First United CORP/MD/ (FUNC) intrinsic value & 10-year financials
First United CORP/MD/ (FUNC) has a Graham intrinsic value of $109.61 per share. At $44.24 on Oct 17, 2026, the stock trades 60% below that value. Over the last 10 fiscal years revenue grew 40.8% a year to $18.4M, with an average return on invested capital of 8.2%.
- Graham intrinsic value
- $109.61
- Share price (Oct 17, 2026)
- $44.24
- Price vs Graham value
- 60% below
- Market cap
- $287.7M
- Revenue (FY2025)
- $18.4M
- Revenue growth (10-yr CAGR)
- 40.8%
- ROIC (10-yr avg)
- 8.2%
- Free cash flow (FY2025)
- $15.4M
FUNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.4M | $24.5M | $3.77 | $15.4M | — | 10.4% |
| FY2024 | $17.7M | $20.6M | $3.15 | $20.4M | — | 7.4% |
| FY2023 | $16.7M | $15.1M | $2.25 | $22.1M | — | 6.8% |
| FY2022 | $16.2M | $25.0M | $3.76 | $23.0M | — | 17.4% |
| FY2021 | $16.1M | $19.8M | $2.95 | $18.9M | — | 16.0% |
| FY2020 | $13.3M | $13.8M | $1.97 | $14.6M | — | 7.7% |
| FY2019 | $13.0M | $13.1M | $1.85 | $12.4M | — | 5.3% |
| FY2018 | $12.6M | $10.7M | — | $8.8M | — | 4.6% |
| FY2017 | $11.8M | $5.3M | — | $6.4M | — | 2.6% |
| FY2016 | $849.0K | $7.3M | — | $7.6M | — | 3.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FIRST UNITED CORP/MD/ is a consistent compounder, expanding top-line revenue at 40.8% annually over the past decade.
FIRST UNITED CORP/MD/ returns on capital have been average, hovering around 8.2% ROIC over the decade.
FIRST UNITED CORP/MD/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FIRST UNITED CORP/MD/ is modeled at 12.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $109.61 per share.