Earnings Review · 13 November 2026
The print
Revenue $9.12B. EPS $4.16 vs $4.05 expected.
How the market took it
On 2026-11-12 the shares closed at $380.95, -3.6% against the prior close of $395.08 (opening -4.0% from the prior close). Across the last 24 reports the shares have moved an average of -0.8% over the five sessions after the print, so the -3.6% on the day sits behind that average.
What changed versus going in
Earnings came in at $4.16 a share against $4.05 expected, a beat of 3% (+$0.11 a share). Revenue of $9.12B compares with $10.30B expected, 11.5% below consensus.
Did the flow confirm the move?
Price has run up but the money has been quietly leaving: distribution into strength. For a holder that is a trim-or-take-profit signal, not an add; the crowd sees the strength, the flow sees the exit. (21-day Chaikin Money Flow -0.28, five-day price change +7.0%, as of 2026-11-11, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 25%, net margins near 30%, a strong competitive moat, backed by a 41% return on equity.
Levels that matter
At $370.50 the shares sit 50% below the 52-week high of $739.67 and 82% above the low of $203.40 (31% of the way up the range). The 50-day average is $444.85, above the price. The 200-day average is $445.15, above the price.
The valuation lens
The shares trade close to our fair-value estimate (+1% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $383 against a $380.95 share price, a margin of safety of about 1%. The trailing multiple sits around 32 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Screens compliant (both standards agree). A name values-conscious investors can weigh on the merits.
The verdict for a values-conscious investor
It clears the screen; size it to your own risk and conviction. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
