Meta Platforms Inc-Class A
METAWithin bandExpectations · modestHeld by 35 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
- +22.2%
- Net margin
- 30.1%
- ROE
- 27.8%
- FCF margin
- 22.9%
Valuation · value band
In fair-value range
Zero-growth floor
$200
Central IV
$541
Optimistic top
$683
Meta Platforms Inc-Class A (META): A conservative value band $200–$683 / sh (zero-growth floor to growth-capped optimistic top); central read about $541. Today’s price sits inside that band (price $576 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 12% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $200
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 $246.28 – $682.82 · Greenwald zero-growth $265.78 · zero-growth base $265.78 · reproduction $138.17
Moat Franchise (moat) · terminal value 28% of present value · owner-earnings yield 4% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$212.62 – $265.78 / 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. Only one maintenance-capex method available; 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$200.45 – $245.00 / 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). Only one maintenance-capex method available; 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 $234.12B + capitalized R&D $120.42B（FY 2026, 2024, 2023, 2022） = $138.17 / 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 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 12% · 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 12.4% a year in owner-earnings for the next few years. Revenue actually grew 16.6% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 9 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
35 holders · $15.59B combined · this quarter +4 opened / -1 exited
- Value$3.66BWeight (prev→now)1.6% → 1.9% ▲
- Value$1.94BWeight (prev→now)4.5% → 4.4% ▼
- Value$1.59BWeight (prev→now)7.7% → 6.6% ▼
- Value$1.52BWeight (prev→now)11.4% → 11.1% ▼
- Value$1.05BWeight (prev→now)1.7% → 3.0% ▲
- Value$928.7MWeight (prev→now)4.5% → 4.0% ▼
- Value$726.5MWeight (prev→now)2.5% → 2.2% ▼
- Value$592.5MWeight (prev→now)5.9% → 4.3% ▼
- Value$515.8MWeight (prev→now)9.2% → 9.2% ▼
- Value$430.4MWeight (prev→now)New · 3.9%
Show all 35 holders ▸Collapse ▾
- Value$383.0MWeight (prev→now)5.5% → 4.7% ▼
- Value$380.2MWeight (prev→now)4.2% → 5.1% ▲
- Value$207.6MWeight (prev→now)17.4% → 15.6% ▼
- Value$185.6MWeight (prev→now)1.9% → 1.6% ▼
- Value$183.2MWeight (prev→now)4.0% → 3.3% ▼
- Value$170.6MWeight (prev→now)6.4% → 5.7% ▼
- Value$161.3MWeight (prev→now)New · 6.2%
- Value$131.9MWeight (prev→now)1.2% → 1.0% ▼
- Value$113.5MWeight (prev→now)1.0% → 1.2% ▲
- Value$112.6MWeight (prev→now)7.4% → 7.2% ▼
- Value$96.2MWeight (prev→now)3.6% → 3.2% ▼
- Value$86.9MWeight (prev→now)1.9% → 1.4% ▼
- Value$78.3MWeight (prev→now)21.8% → 20.4% ▼
- Value$76.7MWeight (prev→now)New · 4.1%
- Value$66.3MWeight (prev→now)7.0% → 5.9% ▼
- Value$62.0MWeight (prev→now)0.7% → 0.3% ▼
- Value$58.0MWeight (prev→now)4.2% → 4.0% ▼
- Value$43.1MWeight (prev→now)7.8% → 8.9% ▲
- Value$21.2MWeight (prev→now)1.7% → 1.7% ▼
- Value$4.5MWeight (prev→now)0.8% → 1.0% ▲
- Value$3.6MWeight (prev→now)New · 0.9%
- Value$3.3MWeight (prev→now)0.8% → 0.7% ▼
- Value$2.6MWeight (prev→now)0.0% → 0.0% ▲
- Value$419,651Weight (prev→now)0.2% → 0.1% ▼
- Value$210,107Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Meta Platforms Inc-Class A (META) is held by 35 of the superinvestors tracked on Compounder, with a combined $15.59B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 1.9% of the portfolio.
Other notable holders by value include Jeremy Grantham (4.4% of its book), Chase Coleman (6.6% of its book) and Bill Ackman (11.1% of its book).
Over the latest quarter, 4 of the tracked filers opened a new position in META, 9 added to existing ones, 16 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 Meta Platforms Inc-Class A (META) also commonly hold →
- Microsoft CorpMSFT27 holders
- Amazon.Com IncAMZN25 holders
- Alphabet Inc-Cl AGOOGL23 holders
- Alphabet Inc-Cl CGOOG23 holders
- Visa Inc-Class A SharesV19 holders
- Taiwan Semiconductor-Sp AdrTSM17 holders
META'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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