Core Laboratories Inc
CLBAbove valueExpectations · demandingHeld by 2 superinvestors.
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
- +0.5%
- Net margin
- 5.6%
- ROE
- 11.2%
- FCF margin
- 4.9%
Valuation · value band
Above fair value
Zero-growth floor
$5
Central IV
$6
Optimistic top
$7
Core Laboratories Inc (CLB): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $5–$7 / sh. Today’s price sits above both (price $13 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 1% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.8% · Zero-growth downside $5
Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-21.
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
- The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
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 $4.81 – $6.86 · Greenwald $7.21 – $7.26 (neutral $7.21) · zero-growth base $7.21 · reproduction $3.42
Moat Franchise (moat) · terminal value 16% of present value · owner-earnings yield 5% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$5.54 – $7.21 / 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 (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$5.06 – $6.16 / 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 9.2–11.2% band (9–11% base + 0.2pp leverage premium). 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). 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 0.2pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 3.4 years of owner earnings, adding 0.2pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $160.12M = $3.42 / 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 wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value: if the moat holds for 20 yr at ROIIC ≈ 7%, $0.00–$0.05 / sh (neutral $0.00). Conservative, not a forecast.
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.
Baseline 9%–11%, net debt ≈ 3.4 years of owner earnings → +0.2pp cost-of-equity premium → effective 9.2%–11.2%.
Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.45%–12.21% (DGS10 +4.5% to a 12% strict end, each +0.21pp for leverage premium, as of 2026-08-21). 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 20%.
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 11.3% a year in owner-earnings for the next few years. Revenue actually grew 3.0% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $199.4M combined · this quarter +0 opened / -0 exited
- Value$164.0MWeight (prev→now)2.5% → 1.6% ▼
- Value$35.4MWeight (prev→now)1.7% → 0.6% ▼
SEC 13F · notes
Written summary
Written summary
Core Laboratories Inc (CLB) is held by 2 of the superinvestors tracked on Compounder, with a combined $199.4M in reported 13F value. The largest position belongs to John Rogers, where it makes up 1.6% of the portfolio.
Other notable holders by value include Fred Martin (0.6% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in CLB, 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.
SEC 13F · co-ownership
Also held by these investors
Investors holding Core Laboratories Inc (CLB) also commonly hold →
- Generac Holdings IncGNRC2 holders
- Gentex CorpGNTX2 holders
- Snap-On IncSNA2 holders
- Dynatrace IncDT2 holders
- Simpson Manufacturing Co IncSSD2 holders
- Plexus CorpPLXS1 holder
CLB's price is not below its conservative value band. See current strike-zone 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.
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