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.
Warren here, with Charlie looking over my shoulder and, as usual, subtracting points faster than I can add them. Genuine Parts is a company we genuinely like as people — a 98-year-old Atlanta distributor that has paid a dividend every year since 1948 and raised it for 70 consecutive years. That is a record of stewardship almost nobody else on the New York Stock Exchange can match. But our job is not to hand out medals for longevity. Our job is to ask two questions: is this a wonderful business, and is it run by people who allocate capital brilliantly? The honest answers are "no, it is an average business" and "the management is capable and decent, but the record is middling." The numbers tell the story without any help from us. Adjusted earnings per share peaked at $9.33 in 2023, fell to $8.16 in 2024, fell again to roughly $7.40 in 2025, and are guided to $7.50–$8.00 in 2026.
Recent filings analysed: 8-K (2026-09-09), 8-K (2026-08-11), 8-K (2026-07-21), 10-Q (2026-07-21).
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