MeritValue

Rhinebeck Bancorp, Inc.

RBKBdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Rhinebeck Bancorp, Inc. earns about 45% 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 $6.62 and $19.32 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$2.58M1$2.83M2$2.88M3$3M4$2.98M4
Net income$11.6M5$7M6$4.4M7−$8.62M8$10M8
Operating cash flow$7.65M9$14.8M10$7.05M11$8.47M12$11.7M12
Capital expenditure$1.77M13$1.13M14$578,00015$791,00016$850,00016
Free cash flow (derived)$5.88M9$13.7M10$6.47M11$7.68M12$10.9M12
Total debt—————
Cash & equivalents$72.1M17$31.4M18$22.1M19$37.5M19$102M19
Diluted shares11.0M11.0M10.9M10.8M11.0M

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
$124.89
your share of equity
Profit it earned you last year
$9.17
Free cash flow it threw off
$9.94
Debt you’d be carrying
—

10 shares is a claim on $124.89 of net worth that earned you $9.17 and generated $9.94 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
45% avg · 5y
FY21 28%FY22 16%FY23 24%FY24 25%FY25 134%

It earned about 45% 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
+0% shares · 5y

Share count is roughly flat over 5 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.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $6.62 and $19.32 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
$18.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$7.68M
DCF · Growth Exit 5Y
$19.32
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$7.68M
Earnings Power Value
$6.62
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7M
  • growthAssumed0.0%
Graham Number
$16.08
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 $19.32
The three cases
Bear0.0%$19.32
Base0.0%$19.32
Bull5.0%$21.74

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 0001751783-23-000006 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001751783-24-000009 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001751783-25-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001751783-26-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001751783-23-000006 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001751783-24-000009 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001751783-25-000012 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001751783-26-000005 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001751783-23-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001751783-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001751783-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001751783-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001751783-23-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001751783-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001751783-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001751783-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001751783-24-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001751783-25-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001751783-26-000005 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)