MeritValue

UWHARRIE CAPITAL CORP

UWHRdata completeness 100%17 fiscal years on file
The thesis, from the filings

UWHARRIE CAPITAL CORP earns about 225% 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 $14.19 and $73.66 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$27.6M1$31.6M2$45.7M3$54.7M3$57.8M3
Net income$10.1M4$8.25M5$8.6M6$9.91M6$11.4M6
Operating cash flow−$3.55M7$30.9M8$9.34M9$14.1M9$9.86M9
Capital expenditure$765,00010$436,00011$1.8M12$846,00012$1.66M12
Free cash flow (derived)−$4.31M7$30.5M8$7.54M9$13.2M9$8.2M9
Total debt$30.6M13$30.7M14$30.5M15$30.6M16$29.1M16
Cash & equivalents$94.4M17$114.6M18$63.4M19$52.3M20$73.3M20
Diluted shares7.5M7.4M7.6M7.4M7.2M

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
$89.67
your share of equity
Profit it earned you last year
$15.69
Free cash flow it threw off
$11.33
Debt you’d be carrying
$40.17

10 shares is a claim on $89.67 of net worth that earned you $15.69 and generated $11.33 of cash last year, against $40.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
225% avg · 5y
FY21 —FY22 —FY23 326%FY24 149%FY25 201%

It earned about 225% 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
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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 v0.1.0

The 3 estimate methods that apply put fair value between $14.19 and $73.66 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
$73.66
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$8.2M
DCF · Growth Exit 5Y
$43.04
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$8.2M
Earnings Power Value
$14.19
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$9.91M
  • growthAssumed0.0%
Graham Number
$17.34
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $43.04
The three cases
Bear0.0%$22.3
Base20.0%$43.04
Bull20.0%$43.04

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

Default growth 20.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-027016 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-034396 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-093397 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-027016 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-034396 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-093397 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-027016 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-034396 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-093397 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-027016 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-034396 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-093397 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-003301 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-027016 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034396 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-093397 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001564590-23-003301 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-027016 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-034396 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-093397 (CashAndCashEquivalentsAtCarryingValue)