Earnings Review · 04 November 2026
The print
Revenue $11.15B. EPS $2.07 vs $2.20 expected.
What changed versus going in
Earnings came in at $2.07 a share against $2.20 expected, a miss of 6% (-$0.13 a share). Revenue of $11.15B compares with $1.40B expected, 696.6% above consensus.
Did the flow confirm the move?
Underlying money flow reads as distribution (21-day Chaikin Money Flow -0.13, five-day price change +2.7%, as of 2026-10-30, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 64%, net margins near 5%, a weak competitive moat, backed by a 11% return on equity.
Levels that matter
At $119.46 the shares sit 22% below the 52-week high of $153.29 and 20% above the low of $99.56 (37% of the way up the range). The 50-day average is $124.16, above the price. The 200-day average is $126.11, above the price.
The valuation lens
Our fair-value work puts the shares about 29% below what the business is worth: value on offer. Fair value lands near $154 against a $119.46 share price, a margin of safety of about 29%. The trailing multiple sits around 42 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity screen. 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
There is no direct compliant equivalent in the same industry on our screen, the honest answer is to screen a step wider rather than reach for a false substitute.
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. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
