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52/100
Synopsys: A Long-Term Owner's Perspective
The global EDA leader, now in the middle of integrating Ansys. FY25 revenue reached 7.054 billion with 77% gross margin and R&D running at 35% of revenue. At 80.9x PE, the current price already bakes in both a successful integration and a failure to commoditize, leaving an ideal buy range of 300 to 380 dollars. Rating Watch: a high-quality business priced with no margin of safety.
56/100
44Buffett
Shopify：コマース・インフラ・プラットフォーム
独立系マーチャント向けのコマースOSであり、2025年のGMVは3784億ドル、売上高は115.56億ドル、報告FCFは20.07億ドルに達した。SBCと融資事業に拘束される資本を差し引くと、保守的なオーナー利益はわずか12億ドル程度で、理想的な買い場は1株75-95ドルである。ウォッチ：質の高い複利成長企業だが、保守的に見れば現在価格にはまだ十分な安全余裕がない。
40/100
70Buffett
Starbucks Corporation: A Long-Term Owner's Perspective
Global leader in premium mass-market coffee chains, closing FY2025 with 40,990 stores and TTM free cash flow of $2.73 billion; at 79.5x trailing PE the market is pricing in a successful Back to Starbucks turnaround, even as the shareholders' equity deficit runs to -$8.1 billion. Rating Watch: a good business at a price that leaves little margin of safety, with an ideal buy range of $65-80.
43/100
72Buffett
Ross Stores: A Long-Term Owner's Perspective
The leading U.S. brick-and-mortar off-price retailer, with 2,267 stores, $3.08 billion in net cash, and a 10-year average ROE of 39%; at a 36.7x P/E and 22.6x EV/EBITDA, the price already prices in a high-quality, steady-growth premium, with an ideal buy range of $130-160.
48/100
66Buffett
Roper Technologies Research from a Long-Term Owner's Perspective
Roper has largely completed its transition from an industrial acquisition platform into a vertical-software holding platform, with software at 77.6% of revenue and recurring plus highly repeatable revenue at 67.3%. The current price is attractive on a conservative owner-earnings basis, but high goodwill, elevated intangible assets, and net debt/EBITDA of about 3.1x mean the margin of safety is real but not thick. Research rating Cautious Buy: a durable compounder with valuation support, but execution and acquisition discipline still matter.
49/100
55Buffett
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
80Buffett
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
78Buffett
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
45Buffett
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.
83Buffett
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
21Buffett
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
91Buffett
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
88Buffett
Arista Networks：データセンター・スイッチングのリーダーに関する長期研究
AristaはハイエンドEthernetスイッチングのリーダーであり、EOSソフトウェアスタック、クラウドデータセンターでのエンジニアリング評価、アセットライトなモデル、強力なフリーキャッシュフローを兼ね備えている。現在の156.22ドルでは、過去実績ベースPERの48.6倍は楽観的な本源価値レンジの上限をすでに上回り、高成長期待がかなり先取りされている。評価はウォッチ：事業は卓越しているが、株価は安全域を先に越えて走っている。
45/100
78Buffett
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
85Buffett
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
77Buffett
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
87Buffett
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.