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.
We have spent our lives looking for businesses protected by moats. Most moats are metaphorical — a brand, a habit, a cost curve. ASML's moat is closer to literal: it is the only company on Earth that can build the machine on which the entire digital economy depends. If you handed a competitor the blueprints, ten billion dollars, and a decade, they would still probably fail. That is our idea of a barrier to entry. The question, as always, is not whether the business is wonderful. It is what you must pay for it, and whether the price already assumes a future so bright it can only disappoint. At roughly 41 times this year's earnings, a day after a euphoric earnings report, we believe it does. Let us walk through the reasoning.
Recent filings analysed: Q2 Results (2026-07-15), 6-K (2026-07-15), 6-K (2026-04-15), Q1 Results (2026-04-15).
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