WESTAMERICA BANCORPORATION earns about 21% 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 $47.53 and $137.45 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 | $173.4M1 | $221.8M2 | $284M3 | $268M3 | $231M3 |
| Net income | $86.5M4 | $122M5 | $161.8M6 | $138.6M6 | $116.2M6 |
| Operating cash flow | $88.7M7 | $113.7M8 | $158.2M9 | $141.6M9 | $121.9M9 |
| Capital expenditure | $1.32M10 | $811,00011 | $1.16M12 | $1.74M12 | $2.25M12 |
| Free cash flow (derived) | $87.4M7,10 | $112.9M8,11 | $157M9,12 | $139.8M9,12 | $119.7M9,12 |
| Total debt | $146.2M13 | $57.8M14 | $58.2M15 | $120.3M16 | $137.3M16 |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 26.9M | 26.9M | 26.7M | 26.7M | 25.7M |
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.
10 shares is a claim on $363.6 of net worth that earned you $45.25 and generated $46.6 of cash last year, against $53.48 of debt.
It earned about 21% 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 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.
The 3 estimate methods that apply put fair value between $47.53 and $137.45 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a conservative ceiling on what a defensive investor should pay, not a target.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth9.83%
- Starting free cash flow$139.8M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth9.83%
- Starting free cash flow$139.8M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$122M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $68.62 |
| Base | 9.8% | $106.89 |
| Bull | 14.8% | $132.01 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 9.8%= 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.
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- 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001171843-26-001195 (ShortTermBorrowings)