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.
We've spent our lives looking for businesses that sell a product costing pennies relative to the catastrophe of its failure — that's where pricing power hides. Hubbell is full of such products. A $200 arrester or a $50 connector sits between a utility and a blackout; nobody on a pole at 2 a.m. is price-shopping. This is a genuinely good business, better than most of the S&P 500, with a management team that has compounded earnings per share at roughly 14% annually for a decade and has been honest with owners along the way. But two things keep our wallet closed today. First, the price: at ~$468, the stock trades at about 23 times this year's adjusted earnings and 27 times GAAP earnings, with a free cash flow yield below 4%.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-28), 8-K (2026-06-09), 8-K (2026-06-08).
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