Which superinvestors hold Flex Ltd (FLEX)?

Per the latest SEC 13F filings, 3 superinvestors hold Flex Ltd (FLEX): Daniel Loeb, Ray Dalio, Lee Ainslie. Combined value held is about $173.4M, with Daniel Loeb the largest holder.

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Flex Ltd

FLEXAbove valueExpectations · demanding

Held by 3 superinvestors.

Price$111.82

Holders3

Total value$173.4M

SEC 10-K · fundamentals

Business quality

as of 2026-03-31

Valuation basis: trailing twelve months to 2026-06-26 — latest 10-K plus unaudited 10-Q filings.

Revenue growth: +8.1%
Net margin: 3.2%
ROE: 17.1%
FCF margin: 3.8%

Revenue $24.12B → $27.91B · 6y

What makes a business high quality

Valuation · value band

Above fair value

$25/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

$112

cheaperpricier

Zero-growth floor

$22

Central IV

$25

Optimistic top

$69

Flex Ltd (FLEX): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $22–$69 / sh. Today’s price sits above both (price $112 as of 2026-08-26).

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 10.6% · Zero-growth downside $22

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

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 $20.73 – $28.73 · Greenwald $36.22 – $68.87 (neutral $52.55) · zero-growth base $28.24 · reproduction $7.84

Moat Franchise (moat) · terminal value 15% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$21.95 – $28.24 / 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 2026-06-26, 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).

Buffett owner-earnings value$22.17 – $27.10 / 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: TTM 2026-06-26, 2024, 2023, 2022, 2021

v1 simplifications: 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% 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 $2.93B = $7.84 / 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 ≈ 33%, $7.97–$40.62 / sh (neutral $24.30). Conservative, not a forecast.

Window TTM 2026-06-26, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 3% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-26, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). 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 72%.

Valuation basis: trailing twelve months to 2026-06-26 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 20.2% a year in owner-earnings for the next few years. Revenue actually grew 1.6% a year.

The market wants it well ahead of its own track record.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $173.4M combined · this quarter +2 opened / -2 exited

This quarter2 opened1 trimmed2 exited

Holders 3 → 3 · last 8q

Investor	Value	Shares	Weight (prev→now)
Daniel Loeb	$166.9M	1,030,000	New · 3.6%
Ray Dalio	$5.6M	34,390	0.0% → 0.0% ▲
Lee Ainslie	$857,188	5,289	New · 0.0%

Daniel Loeb
Value$166.9MWeight (prev→now)New · 3.6%
Ray Dalio
Value$5.6MWeight (prev→now)0.0% → 0.0% ▲
Lee Ainslie
Value$857,188Weight (prev→now)New · 0.0%

Exited this quarter (2)

Harry Burn Chris Bloomstran

SEC 13F · notes

Written summary

Flex Ltd (FLEX) is held by 3 of the superinvestors tracked on Compounder, with a combined $173.4M in reported 13F value. The largest position belongs to Daniel Loeb, where it makes up 3.6% of the portfolio.

Other notable holders by value include Ray Dalio (0.0% of its book) and Lee Ainslie (0.0% of its book).

Over the latest quarter, 2 of the tracked filers opened a new position in FLEX, 0 added to existing ones, 1 trimmed, and 2 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

Also held by these investors

Investors holding Flex Ltd (FLEX) also commonly hold →

FLEX's price is not below its conservative value band. See current strike-zone stocks

Also on

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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