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Astera Labs Inc

ALABAbove value

Held by 2 superinvestors.

Price$284.97
Holders2
Total value$516.0M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+115.1%
Net margin
25.7%
ROE
16.1%
FCF margin
33.1%
Revenue $79.9M → $852.5M · 4y
What makes a business high quality

Valuation · value band

Above fair value

$3/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$285
cheaperpricier

Zero-growth floor

$12

Central IV

$3

Optimistic top

$12

Astera Labs Inc (ALAB): A conservative value band $12 / sh (zero-growth floor to growth-capped optimistic top); central read about $3. Today’s price sits above that band (price $285 as of 2026-08-21).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $12

Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

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 $2.21 – $4.12 · Greenwald zero-growth $12.18 · zero-growth base $12.18 · reproduction $12.18

Moat Below asset base · terminal value 49% of present value · owner-earnings yield 0% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.

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: TTM 2026-06-30, 2024, 2023, 2022

v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$2.13 – $2.60 / 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: TTM 2026-06-30, 2024, 2023, 2022

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. 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 $1.63B + capitalized R&D $598.86M（FY 2026, 2024, 2023, 2022） = $12.18 / 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.

Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.

Window TTM 2026-06-30, FY 2024, 2023, 2022 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022 · Discount band: 9.19%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-20). 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.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 130.1% a year.

The market wants it well ahead of its own track record.

Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $516.0M combined · this quarter +0 opened / -0 exited

This quarter1 added1 trimmed
Holders 1 → 2 · last 8q
  • Lee Ainslie
    Value$515.5MWeight (prev→now)1.2% → 4.7% ▲
  • Ray Dalio
    Value$479,156Weight (prev→now)0.4% → 0.0% ▼

SEC 13F · notes

Written summary

Astera Labs Inc (ALAB) is held by 2 of the superinvestors tracked on Compounder, with a combined $516.0M in reported 13F value. The largest position belongs to Lee Ainslie, where it makes up 4.7% of the portfolio.

Other notable holders by value include Ray Dalio (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in ALAB, 1 added to existing ones, 1 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. 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.

How to read a 13F

SEC 13F · co-ownership

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Also on

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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