Earnings Review · 30 October 2026
The print
Revenue $15.38B. EPS $1.00 vs $1.15 expected.
What changed versus going in
Earnings came in at $1.00 a share against $1.15 expected, a miss of 13% (-$0.15 a share).
Did the flow confirm the move?
Underlying money flow reads as distribution (21-day Chaikin Money Flow -0.08, five-day price change +0.6%, as of 2026-10-28, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 12%, net margins near 17%, a moderate competitive moat, backed by a 24% return on equity.
Levels that matter
At $169.51 the shares sit 20% below the 52-week high of $212.71 and 24% above the low of $136.16 (44% of the way up the range). The 50-day average is $163.08, below the price. The 200-day average is $180.05, above the price.
The valuation lens
The shares trade close to our fair-value estimate (-5% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $162 against a $169.51 share price, a margin of safety of about -5%. The trailing multiple sits around 27 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Clears the faith-based (AAOIFI) screen and sits borderline on our broader anchor screen. Compliant with a caveat, weigh the divergence for your own conviction.
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.
