Nightly screen · as of Oct 1, 2026

Munger Compounders · Criteria after Charlie Munger

Name: Munger Compounders screen: US stocks, daily
Creator: Tenet Investing
License: https://tenetinvesting.com/methodology

High-ROIC compounders with the balance-sheet strength to keep compounding for decades: return on invested capital ≥ 15%, net debt ≤ 3× EBITDA and an Altman Z-score in the safe zone. The idea of a wonderful business at a fair price, described in Munger's public talks, is the philosophy behind the list; the mechanical screen filters on returns on capital, leverage and solvency, not valuation or margins. Financials excluded.

Tenet's independent, mechanical implementation of criteria published in Charlie Munger's talks and Poor Charlie's Almanack (2005).

2,122

universe screened

345

qualify today

Oct 1, 2026

last run

Top 5 by Tenet Score · 340 more with Premium

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A name qualifies when it clears every criterion it has data for. A criterion shown as "not checked" doesn't count against it (at least 2 of the 3 must have data).

ROIC: Return on invested capital · Net debt/EBITDA: Net debt to EBITDA (× times; lower is safer) · Altman Z: Altman Z-Score (≥ 3 = safe zone)

PURR

Hyperliquid Strategies Inc.

Healthcare

3 of 3

16.7%

-0.3×

3.10

Receipt · PURR · frozen at run timeClears 3 of 3 published testsOn this list since Aug 27, 2026

PURR — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	ROIC ≥ 15%	16.7%	≥ 15.0%	+1.7 pts
	ROIC, return on invested capital: the after-tax operating profit a business earns on the capital it employs. This screen wants 15% or more.
Passes	Net debt/EBITDA ≤ 3×	−0.3×	≤ 3.0×	+3.28
	Net debt divided by EBITDA: net borrowings measured against a year of operating earnings. At or below 3× keeps debt comfortably serviceable; a net-cash business has no reading and shows "not checked".
Passes	Altman Z ≥ 3 (safe zone)	3.10	≥ 3.00	+0.10
	Altman Z-score: a bankruptcy-risk score from five balance-sheet and earnings ratios, where 3 or higher is the low-risk "safe zone". Tenet reads the provider's standard (manufacturing-model) Z as a coarse solvency floor, best taken directionally for non-manufacturers.

3 of 3 criteria pass

FSM

Fortuna Mining Corp.

Basic Materials

~ Altman Z ≥ 3 (safe zone)2 of 3

15.3%

-0.7×

—

Receipt · FSM · frozen at run timeClears 2 of 3 published testsOn this list since Sep 4, 2026

FSM — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	ROIC ≥ 15%	15.3%	≥ 15.0%	+0.3 pts
	ROIC, return on invested capital: the after-tax operating profit a business earns on the capital it employs. This screen wants 15% or more.
Passes	Net debt/EBITDA ≤ 3×	−0.7×	≤ 3.0×	+3.70
	Net debt divided by EBITDA: net borrowings measured against a year of operating earnings. At or below 3× keeps debt comfortably serviceable; a net-cash business has no reading and shows "not checked".
Not checked (no data for this criterion)	Altman Z ≥ 3 (safe zone)	not checked	≥ 3.00
	Altman Z-score: a bankruptcy-risk score from five balance-sheet and earnings ratios, where 3 or higher is the low-risk "safe zone". Tenet reads the provider's standard (manufacturing-model) Z as a coarse solvency floor, best taken directionally for non-manufacturers.

2 of 3 criteria pass · 1 not checked · clears the gate; criteria shown as "not checked" don't count against it

GSL

Global Ship Lease Inc

Industrials

~ Altman Z ≥ 3 (safe zone)2 of 3

17.5%

0.4×

—

Receipt · GSL · frozen at run timeClears 2 of 3 published testsOn this list since Sep 4, 2026

GSL — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	ROIC ≥ 15%	17.5%	≥ 15.0%	+2.5 pts
	ROIC, return on invested capital: the after-tax operating profit a business earns on the capital it employs. This screen wants 15% or more.
Passes	Net debt/EBITDA ≤ 3×	0.4×	≤ 3.0×	+2.61
	Net debt divided by EBITDA: net borrowings measured against a year of operating earnings. At or below 3× keeps debt comfortably serviceable; a net-cash business has no reading and shows "not checked".
Not checked (no data for this criterion)	Altman Z ≥ 3 (safe zone)	not checked	≥ 3.00
	Altman Z-score: a bankruptcy-risk score from five balance-sheet and earnings ratios, where 3 or higher is the low-risk "safe zone". Tenet reads the provider's standard (manufacturing-model) Z as a coarse solvency floor, best taken directionally for non-manufacturers.

