000714395-26-000011 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)