Munger Mode rating: 4 out of 5 — Buy. 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 that a ham sandwich could run, because sooner or later one will. Colgate-Palmolive comes closer to that ideal than almost anything else in the S&P 500. People brushed their teeth through the Great Depression, through wars, through pandemics, and through every recession in between, and roughly forty cents of every toothpaste dollar spent on this planet still flows to Colgate. The company has raised its dividend every year for 64 consecutive years — a streak that began when one of us was in his thirties and the other was practicing law. The business is wonderful. The question, as always, is the price. At $92.72, the market asks about 24 times this year's underlying earnings and gives you a free cash flow yield near 5% on a business that will grow modestly. That is a fair price — not a bargain, not a foolish one.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-31), 8-K (2026-05-13), 10-Q (2026-05-01).
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