MeritValue

MVB FINANCIAL CORP

MVBFdata completeness 88%16 fiscal years on file
The thesis, from the filings

MVB FINANCIAL CORP earns about 9% on equity, barely covering its ~9% cost of capital, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $20.76 and $21.29 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$83.4M1$126M2$189.8M3$185.8M3$175.3M3
Net income$39.1M4$15M5$31.2M4$20.2M6$26.9M6
Operating cash flow$34.8M7$7.35M8$58.2M9−$285,0009$4.03M9
Capital expenditure$4.87M10$3.04M11$1.92M12$1.62M12$1.92M12
Free cash flow (derived)$30M7$4.31M8$56.3M9−$1.91M9$2.11M9
Total debt—————
Cash & equivalents$307.4M13$40.3M14$398.2M15$317.9M16$244.1M16
Diluted shares12.6M12.9M13.0M13.1M13.1M

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
$254.83
your share of equity
Profit it earned you last year
$20.54
Free cash flow it threw off
$1.61
Debt you’d be carrying
—

10 shares is a claim on $254.83 of net worth that earned you $20.54 and generated $1.61 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
9% avg · 5y
FY21 14%FY22 6%FY23 11%FY24 7%FY25 8%

It earned about 9% on equity against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% 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

The 3 estimate methods that apply put fair value between $20.76 and $21.29 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
$20.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$2.11M
DCF · Growth Exit 5Y
$20.93
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$2.11M
Earnings Power Value
$21.29
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$26.9M
  • growthAssumed0.0%
Graham Number
$34.37
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $20.93
The three cases
Bear0.0%$20.93
Base0.0%$20.93
Bull5.0%$21.49

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001277902-24-000014 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001277902-25-000043 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001277902-26-000030 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001277902-24-000014 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001277902-25-000043 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001277902-26-000030 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001277902-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001277902-25-000043 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001277902-26-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001277902-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001277902-25-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001277902-26-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001277902-25-000043 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001277902-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001277902-25-000043 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001277902-26-000030 (CashAndCashEquivalentsAtCarryingValue)