Skip to content
Compounder
← Stocks

Simpson Manufacturing Co Inc

SSDWithin bandExpectations · modest

Held by 4 superinvestors.

Price$184.93
Holders4
Total value$253.2M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+4.5%
Net margin
14.8%
ROE
17.0%
FCF margin
12.8%
Revenue $1.27B → $2.33B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$163/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$185
cheaperpricier

Zero-growth floor

$85

Central IV

$163

Optimistic top

$209

Simpson Manufacturing Co Inc (SSD): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $85–$209 / sh. Today’s price sits inside both (price $185 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 20 yr · discount 10.6% · Zero-growth downside $85

Price as of 2026-08-26 · yahoo · DGS10 4.6% @ 2026-08-25.

Method & numbers

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 $93.91 – $202.65 · Greenwald $139.47 – $209.10 (neutral $175.18) · zero-growth base $119.79 · reproduction $30.24

Moat Franchise (moat) · terminal value 24% of present value · owner-earnings yield 5% vs 10Y 4.6%.

Graham earnings-power value (normalized NOPAT)$98.71 – $119.79 / 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 59% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$85.18 – $104.11 / 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 2026-06-30, 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). Maintenance-capex methods diverge by 59% (> 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% 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 $1.21B + capitalized R&D $36.98M（FY 2026, 2024, 2023, 2022） = $30.24 / 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: if the moat holds for 20 yr at ROIIC ≈ 44%, $19.68–$89.30 / sh (neutral $55.38). Conservative, not a forecast.

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: 9.14%–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. Two-method midpoint gap 7%.

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 8.9% a year in owner-earnings for the next few years. Revenue actually grew 12.6% 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.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

4 holders · $253.2M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 added2 trimmed
Holders 2 → 4 · last 8q
  • Mason Morfit
    Value$173.9MWeight (prev→now)4.2% → 3.1% ▼
  • Fred Martin
    Value$50.4MWeight (prev→now)0.8% → 0.9% ▲
  • John Rogers
    Value$20.8MWeight (prev→now)0.2% → 0.2% ▲
  • Ray Dalio
    Value$8.1MWeight (prev→now)New · 0.0%

SEC 13F · notes

Written summary

Simpson Manufacturing Co Inc (SSD) is held by 4 of the superinvestors tracked on Compounder, with a combined $253.2M in reported 13F value. The largest position belongs to Mason Morfit, where it makes up 3.1% of the portfolio.

Other notable holders by value include Fred Martin (0.9% of its book), John Rogers (0.2% of its book) and Ray Dalio (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in SSD, 1 added to existing ones, 2 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 Simpson Manufacturing Co Inc (SSD) also commonly hold →

SSD's price is not below its conservative value band. See current strike-zone stocks

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.

Stay Updated

New-quarter 13F moves and valuation updates, to your inbox.