MeritValue

USCB FINANCIAL HOLDINGS, INC.

USCBdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

USCB FINANCIAL HOLDINGS, INC. earns about 35% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $11.11 and $87.32 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$56.7M1$71.1M2$101M3$131.2M4$145.5M4
Net income$21.1M5$20.1M6$16.5M7$24.7M8$26.1M8
Operating cash flow$22.1M9$29.5M10$22.5M11$34.8M12$42.8M12
Capital expenditure$633,00013$673,00014$163,00015$314,00016$303,00016
Free cash flow (derived)$21.4M9$28.9M10$22.4M11$34.5M12$42.5M12
Total debt—————
Cash & equivalents$46.2M17$54.2M18$41.1M19$77M20$38.5M20
Diluted shares———19.8M19.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$110.52
your share of equity
Profit it earned you last year
$13.28
Free cash flow it threw off
$21.63
Debt you’d be carrying
—

10 shares is a claim on $110.52 of net worth that earned you $13.28 and generated $21.63 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
35% avg · 5y
FY21 15%FY22 20%FY23 32%FY24 56%FY25 49%

It earned about 35% 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 →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 v0.1.0

The 3 estimate methods that apply put fair value between $11.11 and $87.32 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$87.32
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.2%
  • fcfBase$34.5M
DCF · Growth Exit 5Y
$53.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.2%
  • fcfBase$34.5M
Earnings Power Value
$11.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$21.1M
  • growthAssumed0.0%
Graham Number
$18.19
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $53.42
The three cases
Bear0.0%$27.06
Base17.2%$53.42
Bull20.0%$59.24

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 17.2%= 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.

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001562762-23-000140 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001562762-24-000061 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001562762-25-000043 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001562762-26-000027 (InterestAndDividendIncomeOperating)
  5. 10-K/A · period ending 2021-12-31 · accession 0001562762-23-000140 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001562762-24-000061 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001562762-25-000043 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001562762-26-000027 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001562762-23-000140 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001562762-24-000061 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001562762-25-000043 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001562762-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001562762-23-000140 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001562762-24-000061 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001562762-25-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001562762-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001562762-23-000140 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001562762-24-000061 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001562762-25-000043 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001562762-26-000027 (CashAndCashEquivalentsAtCarryingValue)