I dug into the filings for 5 "boring" companies and now I think boring is underpriced

I keep seeing people chase the next NVDA or PLTR and ignoring companies that just quietly print cash every quarter. So I went through the actual filings for a handful of them, stuff like waste management, payroll processing, industrial distribution.

What stood out is how many of these businesses have customers that basically can't leave. Like ADP processes payroll for something like 1 in 6 US workers. You don't switch payroll providers because you saw a slightly cheaper option, the switching cost is insane when you factor in tax compliance and integrations.

Waste Management is another one that surprised me. Their landfill permits alone are a moat, you literally cannot get new ones in most metro areas. So every year they just raise prices 3-5% and nobody blinks because what are you gonna do, start your own landfill?

The one that actually changed my mind was IDXX (veterinary diagnostics). I always wrote it off as "pet stuff" but their installed base of lab equipment in vet clinics creates this razor/blade dynamic where the margins on consumables are wild. And pet spending doesn't really correlate with recessions the way you'd think.

I'm not saying these are cheap right now, some of them trade at 30x+ earnings. But I think a lot of people underestimate how long a business can compound at 15% when nobody can compete with them.

What boring stocks do you guys own that you think are genuinely underappreciated?