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Yelp Inc

YELPWithin bandExpectations · modest

Held by 1 superinvestor.

Price$19.88
Holders1
Total value$563,764

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
+3.7%
Net margin
9.9%
ROE
20.5%
FCF margin
22.1%
Revenue $872.9M → $1.46B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$17/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$20
cheaperpricier

Zero-growth floor

$16

Central IV

$17

Optimistic top

$21

Yelp Inc (YELP): A conservative value band $16–$21 / sh (zero-growth floor to growth-capped optimistic top); central read about $17. Today’s price sits inside that band (price $20 as of 2026-10-16).

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 1% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.8% · Zero-growth downside $16

Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.

Method & numbers

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 $14.29 – $19.41 · Greenwald zero-growth $21.36 · zero-growth base $21.36 · reproduction $15.59

Moat Commodity-like · terminal value 39% of present value · owner-earnings yield 8% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$17.78 – $21.36 / 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 103% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$15.19 – $18.56 / 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 103% (> 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 $197.73M + capitalized R&D $671.24M（FY 2026, 2024, 2023, 2022） = $15.59 / 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 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). 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 4.0% a year in owner-earnings for the next few years. Revenue actually grew 11.0% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 3 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $563,764 combined · this quarter +0 opened / -1 exited

This quarter1 added1 exited
Holders 1 → 1 · last 8 quarters
Exited this quarter (1)
Ray Dalio

SEC 13F · notes

Written summary

Yelp Inc (YELP) is held by 1 of the superinvestors tracked on Compounder, with a combined $563,764 in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.0% of the portfolio.

In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in YELP, 1 added to existing ones, 0 trimmed, and 1 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 Yelp Inc (YELP) also commonly hold →

YELP'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.

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