Republic Bancorp Inc

RBCAA · Financials (state commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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Republic Bancorp Inc reported revenue of $417.5 million in fiscal 2025. Of the $680.8 million its operations generated over 10 years, 21.1% went to dividends and 11.8% to buybacks. On the accounting screens, it passes 5 of 6 Piotroski tests; none of the six cross-checks between its statements fires.

Revenue, fiscal 2025 417.5M

Operating margin 119.9% gross margin —

Return on invested capital —

Free cash flow after stock pay 159.0M 38.1% of revenue

Net debt ÷ EBITDA — net debt —

Piotroski F-score 5/6 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income

Compound growth a year
	3 yrs	5 yrs	9 yrs
Revenue	+8.5%	—	—
Operating income	+59.1%	—	—
Net income	+13.0%	—	—
Earnings per share	+13.5%	—	—
Free cash flow per share	+2.6%	—	—
Dividend per share	+9.5%	—	—
Shares	-0.5%	—	—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

    GrossOperatingNetFree cash flow
    
  

Return on invested capital

Return on invested capital Cost of capital today · 10.2%

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity: 11.9%
Return on assets: 1.9%
Asset turnover: 0.06×

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 10 years of operating cash went, 2021–2025

680.8M generated by the business. Each band is its share of that total.

Reinvested in the business 4% 29.1M
Acquisitions 6% 41.0M
Dividends 21% 143.6M
Share buybacks 12% 80.5M
Kept, or used to pay down debt 57% 386.7M

Over the same years it paid 8.0M in stock. 72.4M of the buybacks went beyond offsetting that dilution.

Per share

    Earnings per shareFree cash flow per shareDividend per share
    
  

Shares outstanding

Diluted shares

How strong is the balance sheet?

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA: —
Interest coverage: 1× operating income ÷ interest
Current ratio: — current assets ÷ current liabilities
Cash conversion cycle: —

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

5of 6 tests passed

ProfitableReturn on assets above zero passed
Cash from operationsOperating cash flow above zero passed
Profitability improvedReturn on assets higher than a year before passed
Profit backed by cashOperating cash flow above net income (low accruals) passed
Less long-term debtLong-term debt as a share of assets fell — not reported no data
More liquidCurrent ratio higher than a year before — not reported no data
No new sharesShare count did not grow failed
Better gross marginGross margin higher than a year before — not reported no data
Sells more per assetAsset turnover higher than a year before passed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

The accounts lack a line it needs (retained earnings, current assets or liabilities).

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue

Starting revenue

M $

revenue of fiscal 2025

Growth in year one

revenue grew +8.5% a year over the last 3 years; it fades to the terminal rate by the last year

Years until it settles

yrs

ten years for growth to fade to the terminal rate

Cash from each sale

Free cash flow margin today

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

Margin in the last year

the margin in year ten; by default the business keeps today's

Count stock-based pay as a costIt is paid in shares instead of cash, and shareholders bear it through dilution. Most free cash flow figures leave it out.

The long run

Growth after that, forever

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate

Risk-free rate

10-year US Treasury par yield (U.S. Treasury), 2026-09-25

Beta

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

Equity risk premium

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

Cost of debt, before tax

no interest line: the risk-free rate + 1.5 points

Tax rate

effective rate in the last fiscal year, 20.8%, kept within 0–35%

The price

Share price

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

Value per share, with these assumptions $273.38 discounted at 10.2% a year · 51% of it from after year 10

$208.0180% of 5,000 simulations$348.51

Cautious $176.19 4.5% growth · 64.8% margin · 11.2% discount · 2.0% forever

Your assumptions $273.38 8.5% growth · 76.2% margin · 10.2% discount · 2.5% forever

Generous $444.43 12.5% growth · 87.6% margin · 9.2% discount · 3.0% forever

Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.

What the value implies, in the usual multiples

	At this model's value
Price ÷ earnings	41.2×
Enterprise value ÷ EBITDA	10.7×
Enterprise value ÷ revenue	13.0×
Free cash flow yield	2.9%

From cash flows to a value per share

10 years of cash flow, today2.7B

Everything after, today2.8B

The whole business5.4B

Minus net debt-0

What belongs to shareholders5.4B

Divided among 19.8M shares: $273.38 each.

The projection next to its history

Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.

ReportedProjected

Year by year

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035
Revenue	453.0M	488.5M	523.5M	557.5M	590.0M	620.5M	648.4M	673.3M	694.6M	712.0M
Growth	8.5%	7.8%	7.2%	6.5%	5.8%	5.2%	4.5%	3.8%	3.2%	2.5%
Cash margin	76.2%	76.2%	76.2%	76.2%	76.2%	76.2%	76.2%	76.2%	76.2%	76.2%
Free cash flow	345.2M	372.2M	398.9M	424.8M	449.6M	472.8M	494.1M	513.1M	529.3M	542.5M
Worth today	313.3M	306.7M	298.3M	288.4M	277.0M	264.4M	250.8M	236.4M	221.4M	206.0M

If the least-known inputs move

Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.

The discount rate and growth forever

discount ↓ · forever →	1.5%	2.0%	2.5%	3.0%	3.5%
9.2%	282	298	316	337	361
9.7%	264	278	293	311	331
10.2%	248	260	273	288	306
10.7%	234	244	256	269	284
11.2%	222	231	241	252	265

Year-one growth and the final margin

margin ↓ · growth →	4.5%	6.5%	8.5%	10.5%	12.5%
61.0%	198	214	232	251	271
68.6%	215	233	253	273	296
76.2%	233	252	273	296	320
83.8%	250	271	294	319	345
91.4%	268	290	315	341	370

All the inputs moving at once

5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 11.4%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.

