MeritValue

GBank Financial Holdings Inc.

GBFHdata completeness 100%2 fiscal years on file
The thesis, from the filings

GBank Financial Holdings Inc. earns about 330% on invested capital, but has diluted owners by 8% over 2 years — worth asking whether the growth reaches owners. 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 2024FY 2025
Revenue$75.2M1$1.24B2
Net income$18.6M3$20.9M3
Operating cash flow$26.5M4$9.64M4
Capital expenditure$194,0005$496,0005
Free cash flow (derived)$26.3M4$9.14M4
Total debt$06$371,0006
Cash & equivalents$124.1M7$197.9M7
Diluted shares13.4M14.5M

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
$114.44
your share of equity
Profit it earned you last year
$14.45
Free cash flow it threw off
$6.31
Debt you’d be carrying
$0.26

10 shares is a claim on $114.44 of net worth that earned you $14.45 and generated $6.31 of cash last year, against $0.26 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
330% avg · 2y
FY24 330%FY25 —

It earned an average 330% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 2y

Share count is up 8% over 2 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$19.26
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001193125-26-129567 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2025-12-31 · accession 0001193125-26-129567 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-129567 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-129567 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-129567 (PaymentsToAcquireProductiveAssets)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-129567 (ShortTermBorrowings)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-129567 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)