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Page 35 of 43 · 1027 reports
49/100
Qualcomm Long-Term Owner-Oriented Research
Qualcomm is a semiconductor platform and patent-licensing compounder, with FY25 revenue of $44.284 billion and a 72% QTL pretax margin. The core thesis is that strong cash flow and platform diversification are real, but handset exposure, Apple in-house modems, and Chinese OEM self-development keep the margin of safety thin at about 20x Owner Earnings. Research rating Watch: a high-quality company, but the current price leaves limited room for conservative underwriting.
34/100
Best Buy: An Investment Analysis Through the Lens of a Long-Term Business Owner
A mature consumer-electronics retailer with FY26 free cash flow of about 1.258 billion dollars and a forward P/E near 9.6x, so the stock is not expensive. But Amazon has already overtaken it on share and the moat is narrow, with an ideal buy zone of 50-58 dollars and an insufficient margin of safety. Rating Watch: a cheap, mature cash cow rather than a high-quality compounder, not yet cheap enough to justify a position at today's price.
32/100
Baxter International: Hospital Essentials and an Execution Repair Story
Baxter makes the hospital essentials—IV fluids, infusion systems, pharmacy compounding, surgical hemostats, hospital beds—that care systems depend on every day, but it is still working through the aftermath of the Hillrom acquisition plus 2025 product-safety and execution problems. At roughly $19.18 the stock sits in the gap between my fair-value and optimistic ranges, making it a turnaround stock to watch rather than a core compounding asset. Rating Watch: a stable-demand but middling-economics supplier whose current price gives conservative investors too little margin of safety.
41/100
Avery Dennison Pressure-Sensitive Labels & RFID Deep Dive
AVY is the global leader in pressure-sensitive label materials with RFID/digital identity as an incremental driver, TTM FCF $873 million, P/FCF 14x, EV/EBITDA 10.9x; at the current $159.66 it sits in the gap between the conservative and fair-value ranges — reasonably acceptable rather than clearly undervalued.
40/100
AvalonBay Communities Apartment REIT and Merger Research
AvalonBay is a high-barrier regional apartment REIT with 2025 Core FFO of $11.24/share; on 2026-05-21 it announced a stock-for-stock merger of equals with EQR (2.793 EQR shares per AVB share). Rating Watch: the current price of $185.65 sits right at the implied exchange parity of $184.90, leaving no Buffett-style margin of safety.
52/100
Ares Management: A Deep Dive into the Alternative Asset Management Platform
Ares is an alternative asset management platform: 2025 AUM of 623 billion / FPAUM of 385 billion / management fees of 3.863 billion / FRE of 1.775 billion, with FRE making up 96% of distributable cash. At 124.41 dollars, the stock sits inside our fair-value range, and the margin of safety for new buyers is thin. Rating Watch: a high-quality, moat-widening franchise priced for its growth, where the business is good enough but the price is not generous enough.
42/100
Aptiv: The New Aptiv and Its Automotive Connection Systems
After spinning off EDS in April 2026, the "New Aptiv" is centered on connection systems and software; 2026 guidance calls for revenue of $12.8-13.2 billion and EBITDA of $2.36-2.48 billion. At the current $57.36 the stock sits in the gap between the conservative and fair-value ranges, having just touched the low end of fair value. Rating Watch: a decent business, but the price has not reached bargain territory.
53/100
Apollo Global Management: A Study of a Compounding Alternative-Asset Platform
Apollo is a compound financial enterprise that bundles alternative asset management, insurance liabilities, and credit origination, posting 2025 FRE of $2.528 billion and SRE of $3.361 billion, with AUM reaching roughly $1.03 trillion by Q1 2026. At the current $128.51 the shares sit in the upper-middle of the conservative range and below fair value, leaving the margin of safety too thin. Rating Watch: a high-quality but highly complex platform worth tracking, where I would wait for a more comfortable entry rather than chase the price.
Amphenol: A Deep Dive on Connectors and Interconnect Products
Amphenol is a leader in connectors and interconnect products, with end markets so fragmented that no single customer exceeds 10% of sales, and 2025 free cash flow of roughly 4.4 billion. At the current 132.06 dollars, the 36.4x P/E and 38.7x P/FCF place it at the upper edge of fair value, leaving the starting valuation already very high. Rating Watch: a high-quality compounder fully priced for excellence, with little margin of safety.
42/100
Air Products: A Long-Term Value Study of Industrial Gases
Air Products is one of the global big three in industrial gases, with large FCF swings through its LNG/hydrogen project transition; at $289.47 the stock sits inside the fair-value band, and its 30.6x P/E pays at once for both a good business and a successful turnaround, leaving too little discount. Rating: Watch.
33/100
APA Corporation: Upstream Oil & Gas and the Suriname Option
APA is an upstream oil and gas company combining a Suriname GranMorgu option with a US/Egypt/UK asset base. At roughly $38.8 today it sits at the top of its fair-value range, deeply constrained by oil prices, geopolitics, and ongoing capital spending—a cyclical name rather than a long-term compounder. Rating Watch: a passable operator with an attractive option but no durable moat, where the current price offers little margin of safety for a conservative long-term owner.
