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International Seaways Inc

INSWBelow valueExpectations · modest

Held by 1 superinvestor.

Price$109.99
Margin of safety−31%
Holders1
Total value$227,472

SEC 10-K · fundamentals

Business quality

As of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-11.4%
Net margin
36.7%
ROE
15.3%
FCF margin
—
Revenue $421.6M → $843.3M · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$160/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$110
cheaperpricier

Zero-growth floor

$73

Central IV

$160

Optimistic top

$189

International Seaways Inc (INSW): A conservative value band $73–$189 / sh (zero-growth floor to growth-capped optimistic top); central read about $160. Today’s price sits below that band (price $110 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.

Revenue growth 6% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.8% · Zero-growth downside $73

Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.

Method & numbers

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 $106.05 – $188.67 · Greenwald zero-growth $122.77 · zero-growth base $122.77 · reproduction $45.29

Moat Franchise (moat) · terminal value 48% of present value · owner-earnings yield 10% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$72.53 – $90.81 / 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 2026-06-30, 2024, 2023, 2022, 2021

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).

Buffett owner-earnings value$100.45 – $122.77 / 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: 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 (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $2.26B = $45.29 / 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 not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 6% · OE FY TTM 2026-06-30, 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 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about -1.3% a year in owner-earnings for the next few years. Revenue actually grew 23.7% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 1 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $227,472 combined · this quarter +1 opened / -0 exited

This quarter1 opened
Holders 1 → 1 · last 5 quarters

SEC 13F · notes

Written summary

International Seaways Inc (INSW) is held by 1 of the superinvestors tracked on Compounder, with a combined $227,472 in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.0% of the portfolio.

In the quarter ended 2026-06-30, 1 of the tracked filers opened a new position in INSW, 0 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.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding International Seaways Inc (INSW) also commonly hold →

INSW's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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