Universal Insurance Holdings
UVE低于价值带预期 · 温和1 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 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- +5.5%
- 净利率
- 11.4%
- ROE
- 33.2%
- FCF 利润率
- 23.5%
估值 · 价值带
安全边际
零增长底
$26
中枢 IV
$47
乐观上沿
$58
Universal Insurance Holdings（UVE）：保守价值带 $26–$58 / 股（零增长底到增速封顶的乐观上沿），中枢约 $47。今日价格低于这条带（价格 $44 截至 2026-08-26）。
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 7%（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 $26
价格截至 2026-08-26 · yahoo · DGS10 4.6% @ 2026-08-25.
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.
模型警示
- 增长率几乎等于贴现率 — 估计对假设高度敏感。
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 $28.83 – $57.59 · Greenwald 零增长 $32.20 · 零增长基准 $32.20 · 重置 $21.94
护城河 特许经营（护城河） · 终值占现值 50% · 所有者盈利收益率 7% 对 10Y 4.6%.
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：TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$26.35 – $32.20 / 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 2026-06-30, 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 111% (> 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 $637.15M = $21.94 / 股. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
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. Dual reproduction test unavailable (intangibles not separated). 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 TTM 2026-06-30, 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 7% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.14%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-25). 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.
估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 5.8%；公司过去营收年增 9.1%。
低于它自己做到过的。
粗略地说，现价要它按历史营收增速再增长约 7 年，才刚好撑得起。
SEC 13F · 持有人
持有该证券的超级投资者
1 位持有 · 合计 $29.8M · 本季 +0 新建 / -0 清仓
- 市值$29.8M权重（上季→本季）0.7% → 0.5% ▼
SEC 13F · 说明
文字说明
文字说明
Universal Insurance Holdings（UVE）被 Compounder 追踪的 1 位超级投资者持有，合计申报市值 $29.8M。仓位最大的是 Donald Smith，占其组合 0.5%。
最近一个季度，追踪范围内有 0 位新建 UVE 仓位，0 位加仓，1 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 Universal Insurance Holdings（UVE）的这些人还共同重仓 →
UVE 现价低于保守价值带。 按安全边际浏览全部低估股
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-11 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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