MeritValue

HANMI FINANCIAL CORP

HAFCdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

HANMI FINANCIAL CORP earns about 102% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $27.61 and $78.14 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$216.7M1$271.8M2$255.5M3$234.4M3$270.2M3
Net income$98.7M4$101.4M5$80M6$62.2M6$76.1M6
Operating cash flow$93.7M7$147.3M8$109.3M9$52.6M9$206M9
Capital expenditure$2.72M10$1.93M11$2.42M12$2.62M12$2.31M12
Free cash flow (derived)$91M7$145.4M8$106.8M9$49.9M9$203.7M9
Total debt—————
Cash & equivalents$609M13$352.4M14$302.3M14$304.8M14$212.8M14
Diluted shares30.5M30.4M30.3M30.1M30.0M

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
$265.09
your share of equity
Profit it earned you last year
$25.33
Free cash flow it threw off
$67.8
Debt you’d be carrying
—

10 shares is a claim on $265.09 of net worth that earned you $25.33 and generated $67.8 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
102% avg · 5y
FY21 332%FY22 45%FY23 46%FY24 48%FY25 42%

It earned about 102% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 $27.61 and $78.14 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
$78.14
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.5%
  • fcfBase$106.8M
DCF · Growth Exit 5Y
$71.53
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.5%
  • fcfBase$106.8M
Earnings Power Value
$27.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$80M
  • growthAssumed0.0%
Graham Number
$38.69
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 years5.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $71.53
The three cases
Bear0.0%$57.89
Base5.5%$71.53
Bull10.5%$86.5

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

Default growth 5.5%= 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 0000950170-24-022986 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029782 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082425 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022986 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029782 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-082425 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-022986 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029782 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082425 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-022986 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029782 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-082425 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-25-029782 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-26-082425 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)