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.
We have spent our lives looking for businesses that sell a product the customer must use every night, that ties the customer into a recurring stream of consumable purchases, that owns the digital rails connecting patient, physician, and equipment supplier, and that earns returns on capital in the mid-twenties while carrying more cash than debt. ResMed is such a business. It is the global leader in treating obstructive sleep apnea — a condition affecting nearly a billion people worldwide, of whom fewer than one in five in America and one in ten elsewhere have even been diagnosed. The runway is long, the moat is real, and the economics are lovely.
Recent filings analysed: 8-K (2026-09-01), 8-K (2026-08-17), 10-K (2026-08-13), 8-K (2026-08-06).
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