MeritValue

Skyline Bankshares, Inc.

SLBKdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

Skyline Bankshares, Inc. earns about 29% 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 $18 and $96.48 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$34.8M1$36.6M2$43.4M3$53.5M4$65.7M4
Net income$9.48M5$10.3M6$9.7M7$7.43M8$15.8M8
Operating cash flow$9.55M9$10.6M10$11.3M11$12.7M12$18.8M12
Capital expenditure$5.83M13$3.8M14$2.84M15$3.7M16$8.13M16
Free cash flow (derived)$3.73M9$6.84M10$8.5M11$9.04M12$10.6M12
Total debt$017$018$019$020$020
Cash & equivalents—————
Diluted shares6.0M5.6M5.6M5.6M5.6M

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
$192.75
your share of equity
Profit it earned you last year
$28.36
Free cash flow it threw off
$19.06
Debt you’d be carrying
$0

10 shares is a claim on $192.75 of net worth that earned you $28.36 and generated $19.06 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
29% avg · 5y
FY21 13%FY22 16%FY23 19%FY24 44%FY25 52%

It earned about 29% 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 $18 and $96.48 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$96.48
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$9.04M
DCF · Growth Exit 5Y
$52.74
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$9.04M
Earnings Power Value
$18
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$9.7M
  • 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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $52.74
The three cases
Bear0.0%$23.11
Base20.0%$52.74
Bull20.0%$52.74

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= 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 0001437749-23-008206 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009598 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009335 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009154 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008206 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009598 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009335 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009154 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008206 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009598 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009335 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009154 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008206 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009598 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009335 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-009154 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-22-007203 (ShortTermBorrowings)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-009598 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-009335 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-009154 (LongTermDebt)