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.
A genuinely good specialty-materials franchise with real qualification moats — but nine months old as a public company, carrying spin-off debt and a PFAS indemnity tail, and priced at roughly 30 times adjusted earnings at what may prove to be a cyclical crest. We admire the business. We will not pay this price for it. Charlie and I have always said we'd rather own the company selling picks and shovels than the one digging for gold. Qnity is a picks-and-shovels business for the most feverish gold rush of our era — artificial intelligence computing — and the business itself is refreshingly simple to understand even though the chemistry inside it is anything but. Qnity is the former electronics business of DuPont, spun off on November 1, 2025, with shareholders receiving one Qnity share for every two DuPont shares.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-07-01), 8-K (2026-05-22).
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