Bankunited Inc
BKUWithin bandHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
As of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +7.4%
- Net margin
- 1234.8%
- ROE
- 8.8%
- FCF margin
- —
Valuation · value band
In fair-value range
Zero-growth floor
$42
Central IV
$35
Optimistic top
$42
Bankunited Inc (BKU): A conservative value band $42 / sh (zero-growth floor to growth-capped optimistic top); central read about $35. Today’s price sits inside that band (price $42 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.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 10.8% · Zero-growth downside $42
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Model cautions
- 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 $31.76 – $39.71 · Greenwald zero-growth $42.35 · zero-growth base $42.35 · reproduction $41.83
Moat Commodity-like · terminal value 36% of present value · owner-earnings yield 9% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$34.65 – $42.35 / 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: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). 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. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
Reproduction value = tangible net assets $3.00B = $41.83 / 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.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-30, 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 0% (history declining → capped at 0) · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · 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.
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 3.3% a year in owner-earnings for the next few years. Revenue actually grew 3.2% a year.
About its own track record.
Roughly, the price needs its historical revenue growth to run about 8 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.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $11.6M combined · this quarter +0 opened / -0 exited
- Value$11.6MWeight (prev→now)0.1% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Bankunited Inc (BKU) is held by 1 of the superinvestors tracked on Compounder, with a combined $11.6M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.0% of the portfolio.
In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in BKU, 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 Bankunited Inc (BKU) also commonly hold →
- Ss Spdr S&P 500 Etf Trust-UsSPY1 holder
- Ishares Core S&P 500 EtfIVV1 holder
- Nvidia CorpNVDA1 holder
- Broadcom IncAVGO1 holder
- Amazon.Com IncAMZN1 holder
- Alphabet Inc-Cl AGOOGL1 holder
See which stocks look cheap against a conservative value band. Browse all valued 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.
Stay Updated
New-quarter 13F moves and valuation updates, to your inbox.