Rhinebeck Bancorp, Inc. is a US-listed company in the regional banks industry. Its financial year ends in December.
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~$8.7
Valuation models combined (4)
Base case. Range ~$6.3–$12. Weighted average of 4 models (residual income, price-to-book vs return on equity (peers), price-to-book vs peers, price-to-earnings vs peers), the residual income counting double.
Overvalued
The price is above our entire value range; our base value is 33% below it.
Price used: $12.98, November 3, 2026
Rhinebeck Bancorp, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $54m, up 59.6% on a year earlier, slower than the 71.2% growth a quarter earlier. That growth ranks 10 of 231 among the regional banks companies we cover.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Rhinebeck Bancorp, Inc.'s trailing-twelve-month revenue grew 59.6% year on year, with a free-cash-flow margin of 23.8%. Where it stands out: stock pay as % of revenue of 0.2% ranks 4 of 206 regional banks companies we cover. Where it lags: change in growth rate of -11.6pp ranks 222 of 244 regional banks companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 59.6% (-11.6pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Rhinebeck Bancorp, Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.55 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$6.3 ~$3.6–$11 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$2.5 ~$2.0–$3.2 | Left out: out of range vs price (0.19x) |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$12 ~$5.6–$19 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$10 ~$13–$19 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$8.5 ~$9.8–$13 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$8.7 ~$6.3–$12 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Rhinebeck Bancorp, Inc. with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Rhinebeck Bancorp's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.6% of total assets over 8 years.
Net margin has been a median 14.5%; its worst year was -17.0%.
The diluted share count rose 1.3% over five years; stock-based pay has been a median 0.7% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (41 before it).
No analyst estimates are published for Rhinebeck Bancorp, Inc.: too few analysts cover it.
Last 12 months +81.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $34m | $54m | +59.6% |
| P/S multiple | 2.3x | 2.7x | +15.1% |
| Share count | 11m | 11m | −1.5% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
Last 3 years +179.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $45m | $54m | +17.8% |
| Net margin | 11.3% | 18.4% | +62.8% |
| P/E multiple | 9.9x | 14.4x | +45.4% |
| Share count | 11m | 11m | +0.1% |
Biggest factor: net margin.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| RBKB | +25% | −15% | −12% | +20% | +24% | +50% |
| Industry peers (median) | +34% | −4% | −2% | +16% | +10% | +24% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| RBKB | 58% | 42% | 33% | 42% | 75% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| RBKB | −6% | −25% | −36% | −22% | −30% | −8% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since January 17, 2019: 50% from March 18, 2019 to March 25, 2020. Getting back needed a 102% gain, reached on June 12, 2025, 1905 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +0.8% | −2.1% | — | — |
| July 23, 2026 | +3.2% | −1.1% | +3.7% | +5.5% |
| April 23, 2026 | +5.4% | +0.4% | +4.4% | −1.0% |
| January 29, 2026 | −2.0% | −0.5% | +7.7% | +33.3% |
| October 28, 2025 | +2.2% | +0.3% | −0.5% | +12.4% |
| July 24, 2025 | −1.6% | +0.5% | −2.5% | +5.7% |
| April 24, 2025 | +1.8% | +2.8% | +10.3% | +10.2% |
| January 30, 2025 | +0.1% | 0.0% | +0.5% | +2.6% |
| December 26, 2024 | +0.3% | −1.0% | +0.5% | +4.3% |
| October 24, 2024 | −1.3% | +0.2% | +2.6% | +9.2% |
| September 27, 2024 | −1.3% | +0.3% | +2.6% | −4.1% |
| July 25, 2024 | −0.9% | +0.6% | −2.6% | −4.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $44.3M |
| FY23 Q4 | $43.7M |
| FY24 Q1 | $42.9M |
| FY24 Q2 | $42.9M |
| FY24 Q3 | $31.3M |
| FY24 Q4 | $28.7M |
| FY25 Q1 | $31.1M |
| FY25 Q2 | $33.5M |
| FY25 Q3 | $47.8M |
| FY25 Q4 | $53.4M |
| FY26 Q1 | $53.2M |
| FY26 Q2 | $53.5M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -9.3% |
| FY23 Q4 | -8.4% |
| FY24 Q1 | -9.0% |
| FY24 Q2 | -5.6% |
| FY24 Q3 | -29.3% |
| FY24 Q4 | -34.4% |
| FY25 Q1 | -27.5% |
| FY25 Q2 | -21.8% |
| FY25 Q3 | 53.0% |
| FY25 Q4 | 85.9% |
| FY26 Q1 | 71.2% |
| FY26 Q2 | 59.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 11.5% |
| FY23 Q4 | 14.8% |
| FY24 Q1 | -0.7% |
| FY24 Q2 | 24.1% |
| FY24 Q3 | 14.0% |
| FY24 Q4 | 26.7% |
| FY25 Q1 | 50.2% |
| FY25 Q2 | 18.0% |
| FY25 Q3 | 24.4% |
| FY25 Q4 | 20.4% |
| FY26 Q1 | 18.0% |
| FY26 Q2 | 23.8% |
What Rhinebeck Bancorp earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.
