MeritValue

Gouverneur Bancorp, Inc./MD/

GOVBdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Gouverneur Bancorp, Inc./MD/ earns about 19% on invested capital, far above its ~9% cost of capital, and has bought back 50% of its shares over 4 years — the marks of a durable business run for its owners. The estimate methods put fair value between $6.44 and $16.83 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 2022FY 2023FY 2024FY 2025
Revenue$4.55M1$8.16M2$8.57M3$8.67M3
Net income$1.53M4$317,0005$539,0006$733,0006
Operating cash flow−$2.51M7$5.67M8−$2.98M9$830,0009
Capital expenditure$188,00010$160,00011$98,00012$177,00012
Free cash flow (derived)−$2.7M7$5.51M8−$3.08M9$653,0009
Total debt————
Cash & equivalents$14.3M13$10.4M14$6.37M15$4.66M15
Diluted shares2.0M2.0M1.1M1.0M

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
$313.55
your share of equity
Profit it earned you last year
$7.16
Free cash flow it threw off
$6.38
Debt you’d be carrying
—

10 shares is a claim on $313.55 of net worth that earned you $7.16 and generated $6.38 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
19% avg · 4y
FY22 17%FY23 5%FY24 29%FY25 27%

It earned about 19% 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
−50% shares · 4y

Share count is down 50% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 $6.44 and $16.83 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
$16.83
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$653,000
DCF · Growth Exit 5Y
$15.87
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$653,000
Earnings Power Value
$6.44
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$636,000
  • growthAssumed0.0%
Graham Number
$22.54
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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $15.87
The three cases
Bear0.0%$13.66
Base5.0%$15.87
Bull10.0%$18.51

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

Default growth 5.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2022-09-30 · accession 0001558370-23-020009 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2023-09-30 · accession 0001558370-24-016433 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2024-09-30 · accession 0001104659-25-123106 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2022-09-30 · accession 0001558370-23-020009 (NetIncomeLoss)
  5. 10-K · period ending 2023-09-30 · accession 0001558370-24-016433 (NetIncomeLoss)
  6. 10-K · period ending 2024-09-30 · accession 0001104659-25-123106 (NetIncomeLoss)
  7. 10-K · period ending 2022-09-30 · accession 0001558370-23-020009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-09-30 · accession 0001558370-24-016433 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-30 · accession 0001104659-25-123106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001558370-23-020009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-09-30 · accession 0001558370-24-016433 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-09-30 · accession 0001104659-25-123106 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-09-30 · accession 0001558370-23-020009 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-09-30 · accession 0001558370-24-016433 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-09-30 · accession 0001104659-25-123106 (CashAndCashEquivalentsAtCarryingValue)