MeritValue

SEACOAST BANKING CORP OF FLORIDA

SBCFdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SEACOAST BANKING CORP OF FLORIDA earns about 19% on invested capital, but has diluted owners by 56% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $14.07 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$284.2M1$380.5M2$689M3$725.6M3$836.4M3
Net income$124.4M4$106.5M5$104M6$121M6$144.9M6
Operating cash flow$154.6M7$195.9M8$150.6M9$179.9M9$188.1M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$84.5M10$212.6M10$107M11$112.8M11
Cash & equivalents$737.7M12$201.9M13$447.2M14$476.6M15$388.5M15
Diluted shares57.1M64.3M84.3M85.0M89.1M

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
$304.43
your share of equity
Profit it earned you last year
$16.26
Free cash flow it threw off
—
Debt you’d be carrying
$12.65

10 shares is a claim on $304.43 of net worth that earned you $16.26 last year, against $12.65 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
19% avg · 5y
FY21 23%FY22 8%FY23 14%FY24 25%FY25 24%

It earned an average 19% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+56% shares · 5y

Share count is up 56% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 33% over the same window.

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
$14.07
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$121M
  • growthAssumed0.0%
Graham Number
$32.79
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 0000730708-24-000070 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000730708-25-000045 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012787 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000730708-24-000070 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000730708-25-000045 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012787 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000730708-24-000070 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000730708-25-000045 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012787 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000730708-24-000070 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-012787 (LongTermDebt)
  12. 10-K · period ending 2021-12-31 · accession 0000730708-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0000730708-24-000070 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000730708-25-000045 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-012787 (CashAndCashEquivalentsAtCarryingValue)