10th percentile$208.01

Median$267.43

90th percentile$348.51

Half of the simulations land between $233.40 and $306.67; one in ten below $208.01, one in ten above $348.51.

Does the long run make sense?

8.4×The terminal value prices the business in year 10 at 8.4 times that year's EBITDA.
13%To grow 2.5% forever while reinvesting 20% of its after-tax operating profit, the business must earn 13% on the new capital.
51%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.

The discount rate, taken apart

What shareholders demand (CAPM): 5.17% risk-free + 1.00 beta × 5.0% premium = 10.17%.
What lenders charge, after the tax saving on interest: 6.67% × (1 − 20.8%) = 5.29%.
Weighted by how much of each the company uses (book value (no price given)): 10.17%, the rate every future cash flow is discounted at.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Changed a director or officer

Event 2026-07-15

Published information for investors

Event 2026-05-20

Published information for investors

Quarterly 2026-05-07

Quarterly report

Event 2026-04-24

Published the results of a shareholder vote

Results 2026-04-23

Reported results

Estimatein 39d

Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period

Sold on the open market—none in the period

Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier

Other lines64 awards · 0 option exercises · 2 tax withholdings

Date	Who	What	Shares	Price	Value	Holds after
18 Sep 2026	Nardi ScottSVP, Risk & Compliance Officer	Shares withheld for taxes	118	$93.84	$11,073	2,163
18 Sep 2026	Shuman Brent JInterim President RPG	Shares withheld for taxes	121	$93.84	$11,355	3,622
30 Jun 2026	Sipes Kevin DEVP & CHIEF FINANCIAL OFFICER	Received as an award	60	$90.43	$5,385	76,745
30 Jun 2026	Ravichandran VidyaDirector	Received as an award	88	$90.43	$8,000	3,798
30 Jun 2026	Feaster David PDirector	Received as an award	17	$90.43	$1,500	5,738
30 Jun 2026	Green Jennifer NDirector	Received as an award	127	$90.43	$11,500	3,871

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Companies like this one

Same SEC industry (state commercial banks) first, then the rest of financials.

BNY Bank of New York Mellon Corp STT State Street Corp FITB Fifth Third Bancorp MTB M&T Bank Corp NTRS Northern Trust Corp CFG Citizens Financial Group Inc WAL Western Alliance Bancorporation MCB Metropolitan Bank Holding Corp.

Every figure, year by year

10 fiscal years · 30 measures

	2021	2021	2021	2022	2022	2022	2022	2023	2024	2025
Size
Revenue	—	—	309.3M	—	—	—	326.5M	360.2M	384.8M	417.5M
Revenue growth	—	—	—	—	—	—	—	+10.3%	+6.8%	+8.5%
Operating income	—	—	117.1M	—	—	—	124.3M	180.5M	439.9M	500.4M
Net income	—	—	87.6M	—	—	—	91.1M	90.4M	101.4M	131.3M
Margins
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	37.9%	—	—	—	38.1%	50.1%	114.3%	119.9%
Net margin	—	—	28.3%	—	—	—	27.9%	25.1%	26.3%	31.5%
Free cash flow margin	—	—	30.5%	—	—	—	46.3%	28.2%	37.2%	38.6%
R&D ÷ revenue	—	—	—	—	—	—	—	—	—	—
SG&A ÷ revenue	—	—	—	—	—	—	—	—	—	—
Cash
Free cash flow	—	—	94.5M	—	—	—	151.3M	101.6M	143.2M	161.1M
Stock-based pay	—	—	1.5M	—	—	—	1.8M	1.3M	1.3M	2.1M
Free cash flow after stock pay	—	—	92.9M	—	—	—	149.5M	100.3M	141.9M	159.0M
Free cash flow to the firm	—	—	95.3M	—	—	—	101.0M	144.3M	350.3M	396.1M
Free cash flow ÷ net income	—	—	1.1×	—	—	—	1.7×	1.1×	1.4×	1.2×
Capex ÷ revenue	—	—	1.9%	—	—	—	1.1%	1.9%	1.5%	1.7%
Returns
Return on invested capital	—	—	—	—	—	—	—	—	—	—
Return on equity	—	—	10.5%	—	—	—	10.6%	9.9%	10.2%	11.9%
Return on assets	—	—	1.4%	—	—	—	1.6%	1.4%	1.5%	1.9%
Asset turnover	—	—	0.1×	—	—	—	0.1×	0.1×	0.1×	0.1×
Economic profit	—	—	—	—	—	—	—	—	—	—
Per share
Earnings per share	—	—	$4.22	—	—	—	$4.53	$4.55	$5.14	$6.63
Free cash flow per share	—	—	$4.55	—	—	—	$7.53	$5.12	$7.26	$8.13
Dividend per share	—	—	$1.19	—	—	—	$1.30	$1.43	$1.55	$1.71
Payout ratio	—	—	28.2%	—	—	—	28.7%	31.4%	30.1%	25.8%
Book value per share	—	—	$40.23	—	—	—	$42.62	$45.98	$50.26	$55.65
Diluted shares	—	—	20.8M	—	—	—	20.1M	19.9M	19.7M	19.8M
Balance sheet
Net debt	—	—	—	—	—	—	—	—	—	—
Net debt ÷ EBITDA	—	—	—	—	—	—	—	—	—	—
Interest coverage	—	—	20.7×	—	—	—	16.6×	2.7×	1.4×	1.5×
Current ratio	—	—	—	—	—	—	—	—	—	—
Cash conversion cycle (days)	—	—	—	—	—	—	—	—	—	—
Scores
Piotroski F-score	—	0	2	0	0	0	2	4	6	5
Altman Z''	—	—	—	—	—	—	—	—	—	—
Beneish M	—	—	—	—	—	—	—	—	—	—

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.