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.
2026 guidance: Sales $7.16–7.19B, operating EBITDA ~$1.76B, adjusted EPS $7.17–$7.32 Valuation at current price: ~19.7x 2026 adjusted EPS, ~11.8x EV/EBITDA, ~5% FCF yield We have been asked to look at what remains of the company Pierre du Pont built, and our honest answer is that we are no longer sure what "DuPont" means. Since 2017 this enterprise has merged with Dow, split into three, sold its nutrition business to IFF, sold its mobility plastics to Celanese, spun off its electronics business as Qnity, and sold Kevlar and Nomex to a private equity portfolio company. What is left — a healthcare-and-water business bolted to a diversified industrial business — reported a fine quarter on August 4 and trades at a full price. Charlie used to say that when a management team keeps performing surgery on itself, you are being asked to underwrite the surgeon rather than the patient.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-06-24), 8-K (2026-05-26).
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