MeritValue

SOUTHSIDE BANCSHARES INC

SBSIdata completeness 100%17 fiscal years on file
The thesis, from the filings

SOUTHSIDE BANCSHARES INC earns about 35% on invested capital, far above its ~9% cost of capital, and has bought back 8% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $30.34 and $37.71 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$216M1$253M2$359.7M3$414.3M3$403.1M3
Net income$113.4M4$105M5$86.7M6$88.5M6$69.2M6
Operating cash flow$156.1M7$226.5M8$79.9M9$101.8M9$93.8M9
Capital expenditure$8.37M10$9.3M11$6.9M12$11.2M12$20.3M12
Free cash flow (derived)$147.7M7$217.2M8$73M9$90.7M9$73.5M9
Total debt$158.8M13$158.9M14$154.1M15$152.3M16$300M16
Cash & equivalents$201.8M17$199.3M18$560.5M19$426.2M20$389.8M20
Diluted shares32.7M32.3M30.8M30.4M30.2M

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
$280.43
your share of equity
Profit it earned you last year
$22.9
Free cash flow it threw off
$24.31
Debt you’d be carrying
$99.24

10 shares is a claim on $280.43 of net worth that earned you $22.9 and generated $24.31 of cash last year, against $99.24 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
35% avg · 5y
FY21 16%FY22 20%FY23 57%FY24 50%FY25 34%

It earned about 35% 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
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 89% 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

The 3 estimate methods that apply put fair value between $30.34 and $37.71 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
$35.09
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$73.5M
DCF · Growth Exit 5Y
$37.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$73.5M
Earnings Power Value
$30.34
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$88.5M
  • growthAssumed0.0%
Graham Number
$38.01
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 $37.71
The three cases
Bear0.0%$37.71
Base0.0%$37.71
Bull5.0%$46.11

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 0000705432-24-000026 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000705432-25-000020 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000705432-26-000034 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000705432-24-000026 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000705432-25-000020 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000705432-26-000034 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000705432-24-000026 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000705432-25-000020 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000705432-26-000034 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000705432-24-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000705432-25-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000705432-26-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000705432-23-000023 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000705432-24-000026 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000705432-25-000020 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000705432-26-000034 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000705432-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000705432-24-000026 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000705432-25-000020 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000705432-26-000034 (CashAndCashEquivalentsAtCarryingValue)