MeritValue

Lake Shore Bancorp, Inc. /MD/

LSBKdata completeness 88%2 fiscal years on file
The thesis, from the filings

Lake Shore Bancorp, Inc. /MD/ earns about 35% on invested capital, with a roughly flat share count. 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$34.8M1$36.3M1
Net income$4.93M2$7.27M2
Operating cash flow$2.51M3$8M3
Capital expenditure——
Free cash flow (derived)——
Total debt$10.3M4$04
Cash & equivalents$33.1M5$64.3M5
Diluted shares7.6M7.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$188.36
your share of equity
Profit it earned you last year
$9.67
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $188.36 of net worth that earned you $9.67 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
35% avg · 2y
FY24 34%FY25 36%

It earned an average 35% 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
−1% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has fallen 100% — deleveraging.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$19.86
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

Beyond this page

This page is free, and so is every other company on MeritValue.

In your AI assistant

Connect the MeritValue MCP server to Claude or another MCP client, ask about Lake Shore Bancorp, Inc. /MD/, and get these exact figures with their filing receipts — not an improvised DCF.

Get a free key →
Screen by model

Pull the companies with a published value under any model (up to 500 a request, filtered by data completeness) into your own sheet or agent. Screening is what Analyst adds, at $9/month.

See pricing →
On iPhone

Follow LSBK and keep your own price beside the value. The same engine, with the same receipts.

MeritValue on the App Store →
Sources — the receipts
  1. 10-K filed 2026-03-17 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-109481 (InterestAndDividendIncomeOperating)
  2. 10-K filed 2026-03-17 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-109481 (NetIncomeLoss)
  3. 10-K filed 2026-03-17 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-109481 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K filed 2026-03-17 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-109481 (LongTermDebt)
  5. 10-K filed 2026-03-17 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-109481 (CashAndCashEquivalentsAtCarryingValue)