TRICO BANCSHARES /
TCBKdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
TRICO BANCSHARES / earns about 30% on invested capital, far above its ~9% cost of capital, but has diluted owners by 10% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $37.11 and $60.41 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 | $43.9M1 | $49.8M2 | $50.1M3 | $51.3M3 | $53.4M3 |
| Net income | $117.7M4 | $125.4M5 | $117.4M6 | $114.9M6 | $121.6M6 |
| Operating cash flow | $132.2M7 | $162.9M8 | $138.9M9 | $109.7M9 | $133.3M9 |
| Capital expenditure | $3.2M10 | $3.62M11 | $4.89M12 | $4.56M12 | $5.36M12 |
| Free cash flow (derived) | $129M7 | $159.3M8 | $134M9 | $105.2M9 | $127.9M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $768.4M13 | $107.2M14 | $98.7M15 | $145M16 | $157M16 |
| Diluted shares | 29.9M | 32.7M | 33.4M | 33.2M | 32.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $404.2 of net worth that earned you $37 and generated $38.94 of cash last year.
It earned about 30% 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 10% 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 $37.11 and $60.41 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$127.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$127.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$117.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $60.41 |
| Base | 0.0% | $60.41 |
| Bull | 5.0% | $73.88 |
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 0000356171-24-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000356171-25-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0000356171-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000356171-24-000012 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000356171-25-000012 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000356171-26-000010 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000356171-24-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000356171-25-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000356171-26-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000356171-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000356171-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000356171-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000356171-23-000010 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000356171-24-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000356171-25-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0000356171-26-000010 (CashAndCashEquivalentsAtCarryingValue)