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.
2026 guidance: $10.66–$10.96 GAAP diluted EPS ($10.87–$11.17 excluding CEO transition costs) → ~17.5x adjusted earnings Charlie always said we should be able to explain a business to a ten-year-old, and this one passes easily: Pool Corporation is the world's largest wholesale distributor of swimming pool supplies. It sits in the middle of a simple chain — manufacturers like Pentair, Hayward, and Fluidra on one side, and roughly 125,000 mostly small pool builders, remodelers, retailers, and service technicians on the other. POOL operates 455 sales centers across North America, Europe, and Australia (about 95% of sales come from North America), stocking some 200,000 products: chemicals, pumps, filters, heaters, automation equipment, and building materials for pool construction and outdoor living. The economics are the razor-and-blade model applied to a hole in the ground.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-07-23), 8-K/A (2026-05-08).
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