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. Sources: FICO's Form 10-Q for the quarter ended June 30, 2026, company earnings releases, FHFA announcements, and current market data. We have spent our lives looking for toll bridges, and the FICO Score is one of the finest toll bridges American capitalism has ever produced. Three digits, computed from data the company doesn't even own, sitting astride nearly every consumer lending decision in the United States. The company collects a royalty every time the toll gate lifts, employs almost no capital doing it, and has raised the toll tenfold in five years without — until recently — anyone being able to do much about it. Two things keep this from being a five-star holding today.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-06-08), 10-Q (2026-04-28).
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