Accenture Plc-Cl A
ACNWithin bandExpectations · fairHeld by 10 superinvestors.
SEC 10-K · fundamentals
Business quality
As of 2026-08-31- Revenue growth
- +6.5%
- Net margin
- 11.3%
- ROE
- 26.5%
- FCF margin
- 15.7%
Valuation · value band
In fair-value range
Zero-growth floor
$127
Central IV
$198
Optimistic top
$233
Accenture Plc-Cl A (ACN): A conservative value band $127–$233 / sh (zero-growth floor to growth-capped optimistic top); central read about $198. Today’s price sits inside that band (price $230 as of 2026-10-16).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.8% · Zero-growth downside $127
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $132.17 – $233.24 · Greenwald zero-growth $160.03 · zero-growth base $160.03 · reproduction $8.00
Moat Franchise (moat) · terminal value 22% of present value · owner-earnings yield 6% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)$131.73 – $160.03 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2026, 2025, 2024, 2023, 2022
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 80% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$126.98 – $155.19 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2026, 2025, 2024, 2023, 2022
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 80% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $1.84B + capitalized R&D $3.10B（FY 2026, 2025, 2024, 2023, 2022） = $8.00 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window FY 2026, 2025, 2024, 2023, 2022 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 5% · OE FY 2026, 2025, 2024, 2023, 2022 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
What the price is betting
Today's price pencils in about 6.9% a year in owner-earnings for the next few years. Revenue actually grew 6.8% a year.
About its own track record.
Roughly, the price needs its historical revenue growth to run about 15 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
10 holders · $2.07B combined · this quarter +2 opened / -0 exited
- Value$639.9MWeight (prev→now)1.5% → 1.9% ▲
- Value$495.8MWeight (prev→now)2.0% → 1.1% ▼
- Value$421.2MWeight (prev→now)New · 4.9%
- Value$343.1MWeight (prev→now)0.8% → 0.5% ▼
- Value$112.2MWeight (prev→now)3.1% → 1.7% ▼
- Value$19.8MWeight (prev→now)0.3% → 0.2% ▼
- Value$19.0MWeight (prev→now)1.9% → 0.2% ▼
- Value$14.9MWeight (prev→now)2.4% → 1.0% ▼
- Value$4.0MWeight (prev→now)0.1% → 0.3% ▲
- Value$380,164Weight (prev→now)New · 0.3%
SEC 13F · notes
Written summary
Written summary
Accenture Plc-Cl A (ACN) is held by 10 of the superinvestors tracked on Compounder, with a combined $2.07B in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 1.9% of the portfolio.
Other notable holders by value include Jeremy Grantham (1.1% of its book), Edgar Wachenheim (4.9% of its book) and Bill Nygren (0.5% of its book).
In the quarter ended 2026-06-30, 2 of the tracked filers opened a new position in ACN, 2 added to existing ones, 4 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. 1 investor has already filed for the quarter ended 2026-09-30. Their positions in the table reflect those newer filings, and the move counts on this page cover only 2026-06-30 filings. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Accenture Plc-Cl A (ACN) also commonly hold →
- Microsoft CorpMSFT9 holders
- Alphabet Inc-Cl AGOOGL8 holders
- Alphabet Inc-Cl CGOOG8 holders
- Capital One Financial CorpCOF7 holders
- Meta Platforms Inc-Class AMETA7 holders
- Amazon.Com IncAMZN6 holders
ACN's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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