Metropolitan Bank Holding Corp. earns about 50% on invested capital, but has diluted owners by 16% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $62.08 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $23.2M1 | $26.9M2 | $27.9M3 | $23.9M3 | $11.1M3 |
| Net income | $60.6M4 | $59.4M5 | $77.3M6 | $66.7M6 | $71.1M6 |
| Operating cash flow | $37.3M7 | $85.9M8 | $42.4M9 | $148.5M9 | $88.7M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $2.36B10 | $257.4M11 | $269.5M12 | $200.3M13 | $393.6M13 |
| Diluted shares | 9.3M | 11.2M | 11.1M | 11.3M | 10.7M |
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.
10 shares is a claim on $691.8 of net worth that earned you $66.19 last year.
It earned an average 50% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 16% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$66.7M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001558370-24-001997 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001558370-25-001884 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-018208 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001558370-24-001997 (NetIncomeLoss)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001558370-25-001884 (NetIncomeLoss)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-018208 (NetIncomeLoss)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001558370-24-001997 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001558370-25-001884 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-018208 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001558370-23-002263 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-28 · period ending 2022-12-31 · accession 0001558370-24-001997 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-28 · period ending 2023-12-31 · accession 0001558370-25-001884 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-20 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-018208 (CashAndCashEquivalentsAtCarryingValue)