Which superinvestors hold Avista Corp (AVA)?

Per the latest SEC 13F filings, 1 superinvestor hold Avista Corp (AVA): Ray Dalio. Combined value held is about $19.3M, with Ray Dalio the largest holder.

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Avista Corp

AVAWithin bandExpectations · fair

Held by 1 superinvestor.

Price$37.57

Holders1

Total value$19.3M

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: +1.3%
Net margin: 9.8%
ROE: 7.1%
FCF margin: -5.1%

Revenue $1.32B → $1.96B · 6y

What makes a business high quality

Valuation · value band

In fair-value range

$33/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

$38

cheaperpricier

Zero-growth floor

$33

Central IV

$33

Optimistic top

$41

Avista Corp (AVA): A conservative value band $33–$41 / sh (zero-growth floor to growth-capped optimistic top); central read about $33. Today’s price sits inside that band (price $38 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 $33

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

Method & numbers

Model cautions

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 $20.75 – $41.11 · Greenwald zero-growth $36.70 · zero-growth base $36.70 · reproduction $33.32

Moat Franchise (via earnings growth) · terminal value 50% of present value · owner-earnings yield 6% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$29.59 – $36.70 / 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 2026-06-30, 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. Only one maintenance-capex method available; estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$18.96 – $23.18 / 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, 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). Only one maintenance-capex method available; 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 $2.77B = $33.32 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

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 narrow moat · competitive-advantage period ≈ 10 years.

Growth value gated to zero — franchise via earnings-growth bypass; growth credit stays in the owner-earnings DCF only.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 7% · OE FY TTM 2026-06-30, 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.

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 9.2% a year in owner-earnings for the next few years. Revenue actually grew 8.6% a year.

About its own track record.

Roughly, the price needs its historical revenue growth to run about 12 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $19.3M combined · this quarter +0 opened / -0 exited

This quarter1 added

Holders 1 → 1 · last 3q

Investor	Value	Shares	Weight (prev→now)
Ray Dalio	$19.3M	471,986	0.0% → 0.1% ▲

Ray Dalio
Value$19.3MWeight (prev→now)0.0% → 0.1% ▲

SEC 13F · notes

Written summary

Avista Corp (AVA) is held by 1 of the superinvestors tracked on Compounder, with a combined $19.3M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.1% of the portfolio.

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

Also held by these investors

Investors holding Avista Corp (AVA) also commonly hold →

AVA's price is not below its conservative value band. See current strike-zone stocks

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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