MeritValue

VWF Bancorp, Inc.

VWFBdata completeness 100%4 fiscal years on file
The thesis, from the filings

VWF Bancorp, Inc. earns about 3% 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 2021FY 2022FY 2023FY 2024
Revenue$3.11M1$3.2M2$5.05M3$12M3
Net income$257,7644−$9,1435−$545,3846−$2.02M6
Operating cash flow$290,1017−$537,6678$317,2549−$1.98M9
Capital expenditure$41,00210$14,56211$104,12512$990,36012
Free cash flow (derived)$249,0997−$552,2298$213,1299−$2.97M9
Total debt——$6.2M13$62M13
Cash & equivalents$11.7M14$36.7M15$5.52M15$31.6M15
Diluted shares——1.8M1.8M

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
$206.61
your share of equity
Profit it earned you last year
−$11.42
Free cash flow it threw off
−$16.79
Debt you’d be carrying
$350.5

10 shares is a claim on $206.61 of net worth that earned you −$11.42 and generated −$16.79 of cash last year, against $350.5 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 4y
FY21 5%FY22 —FY23 0%FY24 3%

It earned an average 3% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has risen 900% 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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001558370-22-014687 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-06-30 · accession 0001558370-23-016274 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-06-30 · accession 0001558370-24-013063 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-06-30 · accession 0001558370-22-014687 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001558370-23-016274 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001558370-24-013063 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001558370-22-014687 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001558370-23-016274 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001558370-24-013063 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001558370-22-014687 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001558370-23-016274 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001558370-24-013063 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-06-30 · accession 0001558370-24-013063 (LongTermDebt)
  14. 10-K · period ending 2021-06-30 · accession 0001558370-23-016274 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-06-30 · accession 0001558370-24-013063 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)