Which superinvestors hold Catalyst Pharmaceuticals Inc (CPRX)?

Per the latest SEC 13F filings, 1 superinvestor hold Catalyst Pharmaceuticals Inc (CPRX): Terry Smith. Combined value held is about $20.9M, with Terry Smith the largest holder.

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Catalyst Pharmaceuticals Inc

CPRXStrike zoneExpectations · modest

Held by 1 superinvestor.

Price$31.49

Margin of safety−52%

Holders1

Total value$20.9M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Revenue growth: +19.8%
Net margin: 36.4%
ROE: 22.5%
FCF margin: 35.4%

Revenue $118.7M → $589.0M · 6y

What makes a business high quality

Valuation · value band

Margin of safety

$65/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

$31

cheaperpricier

Zero-growth floor

$12

Central IV

$65

Optimistic top

$86

Catalyst Pharmaceuticals Inc (CPRX): A conservative value band $12–$86 / sh (zero-growth floor to growth-capped optimistic top); central read about $65. Today’s price sits below that band (price $31 as of 2026-07-21).

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 20% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $12

Price as of 2026-07-21 · yahoo · DGS10 4.6% @ 2026-07-21.

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

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 $18.34 – $85.60 · Greenwald zero-growth $21.02 · zero-growth base $21.02 · reproduction $7.17

Moat Franchise (moat) · terminal value 34% of present value · owner-earnings yield 4% vs 10Y 4.6%.

Graham earnings-power value (normalized NOPAT)$18.21 – $21.02 / 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 (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 113% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$12.07 – $14.75 / 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: 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). Maintenance-capex methods diverge by 113% (> 50%); 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 $822.59M + capitalized R&D $90.02M（FY 2025, 2024, 2023, 2022, 2021） = $7.17 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

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 not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.

Window FY 2025, 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 20% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.13%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-21). 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.

What the price is betting

Today's price pencils in about 11.1% a year in owner-earnings for the next few years. Revenue actually grew 42.4% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 3 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $20.9M combined · this quarter +0 opened / -0 exited

This quarter1 trimmed

Holders 1 → 1 · last 5q

Investor	Value	Shares	Weight (prev→now)
Terry Smith	$20.9M	844,887	0.5% → 0.2% ▼

Terry Smith
Value$20.9MWeight (prev→now)0.5% → 0.2% ▼

SEC 13F · notes

Written summary

Catalyst Pharmaceuticals Inc (CPRX) is held by 1 of the superinvestors tracked on Compounder, with a combined $20.9M in reported 13F value. The largest position belongs to Terry Smith, where it makes up 0.2% of the portfolio.

Over the latest quarter, 0 of the tracked filers opened a new position in CPRX, 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 2026-03-31. 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.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Catalyst Pharmaceuticals Inc (CPRX) also commonly hold →

CPRX's price sits below its conservative value band. See the full strike-zone list

Also on

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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