Meridian Corp
MRBKdata completeness 88%9 fiscal years on fileMeridian Corp earns about 25% on invested capital, far above its ~9% cost of capital, and has bought back 7% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $10.25 and $19.61 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 | $71.5M1 | $4.73M2 | $4.93M3 | $5.74M4 | $6.32M4 |
| Net income | $35.6M5 | $21.8M6 | $13.2M7 | $16.3M8 | $21.8M8 |
| Operating cash flow | $165.1M9 | $84.7M10 | $18.9M11 | $9.6M12 | $24.3M12 |
| Capital expenditure | $5.37M13 | $2.91M14 | $1.82M15 | $568,00016 | $1.73M16 |
| Free cash flow (derived) | $159.7M9 | $81.8M10 | $17M11 | $9.03M12 | $22.6M12 |
| Total debt | $41.3M17 | $122M17 | $141.2M18 | $98.6M19 | $106.7M19 |
| Cash & equivalents | $23.5M20 | $38.4M21 | $56.7M21 | $27.5M21 | — |
| Diluted shares | 12.4M | 12.2M | 11.4M | 11.2M | 11.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $173.09 of net worth that earned you $18.93 and generated $19.56 of cash last year, against $92.52 of debt.
It earned about 25% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 158% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $10.25 and $19.61 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$17M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$17M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$21.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $11.84 |
| Base | 0.0% | $11.84 |
| Bull | 5.0% | $16.94 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001750735-23-000024 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001750735-24-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001750735-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001750735-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001750735-23-000024 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001750735-24-000019 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001750735-25-000011 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001750735-26-000009 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001750735-23-000024 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001750735-24-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001750735-25-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001750735-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001750735-23-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001750735-24-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001750735-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001750735-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001750735-23-000024 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001750735-25-000011 (ShortTermBorrowings)
- 10-K · period ending 2024-12-31 · accession 0001750735-26-000009 (ShortTermBorrowings)
- 10-K · period ending 2021-12-31 · accession 0001750735-24-000019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001750735-25-000011 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)