Pinterest Inc- Class A
PINSAbove valueHeld 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
- +15.8%
- Net margin
- 9.9%
- ROE
- 8.8%
- FCF margin
- 29.7%
Valuation · value band
Above fair value
Zero-growth floor
$9
Central IV
$4
Optimistic top
$9
Pinterest Inc- Class A (PINS): A conservative value band $9 / sh (zero-growth floor to growth-capped optimistic top); central read about $4. Today’s price sits above that band (price $23 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.
- 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 $9
Price as of 2026-08-26 · yahoo · DGS10 4.6% @ 2026-08-25.
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.
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 $3.63 – $4.77 · Greenwald zero-growth $9.35 · zero-growth base $9.35 · reproduction $9.35
Moat Below asset base · terminal value 37% of present value · owner-earnings yield 2% vs 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)$2.92 – $3.41 / 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 73% (> 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$3.96 – $4.84 / 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: 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 (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 73% (> 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 $2.34B + capitalized R&D $2.93B（FY 2026, 2024, 2023, 2022） = $9.35 / 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.
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 0% (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 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.14%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-25). 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 over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 17.7% a year.
The market wants it well ahead of its own track record.
Roughly, the price needs its historical revenue growth to run about 16 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
3 holders · $280.9M combined · this quarter +0 opened / -1 exited
- Value$264.5MWeight (prev→now)1.0% → 1.1% ▲
- Value$15.2MWeight (prev→now)0.1% → 0.0% ▼
- Value$1.2MWeight (prev→now)0.3% → 0.3% ▲
SEC 13F · notes
Written summary
Written summary
Pinterest Inc- Class A (PINS) is held by 3 of the superinvestors tracked on Compounder, with a combined $280.9M in reported 13F value. The largest position belongs to Christopher Davis, where it makes up 1.1% of the portfolio.
Other notable holders by value include Jeremy Grantham (0.0% of its book) and Bill Miller (0.3% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in PINS, 1 added to existing ones, 2 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 Pinterest Inc- Class A (PINS) also commonly hold →
- Meta Platforms Inc-Class AMETA3 holders
- Lyondellbasell Indu-Cl ALYB3 holders
- Alphabet Inc-Cl AGOOGL2 holders
- Microsoft CorpMSFT2 holders
- Amazon.Com IncAMZN2 holders
- Lam Research CorpLRCX2 holders
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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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