Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Recent price ≈ $315 per ADS (traded ~$303–$321 in the last sessions) · Market capitalization ≈ $325 billion · ~1.064 billion shares outstanding · SoftBank Group owns ~88–90% · Fiscal year ends March 31. We have spent our lives looking for two things: a wonderful business protected by a durable moat, and an honest, capable management running it for the benefit of owners. When we find both at a sensible price, we back up the truck. ARM gives us the first in abundance, gives us the second with an asterisk, and gives us the third — a sensible price — not even remotely. What follows is our attempt to separate the quality of the franchise (high) from the wisdom of buying it today (poor). ARM is, at its heart, one of the most elegant business models ever assembled in technology — and we mean that as high praise.
Recent filings analysed: 20-F (2026-05-26), 20-F (2025-05-28).
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