TRUSTCO BANK CORP N Y
TRSTdata completeness 100%17 fiscal years on fileTRUSTCO BANK CORP N Y earns about 140% on invested capital, far above its ~9% cost of capital, and has bought back 2% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $33.72 and $73.97 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 | $168M1 | $186.6M2 | $226.2M3 | $243.3M3 | $259.4M3 |
| Net income | $61.5M4 | $75.2M5 | $58.6M6 | $48.8M6 | $61.1M6 |
| Operating cash flow | $55.4M7 | $78.6M8 | $64.1M9 | $59.4M9 | $57.6M9 |
| Capital expenditure | $2.84M10 | $3.79M11 | $5.67M12 | $4.88M12 | $11.9M12 |
| Free cash flow (derived) | $52.5M7 | $74.8M8 | $58.5M9 | $54.6M9 | $45.7M9 |
| Total debt | $244.7M13 | $122.7M14 | $89M15 | $84.8M16 | $120.1M16 |
| Cash & equivalents | $1.22B17 | $650.6M18 | $578M19 | $641.8M20 | $730.4M20 |
| Diluted shares | 19.3M | 19.1M | 19.0M | 19.0M | 18.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $365.4 of net worth that earned you $32.54 and generated $24.34 of cash last year, against $63.89 of debt.
It earned about 140% 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 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 51% — deleveraging.
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 $33.72 and $73.97 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$54.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$54.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$61.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $73.97 |
| Base | 0.0% | $73.97 |
| Bull | 5.0% | $84.01 |
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 0001140361-24-012641 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0001140361-25-008827 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001140361-26-009576 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0001140361-24-012641 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001140361-25-008827 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001140361-26-009576 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001140361-24-012641 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001140361-25-008827 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001140361-26-009576 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001140361-24-012641 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001140361-25-008827 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001140361-26-009576 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001140361-23-009386 (ShortTermBorrowings)
- 10-K · period ending 2022-12-31 · accession 0001140361-24-012641 (ShortTermBorrowings)
- 10-K · period ending 2023-12-31 · accession 0001140361-25-008827 (ShortTermBorrowings)
- 10-K · period ending 2024-12-31 · accession 0001140361-26-009576 (ShortTermBorrowings)
- 10-K · period ending 2021-12-31 · accession 0001140361-23-009386 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001140361-24-012641 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001140361-25-008827 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001140361-26-009576 (CashAndCashEquivalentsAtCarryingValue)