MeritValue

ServisFirst Bancshares, Inc.

SFBSdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ServisFirst Bancshares, Inc. earns about 32% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $43.08 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$416.3M1$559.3M2$813.2M3$946.1M3$990.4M3
Net income$207.7M4$251.5M5$206.9M6$227.2M6$276.6M6
Operating cash flow$266.3M7$272.6M8$197.3M9$252.9M9$355.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents—————
Diluted shares54.4M54.5M54.5M54.6M54.7M

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
$338.39
your share of equity
Profit it earned you last year
$50.6
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $338.39 of net worth that earned you $50.6 last year.

iii. Is this a good business?
Moat signal · return on invested capital
32% avg · 5y
FY21 20%FY22 25%FY23 38%FY24 37%FY25 38%

It earned an average 32% 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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
$43.08
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$227.2M
  • growthAssumed0.0%
Graham Number
$62.07
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 0001171843-24-001111 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001171843-25-001208 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001171843-26-001150 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001171843-24-001111 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001171843-25-001208 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001171843-26-001150 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001171843-24-001111 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001171843-25-001208 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001171843-26-001150 (NetCashProvidedByUsedInOperatingActivities)