Resideo Technologies Inc
REZI高于价值5 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
- +10.5%
- 净利率
- -7.1%
- ROE
- -18.1%
- FCF 利润率
- -16.8%
估值 · 价值带
高于合理价值
$20–$32 价值估计
Resideo Technologies Inc（REZI）：一项保守的盈利能力估计，$20–$32 / 股；今日价格高于它（价格 $36 截至 2026-07-20）。
零增长下行 $20
价格截至 2026-07-20 · yahoo.
方法与数字
所示年度的回购大体只抵消了股权激励（SBC）造成的稀释 — 应视为维持股本、而非净额回馈股东。
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。
· Greenwald $28.43 – $32.42 (中性 $30.20) · 零增长基准 $27.88 · 重置 $8.08
护城河 特许经营（护城河）.
Graham earnings-power value (normalized NOPAT)$19.73 – $27.88 / 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：2025, 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 205% (> 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
Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.
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：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 205% (> 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 debt or owner earnings is unavailable, so no adjustment is made.
重置价值 = 有形净资产 $-1.27B + 资本化研发 $382.80M（FY 2025, 2024, 2023, 2022, 2021） = $8.08 / 股. 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.
护城河读数：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.
增长价值：若护城河在 10 年 内维持于 ROIIC ≈ 18%，则 $0.55–$4.54 / 股（中性 $2.32）。保守估计，非预测。
窗口 FY 2025, 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.
SEC 13F · 持有人
持有该证券的超级投资者
5 位持有 · 合计 $309.3M · 本季 +2 新建 / -3 清仓
- 市值$204.9M权重（上季→本季）2.3% → 2.3% ▼
- 市值$53.1M权重（上季→本季）新建 · 1.7%
- 市值$46.4M权重（上季→本季）0.1% → 0.2% ▲
- 市值$2.5M权重（上季→本季）0.1% → 0.2% ▲
- 市值$2.4M权重（上季→本季）新建 · 0.6%
SEC 13F · 说明
文字说明
文字说明
Resideo Technologies Inc（REZI）被 Compounder 追踪的 5 位超级投资者持有，合计申报市值 $309.3M。仓位最大的是 John Rogers，占其组合 2.3%。
按市值，其他主要持有人包括 David Einhorn（占其组合 1.7%），Richard Pzena（占其组合 0.2%） 和 Tweedy, Browne（占其组合 0.2%）。
最近一个季度，追踪范围内有 2 位新建 REZI 仓位，2 位加仓，1 位减仓，3 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-03-31 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 Resideo Technologies Inc（REZI）的这些人还共同重仓 →
REZI 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 2026-03-31 · 2026-05-15 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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