MeritValue

Metropolitan Bank Holding Corp.

MCBdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

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 $64.33 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$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 shares9.3M11.2M11.1M11.3M10.7M

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
$691.8
your share of equity
Profit it earned you last year
$66.19
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $691.8 of net worth that earned you $66.19 last year.

iii. Is this a good business?
Moat signal · return on invested capital
50% avg · 5y
FY21 —FY22 25%FY23 48%FY24 45%FY25 81%

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 →
Management signal · capital allocation
+16% shares · 5y

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.

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
$64.33
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$66.7M
  • growthAssumed0.0%
Graham Number
$101.51
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001997 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001884 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-018208 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001997 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001884 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-018208 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001997 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001884 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-018208 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-002263 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-001997 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-001884 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-018208 (CashAndCashEquivalentsAtCarryingValue)