2 of 3 criteria pass · 1 not checked · clears the gate; criteria shown as "not checked" don't count against it

DECK

Deckers Outdoor Corp.

Consumer Cyclical

~ Net debt/EBITDA ≤ 3×2 of 3

42.1%

—

7.97

Receipt · DECK · frozen at run timeClears 2 of 3 published testsOn this list since Jul 2, 2026

DECK — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	ROIC ≥ 15%	42.1%	≥ 15.0%	+27.1 pts
	ROIC, return on invested capital: the after-tax operating profit a business earns on the capital it employs. This screen wants 15% or more.
Not checked (no data for this criterion)	Net debt/EBITDA ≤ 3×	not checked	≤ 3.0×
	Net debt divided by EBITDA: net borrowings measured against a year of operating earnings. At or below 3× keeps debt comfortably serviceable; a net-cash business has no reading and shows "not checked".
Passes	Altman Z ≥ 3 (safe zone)	7.97	≥ 3.00	+4.97
	Altman Z-score: a bankruptcy-risk score from five balance-sheet and earnings ratios, where 3 or higher is the low-risk "safe zone". Tenet reads the provider's standard (manufacturing-model) Z as a coarse solvency floor, best taken directionally for non-manufacturers.

2 of 3 criteria pass · 1 not checked · clears the gate; criteria shown as "not checked" don't count against it

HRMY

Harmony Biosciences Holdings Inc

Healthcare

3 of 3

15.0%

-2.6×

5.70

Receipt · HRMY · frozen at run timeClears 3 of 3 published tests

HRMY — every criterion, its measured value, its published bar and the margin
Verdict	Test	Measured	Bar	Margin
Passes	ROIC ≥ 15%	15.0%	≥ 15.0%	+0.0 pts
	ROIC, return on invested capital: the after-tax operating profit a business earns on the capital it employs. This screen wants 15% or more.
Passes	Net debt/EBITDA ≤ 3×	−2.6×	≤ 3.0×	+5.64
	Net debt divided by EBITDA: net borrowings measured against a year of operating earnings. At or below 3× keeps debt comfortably serviceable; a net-cash business has no reading and shows "not checked".
Passes	Altman Z ≥ 3 (safe zone)	5.70	≥ 3.00	+2.70
	Altman Z-score: a bankruptcy-risk score from five balance-sheet and earnings ratios, where 3 or higher is the low-risk "safe zone". Tenet reads the provider's standard (manufacturing-model) Z as a coarse solvency floor, best taken directionally for non-manufacturers.

3 of 3 criteria pass

+340 more names qualify today, every one with its receiptPremium · $119/yr · 7-day trial · cancel anytimeSee all 345 names →

Computed Oct 1, 2026 · universe 2,122 names · recomputed nightly

Click any row for the receipt: every criterion with its live value and pass rule. Score is the Tenet composite (sector-relative, 0–100).

Common questions

What is a compounder stock?

A business that reinvests earnings at persistently high returns on invested capital, so intrinsic value snowballs for decades. Munger's talks describe the same point: a stock can hardly earn much more than the business earns on its capital, held long enough.

Why does ROIC matter more than growth?

Growth only creates value when the capital funding it earns above its cost. High-ROIC growth compounds; low-ROIC growth destroys value while looking busy. That's why this screen filters on ROIC first and leverage second.

Which compounders qualify today?

345 of 2122 eligible US names (as of 2026-10-01, after financials and real estate are dropped). The free view publishes the top 5 by Tenet Score with their per-criterion receipts and the rest with Premium, recomputed nightly.

Does a name have to pass every criterion to qualify?

Not every one: a name must clear every criterion that has live data, and at least 2 of the 3 must have data. A criterion shown as "not checked" doesn't count against a name, so nothing on the list fails a criterion it has data for.

Every row carries its qualifying math, frozen at run time.

Each Ruleset is independently developed by Tenet based on investment criteria described in publicly available sources associated with the referenced investor. References to third-party names and trademarks are for identification purposes only. Tenet is not affiliated with, sponsored by, endorsed by or otherwise associated with any referenced investor or trademark owner. Any selections, analyses, backtests, scores and performance information reflect Tenet's own interpretation and implementation and have not been prepared, reviewed or approved by the referenced investor or trademark owner. Third-party names and trademarks remain the property of their respective owners. Inputs are derived from regulatory filings and normalized within Tenet's fundamentals database. Not investment advice.

Data from Intrinio and Financial Modeling Prep.