Arrow Electronics Inc
ARW高于价值7 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31估值口径：截至 2026-07-04 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- +10.5%
- 净利率
- 1.9%
- ROE
- 8.7%
- FCF 利润率
- -0.1%
估值 · 价值带
高于合理价值
零增长底
$139
中枢 IV
$163
乐观上沿
$191
Arrow Electronics Inc（ARW）：两种方法为该业务估值 — 一为保守的所有者盈利 DCF，一为计入增长的 Greenwald 估计，$139–$191 / 股。今日价格高于二者（价格 $207 截至 2026-08-20）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
- 最新盈利低于多年均值，价值带按更低的运行率计。
营收增 0%（历史下滑，封顶为零） · 护城河 10 年 · 折现 10.6% · 零增长下行 $139
价格截至 2026-08-20 · yahoo · DGS10 4.7% @ 2026-08-19.
方法与数字
模型警示
- 所有者盈利收益率与 10 年期美债大幅背离（超过 300 个基点）。
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $143.37 – $188.03 · Greenwald $191.17 – $191.17 (中性 $191.17) · 零增长基准 $191.17 · 重置 $93.09
护城河 特许经营（护城河） · 终值占现值 37% · 所有者盈利收益率 8% 对 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$138.78 – $177.88 / 股
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.
年份：TTM 2026-07-04, 2024, 2023, 2022, 2021
v1 简化：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 100% (> 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$156.41 – $191.17 / 股
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).
年份：TTM 2026-07-04, 2024, 2023, 2022, 2021
v1 简化：Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). 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 100% (> 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).
重置价值 = 有形净资产 $4.83B = $93.09 / 股. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
护城河读数：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.
假设一般护城河 · 竞争优势期约 10 年。
增长价值：若护城河在 10 年 内维持于 ROIIC ≈ -46%，则 $0.00–$0.00 / 股（中性 $0.00）。保守估计，非预测。
窗口 TTM 2026-07-04, FY 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY TTM 2026-07-04, 2024, 2023, 2022, 2021 · Discount band: 9.15%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-19). 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. 两法中值差 16%。
估值口径：截至 2026-07-04 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
内在价值怎么读SEC 13F · 持有人
持有该证券的超级投资者
7 位持有 · 合计 $414.1M · 本季 +2 新建 / -0 清仓
- 市值$376.5M权重（上季→本季）4.5% → 4.3% ▼
- 市值$26.7M权重（上季→本季）0.1% → 0.1% ▼
- 市值$4.5M权重（上季→本季）0.0% → 0.0% ▲
- 市值$2.9M权重（上季→本季）新建 · 0.0%
- 市值$2.7M权重（上季→本季）0.1% → 0.2% ▲
- 市值$540,141权重（上季→本季）新建 · 0.0%
- 市值$243,928权重（上季→本季）0.0% → 0.0% ▼
SEC 13F · 说明
文字说明
文字说明
Arrow Electronics Inc（ARW）被 Compounder 追踪的 7 位超级投资者持有，合计申报市值 $414.1M。仓位最大的是 Edgar Wachenheim，占其组合 4.3%。
按市值，其他主要持有人包括 Richard Pzena（占其组合 0.1%），Jim Cullen（占其组合 0.0%） 和 Ray Dalio（占其组合 0.0%）。
最近一个季度，追踪范围内有 2 位新建 ARW 仓位，1 位加仓，4 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Arrow Electronics Inc（ARW）的这些人还共同重仓 →
看哪些股票相对价值带便宜。 浏览全部可估值股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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