MeritValue

Tri-County Financial Group, Inc.

TYFGdata completeness 88%2 fiscal years on file
The thesis, from the filings

Tri-County Financial Group, Inc. earns about 45% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. 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 2024FY 2025
Revenue$15.6M1$17.2M1
Net income$10.4M2$13.7M2
Operating cash flow$13.5M3$10.6M3
Capital expenditure——
Free cash flow (derived)——
Total debt—$141,0004
Cash & equivalents$45M5$49.6M5
Diluted shares2.44B2.41B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.65
your share of equity
Profit it earned you last year
$0.06
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $0.65 of net worth that earned you $0.06 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
45% avg · 2y
FY24 43%FY25 47%

It earned an average 45% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. 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.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Why: this is a bank. Banks report no capital expenditure line, so free cash flow can't be derived — and for a lender, moving cash is the business itself, so a cash-flow DCF doesn't describe it.
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$92.06
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-009243 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-009243 (NetIncomeLoss)
  3. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-009243 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K filed 2026-03-09 · period ending 2025-12-31 · accession 0001493152-26-009243 (LongTermDebt)
  5. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-009243 (CashAndCashEquivalentsAtCarryingValue)