Bank Of New York Mellon Corp
BNY高于价值预期 · 苛刻10 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31- 营收增速
- +7.8%
- 净利率
- 27.6%
- ROE
- 12.5%
- FCF 利润率
- 25.8%
基本面数据不完整，仅供参考。
什么样的生意算优质估值 · 价值带
高于合理价值
零增长底
$60
中枢 IV
$68
乐观上沿
$79
Bank Of New York Mellon Corp（BNY）：保守价值带 $60–$79 / 股（零增长底到增速封顶的乐观上沿），中枢约 $68。今日价格高于这条带（价格 $164 截至 2026-08-25）。
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。
营收增 1%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 10 年 · 折现 10.6% · 零增长下行 $60
价格截至 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.
方法与数字
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.
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 $56.04 – $79.06 · Greenwald 零增长 $72.96 · 零增长基准 $72.96 · 重置 $34.50
护城河 特许经营（护城河） · 终值占现值 40% · 所有者盈利收益率 4% 对 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).
年份：2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$59.70 – $72.96 / 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：2025, 2024, 2023, 2022, 2021
v1 简化：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 116% (> 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.
重置价值 = 有形净资产 $24.72B = $34.50 / 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。
增长价值无法评估 — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
窗口 FY 2025, 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 21% (No effective-rate data available; fell back to the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 1% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). 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.
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 17.8%；公司过去营收年增 5.1%。
市场要它明显快过自己一贯的水平。
SEC 13F · 持有人
持有该证券的超级投资者
10 位持有 · 合计 $2.55B · 本季 +0 新建 / -0 清仓
- 市值$2.40B权重（上季→本季）1.5% → 1.3% ▼
- 市值$53.0M权重（上季→本季）0.3% → 0.2% ▼
- 市值$25.3M权重（上季→本季）2.7% → 2.1% ▼
- 市值$20.2M权重（上季→本季）0.1% → 0.1% ▼
- 市值$18.0M权重（上季→本季）0.1% → 0.1% ▲
- 市值$14.8M权重（上季→本季）1.0% → 1.1% ▲
- 市值$9.3M权重（上季→本季）0.6% → 0.1% ▼
- 市值$6.1M权重（上季→本季）0.0% → 0.0% ▲
- 市值$2.8M权重（上季→本季）0.0% → 0.0% ▼
- 市值$1.3M权重（上季→本季）0.4% → 0.4% ▲
SEC 13F · 说明
文字说明
文字说明
Bank Of New York Mellon Corp（BNY）被 Compounder 追踪的 10 位超级投资者持有，合计申报市值 $2.55B。仓位最大的是 Dodge & Cox，占其组合 1.3%。
按市值，其他主要持有人包括 Christopher Davis（占其组合 0.2%），David Katz（占其组合 2.1%） 和 Ray Dalio（占其组合 0.1%）。
最近一个季度，追踪范围内有 0 位新建 BNY 仓位，0 位加仓，8 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 Bank Of New York Mellon Corp（BNY）的这些人还共同重仓 →
BNY 现价不低于保守价值带。 看当前击球区股票
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。
订阅更新
新一季 13F 异动与估值更新，发到你的邮箱。