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.
Teledyne is that rare thing: a genuine descendant of Henry Singleton's capital-allocation culture, still run by people who learned the craft properly. Warren has said for decades that Singleton had the best operating and capital deployment record in American business, and the modern Teledyne — spun off in 1999 under Robert Mehrabian — has honored that lineage. It is a collection of roughly one hundred niche instrument and imaging businesses, most of them #1 or #2 in markets too small and too technical to attract giants, stitched together with unusual discipline. The second quarter of 2026 was a record: sales up 9.8% to $1.66 billion, GAAP operating margin of 20.0% (up 160 basis points), GAAP diluted EPS up 21% to $5.37, guidance raised.
Recent filings analysed: 10-Q (2026-07-24), 8-K (2026-07-22), 10-Q (2026-04-24), 8-K (2026-04-23).
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