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Avnet Inc

AVTAbove valueExpectations · demanding

Held by 5 superinvestors.

Price$90.29
Holders5
Total value$628.8M

SEC 10-K · fundamentals

Business quality

as of 2026-06-27
Revenue growth
+24.5%
Net margin
1.2%
ROE
6.7%
FCF margin
-1.3%
Revenue $17.63B → $27.63B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$44/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$90
cheaperpricier

Zero-growth floor

$50

Central IV

$44

Optimistic top

$51

Avnet Inc (AVT): A conservative value band $50–$51 / sh (zero-growth floor to growth-capped optimistic top); central read about $44. Today’s price sits above that band (price $90 as of 2026-08-26).

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 0 yr · discount 13.3% · Zero-growth downside $50

Price as of 2026-08-26 · yahoo · DGS10 4.6% @ 2026-08-25.

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 $32.31 – $51.24 · Greenwald zero-growth $50.50 · zero-growth base $50.50 · reproduction $50.50

Moat Commodity-like · terminal value 38% of present value · owner-earnings yield 5% vs 10Y 4.6%.

Graham earnings-power value (normalized NOPAT)$33.69 – $49.33 / 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: 2025, 2024, 2023, 2022, 2021

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. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$31.13 – $36.41 / 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 11.8–13.8% band (9–11% base + 2.8pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). 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). 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% base band plus a 2.8pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 8.5 years of owner earnings, adding 2.8pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $4.21B = $50.50 / 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.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 12% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 8.5 years of owner earnings → +2.8pp cost-of-equity premium → effective 11.8%–13.8%.

Owner-earnings DCF: growth g₁ 5% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 11.91%–14.77% (DGS10 +4.5% to a 12% strict end, each +2.77pp for leverage premium, as of 2026-08-25). 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 18.7% a year in owner-earnings for the next few years. Revenue actually grew 6.8% a year.

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

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

5 holders · $628.8M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 added3 trimmed
Holders 4 → 5 · last 8q

SEC 13F · notes

Written summary

Avnet Inc (AVT) is held by 5 of the superinvestors tracked on Compounder, with a combined $628.8M in reported 13F value. The largest position belongs to Edgar Wachenheim, where it makes up 3.9% of the portfolio.

Other notable holders by value include Richard Pzena (0.8% of its book), Jeremy Grantham (0.0% of its book) and Ray Dalio (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in AVT, 1 added to existing ones, 3 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 Avnet Inc (AVT) also commonly hold →

AVT'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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