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Customers Bancorp Inc

CUBIWithin band

Held by 1 superinvestor.

Price$74.78
Holders1
Total value$270,285

SEC 10-K · fundamentals

Business quality

As of 2025-12-31
Revenue growth
—
Net margin
—
ROE
10.6%
FCF margin
—

Fundamentals data incomplete — read with care.

What makes a business high quality

Valuation · value band

In fair-value range

$65/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$75
cheaperpricier

Zero-growth floor

$63

Central IV

$65

Optimistic top

$78

Customers Bancorp Inc (CUBI): A conservative value band $63–$78 / sh (zero-growth floor to growth-capped optimistic top); central read about $65. Today’s price sits inside that band (price $75 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.

  • Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.
  • 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 $63

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

  • Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
  • 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 $58.20 – $72.75 · Greenwald zero-growth $77.60 · zero-growth base $77.60 · reproduction $63.27

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: 2025, 2024, 2023, 2022, 2021

Buffett owner-earnings value$63.49 – $77.60 / 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). Maintenance-capex methods diverge by 185% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. 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 $2.12B = $63.27 / 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 — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.

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 0% (history declining → capped at 0) · OE FY 2025, 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.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $270,285 combined · this quarter +1 opened / -0 exited

This quarter1 opened

SEC 13F · notes

Written summary

Customers Bancorp Inc (CUBI) is held by 1 of the superinvestors tracked on Compounder, with a combined $270,285 in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.0% of the portfolio.

In the quarter ended 2026-06-30, 1 of the tracked filers opened a new position in CUBI, 0 added to existing ones, 0 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

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

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

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