Earnings Review · 04 November 2026
The print
Revenue $1.29B vs $0.48 expected.
How the market took it
On 2026-11-04 the shares closed at $191.80, -5.3% against the prior close of $202.49 (opening -0.3% from the prior close). Option volatility implied a normal one-day swing of about ±7.1%, so a -5.3% close was smaller than the market implied. Across the last 12 reports the shares have moved an average of +4.4% over the five sessions after the print, so the -5.3% on the day sits behind that average.
What changed versus going in
Revenue of $1.29B compares with $1.40B expected, 7.9% below consensus.
Did the flow confirm the move?
Underlying money flow reads as distribution (21-day Chaikin Money Flow -0.13, five-day price change -10.6%, as of 2026-11-03, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 22%, net margins near 20%, a wide competitive moat, backed by a 13% return on equity.
Levels that matter
At $191.80 the shares sit 58% below the 52-week high of $452.70 and 92% above the low of $100.02 (26% of the way up the range). The 50-day average is $262.40, above the price. The 200-day average is $226.08, above the price.
The valuation lens
The shares trade about 26% above our fair-value estimate: priced for things to go right. Fair value lands near $152 against a $191.80 share price, a margin of safety of about -26%. The trailing multiple sits around 209 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.
