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.
Current Price: ~$289.90 (52-wk range: $188.22 – $305.28) We have spent the better part of a long afternoon with Nordson's most recent 10-Q (period ended April 30, 2026), its segment economics, and the long capital-allocation record of its chief executive Sundaram Nagarajan. Our conclusion is plain: Nordson is one of the better small-industrial franchises in the United States — a niche-dominant, aftermarket-rich, globally diversified precision dispensing business that throws off real cash, raises its dividend like clockwork (62 consecutive years now), and earns mid-teens returns on invested capital across the cycle. It is the kind of business Charlie and I happily own at the right price. Today is not the right price.
Recent filings analysed: 8-K (2026-06-03), 10-Q (2026-05-21), 8-K (2026-05-20), 10-Q (2026-02-19).
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