Lake Shore Bancorp, Inc. /MD/

LSBKdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'capex'

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

Figure	FY 2024	FY 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 shares	7.6M	7.5M

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

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

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 v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

$20.28

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0001193125-26-109481 (InterestAndDividendIncomeOperating)
10-K · period ending 2024-12-31 · accession 0001193125-26-109481 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001193125-26-109481 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001193125-26-109481 (LongTermDebt)
10-K · period ending 2024-12-31 · accession 0001193125-26-109481 (CashAndCashEquivalentsAtCarryingValue)