Pinnacle Financial Partners, Inc.
PNFPdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'
Pinnacle Financial Partners, Inc. earns about 9% on equity, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $74.98 and $214.16 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 | $2.35B1 | $2.7B1 | $2.8B1 |
| Net income | $562.2M2 | $475.1M2 | $641.9M2 |
| Operating cash flow | $478.4M3 | $904.3M3 | $759M3 |
| Capital expenditure | $78.3M4 | $94.5M4 | $79.9M4 |
| Free cash flow (derived) | $400.1M3 | $809.8M3 | $679.1M3 |
| Total debt | — | — | — |
| Cash & equivalents | $2.23B5 | $3.44B5 | $3.57B5 |
| Diluted shares | 76.6M | 77.1M | 77.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $906.66 of net worth that earned you $82.62 and generated $87.41 of cash last year.
It earned about 9% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 3 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.
The 3 estimate methods that apply put fair value between $74.98 and $214.16 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$679.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$679.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$562.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $170.78 |
| Base | 5.0% | $201.01 |
| Bull | 10.0% | $237.18 |
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 0002082866-26-000018 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0002082866-26-000018 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0002082866-26-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0002082866-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0002082866-26-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)