MeritValue

QUAINT OAK BANCORP, INC.

QNTOdata completeness 75%16 fiscal years on file
The thesis, from the filings

QUAINT OAK BANCORP, INC. earns about 9% on equity, but has diluted owners by 26% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $11 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$25M1$32.5M2$44.9M3$43.4M4$40.6M4
Net income$6.4M5$7.86M6$2.02M7$2.8M8$322,0008
Operating cash flow−$37.4M9−$12.2M10$78.4M11$32.6M12$4.15M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$10.7M13$3.89M14$58M15$63M16$53.5M16
Diluted shares2.1M2.2M2.3M2.6M2.6M

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
$198.77
your share of equity
Profit it earned you last year
$1.22
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $198.77 of net worth that earned you $1.22 last year.

iii. Is this a good business?
Moat signal · return on equity
9% avg · 5y
FY21 18%FY22 18%FY23 4%FY24 5%FY25 1%

It earned an average 9% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+26% shares · 5y

Share count is up 26% over 5 years — owners have been diluted. Worth asking what they got for it.

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
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.8M
  • growthAssumed0.0%
Graham Number
$7.33
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000927089-23-000035 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000927089-24-000048 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000927089-25-000064 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0000927089-26-000044 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0000927089-23-000035 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000927089-24-000048 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000927089-25-000064 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000927089-26-000044 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000927089-23-000035 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000927089-24-000048 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000927089-25-000064 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000927089-26-000044 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000927089-23-000035 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000927089-24-000048 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000927089-25-000064 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0000927089-26-000044 (CashAndCashEquivalentsAtCarryingValue)