Service Corp International
SCI高于价值1 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
- +2.9%
- 净利率
- 12.6%
- ROE
- 33.1%
- FCF 利润率
- 12.9%
估值 · 价值带
高于合理价值
零增长底
$11
中枢 IV
$22
乐观上沿
$25
Service Corp International（SCI）：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，$11–$25 / 股。今日价格高于二者（价格 $77 截至 2026-07-21）。
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 14.4% · 零增长下行 $11
价格截至 2026-07-21 · yahoo · DGS10 4.6% @ 2026-07-20.
方法与数字
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 $20.27 – $24.81 · Greenwald $25.00 – $25.00 (中性 $25.00) · 零增长基准 $25.00 · 重置 $2.22
护城河 特许经营（护城河） · 终值占现值 26% · 所有者盈利收益率 4% 对 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)$11.38 – $21.53 / 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 (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. 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$21.63 – $25.00 / 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 12.8–14.8% band (9–11% base + 3.8pp leverage premium). 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 (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). 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 3.8pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 10.7 years of owner earnings, adding 3.8pp of cost-of-equity risk premium.
资产地板：Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
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.
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 ≈ -42%，则 $0.00–$0.00 / 股（中性 $0.00）。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.
基线 9%–11%，净债务约 10.7 年所有者盈利 → 加 3.8 个百分点风险溢价 → 实际 12.8%–14.8%。
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 12.94%–15.84% (DGS10 +4.5% to a 12% strict end, each +3.84pp for leverage premium, as of 2026-07-20). 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 11%。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 26.0%；公司过去营收年增 3.1%。
市场要它明显快过自己一贯的水平。
价值带信心不足时仍可对照：这里只说明市场在赌多快，不把它当成「确认便宜」。
SEC 13F · 持有人
持有该证券的超级投资者
1 位持有 · 合计 $95.8M · 本季 +0 新建 / -0 清仓
- 市值$95.8M权重（上季→本季）3.6% → 2.4% ▼
SEC 13F · 说明
文字说明
文字说明
Service Corp International（SCI）被 Compounder 追踪的 1 位超级投资者持有，合计申报市值 $95.8M。仓位最大的是 Andrew Brenton，占其组合 2.4%。
最近一个季度，追踪范围内有 0 位新建 SCI 仓位，1 位加仓，0 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 2026-03-31 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 Service Corp International（SCI）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 2026-03-31 · 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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