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.
Written in the voice and through the analytical lens of Warren Buffett and Charlie Munger. All figures from the Q2 2026 Form 10-Q (quarter ended June 30, 2026, filed July 2026) unless otherwise noted. Capital One is no longer just a credit card lender — as of May 2025, it is one of only two vertically integrated payments companies in America, owning both the lending relationship and the network the transactions ride on. The other one is American Express, and we know a little something about that business. Run by its founder for 31 years — a man who hasn't drawn a cash salary since 1997 — Capital One now earns an 18% return on tangible common equity, funds itself with $484 billion of sticky insured deposits, and trades at roughly 9 times forward earnings while buying back stock hand over fist under a $16 billion authorization.
Recent filings analysed: 8-K (2026-09-15), 8-K (2026-09-01), 8-K (2026-08-20), 8-K (2026-08-17).
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