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.
The one-paragraph verdict, up front. This is a business earning some of the best margins in world retail, holding roughly $77 billion in cash and investments against almost no debt, and trading at about 8½ times trailing earnings — under 5 times if you give credit for the cash. So why not five stars? Because the two things we weight above all else — moat durability and management alignment — both come with asterisks we cannot remove. The moat is a cost-and-scale advantage in the most brutally competitive retail market on earth, held by customers whose loyalty is to the price, not the platform. And management, though able, hoards a fortune it will not return, discloses less than any company of this size we can recall, and asks us to own it all through a Cayman Islands contract with a variable interest entity.
Recent filings analysed: 6-K (2026-08-25), 6-K (2026-05-28), 20-F (2026-04-29), Annual Results (2026-03-15).
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