Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current price: ~$119 per share (last close $118.84; shares traded up toward $123 pre-market following Q2 results). Common market capitalization ~$14.0 billion on 118.0 million shares outstanding, plus $2.3 billion of mandatory convertible preferred stock that converts into roughly 17.5–21.0 million additional common shares on March 1, 2027 (diluted share count already 136.2 million). We have spent our lives looking for businesses that control their own destiny — businesses that can raise prices, that earn high returns on capital through good times and bad, and that don't require us to predict a commodity price to know what we'll earn. Albemarle is not such a business.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-05), 8-K (2026-07-23), 8-K (2026-06-05).
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