MeritValue

RIVERVIEW BANCORP INC

RVSBdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

RIVERVIEW BANCORP INC earns about 38% on invested capital, far above its ~9% cost of capital, and has bought back 6% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $2.44 and $10.5 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$49.8M1$55.7M2$56.6M3$59M3$62M3
Net income$21.8M4$18.1M5$3.8M6$4.9M6−$4.34M6
Operating cash flow$16.5M7$13.6M8$12.8M9$8.27M9$12M9
Capital expenditure$3.25M10$4.96M11$5.61M12$2.71M12$789,00012
Free cash flow (derived)$13.2M7$8.61M8$7.14M9$5.56M9$11.3M9
Total debt—————
Cash & equivalents$241.4M13$22M14$23.6M15$29.4M16$116.9M16
Diluted shares22.2M21.6M21.1M21.1M20.8M

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
$69.88
your share of equity
Profit it earned you last year
−$2.08
Free cash flow it threw off
$5.4
Debt you’d be carrying
—

10 shares is a claim on $69.88 of net worth that earned you −$2.08 and generated $5.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
38% avg · 5y
FY22 —FY23 16%FY24 14%FY25 26%FY26 95%

It earned about 38% 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
−6% shares · 5y

Share count is down 6% 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 $2.44 and $10.5 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$10.14
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$7.14M
DCF · Growth Exit 5Y
$10.5
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$7.14M
Earnings Power Value
$2.44
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.9M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 $10.5
The three cases
Bear0.0%$10.5
Base0.0%$10.5
Bull5.0%$11.69

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 2022-03-31 · accession 0000939057-24-000163 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2023-03-31 · accession 0000939057-25-000159 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2024-03-31 · accession 0001041368-26-000007 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2022-03-31 · accession 0000939057-24-000163 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000939057-25-000159 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001041368-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000939057-24-000163 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000939057-25-000159 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001041368-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000939057-24-000163 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-03-31 · accession 0000939057-25-000159 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-03-31 · accession 0001041368-26-000007 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-03-31 · accession 0000939057-23-000178 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0000939057-24-000163 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0000939057-25-000159 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001041368-26-000007 (CashAndCashEquivalentsAtCarryingValue)