Globe Life Inc
GLWithin bandExpectations · demandingHeld by 3 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +3.7%
- Net margin
- 19.4%
- ROE
- 19.4%
- FCF margin
- 20.9%
Valuation · value band
In fair-value range
Zero-growth floor
$74
Central IV
$101
Optimistic top
$280
Globe Life Inc (GL): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $74–$280 / sh. Today’s price sits inside both (price $172 as of 2026-08-25).
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 0% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $74
Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.
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 $87.56 – $116.44 · Greenwald $168.47 – $279.91 (neutral $228.53) · zero-growth base $116.03 · reproduction $50.75
Moat Franchise (moat) · terminal value 37% of present value · owner-earnings yield 6% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$74.25 – $96.42 / 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 2026-06-30, 2022, 2021, 2020
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 78% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$94.93 – $116.03 / 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 2026-06-30, 2022, 2021, 2020
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 78% (> 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. 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 $4.01B = $50.75 / 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 narrow moat · competitive-advantage period ≈ 10 years.
Growth value: if the moat holds for 10 yr at ROIIC ≈ 682%, $52.45–$163.88 / sh (neutral $112.50). Conservative, not a forecast.
Window TTM 2026-06-30, FY 2022, 2021, 2020 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2022, 2021, 2020 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). 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 78%.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 10.5% a year in owner-earnings for the next few years. Revenue actually grew 4.6% a year.
The market wants it well ahead of its own track record.
Roughly, the price needs its historical revenue growth to run about 37 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
3 holders · $258.1M combined · this quarter +0 opened / -1 exited
- Value$242.3MWeight (prev→now)0.5% → 0.7% ▲
- Value$11.8MWeight (prev→now)0.0% → 0.0% ▲
- Value$4.0MWeight (prev→now)0.3% → 0.3% ▼
SEC 13F · notes
Written summary
Written summary
Globe Life Inc (GL) is held by 3 of the superinvestors tracked on Compounder, with a combined $258.1M in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 0.7% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book) and Tweedy, Browne (0.3% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in GL, 2 added to existing ones, 1 trimmed, and 1 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 Globe Life Inc (GL) also commonly hold →
- Baxter International IncBAX3 holders
- Wells Fargo & CoWFC3 holders
- Alphabet Inc-Cl AGOOGL3 holders
- Bank Of America CorpBAC3 holders
- Lkq CorpLKQ3 holders
- The Cigna GroupCI3 holders
GL's price is not below its conservative value band. See current strike-zone stocks
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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