Capital One Financial Corp
Held by 15 superinvestors (COF).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
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.
Capital One Financial Corp (COF): A conservative earnings-power estimate, $50–$127 / sh; today’s price sits above it (price $205 as of 2026-07-02).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $49.66 – $66.96 · Greenwald zero-growth $126.60 · zero-growth base $126.60 · reproduction $126.60
Moat Below asset base · terminal value 37% of present value · owner-earnings yield 3% vs 10Y 4.4%.
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: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$54.17 – $66.21 / 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: 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 (degraded); 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 same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $68.53B = $126.60 / 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 (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (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 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). 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.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
15 superinvestors hold it · $8.89B combined
Largest holder Bill Nygren
Held by 15 superinvestors of Capital One Financial Corp (COF); this quarter 1 opened, 11 trimmed, 5 exited (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
Want to see which stocks look cheap against a conservative value band?
Browse all valued stocks, ranked by value bandSuperinvestors Holding This Security
- Value$1.89BWeight (prev→now)3.3% → 2.5% ▼
- Value$1.60BWeight (prev→now)1.2% → 0.9% ▼
- Value$1.56BWeight (prev→now)9.4% → 7.2% ▼
- Value$1.30BWeight (prev→now)0.6% → 0.5%
- Value$835.6MWeight (prev→now)3.6% → 2.7% ▼
- Value$413.6MWeight (prev→now)4.1% → 3.3% ▼
- Value$368.1MWeight (prev→now)7.8% → 6.1% ▼
- Value$294.1MWeight (prev→now)1.9% → 0.8% ▼
- Value$227.8MWeight (prev→now)3.4% → 2.6% ▼
- Value$183.2MWeight (prev→now)5.7% → 4.5% ▼
Show all 15 holders ▸Superinvestors Holding This Security ▾
- Value$105.0MWeight (prev→now)6.1% → 6.0% ▼
- Value$67.5MWeight (prev→now)New · 2.2%
- Value$25.5MWeight (prev→now)3.7% → 1.2% ▼
- Value$16.6MWeight (prev→now)0.2% → 0.1%
- Value$579,763Weight (prev→now)0.1% → 0.1%
Ownership overview
Capital One Financial Corp (COF) is held by 15 of the superinvestors tracked on Compounder, with a combined $8.89B in reported 13F value. The largest position belongs to Bill Nygren, where it makes up 2.5% of the portfolio.
Other notable holders by value include Dodge & Cox (0.9% of its book), Christopher Davis (7.2% of its book) and Warren Buffett (0.5% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in COF, 0 added to existing ones, 11 trimmed, and 5 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. 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.
Holders over time
Superinvestors holding this security over the last 8 quarters: 12 → 15.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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