MeritValue

SB FINANCIAL GROUP, INC.

SBFGdata completeness 88%17 fiscal years on file
The thesis, from the filings

SB FINANCIAL GROUP, INC. earns about 56% on invested capital, far above its ~9% cost of capital, and has bought back 10% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $20.31 and $38.9 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$41.9M1$44.6M1———
Net income$18.3M2$12.5M3$12.1M4$11.5M5$14M5
Operating cash flow$17.3M6$25.6M7$14M8$9.45M9$24M9
Capital expenditure$2.43M10$1.9M11$958,00012$1.23M13$2.6M13
Free cash flow (derived)$14.8M6$23.7M7$13M8$8.22M9$21.4M9
Total debt$19.5M14$19.6M14$33M15$30.3M15$9.23M16
Cash & equivalents$149.5M17$27.8M18$23M19$25.9M19$71.5M19
Diluted shares7.1M7.1M6.9M6.7M6.4M

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
$221.1
your share of equity
Profit it earned you last year
$21.88
Free cash flow it threw off
$33.56
Debt you’d be carrying
$14.45

10 shares is a claim on $221.1 of net worth that earned you $21.88 and generated $33.56 of cash last year, against $14.45 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
56% avg · 5y
FY21 144%FY22 15%FY23 21%FY24 34%FY25 67%

It earned about 56% 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
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 53% — 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 $20.31 and $38.9 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
$36.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$13M
DCF · Growth Exit 5Y
$38.9
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$13M
Earnings Power Value
$20.31
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$12.5M
  • growthAssumed0.0%
Graham Number
$33.01
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 $38.9
The three cases
Bear0.0%$38.9
Base0.0%$38.9
Bull5.0%$45.96

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 0001213900-23-018266 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2021-12-31 · accession 0001213900-23-018266 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-021013 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-021622 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-024471 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-018266 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-021013 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-021622 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-024471 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-23-018266 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-021013 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-021622 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-024471 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-018266 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-021622 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-12-31 · accession 0001213900-26-024471 (ShortTermBorrowings)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-22-010887 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-25-021622 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001213900-26-024471 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)