MeritValue

PARK NATIONAL CORP /OH/

PRKdata completeness 100%18 fiscal years on file
The thesis, from the filings

PARK NATIONAL CORP /OH/ earns about 23% 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 $96.84 and $291.09 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$345.9M1$514.2M2$564.3M3$645.6M3$664.4M3
Net income$153.9M4$148.4M5$126.7M6$151.4M6$180.1M6
Operating cash flow$157.3M7$136.6M8$151.1M9$178.8M9$198.3M9
Capital expenditure$14.1M10$7.94M11$7.59M12$9.18M12$6.37M12
Free cash flow (derived)$143.2M7$128.7M8$143.5M9$169.7M9$191.9M9
Total debt$238.8M13$643.4M14$845.5M15$370.5M16$163.4M16
Cash & equivalents$219.2M17$189.7M18$218.3M19$160.6M20$233.5M20
Diluted shares16.4M16.4M16.3M16.2M16.2M

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
$834.91
your share of equity
Profit it earned you last year
$111.14
Free cash flow it threw off
$118.46
Debt you’d be carrying
$100.86

10 shares is a claim on $834.91 of net worth that earned you $111.14 and generated $118.46 of cash last year, against $100.86 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
23% avg · 5y
FY21 15%FY22 11%FY23 12%FY24 33%FY25 42%

It earned about 23% 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. Total debt has fallen 32% — 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 $96.84 and $291.09 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
$291.09
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth9.6%
  • fcfBase$169.7M
DCF · Growth Exit 5Y
$230.17
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth9.6%
  • fcfBase$169.7M
Earnings Power Value
$96.84
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$151.4M
  • growthAssumed0.0%
Graham Number
$144.47
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 years9.6%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $230.17
The three cases
Bear0.0%$153.94
Base9.6%$230.17
Bull14.6%$281.04

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

Default growth 9.6%= 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 0000805676-24-000037 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000805676-25-000014 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000805676-26-000017 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000805676-24-000037 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000805676-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000805676-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000805676-24-000037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000805676-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000805676-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000805676-24-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000805676-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000805676-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000805676-23-000044 (ShortTermBorrowings)
  14. 10-K · period ending 2022-12-31 · accession 0000805676-24-000037 (ShortTermBorrowings)
  15. 10-K · period ending 2023-12-31 · accession 0000805676-25-000014 (ShortTermBorrowings)
  16. 10-K · period ending 2024-12-31 · accession 0000805676-26-000017 (ShortTermBorrowings)
  17. 10-K · period ending 2021-12-31 · accession 0000805676-23-000044 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000805676-24-000037 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000805676-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000805676-26-000017 (CashAndCashEquivalentsAtCarryingValue)