Pathfinder Bancorp, Inc.
PBHCdata completeness 100%13 fiscal years on filePathfinder Bancorp, Inc. earns about 16% on invested capital, comfortably above its ~9% cost of capital, and has bought back 21% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $20.29 and $25.69 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 | $45.8M1 | $51.1M2 | $67.7M3 | $78.4M4 | $76.7M4 |
| Net income | $12.4M5 | $12.9M6 | $9.29M7 | $3.38M8 | −$1.93M8 |
| Operating cash flow | $20.2M9 | $21.7M10 | $15.4M11 | $11.2M12 | $11.7M12 |
| Capital expenditure | $1.21M13 | $1.9M14 | $1.97M15 | $2.06M16 | $1.26M16 |
| Free cash flow (derived) | $18.9M9 | $19.8M10 | $13.5M11 | $9.15M12 | $10.4M12 |
| Total debt | $77.1M17 | $116M18 | $175.6M19 | $88.1M20 | $58.1M20 |
| Cash & equivalents | $37.1M21 | $35.3M22 | $48.7M23 | $31.6M24 | $31.2M24 |
| Diluted shares | 6.0M | 4.7M | 4.7M | 4.7M | 4.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $258.04 of net worth that earned you −$4.07 and generated $21.95 of cash last year, against $122.38 of debt.
It earned about 16% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 21% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 25% — deleveraging.
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 $20.29 and $25.69 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$10.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$10.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$9.29M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $25.69 |
| Base | 0.0% | $25.69 |
| Bull | 5.0% | $33.29 |
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 0000950170-23-011185 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035248 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-047820 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-132075 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-011185 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035248 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-047820 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-132075 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-011185 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035248 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-047820 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-132075 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-011185 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035248 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-047820 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-132075 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-011185 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035248 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-047820 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-132075 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-011185 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-035248 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-047820 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-132075 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)