Edison International
EIXAbove valueExpectations · demandingHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31- Revenue growth
- +9.8%
- Net margin
- 23.1%
- ROE
- 25.4%
- FCF margin
- -3.7%
Valuation · value band
Above fair value
Zero-growth floor
$46
Central IV
$34
Optimistic top
$46
Edison International (EIX): A conservative value band $46 / sh (zero-growth floor to growth-capped optimistic top); central read about $34. Today’s price sits above that band (price $77 as of 2026-07-20).
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 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.5% · Zero-growth downside $46
Price as of 2026-07-20 · yahoo · DGS10 4.5% @ 2026-07-17.
Method & numbers
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 $24.82 – $38.48 · Greenwald zero-growth $45.54 · zero-growth base $45.54 · reproduction $45.54
Moat Below asset base · terminal value 34% of present value · owner-earnings yield 5% vs 10Y 4.5%.
Graham earnings-power value (normalized NOPAT)$-24.18 – $-6.39 / 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 173% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$23.58 – $27.21 / 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 13.0–15.0% band (9–11% base + 4.0pp leverage premium). 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 173% (> 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% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 29.5 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $17.58B = $45.54 / 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 FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 29.5 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.
Owner-earnings DCF: growth g₁ 5% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 13.05%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-07-17). 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 22.0% a year in owner-earnings for the next few years. Revenue actually grew 6.5% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $27.9M combined · this quarter +0 opened / -0 exited
- Value$17.6MWeight (prev→now)0.0% → 0.0% ▲
- Value$10.3MWeight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Edison International (EIX) is held by 2 of the superinvestors tracked on Compounder, with a combined $27.9M in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.0% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in EIX, 2 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 2026-03-31. 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.
SEC 13F · co-ownership
Also held by these investors
Investors holding Edison International (EIX) also commonly hold →
- Ss Spdr S&P 500 Etf Trust-UsSPY2 holders
- Microsoft CorpMSFT2 holders
- Alphabet Inc-Cl AGOOGL2 holders
- Amazon.Com IncAMZN2 holders
- Johnson & JohnsonJNJ2 holders
- Meta Platforms Inc-Class AMETA2 holders
EIX's price is not below its conservative value band. See current strike-zone stocks
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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