Stock Yards Bancorp, Inc.
SYBTdata completeness 88%17 fiscal years on fileStock Yards Bancorp, Inc. earns about 23% on invested capital, far above its ~9% cost of capital, but has diluted owners by 17% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $37.84 and $167.91 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 | $177.1M1 | $251.7M2 | $346.7M3 | $412.9M3 | $467.6M3 |
| Net income | $74.6M4 | $93.3M5 | $107.7M6 | $114.5M6 | $140.2M6 |
| Operating cash flow | $102.1M7 | $108.7M8 | $106.7M9 | $142.9M9 | $166M9 |
| Capital expenditure | $4.58M10 | $18.4M11 | $7.73M12 | $9.85M12 | $12M12 |
| Free cash flow (derived) | $97.5M7 | $90.3M8 | $99M9 | $133M9 | $154M9 |
| Total debt | — | $26.3M13 | $26.7M14 | $26.8M15 | $26.8M16 |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 25.2M | 28.9M | 29.3M | 29.4M | 29.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $364.56 of net worth that earned you $47.5 and generated $52.19 of cash last year, against $9.08 of debt.
It earned about 23% 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 17% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
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 $37.84 and $167.91 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
- fcfGrowth13.8%
- fcfBase$133M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth13.8%
- fcfBase$133M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$107.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $63.5 |
| Base | 13.8% | $114.16 |
| Bull | 18.8% | $139.3 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 13.8%= 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 0001437749-24-005669 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005393 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005830 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005669 (ProfitLoss)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005393 (ProfitLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005830 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005669 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005393 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005830 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001437749-24-005669 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-25-005393 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005830 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-23-004492 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001437749-24-005669 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001437749-25-005393 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0001437749-26-005830 (LongTermDebt)