Earnings Review · 05 November 2026
The print
Revenue $17.21B. EPS $1.45 vs $1.50 expected.
How the market took it
On 2026-11-05 the shares closed at $48.92, -1.5% against the prior close of $49.64 (opening +1.3% from the prior close). Sellers faded the pop: 2.8 points of the opening gain were given back by the close, which says the first read was too generous. Across the last 24 reports the shares have moved an average of +2.5% over the five sessions after the print, so the -1.5% on the day sits behind that average.
What changed versus going in
Earnings came in at $1.45 a share against $1.50 expected, a miss of 3% (-$0.05 a share).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow -0.01, five-day price change -9.4%, as of 2026-11-04, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 70%, net margins near 26%, a narrow competitive moat, backed by a 27% return on equity.
Levels that matter
At $48.92 the shares sit 13% below the 52-week high of $56.27 and 62% above the low of $30.13 (72% of the way up the range).
The valuation lens
The shares trade about 16% above our fair-value estimate: priced for things to go right. Fair value lands near $42 against a $48.92 share price, a margin of safety of about -16%. The trailing multiple sits around 13 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.
