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 wonderful business at a premium price. We would be delighted to own Snap-on — and would not sell it if we did — but at roughly 20 times earnings and an all-time high, the margin of safety we require simply is not there. Charlie and I have always said we like businesses we can explain to a golden retriever, and Snap-on comes close. Founded in 1920 in Kenosha, Wisconsin, the company sells premium hand tools, power tools, tool storage, diagnostics equipment, and repair information — primarily to professional vehicle technicians — and finances those purchases through its own captive credit arm. The genius of the model is the delivery mechanism: roughly 4,000 franchised vans in the United States (plus international routes) that visit repair shops every week.
Recent filings analysed: 8-K (2026-07-23), 10-Q (2026-07-23), 8-K (2026-05-01), 10-Q (2026-04-23).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation