Schwab (Charles) Corp
SCHWAbove valueExpectations · demandingHeld by 12 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
- +22.0%
- Net margin
- 37.0%
- ROE
- 17.9%
- FCF margin
- 36.6%
Valuation · value band
Above fair value
Zero-growth floor
$39
Central IV
$69
Optimistic top
$85
Schwab (Charles) Corp (SCHW): A conservative value band $39–$85 / sh (zero-growth floor to growth-capped optimistic top); central read about $69. Today’s price sits above that band (price $109 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 7% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $39
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-24.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Model cautions
- 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 $42.81 – $84.67 · Greenwald zero-growth $47.81 · zero-growth base $47.81 · reproduction $17.58
Moat Franchise (moat) · terminal value 50% of present value · owner-earnings yield 4% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$39.12 – $47.81 / 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 $30.57B = $17.58 / 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 — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
Window TTM 2026-06-30, 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 7% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). 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 15.6% a year in owner-earnings for the next few years. Revenue actually grew 11.0% 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.
SEC 13F · holders
Superinvestors Holding This Security
12 holders · $11.48B combined · this quarter +0 opened / -0 exited
- Value$7.10BWeight (prev→now)3.9% → 3.7% ▼
- Value$2.23BWeight (prev→now)2.7% → 3.0% ▲
- Value$981.6MWeight (prev→now)3.9% → 2.8% ▼
- Value$421.8MWeight (prev→now)7.4% → 6.6% ▼
- Value$378.5MWeight (prev→now)4.9% → 4.7% ▼
- Value$155.2MWeight (prev→now)5.3% → 5.2% ▼
- Value$128.7MWeight (prev→now)1.1% → 1.0% ▼
- Value$48.5MWeight (prev→now)0.4% → 0.5% ▲
- Value$26.7MWeight (prev→now)0.1% → 0.1% ▼
- Value$2.7MWeight (prev→now)0.0% → 0.0% ▲
Show all 12 holders ▸Collapse ▾
- Value$1.2MWeight (prev→now)0.0% → 0.0% ▼
- Value$447,049Weight (prev→now)0.2% → 0.1% ▼
SEC 13F · notes
Written summary
Written summary
Schwab (Charles) Corp (SCHW) is held by 12 of the superinvestors tracked on Compounder, with a combined $11.48B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 3.7% of the portfolio.
Other notable holders by value include Bill Nygren (3.0% of its book), Andreas Halvorsen (2.8% of its book) and Ruane, Cunniff (Sequoia) (6.6% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in SCHW, 7 added to existing ones, 3 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 Schwab (Charles) Corp (SCHW) also commonly hold →
- Microsoft CorpMSFT10 holders
- Alphabet Inc-Cl CGOOG9 holders
- Meta Platforms Inc-Class AMETA9 holders
- Jpmorgan Chase & CoJPM9 holders
- Alphabet Inc-Cl AGOOGL8 holders
- Capital One Financial CorpCOF8 holders
SCHW'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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