NORTHPOINTE BANCSHARES INC
NPBdata completeness 75%3 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'totalDebt'
NORTHPOINTE BANCSHARES INC earns about 192% on invested capital, far above its ~9% cost of capital, but has diluted owners by 31% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $16.88 and $38.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Net income | $33.8M1 | $55.2M2 | $83.4M2 |
| Operating cash flow | $504.2M3 | $19.8M4 | $44.3M4 |
| Capital expenditure | $2.81M5 | $1.05M6 | $2.77M6 |
| Free cash flow (derived) | $501.4M3 | $18.8M4 | $41.5M4 |
| Total debt | — | — | — |
| Cash & equivalents | $351.9M7 | $376.3M8 | $496.5M8 |
| Diluted shares | 25.8M | 25.8M | 33.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $168.04 of net worth that earned you $24.63 and generated $12.26 of cash last year.
It earned about 192% 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 up 31% over 3 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.
The 3 estimate methods that apply put fair value between $16.88 and $38.27 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
- fcfGrowth5.0%
- fcfBase$41.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$41.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$55.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $32.18 |
| Base | 5.0% | $36.42 |
| Bull | 10.0% | $41.5 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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 2023-12-31 · accession 0001628280-25-015483 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001336706-26-000020 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-015483 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001336706-26-000020 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-015483 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001336706-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-015483 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001336706-26-000020 (CashAndCashEquivalentsAtCarryingValue)