TRUSTMARK CORP
TRMKdata completeness 75%18 fiscal years on fileTRUSTMARK CORP earns about 22% on invested capital, far above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $28.33 and $37.01 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 | $442.5M1 | $541.8M2 | $878.8M3 | $960.3M3 | $948.6M3 |
| Net income | $147.4M4 | $71.9M5 | $165.5M6 | $223M6 | $224.1M6 |
| Operating cash flow | $348.8M7 | $296.5M8 | $196.9M9 | $116.9M9 | $243.9M9 |
| Capital expenditure | $27.4M10 | $26.6M11 | $40.1M12 | $23.5M12 | $11.9M12 |
| Free cash flow (derived) | $321.4M7 | $269.9M8 | $156.8M9 | $93.4M9 | $232M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 63.0M | 61.4M | 61.2M | 61.4M | 60.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $350.45 of net worth that earned you $37.02 and generated $38.31 of cash last year.
It earned about 22% 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 down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
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 $28.33 and $37.01 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$156.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$156.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$165.5M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $37.01 |
| Base | 0.0% | $37.01 |
| Bull | 5.0% | $45.96 |
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 0000950170-24-015988 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-023184 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064009 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-015988 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-023184 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064009 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-015988 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-023184 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-015988 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-023184 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064009 (PaymentsToAcquirePropertyPlantAndEquipment)