UNITED BANCSHARES INC/OH

UBOH

United Bancshares, Inc. operates as the bank holding company for The Union Bank Company that provides various commercial and consumer banking services. The company accepts various deposits, including checking, savings, demand, and money market deposits; and offers individual retirement accounts, as well as certificates of deposit.

About the company

Country: United StatesPrice: $41.80Market Cap: $112.5M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 6

NEUTRAL / FAIL

Median fair value

$49.06

+17.4% vs price

Models with upside

6 / 17

Positive margin of safety

Strongest signal

Models split on UBOH at $41.80 — fair values range $31.30–$74.11

Key risk

All 8 investors flag UBOH's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	FAIL	BUY	NEUTRAL	FAIL	NEUTRAL	PASS	FAIL	NEUTRAL	NEUTRAL	NEUTRAL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)			N/A		N/A	N/A				N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+7.6%	+43.6%	N/A	+14.8%	N/A	N/A	+28.3%	+9.0%	-33.5%	N/A	+17.9%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Market data at 2026-11-01 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Market data at 2026-11-01 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2026-08-01–2026-11-01 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2026-08-01–2026-11-01 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-13 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2026-08-01–2026-11-01 Latest source filing: 2023-03-13 Score computed: 2026-11-14

Where It Passes

Valuation models86% pass✓ 6✗ 1▾
Models split on UBOH at $41.80 — fair values range $31.30–$74.11
Graham fair value$45.24
✓Graham+7.6% margin vs $41.80
Buffett fair value$74.11
✓Buffett+43.6% margin vs $41.80
Greenblatt fair value$49.06
✓Greenblatt+14.8% margin vs $41.80
Munger fair value$58.31
✓Munger+28.3% margin vs $41.80
Pabrai fair value$45.94
✓Pabrai+9.0% margin vs $41.80
Akre fair value$31.30
✗Akre-33.5% margin vs $41.80
Ackman fair value$50.90
✓Ackman+17.9% margin vs $41.80
Cash Flow80% pass✓ 10✗ 2▾
8 of 10 pass — Lynch and Oshaughnessy object
Free Cash Flow Proxy$9.4M
✓BuffettPositive and growing
FCF Positive and Growing$13.2M
✗LynchPositive and growing
Operating Cash Flow$16.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=1.54%, ROA=1.04%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)7.8x
✓Dreman< 8x
P/E or FCF YieldP/E=12.1x, FCF Yield=11.7%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive14/14 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap10.0%
✓Ackman>= 4%
Price / FCF per Share10.0x
✓Ackman<= 25
Positive Operating Cash Flow frequency14/14 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$13.2M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+11.73%; #591/4519 (top 13.1%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✗ 11▾
All 8 investors flag UBOH's efficiency
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.04x -> 0.04x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2020: ROIC=unavailable; FY2021: ROIC=unavailable; FY2022: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Growth13% pass✓ 3✗ 10▾
7 of 8 flag UBOH's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency14/14 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth0.4%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR8.6%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability19% pass✓ 12✗ 23▾
13 of 16 flag UBOH's profitability — Graham, Buffett, Lynch +10 more
Net income / market capitalization+10.05%; #649/6340 (top 10.2%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)14/15 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)14/15 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)11.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$9.4M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE13.7%
✗Lynch> 15%
EBIT / Enterprise Value14.0%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=14.0%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets1.04%
✓PiotroskiROA > 0
ROA Change YoY1.26% -> 1.04% (delta: -0.22%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=1.54%, ROA=1.04%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue32.2%
✓Dreman>= 8%
Net Income / Shareholders' Equity13.7%
✓Dreman> 12%
Margin of SafetyP/E=12.1x, P/B=1.6x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity12.5% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency14/14 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity13.7%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+13.68%; #1307/5226 (top 25.0%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0015; #141/5884 (top 2.4%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation23% pass✓ 9✗ 19▾
10 of 13 flag UBOH's valuation — Graham, Lynch, Greenblatt +7 more
Net income / market capitalization+10.05%; #649/6340 (top 10.2%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.6x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value14.0%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=14.0%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS12.1x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)7.8x
✓Dreman< 8x
Price / Book Value per Share1.6x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=12.1x, OE Yield=7.1%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=12.1x, FCF Yield=11.7%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=12.1x, P/B=1.6x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share10.0x
✓Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.7350; #2088/6449 (top 32.4%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS12.1x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share2.45x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+13.5%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.3461; #3124/5247 (top 59.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+11.73%; #591/4519 (top 13.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗OshaughnessyTop 10% of eligible cross-section
Verdicts33% pass✓ 3✗ 6▾
Split decision: 7 NEUTRAL · 6 FAIL · 2 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (0/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (4/11)✓MungerBUY (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)•MarksNEUTRAL (4/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Debt & Leverage42% pass✓ 7✗ 8▾
7 of 12 flag UBOH's debt & leverage — Graham, Buffett, Lynch +4 more
Debt Levels0.38
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.38, IC: 4.8x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.38
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.38
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=4.8x, D/EBITDA=1.8x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.38
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.3758; #2191/4210 (top 52.0%)
✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2022. Current investor scores may use newer quarterly data.

Company Profile

Size: Micro Cap($112.5M)

Revenue: $38.9M+0.4% YoY

Net Income: $11.3M-16.7% YoY

Financial Snapshot

Operating Margin--

Return on Equity13.7%

Debt / Equity0.38

Current Ratio--

EPS (Diluted)$3.46−99.9% 1y

Buybacks (1y)$2.9M

Buybacks (2y)$3.2M

Shares Retired4.0% / 4.0% 2y

Similar Companies

No peer companies found in this industry.

Shareholder Return

Fiscal 2022

Retired 4.0% of shares last year, 4.0% over two.

Buybacks: $2.9M
Dividends: $2.7M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY19

29.5% = 29.7% + −0.2%

FY20

28.0% = 29.0% + −0.8%

FY21

97736.5% = −1.3% + 98990.0%

FY22

−99.9% = −16.7% + −99.9%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2022 Sources 10-K · 2023-03-13	FY 2021 Sources 10-K · 2022-03-07	FY 2020 Sources 10-K · 2021-03-05	FY 2019 Sources 10-K · 2020-03-06	FY 2018 Sources 10-K · 2019-03-04
Market Cap	$112.5Mcurrent	--	--	--	--
Revenue	$38.9M	$38.8M↓3%	$40.0M↑6%	$37.8M↑10%	$34.4M
Operating Income	--	--	--	--	--
Net Income	$11.3M↓17%	$13.6M↓1%	$13.8M↑29%	$10.7M↑30%	$8.2M
EPS (Diluted)	$3.46↓100%	$4070.00↑97737%	$4.16↑28%	$3.25↑29%	$2.51
Gross Margin	—	—	—	—	—
Operating Margin	—	—	—	—	—
ROE	13.7%↑20%	11.4%↓7%	12.3%↑10%	11.2%↑11%	10.2%
Total Debt	$31.1M↑343%	$7.0M↓10%	$7.8M↓87%	$58.8M↓10%	$65.4M
Shareholders' Equity	$82.7M↓31%	$119.1M↑7%	$111.6M↑18%	$94.8M↑17%	$80.9M
Current Ratio	—	—	—	—	—
Debt / Equity	0.38↑538%	0.06↓15%	0.07↓89%	0.62↓23%	0.81
Operating Cash Flow	$16.8M↓37%	$26.4M↑54%	$17.2M↑375%	$3.6M↓30%	$5.1M
Free Cash Flow	$13.2M↓41%	$22.5M↑44%	$15.6M↑445%	$2.9M↓38%	$4.6M