Research library · Consumer
Consumer: the moats, the numbers, the verdicts.
46 companies covered. Every report re-run after the latest earnings.
Apple's revenue growth went from 5.1% to 16.4% across five quarters, which is the fastest this company has grown in years.
Airbnb's revenue growth accelerated from 6% to 18% over five quarters, and the average price of a night booked rose from $171 to $184.
Amazon reported $62.6B of net income last quarter and $50.5B of it was writing up its stake in Anthropic.
AutoZone's operating income fell in two consecutive quarters and then grew 6.6%, while revenue growth sat perfectly still at roughly 8% throughout.
Alibaba Group Holding Limited BABA
Alibaba is a Chinese e-commerce cash cow funding the most ambitious vertically integrated AI cloud build in the country, and the equity is priced as if the e-commerce engine has st
Build-A-Bear Workshop, Inc. BBW
You are paying about $490M, roughly ten times earnings, for a mall retailer that sells children a stuffed animal they build themselves, and whose sales just went from growing 12% t
Bunge is one of the four "ABCD" global grain and oilseed processors (with ADM, Cargill, and Louis Dreyfus), buying agricultural raw materials from farmers and crushing, refining, t
Buckle's operating income rose $16.0M last quarter and $19.1M of it was a lawsuit settlement.
Revenue growth accelerated to 32.5% last quarter. The number of customers walking up to the window grew 1.7%, down from 3.7% a year ago.
Anheuser-Busch InBev SA/NV BUD
Anheuser-Busch InBev sold 2.3% less beer in 2025 and made more money, because revenue per hectolitre rose 4.4%.
Casey's General Stores, Inc. CASY
Casey's earns more selling pizza than gasoline, and last quarter it made 46.9 cents on every gallon, the best fuel margin in its recorded history.
CAVA's same-restaurant sales went from 2.1% to 9.0% in a year, which is the rarest thing in restaurants: a comp that accelerates while the store count grows 20%.
Alani Nu is about to pass CELSIUS as the company's biggest brand, and CELSIUS is the one the company is named after.
Chipotle Mexican Grill, Inc. CMG
Chipotle's customer traffic was negative for four straight quarters and turned positive at +1.0% in the most recent one.
Costco Wholesale Corporation COST
Costco's comparable sales accelerated from 6.8% to 9.8% over six quarters. Over the same six quarters the number of people walking through the door decelerated from 5.7% to 2.4%.
Cavco is the more vertically integrated of the two public manufactured-home makers, a net-cash builder with a captive lending-and-insurance arm that just posted record FY2026 reven
Diageo is the world's largest premium-spirits house, and at ≈$81 the ADR sits near a 52-week low of $72.45 after a roughly 44% slide from its 2022 peak, with the market having de-r
Dollar General's comparable sales have printed 2.8%, 2.5% and 2.0%, and its gross margin expansion has printed 137, 107 and 65 basis points.
DICK'S Sporting Goods, Inc. DKS
Foot Locker, bought eleven months ago for $2.51B, lost $31.9M in the quarter and its comparable sales went from roughly flat to down 3.6%.
Domino's has de-rated 36% from its 52-week high to 16.6x forward earnings, and the royalty engine underneath the de-rate is intact: international franchise fees are 6.9% of revenue
Ford lost $8.18B last year on $17.36B of write-offs, most of it admitting that its electric vehicle programmes were worth far less than it had spent on them.
Greif is the global leader in industrial packaging (steel drums, intermediate bulk containers, fiber drums, plastic jerricans, and closures) selling to chemical, food, ag, and lubr
Glanbia's sports nutrition margin fell from 16.9% to 13.0% in one year on record whey costs.
Global-E's take rate has held between 14.3% and 14.6% for four straight quarters while its volume grew 44%.
GameStop's operating income went from losing $10.8M to earning $143.3M in four quarters, and the stock sits at $18.04, a nickel off its 52-week low.
Gentex is a debt-free, ≈63% market-share auto-mirror franchise trading at about 14× trailing earnings with a 6% FCF yield, a 1.9% dividend, and a buyback that's actually shrinking
Home Depot has not had a quarter of positive customer transactions in over a year. Every comparable-sales figure it has reported since has been carried entirely by people spending
Herbalife trades at 5.7x earnings and 3.6x free cash flow with a $1.37B market cap on $5.0B of revenue, a business the market has priced for terminal decline while it quietly delev
LVMH Moët Hennessy - Louis Vuitton, Société Européenne LVMHF
LVMH trades at 20.9x trailing earnings against 38.7x for Hermès and 34.9x for Richemont, and it is the only one of the three that just reported an inflection: organic growth turned
MercadoLibre grew revenue 49.8% last quarter and its operating income fell 17.2%.
McCormick & Company, Incorporated MKC
Almost the whole gap is a Mexican business it already half-owned and now consolidates, plus a price increase the consumer is answering by buying less.
You are paying about 12.7x forward earnings for a US cigarette monopoly-in-effect that still grew adjusted EPS 4.4% while its cigarette volumes fell 10%, and you collect a near-6%
NVR's new orders turned positive after four quarters of decline, up 7% and then 9%, and its gross margin fell from 21.9% to 19.2% over the same stretch.
Newell Brands is a $7.2B portfolio of household-name consumer brands (Sharpie, Rubbermaid, Graco, Coleman, Yankee Candle) wrapped around $5.45B of net debt, three years into an ope
O-I Glass is one of the two largest container-glass manufacturers in the world (with Verallia), supplying glass bottles to beer, wine, spirits, and food customers across Americas a
Post Holdings is a serial acquirer of food brands across cereal (Honey Bunches of Oats, Pebbles, Weetabix), foodservice eggs and potatoes (the largest US foodservice egg supplier),
Royal Caribbean Cruises Ltd. RCL
Royal Caribbean's ships sail at 110% occupancy, meaning most cabins carry more than two people, and it charges $289 per passenger per day.
Starbucks closed 627 stores in a single quarter, took $755.0M of restructuring charges, and its operating margin fell to 2.9%.
You're paying $68.2B of enterprise value, 25.2x FY2027 consensus, for a Southeast Asian marketplace, consumer lender and game publisher that grew revenue 48.1% last quarter and adj
You're paying about 21.5 times trailing earnings of $3.65 for the largest US factory-built-home maker by volume, a debt-free business carrying roughly $529 million of net cash that
SharkNinja's growth just reaccelerated to 22%, its fastest quarter since 2024, and the stock has responded by doubling off its April low to 38 times trailing earnings.
Target's comparable sales went from -3.8% to +5.6% in a year, traffic turned positive, and the stock doubled from $83.44 to $169.90.
You're paying 14.8x forward earnings, the cheapest Tractor Supply has been in more than a decade, for a 2,641-store rural franchise that has grown revenue every year since 2015 and
Tesla's regulatory credit revenue collapsed from $595M a quarter to $146M after a change in United States law removed the programmes that created it.
They pay Michael Skipworth to grow adjusted profit and to open new restaurants, with nothing in the plan tied to the sales of the restaurants already open, which means he will keep
Walmart's US comparable sales halved last quarter, from 4.6% a year ago to 2.6%, while operating income jumped 28.8%.