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.
Price at report: $193.20 at today's close; approximately $225.60 in after-hours trading (+16.8%) following this afternoon's Q2 2026 earnings release. All valuation work below uses the after-hours price of ~$225, since that is the price a buyer faces tomorrow morning. Market capitalization at that price: roughly $34.7 billion on ~154 million shares outstanding (~$36 billion on 159.7 million diluted shares). We are writing this on the very day Twilio reported a genuinely excellent quarter — revenue up 22%, organic growth accelerating to 17%, record free cash flow, and the stock up 17% after hours. So let us say at the outset: the operational turnaround here is real, and the new management team deserves credit for it. This is a much better-run company than it was three years ago. But our job is not to grade improvement.
Recent filings analysed: 8-K (2026-08-06), 10-K (2026-02-24), 10-Q (2025-10-31), 10-Q (2025-08-08).
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