MeritValue

Marathon Bancorp, Inc. /MD/

MBBCdata completeness 88%6 fiscal years on file
The thesis, from the filings

Marathon Bancorp, Inc. /MD/ earns about 17% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 29% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $5 and $27.21 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$6.48M1$7.16M2$8.98M3$9.43M4$9.55M4
Net income$1.37M5$1.33M6$1.67M7−$186,9948$42,4458
Operating cash flow$1.03M9$825,53210$1.99M11$416,55312$1.45M12
Capital expenditure$88,47113$34,09414$65,36315$2.26M16$179,04316
Free cash flow (derived)$943,4639$791,43810$1.92M11−$1.85M12$1.27M12
Total debt$10.4M17————
Cash & equivalents$46M18$8.43M19$11.8M20$10.5M20$14.4M20
Diluted shares2.1M2.1M2.1M2.8M2.8M

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
$165.38
your share of equity
Profit it earned you last year
$0.15
Free cash flow it threw off
$4.59
Debt you’d be carrying
—

10 shares is a claim on $165.38 of net worth that earned you $0.15 and generated $4.59 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 —FY22 9%FY23 18%FY24 21%FY25 19%

It earned about 17% 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
+29% shares · 5y

Share count is up 29% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 $5 and $27.21 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
$27.21
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.1%
  • fcfBase$1.27M
DCF · Growth Exit 5Y
$18.56
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.1%
  • fcfBase$1.27M
Earnings Power Value
$5
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.33M
  • growthAssumed0.0%
Graham Number
$2.73
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 years17.1%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $18.56
The three cases
Bear0.0%$11.77
Base17.1%$18.56
Bull20.0%$20.18

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

Default growth 17.1%= 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 2021-06-30 · accession 0001558370-22-014665 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-06-30 · accession 0001558370-23-015909 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-06-30 · accession 0001558370-24-013026 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-06-30 · accession 0001104659-25-093884 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-06-30 · accession 0001558370-22-014665 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001558370-23-015909 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001558370-24-013026 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001104659-25-093884 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001558370-22-014665 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001558370-23-015909 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001558370-24-013026 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001104659-25-093884 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001558370-22-014665 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001558370-23-015909 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001558370-24-013026 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001104659-25-093884 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001558370-22-014665 (ShortTermBorrowings)
  18. 10-K · period ending 2021-06-30 · accession 0001558370-23-015909 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-06-30 · accession 0001558370-24-013026 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2023-06-30 · accession 0001104659-25-093884 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)