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.
Charlie and I have spent our lives looking for businesses that earn high returns on capital without needing much capital, run by honest people who treat shareholders like partners. Expeditors is one of the rare S&P 500 companies that genuinely passes that test. It is a non-asset-based freight forwarder that has compounded for four decades without a dollar of long-term debt, earns a return on equity near 40%, has raised its dividend every year for three decades, and has shrunk its share count by roughly a third over the past ten years at sensible prices. So why only three stars? Because the price now asks us to pay 26 times earnings that we believe are cyclically swollen.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-04), 8-K (2026-05-20), 10-Q (2026-05-06).
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