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 chiming in throughout. Let's start the way we always start: what does this company actually do, and could we explain it to a bright teenager? Jacobs Solutions sells engineering brainpower by the hour. Roughly 47,000 people — civil engineers, water engineers, scientists, program managers, consultants — design and manage large, complicated things for governments and corporations: highways, water treatment plants, airports, semiconductor fabs, pharmaceutical plants, and lately the data centers being thrown up for the artificial intelligence build-out. It does almost no construction itself; it plans, designs, and supervises. The company generated $11.1 billion of revenue in the first nine months of fiscal 2026, though about $4.1 billion of that was "pass-through" revenue — subcontractor and materials costs that flow through the income statement at zero margin.
Recent filings analysed: 10-Q (2026-08-04), 8-K (2026-08-04), 10-Q (2026-05-05), 8-K (2026-05-05).
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