MeritValue

Kearny Financial Corp.

KRNYdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Kearny Financial Corp. earns about 13% on invested capital, comfortably above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $5.85 and $9.61 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 2025FY 2026
Revenue$2.58M1$293.7M2$328.9M3$324.5M3$324.3M3
Net income$67.5M4$40.8M5−$86.7M6$26.1M6$36.3M6
Operating cash flow$81.3M7$69.5M8$44M9$24.8M9$37.7M9
Capital expenditure$2.92M10$1.36M11$1.35M12$3.38M12$2.46M12
Free cash flow (derived)$78.4M7$68.2M8$42.6M9$21.4M9$35.3M9
Total debt$901.3M13$1.51B13———
Cash & equivalents$101.6M14$70.5M15$63.9M16$167.3M17$114.8M17
Diluted shares70.9M64.8M62.4M62.7M63.2M

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
$121.27
your share of equity
Profit it earned you last year
$5.74
Free cash flow it threw off
$5.58
Debt you’d be carrying
—

10 shares is a claim on $121.27 of net worth that earned you $5.74 and generated $5.58 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY22 5%FY23 6%FY24 7%FY25 24%FY26 24%

It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 67% over the same window.

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 v0.5.0

The 3 estimate methods that apply put fair value between $5.85 and $9.61 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
$9.03
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$35.3M
DCF · Growth Exit 5Y
$9.61
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$35.3M
Earnings Power Value
$5.85
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$36.3M
  • growthAssumed0.0%
Graham Number
$12.34
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 years0.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $9.61
The three cases
Bear0.0%$9.61
Base0.0%$9.61
Bull5.0%$11.5

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.

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0000950170-22-017799 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001617242-25-000056 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2024-06-30 · accession 0001617242-26-000020 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2022-06-30 · accession 0001617242-24-000072 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001617242-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001617242-26-000020 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001617242-24-000072 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001617242-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001617242-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001617242-24-000072 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001617242-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001617242-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001617242-23-000067 (ShortTermBorrowings)
  14. 10-K · period ending 2022-06-30 · accession 0001617242-23-000067 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-06-30 · accession 0001617242-24-000072 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001617242-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-06-30 · accession 0001617242-26-000020 (CashAndCashEquivalentsAtCarryingValue)