MeritValue

Bancorp, Inc.

TBBKdata completeness 100%17 fiscal years on file
The thesis, from the filings

Bancorp, Inc. earns about 137% on invested capital, far above its ~9% cost of capital, and has bought back 21% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $42.93 and $261.44 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$7.53M1$86.2M2$99.2M3$116.8M3$141.1M3
Net income$110.7M4$130.2M5$192.3M6$217.5M6$228.2M6
Operating cash flow$83.9M7$119.6M8$186.9M9$209.9M9$265M9
Capital expenditure$1.55M10$5.13M11$12.7M12$4.97M12$7.09M12
Free cash flow (derived)$82.3M7$114.5M8$174.2M9$204.9M9$257.9M9
Total debt$39.5M13$10M14$38.6M15$14.1M15$199M16
Cash & equivalents$601.8M17$888.2M18$1.04B19$570.1M20$112.6M20
Diluted shares58.8M57.3M55.1M50.7M46.4M

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
$148.59
your share of equity
Profit it earned you last year
$49.16
Free cash flow it threw off
$55.56
Debt you’d be carrying
$42.87

10 shares is a claim on $148.59 of net worth that earned you $49.16 and generated $55.56 of cash last year, against $42.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
137% avg · 5y
FY21 132%FY22 —FY23 —FY24 213%FY25 66%

It earned about 137% 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
−21% shares · 5y

Share count is down 21% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 404% over the same window.

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 $42.93 and $261.44 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$261.44
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$204.9M
DCF · Growth Exit 5Y
$142.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$204.9M
Earnings Power Value
$42.93
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$192.3M
  • growthAssumed0.0%
Graham Number
$40.56
assumptions (1)
  • grahamMultiplier2250.0%

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 $142.07
The three cases
Bear0.0%$61.22
Base20.0%$142.07
Bull20.0%$142.07

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 0001562762-22-000070 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001562762-25-000074 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001295401-26-000002 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001562762-24-000049 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001562762-25-000074 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001295401-26-000002 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001562762-24-000049 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0001562762-25-000074 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001295401-26-000002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001562762-24-000049 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-12-31 · accession 0001562762-25-000074 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001295401-26-000002 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001562762-23-000066 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001562762-24-000049 (LongTermDebt)
  15. 10-K/A · period ending 2023-12-31 · accession 0001562762-25-000074 (LongTermDebt)
  16. 10-K · period ending 2025-12-31 · accession 0001295401-26-000002 (ShortTermBorrowings)
  17. 10-K · period ending 2021-12-31 · accession 0001562762-23-000066 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001562762-24-000049 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0001562762-25-000074 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001295401-26-000002 (CashAndCashEquivalentsAtCarryingValue)