H&R Block, Inc.

“H&R Block remains a resilient, cash-generative franchise with solid margins, good capital returns, and a clearly inexpensive valuation, but its industry is mature and its competitive position is gradually pressured by digital self-service, free filing, and limited reinvestment opportunity. That combination supports decent downside resilience and acceptable shareholder returns, yet falls short of the quality and runway required for a strong long-term compounding thesis.”