Abercrombie & Fitch Co-Cl A
ANFBelow valueExpectations · modestHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2026-01-31Valuation basis: trailing twelve months to 2026-05-02 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +6.4%
- Net margin
- 9.6%
- ROE
- 36.1%
- FCF margin
- 7.2%
Valuation · value band
Margin of safety
Zero-growth floor
$66
Central IV
$117
Optimistic top
$284
Abercrombie & Fitch Co-Cl A (ANF): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $66–$284 / sh. Today’s price sits below both (price $109 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.
Revenue growth 7% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $66
Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.
Method & numbers
Model cautions
- The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
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 $72.52 – $143.69 · Greenwald $178.93 – $284.14 (neutral $229.72) · zero-growth base $116.62 · reproduction $29.34
Moat Franchise (moat) · terminal value 50% of present value · owner-earnings yield 7% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$97.78 – $116.62 / 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: TTM 2026-05-02, 2024, 2023, 2022, 2021
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 88% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$66.28 – $81.00 / 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 2026-05-02, 2024, 2023, 2022, 2021
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 88% (> 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 $1.34B = $29.34 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value: if the moat holds for 10 yr at ROIIC ≈ 143%, $62.31–$167.52 / sh (neutral $113.10). Conservative, not a forecast.
Window TTM 2026-05-02, FY 2024, 2023, 2022, 2021 · 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 7% · OE FY TTM 2026-05-02, 2024, 2023, 2022, 2021 · 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. Two-method midpoint gap 65%.
Valuation basis: trailing twelve months to 2026-05-02 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 5.7% a year in owner-earnings for the next few years. Revenue actually grew 10.9% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 6 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $13.6M combined · this quarter +1 opened / -0 exited
- Value$11.9MWeight (prev→now)0.1% → 0.0% ▼
- Value$1.8MWeight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Abercrombie & Fitch Co-Cl A (ANF) is held by 2 of the superinvestors tracked on Compounder, with a combined $13.6M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.0% of the portfolio.
Other notable holders by value include Jeremy Grantham (0.0% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in ANF, 0 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.
SEC 13F · co-ownership
Also held by these investors
Investors holding Abercrombie & Fitch Co-Cl A (ANF) also commonly hold →
- Ss Spdr S&P 500 Etf Trust-UsSPY2 holders
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- Lam Research CorpLRCX2 holders
- Alphabet Inc-Cl AGOOGL2 holders
- Apple IncAAPL2 holders
- Meta Platforms Inc-Class AMETA2 holders
ANF's price is below its conservative value band. Browse all undervalued stocks by margin of safety
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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