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Columbia Banking System Inc (COLB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Columbia Banking System Inc stock $23.93, price $30.48, that is 21.5% below the price, quality 44 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

CB Columbia Banking System Inc logo Broad data Nov 6, 2026

Columbia Banking System Inc

COLB · US
Expensive, weak quality

Our calculation puts a fair price 21% below what the stock costs today.

Healthy Growth (revenue 5y +17.7 %/yr in USD)
Highly profitable · 31.5% net margin (TTM)
1.2% dividend yield · Low payout
Upbeat coverage
Broad data
Last quarter vs. a year ago: revenue +29%, profit +95%.
Quality 44/100
Mixed vs. peers (7/15)
Wide moat 66/100 · thin data
Insiders sold $443,924 (6M)
Fair value $23.93 · Overvalued (−21.5%)

Risks from the AI analysis

🚩Elevated CRE concentration risk
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$33.61 $15.13 Fair Value $23.93 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range $15.13 – $33.61 · fair‑value band $19.96 – $33.26 · the $30.48 price screens above the $23.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Columbia Banking System, Inc. operates as the bank holding company for Columbia Bank that provides banking, private banking, mortgage, and other financial services in the United States.

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The company offers deposit products, including business, non-interest-bearing checking, interest-bearing checking and savings, money market, insured cash sweep and other investment sweep solutions, and certificates of deposit.

It also provides commercial lending products, such as commercial lines of credit and term loans, accounts receivable and inventory financing, international trade finance, commercial property loans, multifamily loans, equipment loans, commercial equipment leases, real estate construction loans, permanent financing, small business administration program financing, and capital markets services.

In addition, the company offers wealth management, comprising financial planning, investment, trust, insurance, and private banking solutions, as well as treasury management, which includes digital and mobile banking solutions, ACH, wires, positive pay, remote deposit capture, integrated payments, integrated receivables, lockbox, cash vault, real-time payments, commercial card, foreign exchange, trade and supply chain finance, international banking related products, and merchant services.

Further, it provides residential real estate loans and consumer loans. The company serves corporate, institutional, small business, and individual customers in the United States. Columbia Banking System, Inc. was founded in 1953 and is based in Tacoma, Washington.

Stock analysis

Columbia Banking System Inc (COLB) currently trades at $30.48, while our model-based Fair Value estimate is $23.93, 21% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $26.61 per share, and 0 of the 6 models we run sit above the $30.48 price.

Bear case: the Asset-Based group reads lowest at $13.37, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: $19.96 (bear) to $33.26 (bull), the price of $30.48 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Columbia Banking System Inc reported revenue of $3.2B in FY2025 versus $1.3B in FY2021, a compound +25.0%/yr. Reported net income was $550M in FY2025, compounding +7.0%/yr from FY2021.

Key figures

Market cap $8.7B Mid · P/E ratio 10.3 · P/S ratio 3.29 · EPS (TTM) $2.95 · Dividend yield 1.2% · Net margin 31.5% · Return on equity 11.2% · Return on assets (EBIT) 1.3% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −21%, COLB screens cheaper than that median.

Fair Value models

Bear $19.96 Fair Value $23.93 Bull $33.26
Price $30.48 · Downside -21.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.21 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $22.64 $23.93 $26.28 76
Gordon GGM $10.90 $22.71 $36.11 66
DDM Multi-Stage $10.90 $19.12 $23.82 66
All 6 models by family
Dividend Discount
Gordon GGM $10.90 $22.71 $36.11 66
DDM Multi-Stage $10.90 $19.12 $23.82 66
Multiples
P/E Multiple $18.96 $25.28 $31.59 63
P/B Multiple $20.96 $27.94 $34.93 55
Asset-Based
NCAV (Graham) $9.98 $13.37 $19.96 54
Economic Profit
Residual Income $22.64 $23.93 $26.28 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 28
How much profit the company makes from its sales and capital
Quality Growth 55
Are margins and returns getting better?
Cashflow 82
Do the profits arrive as real cash?
Financial strength 3
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 82
How calm the share price moves, does not count
Price momentum 45
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 60
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 2 officers or directors sold shares worth $443,924 and none bought.

