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Best Companies to Own: Methodology

The companies on this list are covered by Morningstar Research Services’ equity analysts and have shares available to US investors. This means that Morningstar equity analysts have calculated fair value estimates for the shares of the companies that trade on US exchanges. As a result, most of the companies on this list are based in the US.

Within that coverage list, the best companies meet the following criteria:

• Wide Economic Moat. The Morningstar Economic Moat Rating summarizes the length of a company’s competitive advantages. An economic moat is a structural feature allowing a firm to generate excess profits over a long period. If Morningstar Research Services believes that excess returns will persist for 20 years or more, that company earns a wide moat rating.
• Standard or Exemplary Capital Allocation.The stock’s Morningstar Capital Allocation Rating is an assessment of the quality of management’s capital allocation, with particular emphasis on the firm’s balance sheet, investments, and shareholder distributions. Capital allocation is judged from an equity shareholder’s perspective, considering companies’ investment strategy and valuation, balance-sheet management, and dividend and share buyback policies on a forward-looking basis. A company can receive an Exemplary, Standard, or Poor Capital Allocation Rating.
• Low or Medium Fair Value Uncertainty. The fair value Morningstar Uncertainty Ratingrepresents the predictability of a company’s future cash flows and, therefore, the level of certainty in the fair value estimate of that company. The Uncertainty Rating for a company can be Low, Medium, High, Very High, or Extreme. It captures a range of likely potential intrinsic values for a company based on the characteristics of the business underlying the stock, including such things as operating and financial leverage, sales sensitivity to the economy, product concentration, and other factors. The more predictable cash flows, the smaller the range of potential intrinsic values, the lower the uncertainty.

What Gives a Company an Economic Moat?

Companies with moats have one or more of the following characteristics:

• Network Effect. Lots of people are using the service, which then makes the service more valuable to the people who use it.
• Intangible Assets. Patents, brands, regulatory licenses, and other intangible assets can prevent competitors from duplicating a company’s products or allow the company to charge a significant price premium.
• Cost Advantage. Firms with a structural cost advantage can either undercut competitors on price while earning similar margins or charge market-level prices while earning relatively high margins.
• Switching Costs. When it would be too expensive or troublesome to stop using a company’s products, the company often has pricing power.
• Efficient Scale. When a niche market is effectively served by one or a small handful of companies, there is no room or incentive for potential competitors to enter the market.

To maintain analysts’ independence, Morningstar Research Services does not publicly rate its parent company Morningstar Inc. Therefore, Morningstar, Inc. is not on the list of the best companies available to US investors.

https://www.morningstar.com/stocks/best-companies-own-2026-edition

Royal Bank of Canada (RBC) Q4 FY2024 #EarningsReport Summary (in CAD) | $RY (-0,06 %)

In Q4 FY2024, RBC achieved strong growth, driven by diversified revenue streams and the integration of HSBC Canada. Net income grew by 7% YoY, reflecting solid performance across all major segments, partially offset by increased provisions for credit losses (PCL).

📊 Income Statement Highlights (vs. Q4 FY2023):

▫️Net Income: $4.22B CAD (+7%)

▫️Total Revenue: $15.07B CAD (+18.85%)

▫️Adjusted Net Income: $4.44B CAD (+18%)

▫️Diluted EPS: $2.91 CAD (+5%); Adjusted EPS: $3.07 CAD (+16%)

▫️Pre-Provision, Pre-Tax Earnings: $6.06B CAD (+31%)

▫️PCL on Loans Ratio: 0.35% (flat YoY)

Segment Highlights:

▫️Personal Banking: Net income of $1.58B CAD (+16%), supported by HSBC Canada integration and deposit volume growth.

▫️Commercial Banking: Net income of $774M CAD (+16%), with strong loan growth but offset by higher PCL.

▫️Wealth Management: Revenue of $5.19B CAD (+20%), net income of $969M CAD (up 256%).

▫️Insurance: Net income of $162M CAD (+67%), reflecting higher service results and reduced expenses.

▫️Capital Markets: Relatively flat performance YoY at $985M CAD net income, with improved revenue offset by legal provisions.

💼 Balance Sheet Highlights (as of Oct 31, 2024, in CAD):

▫️Total Assets: $2.17T CAD (+8.23% YoY)

▫️Loans, Net: $981.38B CAD (+15.08%)

▫️Deposits: $1.41T CAD (+14.45%)

▫️CET1 Ratio: 13.2% (-1.3%)

▫️Return on Equity (ROE): 14.3%; Adjusted ROE: 15.1%

▫️Assets Under Management (AUM): $1.34T CAD (+26.74%)

🔮 Future Outlook:

RBC enters 2025 positioned for sustainable growth. Focus will remain on operational efficiency, risk management, and leveraging the HSBC Canada acquisition. The bank targets continued improvements in digital services and expansion in key international markets.