MeritValue

RBB Bancorp

RBBdata completeness 100%11 fiscal years on file
The thesis, from the filings

RBB Bancorp earns about 22% on invested capital, far above its ~9% cost of capital, and has bought back 12% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $25.15 and $46.62 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$7.07M1$5.58M2$5.32M3$5.29M3$5.17M3
Net income$56.9M4$64.3M5$42.5M6$26.7M6$31.9M6
Operating cash flow$202.2M7$93.8M8$51.3M9$58.5M9$43.4M9
Capital expenditure$1.99M10$2.07M11$652,00012$788,00012$798,00012
Free cash flow (derived)$200.2M7$91.7M8$50.6M9$57.7M9$42.6M9
Total debt$173M13$173.6M14$119.1M15$119.5M16$119.9M16
Cash & equivalents$694.4M17$83.5M17$431.4M18$257.7M19$212.3M19
Diluted shares19.8M19.3M19.0M18.2M17.5M

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
$299.08
your share of equity
Profit it earned you last year
$18.26
Free cash flow it threw off
$24.34
Debt you’d be carrying
$68.52

10 shares is a claim on $299.08 of net worth that earned you $18.26 and generated $24.34 of cash last year, against $68.52 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
22% avg · 5y
FY21 —FY22 15%FY23 57%FY24 8%FY25 8%

It earned about 22% 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
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 31% — 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 $25.15 and $46.62 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
$43.51
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$50.6M
DCF · Growth Exit 5Y
$46.62
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$50.6M
Earnings Power Value
$25.15
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$42.5M
  • growthAssumed0.0%
Graham Number
$35.09
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 $46.62
The three cases
Bear0.0%$46.62
Base0.0%$46.62
Bull5.0%$56.63

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 0001437749-24-007474 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-008002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-007387 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-007474 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-008002 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-007387 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-007474 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-008002 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-007387 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-007474 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-008002 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-007387 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-009747 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007474 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-008002 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-007387 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-009747 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-008002 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-007387 (CashAndCashEquivalentsAtCarryingValue)