  • SaleSteven R GardnerDirector2× since Jan 30, 2026: 24,247 shares, avg. $30.21$732,543Oct 29, 2026
  • SaleDevine David MooreEVP Chief Marketing Officer3,872 shares at $29.78$115,308Jun 8, 2026
  • SaleKumi Yamamoto BaruffiEVP General Counsel, Corp Sec937 shares at $26.23$24,578Mar 13, 2026
  • SaleBrock LakelyEVP, Chief Accounting Officer211 shares at $26.23$5,535Mar 13, 2026
  • SaleTorran B NixonSenior Executive VP4,481 shares at $28.55$127,932Mar 4, 202610b5-1 plan
  • Plan buyAaron James DeerEVP Chief Strategy/Innov Offcr886 shares at $25.37$22,478Jun 30, 2026

Plus 13 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.7%
Start year 2020 (pandemic). Over 10 years: +10.3% a year
Revenue growth 33 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+18.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.5%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.0% vs 6.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−102% → 23%
Pace: the 5-year rate starts in 2020 (pandemic)

COLB screens overvalued: fair value 21% below the price. Compare with China Merchants Bank Co →

Earlier news

News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Note from the team Oct 11, 2026
AI conclusion: Targeted expansion into franchise and restaurant banking stands as the main strength while limited durable advantages and thin data on uniqueness form the central weakness.
Main risk: High exposure to commercial real estate loans after the Pacific Premier merger could prompt stricter regulatory oversight or larger credit losses if property values decline, squeezing capital ratios and lending margins.
Bull case: By shifting further toward diversified relationship-based commercial lending and using AI tools to boost efficiency in operations and customer service, the bank could lower its CRE reliance while expanding its Western footprint profitably.
Bear case: Should commercial real estate markets weaken materially, the bank might incur elevated loan losses, face regulatory capital constraints and find it harder to sustain lending growth without additional equity raises.
Columbia Banking System is expanding into specialty areas like franchise and restaurant banking across its Western states footprint. Regional banks meanwhile confront ongoing macro headwinds that could pressure lending and margins. Does this targeted growth build a more durable business or leave it more exposed to the same sector challenges?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks

Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 44 · Bottom 25%
Fair Value upside −21.5% · Below median
Profitability
Return on equity (12 months) 11.2% · Above median
Return on assets 0.8% · Below median
Net margin (12 months) 31.5% · Above median
Operating margin (12 months) 51.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 29.3% · Top 25%
Dividend yield (12 months) 1.2% · Bottom 25%
Balance sheet
Debt / equity 0.46× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.3× · Cheaper than median
P/B 1.11× · Cheaper than median
P/S (12 months) 3.29× · Cheaper than median
Price / free cash flow (fiscal year) 12.4× · Pricier than median
EV/EBITDA 13.2× · Pricier than median
PEG 2.26× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)5 · sector 8
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)45 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)24 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs COLB
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs COLB
BNP Paribas SA BNP €91.93 €106.01 +15% vs COLB
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs COLB
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs COLB
UniCredit S.p.A UCG €76.80 €50.44 −34% vs COLB
Mizuho Financial Group MFG $9.40 $5.90 −37% vs COLB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs COLB
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs COLB
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs COLB

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Cite: Fair Value Calculator (2026). "Columbia Banking System Inc Fair Value". https://www.fairvalue-calculator.com/stock/COLB

