MeritValue

PEAPACK GLADSTONE FINANCIAL CORP

PGCdata completeness 100%17 fiscal years on file
The thesis, from the filings

PEAPACK GLADSTONE FINANCIAL CORP earns about 30% on invested capital, far above its ~9% cost of capital, and has bought back 8% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $28.52 and $57.17 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$210.3M1$242.5M2$229.7M3$228.1M3$283M3
Net income$56.6M4$74.2M5$48.9M6$33M6$37.3M6
Operating cash flow$75.5M7$118.9M8$70.1M9$71.1M9$43.1M9
Capital expenditure$3.93M10$3.52M11$3.28M12$8.1M12$14.3M12
Free cash flow (derived)$71.5M7$115.4M8$66.8M9$63M9$28.8M9
Total debt—$379.5M13$403.8M14—$73.3M15
Cash & equivalents$146.8M16$190.1M17$187.7M17$391.4M17$187.8M17
Diluted shares19.3M18.6M18.0M17.8M17.7M

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
$370.82
your share of equity
Profit it earned you last year
$21.03
Free cash flow it threw off
$16.23
Debt you’d be carrying
$41.28

10 shares is a claim on $370.82 of net worth that earned you $21.03 and generated $16.23 of cash last year, against $41.28 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
30% avg · 5y
FY21 18%FY22 14%FY23 20%FY24 66%FY25 33%

It earned about 30% 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
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 81% — deleveraging.

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 $28.52 and $57.17 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
$53.35
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$63M
DCF · Growth Exit 5Y
$57.17
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$63M
Earnings Power Value
$28.52
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$48.9M
  • growthAssumed0.0%
Graham Number
$41.86
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 $57.17
The three cases
Bear0.0%$57.17
Base0.0%$57.17
Bull5.0%$69.45

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 0000950170-24-029761 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-037821 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-101763 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-029761 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-037821 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-101763 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-029761 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-037821 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-101763 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-029761 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-037821 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-101763 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-029761 (ShortTermBorrowings)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-037821 (ShortTermBorrowings)
  15. 10-K · period ending 2025-12-31 · accession 0001193125-26-101763 (ShortTermBorrowings)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-25-037821 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001193125-26-101763 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)