GLEN BURNIE BANCORP
GLBZdata completeness 100%16 fiscal years on fileGLEN BURNIE BANCORP earns about 17% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 2% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $3.78 and $5.97 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $13.7M1 | $13.5M2 | $12.7M3 | $13.3M4 | $15.2M4 |
| Net income | $1.67M5 | $2.52M6 | $1.75M7 | $1.43M8 | −$111,5638 |
| Operating cash flow | $1.6M9 | $3.66M10 | $2.23M11 | $1.4M12 | $28,00012 |
| Capital expenditure | $573,00013 | $287,00014 | $256,00015 | $152,00016 | $81,00016 |
| Free cash flow (derived) | $1.03M9 | $3.37M10 | $1.97M11 | $1.25M12 | −$53,00012 |
| Total debt | $29.9M17 | $20M18 | — | $30M19 | $30M19 |
| Cash & equivalents | $37.1M20 | $62.2M21 | $30.1M22 | $15.2M23 | $24.5M24 |
| Diluted shares | 2.8M | 2.8M | 2.9M | 2.9M | 2.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $61.57 of net worth that earned you −$0.39 and generated −$0.18 of cash last year, against $103.67 of debt.
It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 2% 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.
The 3 estimate methods that apply put fair value between $3.78 and $5.97 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$1.25M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.25M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.67M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.24 |
| Base | 0.0% | $4.24 |
| Bull | 5.0% | $5.73 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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 2020-12-31 · accession 0001558370-22-004341 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-004901 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-003766 (InterestAndDividendIncomeOperating)
- 10-K/A · period ending 2023-12-31 · accession 0001558370-25-005677 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2020-12-31 · accession 0001558370-22-004341 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-004901 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-003766 (NetIncomeLoss)
- 10-K/A · period ending 2023-12-31 · accession 0001558370-25-005677 (NetIncomeLoss)
- 10-K · period ending 2020-12-31 · accession 0001558370-22-004341 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-004901 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-003766 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2023-12-31 · accession 0001558370-25-005677 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2020-12-31 · accession 0001558370-22-004341 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-004901 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-003766 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2023-12-31 · accession 0001558370-25-005677 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2020-12-31 · accession 0001558370-21-003520 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-004901 (LongTermDebt)
- 10-K/A · period ending 2023-12-31 · accession 0001558370-25-005677 (ShortTermBorrowings)
- 10-K · period ending 2020-12-31 · accession 0001558370-23-004901 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-003766 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001558370-23-004901 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001558370-24-003766 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2024-12-31 · accession 0001558370-25-005677 (CashAndCashEquivalentsAtCarryingValue)