| Interest income | $68.9M | |
|---|---|---|
| Fee and other income | $7M | 13.1% of revenue |
| Interest paid | $22.5M | |
| Net interest income | $46.4M | 86.9% of revenue |
| Revenue | $53.4M | |
| Non-interest expense | $39M | 73.1% of revenue |
| Credit-loss provisions | $1.7M | 3.1% of revenue |
| Pre-tax profit | $12.7M | 23.8% of revenue |
| Income tax | $2.6M | 4.9% of revenue |
| Net income | $10M | 18.8% of revenue |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 33 | 34 | 38 | 45 | 47 | 48 | 44 | 29 | 53 | 54 |
| Net income | 3 | 4 | 6 | 6 | 12 | 7 | 4 | −9 | 10 | 10 |
| Diluted EPS | — | — | $0.56 | $0.55 | $1.06 | $0.64 | $0.40 | −$0.80 | $0.92 | $0.90 |
| Growth (year on year) | ||||||||||
| Revenue | — | +2.9% | +12.8% | +18.0% | +4.8% | +1.9% | −8.4% | −34.4% | +85.9% | +59.6% |
| Net income | — | +45.1% | +36.9% | −0.8% | +95.3% | −39.5% | −37.2% | −296.1% | — | — |
| Diluted EPS | — | — | — | −1.8% | +92.7% | −39.6% | −37.5% | −300.0% | — | — |
| Margins | ||||||||||
| Net margin | 9.2% | 13.0% | 15.7% | 13.2% | 24.7% | 14.7% | 10.0% | −30.0% | 18.8% | 18.4% |
| Free-cash-flow margin | 14.4% | 22.2% | 25.1% | 29.0% | 12.6% | 28.6% | 14.8% | 26.7% | 20.4% | 23.8% |
| Cash flow | ||||||||||
| Cash from operations | 5 | 9 | 12 | 15 | 8 | 15 | 7 | 8 | 12 | 14 |
| Capital spending | 1 | 1 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Free cash flow | 5 | 7 | 10 | 13 | 6 | 14 | 6 | 8 | 11 | 13 |
| Stock-based pay | — | — | — | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | 13 | 5 | 13 | 6 | 8 | 11 | 13 |
| Balance sheet | ||||||||||
| Cash | 10 | 51 | 12 | 93 | 72 | 31 | 22 | 37 | 102 | 305 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −10 | −51 | −12 | −93 | −72 | −31 | −22 | −37 | −102 | −305 |
| Diluted shares | — | — | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m |
| Returned to shareholders | ||||||||||
| Buybacks | — | — | — | — | — | — | — | — | 0 | — |
| Total returned | — | — | — | — | — | — | — | — | 0 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 8 | 13 | 13 | 14 | 14 | 13 | 13 |
| Net income | −8 | −3 | 2 | 3 | 3 | 2 | 2 | 3 |
| Diluted EPS | −$0.75 | −$0.25 | $0.21 | $0.25 | $0.25 | $0.22 | $0.20 | $0.24 |
| Growth (year on year) | ||||||||
| Revenue | −93.2% | −24.2% | +22.9% | +22.9% | +>999% | +69.1% | −1.0% | +2.1% |
| Net income | −752.3% | −385.4% | +104.1% | +179.6% | — | — | −3.1% | −4.0% |
| Diluted EPS | −781.8% | −412.5% | +110.0% | +177.8% | — | — | −4.8% | −4.0% |
| Margins | ||||||||
| Net margin | <−999% | −33.2% | 17.9% | 20.8% | 19.3% | 17.3% | 17.5% | 19.6% |
| Free-cash-flow margin | −469.0% | 40.2% | 32.8% | 17.2% | 14.5% | 17.9% | 22.8% | 40.3% |
| Cash flow | ||||||||
