QMoat Research
Evidence-led company analysis for patient, long-term investors.
Latest research
Accenture’s record large-deal count suggests AI is expanding demand for complex transformation work faster than it is eroding consulting fees. A low valuation still reflects doubts that the balance will last.
Teradyne’s Magnum E2 targets the rising complexity of AI-era memory testing. The platform may deepen switching costs, but a 55-times earnings valuation already assumes substantial success.
Nvidia’s record $235 billion repurchase capacity demonstrates exceptional financial strength. At 4.2% of its market value, however, price discipline—not the headline—will determine whether it creates value.
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Align Technology ended the year with a rare combination: record Invisalign shipments, improving profitability, and a steadier tone from management. The catch is familiar—average revenue per case is still drifting down as growth tilts toward lower-priced markets and heavier discounts, forcing the company to prove it can expand margins through productivity, not pricing power.
Zoetis shares plunged after a rare growth wobble in its pet-health franchise. But with margins intact and valuations reset, the selloff looks more like the end of a perfection trade than a structural break—raising the question: is this the moment to buy?
If giredestrant can secure a broad label and embed itself in treatment guidelines as a preferred endocrine partner, it would reinforce Roche’s franchise in breast cancer and create a recurring revenue stream with unusually high duration
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Nike can simplify its organization and protect margins, but fiscal first-quarter results show that product relevance—not overhead—is the harder problem. Even after the selloff, valuation assumes a credible recovery.
Costco’s September 24 results show why sharing gains with customers can strengthen a competitive moat. The lesson for investors is to separate durable economics from one-off profits—and business quality from the price paid.
Deckers Outdoor’s stock stumbled despite solid Q3 results and resilient Hoka growth. With tariffs clouding guidance but free cash flow strong, the selloff looks overdone. At this valuation, the post-earnings drop offers long-term investors a rare entry point.
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Insurify’s AI comparison app fuels fears of broker disruption. Here’s what’s truly at risk—and why Marsh, Aon and AJG may adapt and defend.
At its Investor Day in London on Friday, Swiss Re delivered a message that mixed confidence with caution: the reinsurance giant believes it has entered 2026 with one of the strongest portfolio positions in years, yet its leadership is visibly intent on avoiding the complacency that has tripped up the industry in past cycles.
Latest research
A tariff refund amplified Acuity's headline profit growth. The more important development is that Intelligent Spaces is becoming a higher-margin second engine while the lighting franchise stalls.
August’s U.S. capital-goods orders rose sharply beneath a flat durable-goods headline. For quality investors, the test is whether suppliers can convert demand into attractive returns on the next dollar invested.
Cintas is growing strongly before its $5.5 billion acquisition closes. But UniFirst’s advertised eight-times EBITDA price includes $375 million of savings still to be earned—and Cintas shares trade at more than 36 times expected earnings.
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EPAM Systems unveiled a $1 billion share repurchase—roughly equal to its entire cash reserve. The bold move signals management’s conviction that the market undervalues the digital-engineering specialist’s long-term prospects.
Marsh McLennan’s stock is down, but secular growth drivers remain. Can the risk-adviser giant still deliver for long-term investors?
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Most investors can name Buffett or Terry Smith. But a quieter elite of “quality purists” has been compounding capital far from the spotlight — from Montréal to Hong Kong, from Zurich to London. They buy great businesses, hold them for years, and let time do the heavy lifting.
After years of dominance, the quality factor has stumbled since mid-2024 as markets chased risk and valuations stretched. Narrow leadership and speculative fervor left steady earners behind—but shifting tides could soon restore quality’s quiet strength.
Normalize patents by population and the leaderboard flips. A small cadre of export-driven, research-heavy economies consistently turn lab work into defensible products—via tight lab-to-factory loops, patient capital, and standards savvy.
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China’s industrial profits rose 15.7%, but electronics supplied 62% of the gain while several expanding industries earned less. The quality test is who converts growth into cash.
For Marsh, Aon, WTW and Gallagher, AI looks less like a guillotine than a lever—stripping costs from placements, sharpening advisory clout, and spawning new insurable risks—even as it pressures small-ticket business. The winners weld data, governance and speed into advantage.
From IKEA to Spotify, Sweden keeps turning its modest size into a factory of world-class firms. The secret lies in long-term ownership, digital infrastructure, and a culture where ambition, trust, and design discipline quietly compound into global scale.
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September's weak U.S. hiring and slower wage growth may ease pressure on interest rates. For quality investors, the harder question is which companies can keep demand while costs cool.
Investors are trained to admire fast top lines. In buoyant markets, momentum plus a large total addressable market can mesmerize. But not all growth creates value.
Every market cycle produces stocks that look irresistibly cheap and then refuse to go anywhere. The “value trap” is the classic case: a low multiple that masks eroding economics, overstated assets or fragile balance sheets. Screening for single-digit P/Es or high dividend yields can be a useful starting point, but it is also how many investors get caught.
QMoat Research System
Compare companies across financial strength, durable competitive advantages and governance.
