MeritValue

Richmond Mutual Bancorporation, Inc.

RMBIdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Richmond Mutual Bancorporation, Inc. earns about 8% on equity, below its ~9% cost of capital, and has bought back 15% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $11.66 and $23.97 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$45.9M1$51.9M2$67.4M3$80.5M4$85.9M4
Net income$11.1M5$13M6$9.49M7$9.38M8$11.6M8
Operating cash flow−$9.65M9$18.2M10$12.1M11$14.8M12$16M12
Capital expenditure$579,45213$385,09914$619,20915$460,38016$1.36M16
Free cash flow (derived)−$10.2M9$17.8M10$11.5M11$14.3M12$14.6M12
Total debt—————
Cash & equivalents$23M17$15.9M18$20.2M19$21.8M20$33.1M20
Diluted shares11.6M11.1M10.5M10.2M9.9M

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
$147.23
your share of equity
Profit it earned you last year
$11.69
Free cash flow it threw off
$14.75
Debt you’d be carrying
—

10 shares is a claim on $147.23 of net worth that earned you $11.69 and generated $14.75 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
8% avg · 5y
FY21 6%FY22 10%FY23 7%FY24 7%FY25 8%

It earned about 8% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−15% shares · 5y

Share count is down 15% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 $11.66 and $23.97 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
$22.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$14.3M
DCF · Growth Exit 5Y
$23.97
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$14.3M
Earnings Power Value
$11.66
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$11.1M
  • growthAssumed0.0%
Graham Number
$19.69
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 $23.97
The three cases
Bear0.0%$23.97
Base0.0%$23.97
Bull5.0%$28.96

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 0001628280-23-010106 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001767837-24-000007 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001767837-25-000006 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-020414 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-010106 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001767837-24-000007 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001767837-25-000006 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-020414 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-010106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001767837-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001767837-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-020414 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-010106 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001767837-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001767837-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-020414 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-010106 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001767837-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001767837-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-020414 (CashAndCashEquivalentsAtCarryingValue)