41/100
A. O. Smith Water Heaters & Water Treatment Deep Dive
A. O. Smith is North America's leading water heater maker, with 2025 EPS of $3.85 and FCF of $546 million; having just completed the Leonard Valve acquisition and cut full-year guidance, its current price of $57.28 sits in the gap between the conservative and neutral valuation ranges, with only a modest discount.
44/100
Aon Risk and Human Capital Platform Study
Aon is a global risk and human capital advisory-plus-distribution platform, centered on insurance broking, reinsurance, health benefits, and retirement consulting. The business is high-quality and understandable, with sticky client relationships and strong cash generation, but at the current $324.78 and a 17.8x P/E it sits in the upper half of its fair-value range. Rating: Watch—high quality yet not obviously cheap, worth tracking rather than chasing at this price.
56/100
Arista Networks: A Long-Term Study of the Data Center Switching Leader
Arista is the leader in high-end Ethernet switching, combining the EOS software stack with an engineering reputation in cloud data centers, an asset-light model, and powerful free cash flow. At the current 156.22 dollars, the trailing P/E of 48.6x already sits above the upper bound of an optimistic intrinsic value, with high-growth expectations priced in well ahead of time. Rating Watch: a superb business whose price has run ahead of its margin of safety.
45/100
American Tower: Long-Term Value Study of a Communications-Tower REIT
AMT is the world's leading communications-tower REIT, trading at a forward P/AFFO of 16.8x, EV/EBITDA of 16.9x, and net leverage of 4.9x. At the current $183.85 it sits in the middle of its fair-value range, a fair price rather than an undervalued one, lacking a 20-25% margin of safety. Rating: Watch.
47/100
Ameriprise Financial Wealth Management Deep-Dive
Ameriprise is an integrated wealth management, asset management, and insurance/annuity platform with $1.69 trillion in AUM and 40%-50%+ ROE. The core thesis is that its advisor-led platform and disciplined capital return can compound per-share value, but the current $452.31 price and 11.27x trailing PE sit near the lower end of fair value without the wide discount conservative investors require. Report rating Watch: a high-quality financial compounder worth tracking closely, but not yet cheap enough to offset its market sensitivity, asset-management outflows, insurance-accounting complexity, and regulatory risk.
45/100
AMETEK Precision Instruments and Industrial Technology Research
AMETEK is a compounding platform in precision instruments and industrial technology; in Q1 2026 orders grew 23%, sales 11%, and adjusted operating profit 14%, yet at the current $232.70 the price already sits above the upper bound of an optimistic intrinsic value, with market expectations priced in ahead.
35/100
Amcor: Packaging Platform and M&A Integration Study
Amcor is a global leader in flexible and rigid packaging; after the Berry acquisition net debt sits at 14.266 billion and net leverage at 4.2x, on the high side. At the current 38.38 dollars, forward adjusted PE is just 9.6x with a 6.7% dividend yield, but if integration falls short, returns get squeezed back to mediocre. Rating Watch: a defensible, cash-generative packaging platform whose payoff hinges on Berry synergies landing and deleveraging executing.
44/100
Allegion Access Control and Electronic Security Deep Dive
Allegion is a leader in access-control locks and electronic security. In 2025 it posted revenue of $4.067 billion and free cash flow of $686 million; at the current $130.43 the stock sits between the conservative and neutral value ranges, and its 6.1% equity FCF yield offers thin risk compensation over the 4.56% 10-year U.S. Treasury. Rating Watch: a high-quality business, but today's price is merely fair, not cheap.
42/100
Allstate: Personal P&C Insurance and Protection Services Study
Allstate is the third-largest U.S. personal property & casualty insurer; its 2025 combined ratio of 85.2% sits at a multi-year low; at the current $216.60 the stock falls within the fair-value band, its strong earnings carry an underwriting-cycle tailwind, and the margin of safety has thinned.
45/100
Align Technology: Digital Orthodontics Platform Study
Align's Invisalign has cumulatively treated 22 million patients across some 300,000 doctor customers; with a 2021-2025 revenue CAGR of only 0.5% and declining margins, at the current $163.6 the stock sits between the upper bound of conservative intrinsic value and the lower bound of fair value. Rating: Watch, a good business at only an ordinary price.
42/100
AIG: Property-Casualty Insurance and Capital Return Study
AIG has completed its slim-down into a pure P&C insurer: a 2025 combined ratio of 90.1% and $5.8 billion of buybacks; but its 11.1% core ROE still lags Chubb/Travelers/Hartford, and at $77.05 it lacks a margin of safety below the lower bound of conservative intrinsic value.
44/100
Aflac Supplemental Insurance and Japan Market Study
Aflac is the leader in supplemental insurance in Japan, where the country contributes 69% of profit and where brand and channel barriers run deep; the current $117.86 is already near the upper edge of the fair-value range and lacks the margin of safety conservative investors require.
51/100
Netflix: A Long-Term Business Owner's Perspective
Netflix has shifted from burning cash to generating it reliably, with 2025 revenue of $45.18 billion and Owner Earnings of roughly $9.3-9.5 billion. But at $89.30 the stock trades at about 35-40x conservative Owner Earnings, leaving little margin of safety; the ideal buy zone sits at $50-65. Rating Watch: a high-quality platform that is fully priced today and rewards patience over purchase at the current level.