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.
Price at writing: ~$470 per share (down roughly 6.5% on the day following Q1 results, and ~34% below the 52-week high of $715). Market capitalization: ~$20 billion on ~43.2 million shares outstanding. Forward P/E: ~16.4x fiscal-2026 guidance midpoint (~$28.58); trailing P/E: ~17–18x — both well below the company's ten-year median P/E of roughly 24x. We have spent our lives looking for wonderful businesses run by able and honest people, available at sensible prices. Charlie likes to say that all he wants to know is where he's going to die, so he'll never go there. Applied to investing, the trick is to find a business whose competitive position you can actually understand a decade out, and then to refuse to overpay for it.
Recent filings analysed: 8-K (2026-07-14), 8-K (2026-06-09), 10-Q (2026-06-02), 8-K (2026-06-02).
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