| Cash from operations | −4 | 4 | 4 | 2 | 2 | 3 | 4 | 6 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Free cash flow | −4 | 3 | 4 | 2 | 2 | 2 | 3 | 5 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | −4 | 3 | 4 | 2 | 2 | 2 | 3 | 5 |
| Last 12 months unless stated | RBKB | FCAP | CMTV | RMBI | BOTJ | UNB | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $54m | $55m | $52m | $52m | $52m | $57m | $255m |
| Revenue growth, last 12 months | 59.6% | 18.2% | 15.9% | 15.5% | 12.1% | 14.0% | 12.5% |
| Revenue growth, 3-year average | 5.6% | 8.3% | 7.9% | 4.9% | 5.4% | 4.5% | 6.0% |
| Revenue growth, latest quarter | 2.1% | 15.0% | 13.4% | 15.3% | 11.4% | 12.6% | 10.7% |
| Net margin | 18.4% | 33.8% | 35.4% | 23.1% | 22.2% | 21.2% | 28.7% |
| Cash from operations / revenue | 26.4% | 43.6% | 40.0% | 28.4% | 24.4% | 39.2% | 34.3% |
| Free-cash-flow margin | 23.8% | 39.8% | 38.0% | 25.9% | 22.2% | 36.5% | 31.4% |
| Free-cash-flow margin, 3-year average | 21.9% | 40.0% | 34.5% | 28.4% | 18.8% | 23.4% | 29.9% |
| Stock pay / revenue | 0.2% | 0.1% | — | 0.5% | 0.3% | 1.3% | 1.2% |
| Change in share count | 1.5% | −0.1% | 0.0% | −2.4% | 0.0% | 2.3% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 59.6% | 12.5% | 8 of 245 |
| Change in growth rate Growth | -11.6pp | +0.0pp | 222 of 244 |
| Net margin Profitability | 18.4% | 28.7% | 207 of 245 |
| Stock pay as % of revenue Cash generation | 0.2% | 1.3% | 4 of 206 |
| Change in share count Balance sheet | 1.5% | 0.4% | 152 of 230 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Vitale Michael EVP, Head of Comm Banking | August 6, 2026 | Buy | 4,834 | $12.35 | $59,700 |
| Smith Matthew James President & CEO | July 22, 2026 | Buy | 2,300 | $12.00 | $27,600 |
| Smith Matthew James President & CEO | July 22, 2026 | Buy | 10,125 | $12.00 | $121,500 |
| Patzwahl Nancy Koskey Director | July 22, 2026 | Buy | 25,000 | $11.94 | $298,500 |
| Vitale Michael EVP, Head of Comm Banking | July 22, 2026 | Buy | 5,000 | $11.94 | $59,700 |
| Loughlin Suzanne Director | July 22, 2026 | Buy | 500 | $11.92 | $5,960 |
| Loughlin Suzanne Director | July 22, 2026 | Buy | 12,000 | $11.93 | $143,160 |
| Bronzi Philip J 1st SVP, Com Mkt Pres | May 19, 2026 | Sell | 4,162 | $15.92 | $66,259 |
| Bronzi Philip J Chief Lending Officer | December 3, 2025 | Sell | 3,446 | $11.05 | $38,078 |
| Bronzi Philip J Chief Lending Officer | December 3, 2025 | Sell | 100 | $11.16 | $1,116 |
| Bronzi Philip J Chief Lending Officer | December 3, 2025 | Sell | 1,500 | $11.15 | $16,725 |
| Nihill Kevin M CFO and Treasurer | November 6, 2025 | Buy | 1,000 | $9.67 | $9,670 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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