Seneca Bancorp, Inc.

SNNFdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Seneca Bancorp, Inc. earns about 39% on invested capital, but has diluted owners by 3% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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

Figure	FY 2024	FY 2025
Revenue	$13.4M¹	$14.6M¹
Net income	$712,000²	$172,000²
Operating cash flow	$1.72M³	$4.77M³
Capital expenditure	$3.32M⁴	$4.8M⁴
Free cash flow (derived)	−$1.6M³	−$30,000³
Total debt	—	—
Cash & equivalents	$6.79M⁵	$5.33M⁵
Diluted shares	1.7M	1.7M

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

Net assets behind them

$187.28

your share of equity

Profit it earned you last year

$0.98

Free cash flow it threw off

−$0.17

Debt you’d be carrying

—

10 shares is a claim on $187.28 of net worth that earned you $0.98 and generated −$0.17 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

39% avg · 2y

FY24 46%FY25 31%

It earned an average 39% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+3% shares · 2y

Share count is up 3% over 2 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

$6.49

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0001104659-26-036813 (InterestAndDividendIncomeOperating)
10-K · period ending 2024-12-31 · accession 0001104659-26-036813 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001104659-26-036813 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001104659-26-036813 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001104659-26-036813 (CashAndCashEquivalentsAtCarryingValue)