Frequently asked questions

Is Columbia Banking System Inc (COLB) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $23.93 versus a price of $30.48, about 21% lower (overvalued).
What is the fair value of COLB?
Our model-based fair value for Columbia Banking System Inc is $23.93 (as of Nov 6, 2026), built from audited fundamentals. The current price: $30.48.
What is the quality score of COLB?
Columbia Banking System Inc has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Columbia Banking System Inc (COLB)?
Our model-based price target is the fair value of $23.93 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario $19.96, optimistic scenario $33.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Columbia Banking System Inc stock forecast for 2026?
Our models put fair value at $23.93, about 21% lower versus a price of $30.48 (overvalued). Cautious scenario $19.96, optimistic scenario $33.26. The calculation is refreshed regularly with new filings.
What is the revenue of Columbia Banking System Inc (COLB)?
Columbia Banking System Inc reported trailing-twelve-month revenue of about $2.7B (latest available figure, as of Nov 6, 2026).
Does Columbia Banking System Inc pay a dividend?
Columbia Banking System Inc currently shows a dividend yield of 1.18% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Columbia Banking System Inc (COLB) and when is the ex-dividend date?
Columbia Banking System Inc pays a dividend of $0.36 per share a year, a dividend yield of 1.2%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since at least 2003. The payout ratio is 11.5% of earnings (on adjusted earnings, reported 12.2%). Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Columbia Banking System Inc (COLB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Columbia Banking System Inc it is $23.93 per share (as of Nov 6, 2026), against a price of $30.48. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Columbia Banking System Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, COLB trades above its calculated fair value: price $30.48, fair value $23.93, a gap of about −21% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of COLB?
No. The price is what the market pays today ($30.48); the fair value is what the company's own numbers justify ($23.93). For Columbia Banking System Inc the two are $6.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Columbia Banking System Inc worth?
The market values Columbia Banking System Inc at about $8.7B (market capitalisation, as of Nov 6, 2026). Per share that is $30.48; our models calculate a fair value of $23.93 per share.
What do the bullish and bearish scenarios say about COLB?
Our models span a range for Columbia Banking System Inc: cautious scenario $19.96, base $23.93, optimistic $33.26 per share (as of Nov 6, 2026, price $30.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of COLB?
Columbia Banking System Inc trades at a price-to-earnings ratio of 10.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $23.93 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 15.5 (reported for FY2025: 16.5). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 9 of the years ex one-offs: 40.0. Other multiples: PEG 2.3, P/B 1.1, P/S 3.3, EV/EBITDA 13.2.
What is the PEG ratio of COLB?
The PEG ratio of Columbia Banking System Inc is 2.26 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Columbia Banking System Inc (COLB)?
Balance-sheet figures for Columbia Banking System Inc (as of Nov 6, 2026): return on equity 11.2%, debt of 0.46 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is COLB from its 52-week high?
Columbia Banking System Inc trades at $30.48, about 9% below its 52-week high of $33.61 and 23% above the low of $24.79 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $23.93 is for.
Which stocks are comparable to Columbia Banking System Inc?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Columbia Banking System Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $30.48, calculated fair value $23.93 (−21%), Quality Score 44/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of COLB calculated?
We run Columbia Banking System Inc through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $23.93 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Columbia Banking System Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Columbia Banking System Inc (COLB)?
The closing price on Nov 6, 2026 was $30.48. Our model-based fair value is $23.93, about 21% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Columbia Banking System Inc right now?
Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Columbia Banking System Inc (COLB) come from?
Earnings per share at Columbia Banking System Inc grew +8.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.7 %, EBIT margin −2.3 %, tax rate +1.7 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Columbia Banking System Inc

How large is the market capitalisation of Columbia Banking System Inc (COLB)?
The market capitalisation of Columbia Banking System Inc is $8.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Columbia Banking System Inc (COLB)?
The price-to-sales ratio of Columbia Banking System Inc is 3.29 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Columbia Banking System Inc (COLB)?
Earnings per share at Columbia Banking System Inc are $2.95 (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Columbia Banking System Inc (COLB)?
The dividend yield of Columbia Banking System Inc is 1.2% (payout 11.5%, on adjusted earnings, reported 12.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Columbia Banking System Inc (COLB)?
The net margin of Columbia Banking System Inc is 31.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Columbia Banking System Inc (COLB)?
The return on equity (ROE) of Columbia Banking System Inc is 11.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Columbia Banking System Inc (COLB)?
On an EBIT basis the return on assets of Columbia Banking System Inc is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Columbia Banking System Inc (COLB)?
The operating margin of Columbia Banking System Inc is 51.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Columbia Banking System Inc (COLB)?
Revenue at Columbia Banking System Inc is growing +29.3% versus a year earlier (3y avg +33.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Columbia Banking System Inc (COLB)?
Earnings per share at Columbia Banking System Inc are growing +95.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Columbia Banking System Inc (COLB) generate?
The free cash flow of Columbia Banking System Inc is $706M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Columbia Banking System Inc (COLB) carry?
The net debt of Columbia Banking System Inc is $3.5B (fiscal year 2025, ≈ 5.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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