ACN · NYSE · Services-Business Services, NEC
$239.32 · $147.8B market value · fiscal year to 31 Aug 2026
Live from the latest filings
9 of 10
Buffett tests pass
Margin of safety 24%
Bear
$182.74
Base
$314.50
Bull
$500.02
Price $239.32
9 pass · 1 mixed · 0 fail · 0 can't tell
At $239.32, the price is 24% below the base-case value of $314.50 (the bear case is $182.74). The standard lens asks for a 25% margin.
Why this testNo loss years across 15 years of filings, with operating margin varying by 0.5% around its average.
Why this testReturn on equity averaged 33%, reaching 15% in 10 of the years measured; the weakest year was 26%.
Why this testAfter-tax return on invested capital averaged 52% over 10 years and was 30% in the latest year.
Why this testTotal debt of $10.1B would take 1.2 yrs of normalised owner earnings to repay; operating income covers interest 38×. Both tests pass: payback within 4 years and interest cover of 8x or more.
Why this testNormalised owner earnings are $8.2B, and free cash flow has averaged 134% of reported profit.
Why this testCapital spending has averaged 0.7× depreciation; estimated maintenance capex was $619.4M last year.
Why this testEach dollar retained over the period has been matched by 1.3× of market value created ($46.6B retained in total).
Why this testThe diluted share count has changed by -0.7% a year. Shrinking means buybacks are returning value; growing means owners are being diluted.
Why this testThe owner-earnings yield is 5.5% against a 10-year Treasury yield of 5.2%.
Why this testDiscounted owner earnings
Bear
$182.74
Base
$314.50
Bull
$500.02
Price $239.32
| Scenario | Starting owner earnings | Growth (yrs 1–5) | Terminal | Discount | Value / share |
|---|---|---|---|---|---|
| bear | $8.2B | 3.0% | 1.5% | 9.7% | $182.74 |
| base | $8.2B | 7.0% | 2.5% | 8.2% | $314.50 |
| bull | $8.2B | 10.0% | 3.0% | 7.2% | $500.02 |
How sensitive is that?
| Discount ↓ / Growth → | 3.0% | 5.0% | 7.0% | 9.0% | 11.0% |
|---|---|---|---|---|---|
| 6.2% | $386 | $436 | $491 | $553 |
Fiscal year to 31 Aug 2026
Replicly is a research and education tool. It is not financial advice and does not recommend that you buy or sell any investment. Analyses apply Buffett-inspired principles to public data and can be wrong. Warren Buffett and Berkshire Hathaway are not affiliated with and do not endorse Replicly. Capital is at risk.
| $621 |
| 7.1% | $304 | $342 | $384 | $431 | $483 |
|---|
| 8.2% | $251 | $281 | $315 | $352 | $394 |
|---|
| 9.2% | $214 | $238 | $266 | $297 | $331 |
|---|
| 10.2% | $186 | $207 | $231 | $257 | $286 |
|---|
Green: at least 25% above the price. Amber: above it. Red: below it. n/a means the discount rate is at or below growth, where the model has no finite answer. The corners combine the most extreme assumptions, so treat them as bounds.
Discount rate: 10-year Treasury (5.2%) plus a 3% equity hurdle. Price $239.32 on 20 Oct 2026. End-of-day prices from free public sources, may be delayed or missing.
Revenue
$74.2B
Revenue growth (CAGR)
8.3%
Operating margin (avg)
15%
Return on equity (avg)
33%
ROIC (avg)
52%
Normalised owner earnings
$8.2B
Cash conversion
134%
Net cash
$2.7B
Debt payback
1.2 yrs
Share count change (CAGR)
-0.7%
Price / earnings
18×
Owner earnings yield
5.5%