Warren Buffett dropped Home Depot back in 2009. Since then, the stock’s total return has crushed even Berkshire Hathaway’s gains, over 2,300% with dividends. Home Depot checks a bunch of classic Buffett boxes—understandable business, strong margins, solid return on capital, and it benefits from aging US housing stock. The catch: its valuation isn’t cheap, with a P/E around 26. Would Buffett pay up for quality here? Maybe. Berkshire’s recent buys include some even pricier stocks. Still, for strict value investors, HD probably isn’t cheap enough, and its dividend isn’t high. Growth chasers have other options, but it’s the kind of stock you can see why it’d come up for someone with Buffett’s style.