UNITY BANCORP INC /NJ/
UNTYdata completeness 88%16 fiscal years on fileUNITY BANCORP INC /NJ/ earns about 110% on invested capital, far above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $40.25 and $188.22 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 | $84.8M1 | $100.7M2 | $143.5M3 | $155.7M4 | $173.6M4 |
| Net income | $36.1M5 | $38.5M6 | $39.7M7 | $41.5M8 | $58M8 |
| Operating cash flow | $32.5M9 | $42.7M10 | $46.9M11 | $48M12 | $44.9M12 |
| Capital expenditure | $1.25M13 | $1.48M14 | $955,00015 | $693,00016 | $564,00016 |
| Free cash flow (derived) | $31.3M9 | $41.2M10 | $46M11 | $47.3M12 | $44.3M12 |
| Total debt | $50.3M17 | $393.3M18 | $366.7M19 | $230.8M20 | — |
| Cash & equivalents | $244.8M21 | $114.8M22 | $194.8M23 | $180.4M23 | $216.5M23 |
| Diluted shares | 10.5M | 10.7M | 10.3M | 10.2M | 10.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $338.09 of net worth that earned you $56.69 and generated $43.37 of cash last year.
It earned about 110% 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 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 359% 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.
The 3 estimate methods that apply put fair value between $40.25 and $188.22 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
- fcfGrowth13.7%
- fcfBase$46M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth13.7%
- fcfBase$46M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$39.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $85.41 |
| Base | 13.7% | $135.45 |
| Bull | 18.7% | $160.44 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 13.7%= 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 0000920427-23-000015 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000920427-24-000013 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0000920427-25-000016 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2024-12-31 · accession 0000920427-26-000012 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000920427-23-000015 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000920427-24-000013 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000920427-25-000016 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0000920427-26-000012 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000920427-23-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000920427-24-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000920427-25-000016 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0000920427-26-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000920427-23-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000920427-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000920427-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0000920427-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000920427-22-000012 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0000920427-23-000015 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0000920427-24-000013 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000920427-25-000016 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0000920427-24-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000920427-25-000016 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0000920427-26-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)