The print

Revenue $1.94B vs $1.81B expected (beat), up 93% year on year. EPS $0.41 vs $0.33 expected. Raised full-year 2026 revenue guidance to $8.15-8.16B (about 82% growth) and US commercial revenue to above $3.42B (at least 134% growth), with adjusted free cash flow guided to $4.5-4.7B.

Give the business its due

The business itself is genuinely strong: revenue growing about 85%, net margins near 44%, a strong competitive moat.

The valuation lens

Our framework labels the valuation SPECULATIVE. Fair value lands near $127 against a $123 share price, a margin of safety of about 4%. The trailing multiple sits around 138 times earnings, which only makes sense if the growth holds.

The ethical lens, our differentiator

Fails the principled screen, Interest-bearing securities. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.

The compliant alternative

If the theme is what draws you, Amdocs Limited (DOX) sits in the same industry (Software – Infrastructure) and clears our principled screen, the place to look instead of chasing a name that does not.

The verdict for a values-conscious investor

A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. We do not confuse a strong quarter with a suitable holding.