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Seaboard Corp

SEBBelow valueExpectations · modest

Held by 3 superinvestors.

Price$4026.77
Margin of safety−10%
Holders3
Total value$37.7M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-07-04 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+7.1%
Net margin
5.1%
ROE
9.6%
FCF margin
0.1%
Revenue $7.13B → $9.75B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$4,492/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$4,027
cheaperpricier

Zero-growth floor

$5,887

Central IV

$4,492

Optimistic top

$5,887

Seaboard Corp (SEB): A conservative value band $5,887 / sh (zero-growth floor to growth-capped optimistic top); central read about $4,492. Today’s price sits below that band (price $4,027 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 2% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $5,887

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

Method & numbers

Price is at or below the reproducible tangible asset base ($5,887 / 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 $3,339.88 – $5,398.21 · Greenwald zero-growth $5,886.65 · zero-growth base $5,886.65 · reproduction $5,886.65

Moat Below asset base · terminal value 44% of present value · owner-earnings yield 9% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$2,055.48 – $2,704.13 / 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 2026-07-04, 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. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$3,439.72 – $4,204.11 / 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 2026-07-04, 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. 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 $5.32B + capitalized R&D $318.20M（FY 2026, 2024, 2023, 2022） = $5,886.65 / 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 2026-07-04, 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 2% · OE FY TTM 2026-07-04, 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 2026-07-04 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 0.3% a year in owner-earnings for the next few years. Revenue actually grew 4.0% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 4 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $37.7M combined · this quarter +0 opened / -0 exited

This quarter1 added1 trimmed
Holders 1 → 3 · last 8q

SEC 13F · notes

Written summary

Seaboard Corp (SEB) is held by 3 of the superinvestors tracked on Compounder, with a combined $37.7M in reported 13F value. The largest position belongs to Thomas Kahn, where it makes up 5.9% of the portfolio.

Other notable holders by value include Lee Ainslie (0.0% of its book) and Jeremy Grantham (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in SEB, 1 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

Also held by these investors

Investors holding Seaboard Corp (SEB) also commonly hold →

SEB's price is below its conservative value band. Browse all undervalued stocks by margin of safety

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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