Alphabet Inc-Cl A
GOOGLWithin bandHeld by 41 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
- +15.1%
- Net margin
- 32.8%
- ROE
- 31.8%
- FCF margin
- 18.2%
Valuation · value band
In fair-value range
Zero-growth floor
$57
Central IV
$333
Optimistic top
$426
Alphabet Inc-Cl A (GOOGL): A conservative value band $57–$426 / sh (zero-growth floor to growth-capped optimistic top); central read about $333. Today’s price sits inside that band (price $342 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.
- Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.
Revenue growth 15% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $57
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Model cautions
- Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
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 $123.17 – $426.04 · Greenwald zero-growth $111.75 · zero-growth base $111.75 · reproduction $56.72
Moat Franchise (via earnings growth) · terminal value 31% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$54.24 – $67.09 / 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, 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 114% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$91.43 – $111.75 / 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, 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 114% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. 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 $573.55B + capitalized R&D $124.64B（FY 2026, 2024, 2023, 2022） = $56.72 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
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 gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 16% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 15% · OE FY TTM 2026-06-30, 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.
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 15.6% a year in owner-earnings for the next few years. Revenue actually grew 15.2% a year.
About its own track record.
Roughly, the price needs its historical revenue growth to run about 14 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
41 holders · $46.56B combined · this quarter +1 opened / -3 exited
- Value$28.16BWeight (prev→now)5.9% → 9.4% ▲
- Value$3.81BWeight (prev→now)1.7% → 2.0% ▲
- Value$2.24BWeight (prev→now)3.2% → 3.0% ▼
- Value$2.19BWeight (prev→now)5.1% → 4.9% ▼
- Value$2.07BWeight (prev→now)13.4% → 8.7% ▼
- Value$1.05BWeight (prev→now)4.1% → 4.5% ▲
- Value$908.9MWeight (prev→now)22.8% → 24.5% ▲
- Value$878.1MWeight (prev→now)1.6% → 1.7% ▲
- Value$712.7MWeight (prev→now)10.1% → 11.1% ▲
- Value$633.7MWeight (prev→now)6.6% → 4.6% ▼
Show all 41 holders ▸Collapse ▾
- Value$503.4MWeight (prev→now)6.8% → 6.2% ▼
- Value$489.8MWeight (prev→now)11.6% → 8.9% ▼
- Value$472.5MWeight (prev→now)2.6% → 1.9% ▼
- Value$459.9MWeight (prev→now)15.6% → 17.5% ▲
- Value$366.3MWeight (prev→now)2.4% → 7.9% ▲
- Value$299.7MWeight (prev→now)0.9% → 0.9% ▼
- Value$204.4MWeight (prev→now)1.4% → 1.6% ▲
- Value$187.9MWeight (prev→now)5.7% → 6.2% ▲
- Value$141.3MWeight (prev→now)9.9% → 10.6% ▲
- Value$120.2MWeight (prev→now)New · 2.8%
- Value$110.8MWeight (prev→now)3.7% → 3.7% ▲
- Value$83.2MWeight (prev→now)2.5% → 2.6% ▲
- Value$77.0MWeight (prev→now)0.4% → 0.5% ▲
- Value$61.2MWeight (prev→now)0.2% → 0.2% ▲
- Value$61.1MWeight (prev→now)7.1% → 9.2% ▲
- Value$59.0MWeight (prev→now)30.9% → 27.0% ▼
- Value$50.5MWeight (prev→now)4.5% → 3.8% ▼
- Value$45.5MWeight (prev→now)9.2% → 9.4% ▲
- Value$35.7MWeight (prev→now)8.4% → 9.8% ▲
- Value$17.2MWeight (prev→now)5.1% → 5.4% ▲
- Value$15.0MWeight (prev→now)0.3% → 0.4% ▲
- Value$11.6MWeight (prev→now)2.4% → 3.0% ▲
- Value$9.9MWeight (prev→now)0.1% → 0.1% ▲
- Value$9.3MWeight (prev→now)1.4% → 0.1% ▼
- Value$7.2MWeight (prev→now)0.1% → 0.2% ▲
- Value$4.0MWeight (prev→now)0.0% → 0.0% ▲
- Value$2.4MWeight (prev→now)0.0% → 0.0% ▲
- Value$1.4MWeight (prev→now)0.1% → 0.1% ▲
- Value$250,159Weight (prev→now)0.0% → 0.0% ▲
- Value$76,344Weight (prev→now)0.0% → 0.0% ▲
- Value$1,429Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Alphabet Inc-Cl A (GOOGL) is held by 41 of the superinvestors tracked on Compounder, with a combined $46.56B in reported 13F value. The largest position belongs to Warren Buffett, where it makes up 9.4% of the portfolio.
Other notable holders by value include Dodge & Cox (2.0% of its book), Bill Nygren (3.0% of its book) and Jeremy Grantham (4.9% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in GOOGL, 4 added to existing ones, 24 trimmed, and 3 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 Alphabet Inc-Cl A (GOOGL) also commonly hold →
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-17
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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