Genworth Financial Inc
GNWWithin bandHeld 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
- +0.1%
- Net margin
- 3.1%
- ROE
- 2.5%
- FCF margin
- —
Valuation · value band
In fair-value range
Zero-growth floor
$19
Central IV
$1
Optimistic top
$19
Genworth Financial Inc (GNW): A conservative value band $19 / sh (zero-growth floor to growth-capped optimistic top); central read about $1. Today’s price sits inside that band (price $10 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 0% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $19
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Earnings basis: reported net income minus investment and derivative fair-value gains/losses, net of tax at the statutory 21% — portfolio marks flow through GAAP net income (ASU 2016-01) but are not operating earnings power.
Price is at or below the reproducible tangible asset base ($19 / 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 $1.25 – $1.63 · Greenwald zero-growth $18.85 · zero-growth base $18.85 · reproduction $18.85
Moat Below asset base · terminal value 37% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$2.40 – $2.57 / 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 unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). 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$1.36 – $1.66 / 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: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). 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 $7.28B = $18.85 / 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 2026-06-30, FY 2022, 2021, 2020 · discount band 9%–11% · normalized tax 21% (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: 9.16%–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.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
3 holders · $218.7M combined · this quarter +0 opened / -0 exited
- Value$212.9MWeight (prev→now)3.7% → 3.8% ▲
- Value$5.1MWeight (prev→now)2.7% → 2.8% ▲
- Value$710,487Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Genworth Financial Inc (GNW) is held by 3 of the superinvestors tracked on Compounder, with a combined $218.7M in reported 13F value. The largest position belongs to Donald Smith, where it makes up 3.8% of the portfolio.
Other notable holders by value include Paul Isaac (2.8% of its book) and Ray Dalio (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in GNW, 1 added to existing ones, 2 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 Genworth Financial Inc (GNW) also commonly hold →
- Corebridge Financial IncCRBG3 holders
- Aercap Holdings NvAER2 holders
- Harley-Davidson IncHOG2 holders
- M/I Homes IncMHO2 holders
- Sm Energy CoSM2 holders
- Citigroup IncC2 holders
GNW'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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