Genesco Inc
GCOWithin bandHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
As of 2026-01-31Valuation basis: trailing twelve months to 2026-08-01 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +4.8%
- Net margin
- 0.5%
- ROE
- 2.3%
- FCF margin
- 3.4%
Valuation · value band
In fair-value range
Zero-growth floor
$48
Central IV
$32
Optimistic top
$48
Genesco Inc (GCO): A conservative value band $48 / sh (zero-growth floor to growth-capped optimistic top); central read about $32. Today’s price sits inside that band (price $37 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.
- 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 $48
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
Price is at or below the reproducible tangible asset base ($48 / sh) — a rarer, harder floor.
Model cautions
- 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 $29.07 – $36.34 · Greenwald zero-growth $47.69 · zero-growth base $47.69 · reproduction $47.69
Moat Commodity-like · terminal value 36% of present value · owner-earnings yield 9% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)$38.17 – $45.81 / 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 2026-08-01, 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 58% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$31.71 – $38.76 / 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 2026-08-01, 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 58% (> 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 $520.65M = $47.69 / 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.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-08-01, FY 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 TTM 2026-08-01, 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.
Valuation basis: trailing twelve months to 2026-08-01 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 2.7% a year in owner-earnings for the next few years. Revenue actually grew 4.1% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 4 more years to hold up.
Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $37.1M combined · this quarter +0 opened / -0 exited
- Value$37.1MWeight (prev→now)0.1% → 0.1% ▲
SEC 13F · notes
Written summary
Written summary
Genesco Inc (GCO) is held by 1 of the superinvestors tracked on Compounder, with a combined $37.1M in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 0.1% of the portfolio.
In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in GCO, 1 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.
SEC 13F · co-ownership
Also held by these investors
Investors holding Genesco Inc (GCO) also commonly hold →
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-07
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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