Which superinvestors hold Ziprecruiter Inc-A (ZIP)?

Per the latest SEC 13F filings, 1 superinvestor hold Ziprecruiter Inc-A (ZIP): Fred Martin. Combined value held is about $15.3M, with Fred Martin the largest holder.

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Ziprecruiter Inc-A

ZIPBelow value

Held by 1 superinvestor.

Price$4.31

Margin of safety−29%

Holders1

Total value$15.3M

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: -5.3%
Net margin: -7.3%
ROE: 42.7%
FCF margin: 2.2%

Revenue $418.1M → $449.0M · 6y

What makes a business high quality

Valuation · value band

Margin of safety

$6/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

cheaperpricier

Zero-growth floor

Central IV

Optimistic top

Ziprecruiter Inc-A (ZIP): A conservative value band $4–$7 / sh (zero-growth floor to growth-capped optimistic top); central read about $6. Today’s price sits below that band (price $4 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 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.8% · Zero-growth downside $4

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

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 $4.05 – $7.46 · Greenwald zero-growth $4.73 · zero-growth base $4.73 · reproduction $2.84

Moat Below asset base · terminal value 48% of present value · owner-earnings yield 10% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$-0.15 – $0.15 / 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 1102% (> 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$3.89 – $4.73 / 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 9.2–11.2% band (9–11% base + 0.2pp leverage premium). 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 1102% (> 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% base band plus a 0.2pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 3.4 years of owner earnings, adding 0.2pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $-45.70M + capitalized R&D $274.82M（FY 2026, 2024, 2023, 2022） = $2.84 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.

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. 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 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 3.4 years of owner earnings → +0.2pp cost-of-equity premium → effective 9.2%–11.2%.

Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.37%–12.21% (DGS10 +4.5% to a 12% strict end, each +0.21pp for leverage premium, 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.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $15.3M combined · this quarter +0 opened / -0 exited

This quarter1 trimmed

Holders 1 → 1 · last 8q

Investor	Value	Shares	Weight (prev→now)
Fred Martin	$15.3M	4,091,619	0.2% → 0.3% ▲

Fred Martin
Value$15.3MWeight (prev→now)0.2% → 0.3% ▲

SEC 13F · notes

Written summary

Ziprecruiter Inc-A (ZIP) is held by 1 of the superinvestors tracked on Compounder, with a combined $15.3M in reported 13F value. The largest position belongs to Fred Martin, where it makes up 0.3% of the portfolio.

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

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ZIP'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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