Kohls Corp
KSSStrike zoneHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2026-01-31Valuation basis: trailing twelve months to 2026-05-02 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- -4.3%
- Net margin
- 1.8%
- ROE
- 6.7%
- FCF margin
- 6.5%
Valuation · value band
Margin of safety
Zero-growth floor
$36
Central IV
$30
Optimistic top
$41
Kohls Corp (KSS): A conservative value band $36–$41 / sh (zero-growth floor to growth-capped optimistic top); central read about $30. Today’s price sits below that band (price $18 as of 2026-08-21).
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 10.6% · Zero-growth downside $36
Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.
Method & numbers
Price is at or below the reproducible tangible asset base ($36 / 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 $26.87 – $35.09 · Greenwald zero-growth $41.22 · zero-growth base $41.22 · reproduction $35.93
Moat Commodity-like · terminal value 37% of present value · owner-earnings yield 18% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$32.17 – $41.22 / 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 2026-05-02, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. 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$29.32 – $35.83 / 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 2026-05-02, 2024, 2023, 2022, 2021
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). Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). 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 $4.02B = $35.93 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-05-02, 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 2026-05-02, 2024, 2023, 2022, 2021 · Discount band: 9.19%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-20). 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 2026-05-02 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
2 holders · $6.5M combined · this quarter +0 opened / -0 exited
- Value$6.2MWeight (prev→now)0.0% → 0.0% ▲
- Value$285,983Weight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Kohls Corp (KSS) is held by 2 of the superinvestors tracked on Compounder, with a combined $6.5M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.0% of the portfolio.
Other notable holders by value include Jeremy Grantham (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in KSS, 2 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 Kohls Corp (KSS) also commonly hold →
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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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