United Bancorp

UBCP

Banks - Regional · Financial Services

Price

$15.31

+0.35 (+2.34%)

Market Cap

$88.5M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+6.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.5M (2021) → 5.8M (2025)

United Bancorp is a small regional bank holding company based in Martins Ferry, Ohio. It owns Unified Bank, which offers everyday banking services like checking and savings accounts, loans, and mortgages to individuals and small businesses. The bank mainly serves communities in eastern Ohio and the northern panhandle of West Virginia.

United Bancorp makes money by collecting interest on loans and mortgages, and by charging fees for banking services. It operates a network of local branches in a relatively rural part of the Midwest, with a market cap of around $100 million, making it one of the smaller publicly traded banks in the country. Its competitive position relies on local relationships and community ties rather than scale, which is common for banks this size. The main risk it faces is rising interest rates or a slowdown in the local economy, either of which could increase loan defaults and squeeze the bank's profit margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+9.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

16.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$27M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$27M cash & investments at current burn rate

Growth context

United Bancorp is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

69.1%

Premium pricing power — 69.1% gross margin

Operating Margin

15.3%

Healthy — 15.3% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+7.2%

Steady sales growth (7.2% YoY)

EPS YoY

+10.5%

Earnings growing (10.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

132%

Turns 132% of profit into real cash

FCF Margin

-4.0%

Burning cash (-4.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.36

Elevated debt (1.36)

Interest Cover

0.51x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

11.2x

Attractive valuation — P/E 11.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

5.77%

Healthy income — 5.77% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+4.4%

Dividend growing modestly (4.4% YoY)

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