SECURITY FEDERAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SECURITY FEDERAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	22.9	24.3	25.6	27.9	29.7	32	34.2
Interest expense	3.52	4.18	5.45	8.31	6.58	3.82	5.03	25.7
Interest income	4.25	4.87	4.66	5.5	4.6	9.91	16.7
Pre-tax income	7.85	8.35	8.78	9.47	8.63	16.3	12.9	12.5	12.6	17.3
Income tax	1.92	1.83	1.57	1.68	1.58	3.51	2.71	2.29	2.76	3.66
Net income	5.92	5.92	7.21	7.79	7.05	12.8	10.2	10.2	9.81	13.7
EPS, basic	2.09	2.01	2.44	2.64	2.19	3.93	3.14	3.14	2.77	3.80
EPS, diluted	1.99	1.91	2.32	2.50	2.19	3.93	3.14	3.14	2.77	3.80
Shares, basic (weighted)	2.94	2.95	2.95	2.96	3.21	3.25	3.25	3.25	3.21	3.16
Shares, diluted (weighted)	3.25	3.25	3.26	3.26	3.21	3.25	3.25	3.25	3.21	3.16
Dividend per share	0.32	0.36	0.36	0.40	0.40	0.44	0.76	0.52	0.56	0.71

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.37	10.3	12.7	12.5	18	27.6	28.5	128	178	75.3
Property, plant and equipment	21.2	22.8	24.2	27.2	26.6	25.2	28	28.6	29.3	32.7
Lease right-of-use assets			0	2.72	2.35	2.25	1.86	1.4	0.93	1.02
Goodwill	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
Total assets	813	869	913	963	1,172	1,301	1,381	1,550	1,612	1,618
Total liabilities	742	791	832	871	1,060	1,186	1,221	1,377	1,429	1,418
Paid-in capital	12	12.2	12.2	12.3	18.2	18.2	18.2	18.3	18.3	18.4
Retained earnings	62.2	67.1	72.6	79.3	85	96.4	104	111	118	128
Treasury stock	-4.33	-4.33	-4.33	-4.33	-4.33	-4.33	-4.33	-4.91	-5.96	-8.24
Other comprehensive income	1.18	2.93	-0.03	4.47	12.9	5.22	-40.8	-35.1	-31.1	-20.6
Shareholders' equity	71.1	77.9	80.5	91.8	112	116	160	172	182	200
Total equity	71.1	77.9	80.5	91.8	112	116	160	172	182	200
Total liabilities and equity	813	869	913	963	1,172	1,301	1,381	1,550	1,612	1,618
Shares outstanding	2.95	2.95	2.95	2.96	3.25	3.25	3.25	3.23	3.19	3.11

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.92	5.92	7.21	7.79	7.05	12.8	10.2	10.2	9.81	13.7
Depreciation and amortization	1.4	1.5	1.49	1.59	1.89	1.96	1.97	2.15	2.07	2.16
Stock-based compensation	0.01	0	0	0	0
Deferred income tax	0.71	0.73	-0.09	0.1	-0.38	0.22	-0.06	-0.3	-0.19	-0.1
Cash from operations	11.4	13.6	14.5	11.9	9.36	19.3	21.9	8.86	28.4	14.4
Capital expenditures	-2.46	-3.07	-2.86	-4.63	-1.24	-2.15	-4.69	-2.85	-2.76	-5.58
Purchases of investments						-207	-59.7	-46	-68.6	-225
Sales and maturities of investments							102	61.8	68.8	74.2
Cash from investing	-19.4	-60.5	-52.1	-47.5	-196	-136	-137	-58.5	-26.7	-101
Stock issued		0.18	0.01	0	0
Share buybacks							0	-0.58	-1.05	-2.28
Dividends paid	-0.94	-1.06	-1.06	-1.12	-1.3	-1.43	-2.47	-1.69	-1.8	-2.21
Cash from financing	8.98	47.9	40	35.5	192	126	116	149	48.2	-16.1
Net change in cash	0.99	0.95	2.39	-0.17	5.49	9.6	0.88	99.8	50	-103
Free cash flow	8.9	10.5	11.6	7.23	8.12	17.1	17.2	6	25.7	8.8
Interest paid	3.6	4.13	5.57	7.88	6.83	3.9	4.67	23	35.3	34
Income taxes paid	0.9	1.67	1.52	1.76	1.48	4.23	2.16	2.09	2.76	3.66

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $44.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	21.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	39.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	37.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-49.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-65.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-20.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	26.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	87.6%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$199.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	64.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.80	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.80	Net income per basic share, as reported (split-adjusted).
FCF per share	$2.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.55	Cash from operations / diluted weighted shares.
Book value per share	$64.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$63.99	Tangible book value / shares outstanding.
Cash per share	$24.19	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.71	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	16.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	25.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$136.1M	Share price x shares outstanding.
Enterprise value	$60.8M	Market cap + total debt - cash - short-term investments.
P/E	9.95x	Market cap / net income. Only when net income is positive.
P/B	0.68x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.68x	Market cap / tangible book value, when positive.
P/FCF	15.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.46x	Market cap / cash from operations, when positive.
EV/FCF	6.90x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	10.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was SECURITY FEDERAL CORP profitable in fiscal 2025?

Yes. Net income was $13.7M, a net margin of -.

How much free cash flow did SECURITY FEDERAL CORP generate in fiscal 2025?

Cash from operations of $14.4M minus capital expenditures of $5.6M left free cash flow of $8.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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