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Quad Graphics Inc

QUADAbove value

Held by 1 superinvestor.

Price$10.00
Holders1
Total value$21.4M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-03-31 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-9.4%
Net margin
1.1%
ROE
-45.4%
FCF margin
2.1%
Revenue $2.93B → $2.42B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$3/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$10
cheaperpricier

Zero-growth floor

$3

Central IV

$3

Optimistic top

$3

Quad Graphics Inc (QUAD): A conservative value band $3 / sh (zero-growth floor to growth-capped optimistic top); central read about $3. Today’s price sits above that band (price $10 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.

  • 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 14.6% · Zero-growth downside $3

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

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 $2.57 – $3.12 · Greenwald zero-growth $3.16 · zero-growth base $3.16 · reproduction $0.27

Moat Commodity-like · terminal value 26% of present value · owner-earnings yield 4% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$-0.31 – $1.53 / 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 2026-03-31, 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 89% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$2.74 – $3.16 / 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 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-03-31, 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 89% (> 50%); estimate is degraded. 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% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 20.9 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $6.50M + capitalized R&D $6.72M（FY 2026, 2024, 2023, 2022） = $0.27 / 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 — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-03-31, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 8% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 20.9 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-03-31, 2024, 2023, 2022, 2021 · Discount band: 13.16%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, 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 2026-03-31 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $21.4M combined · this quarter +0 opened / -0 exited

This quarter1 trimmed
Holders 1 → 1 · last 8q
  • Bill Miller
    Value$21.4MWeight (prev→now)4.6% → 5.1% ▲

SEC 13F · notes

Written summary

Quad Graphics Inc (QUAD) is held by 1 of the superinvestors tracked on Compounder, with a combined $21.4M in reported 13F value. The largest position belongs to Bill Miller, where it makes up 5.1% of the portfolio.

Over the latest quarter, 0 of the tracked filers opened a new position in QUAD, 0 added to existing ones, 1 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

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Also on

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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