MeritValue

OHIO VALLEY BANC CORP

OVBCdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

OHIO VALLEY BANC CORP earns about 77% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $27.78 and $129.08 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$44.7M1$47.6M2$61.9M3$75.8M4$85.2M4
Net income$11.7M5$13.3M6$12.6M7$11M8$15.6M8
Operating cash flow$13.2M9$16M10$20.7M11$13.1M12$18.1M12
Capital expenditure$1.09M13$1.99M14$2.69M15$1.43M16$1.04M16
Free cash flow (derived)$12.1M9$14M10$18.1M11$11.7M12$17M12
Total debt—————
Cash & equivalents$152M17$46M18$128.1M19$83.1M20$45.9M20
Diluted shares4.8M4.8M4.8M4.7M4.7M

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
$361.4
your share of equity
Profit it earned you last year
$33.12
Free cash flow it threw off
$36.19
Debt you’d be carrying
—

10 shares is a claim on $361.4 of net worth that earned you $33.12 and generated $36.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
77% avg · 5y
FY21 —FY22 18%FY23 162%FY24 76%FY25 50%

It earned about 77% 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 →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 $27.78 and $129.08 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$129.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth12.1%
  • fcfBase$17M
DCF · Growth Exit 5Y
$96.04
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth12.1%
  • fcfBase$17M
Earnings Power Value
$27.78
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$12.6M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 years12.1%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $96.04
The three cases
Bear0.0%$61.45
Base12.1%$96.04
Bull17.1%$115.13

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 12.1%= 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 0001140361-23-013386 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-013512 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001140361-25-008828 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001140361-26-009342 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-013386 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-013512 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001140361-25-008828 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001140361-26-009342 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001140361-23-013386 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001140361-24-013512 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001140361-25-008828 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001140361-26-009342 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-23-013386 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-013512 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001140361-25-008828 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001140361-26-009342 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001140361-23-013386 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001140361-24-013512 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001140361-25-008828 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001140361-26-009342 (CashAndCashEquivalentsAtCarryingValue)