SouthState Bank Corp
SSBdata completeness 88%17 fiscal years on fileSouthState Bank Corp earns about 28% on invested capital, far above its ~9% cost of capital, but has diluted owners by 43% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $50.64 and $98.28 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.08B1 | $1.4B2 | $1.94B3 | $2.14B3 | $3.38B3 |
| Net income | $475.5M4 | $496M5 | $494.3M6 | $534.8M6 | $798.7M6 |
| Operating cash flow | $415.7M7 | $1.73B8 | $546.8M9 | $512M9 | $300.8M9 |
| Capital expenditure | $28.4M10 | $17.7M11 | $38.9M12 | $35.8M12 | $70.3M12 |
| Free cash flow (derived) | $387.3M7 | $1.71B8 | $507.9M9 | $476.2M9 | $230.6M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $6.72B13 | $1.31B14 | $998.9M14 | $1.39B14 | $3.17B14 |
| Diluted shares | 70.9M | 75.2M | 76.5M | 76.8M | 101.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $892.53 of net worth that earned you $78.69 and generated $22.72 of cash last year.
It earned about 28% 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 →Share count is up 43% over 5 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.
The 3 estimate methods that apply put fair value between $50.64 and $98.28 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$476.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$476.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$496M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $98.28 |
| Base | 0.0% | $98.28 |
| Bull | 5.0% | $114.51 |
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.
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002302 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001274 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-017884 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002302 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001274 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-017884 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002302 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001274 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-017884 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001558370-24-002302 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001558370-25-001274 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-017884 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001558370-25-001274 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001104659-26-017884 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)