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 first person as Warren Buffett and Charlie Munger. We rely only on the company's regulatory filings, its most recent quarterly results (Fiscal Q1 2026, period ended May 3, 2026), developments since that filing, and the current market price (~$318). We reach our own conclusions and reference no other investor's holdings. Home Depot is one of the few genuinely wonderful businesses in American retailing — a wide-moat, scale-advantaged near-duopolist that has compounded shareholder capital for forty years. Management is capable, candid, and has historically allocated capital with the discipline we admire. The business currently earns a return on invested capital north of 25%, throws off roughly $16 billion of free cash flow a year, and pays a growing dividend.
Recent filings analysed: 8-K (2026-08-21), 8-K (2026-08-18), 8-K (2026-08-12), 10-Q (2026-05-27).
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