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Universal Insurance Holdings

UVEBelow valueExpectations · modest

Held by 1 superinvestor.

Price$43.76
Margin of safety−6%
Holders1
Total value$29.8M

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
+5.5%
Net margin
11.4%
ROE
33.2%
FCF margin
23.5%
Revenue $1.07B → $1.60B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$47/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$44
cheaperpricier

Zero-growth floor

$26

Central IV

$47

Optimistic top

$57

Universal Insurance Holdings (UVE): A conservative value band $26–$57 / sh (zero-growth floor to growth-capped optimistic top); central read about $47. Today’s price sits below that band (price $44 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 $26

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

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 $28.83 – $57.40 · Greenwald zero-growth $32.20 · zero-growth base $32.20 · reproduction $21.94

Moat Franchise (moat) · terminal value 50% of present value · owner-earnings yield 7% 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$26.35 – $32.20 / 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 111% (> 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. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.

Reproduction value = tangible net assets $637.15M = $21.94 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). 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: 9.16%–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 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 5.9% a year in owner-earnings for the next few years. Revenue actually grew 9.1% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $29.8M combined · this quarter +0 opened / -0 exited

This quarter1 trimmed
Holders 1 → 1 · last 8q

SEC 13F · notes

Written summary

Universal Insurance Holdings (UVE) is held by 1 of the superinvestors tracked on Compounder, with a combined $29.8M in reported 13F value. The largest position belongs to Donald Smith, where it makes up 0.5% of the portfolio.

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

Also held by these investors

Investors holding Universal Insurance Holdings (UVE) also commonly hold →

UVE'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 2026-08-11

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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