Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have watched Stanley Black & Decker for decades — the Stanley Works side of the family traces its dividend record back 149 consecutive years, which is longer than either of us has been alive, and that is saying something. What we see today is a company in genuine, measurable recovery from a self-inflicted disaster, run by a new management team doing mostly sensible things, trading at a price that already gives them credit for much of the repair work. But recovery is not the same thing as excellence. Strip away the turnaround narrative and you find an average business: a branded manufacturer of largely undifferentiated products, selling through a concentrated retail channel that holds the whip hand, losing share for a decade to a hungrier competitor, earning single-digit returns on the capital entrusted to it, and still carrying more than $4 billion of debt.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-29), 8-K (2026-06-24), 8-K (2026-04-29).
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