Earnings Review · 04 November 2026
The print
Revenue $34.33B. EPS $0.33 vs $0.41 expected.
What changed versus going in
Earnings came in at $0.33 a share against $0.41 expected, a miss of 20% (-$0.08 a share). Revenue of $34.33B compares with $32.40B expected, 6.0% above consensus.
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.09, five-day price change +2.2%, as of 2026-10-30, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 78%, net margins near 5%, a narrow competitive moat, backed by a 15% return on equity.
Levels that matter
At $20.34 the shares sit 7% below the 52-week high of $21.84 and 26% above the low of $16.18 (73% of the way up the range). The 50-day average is $20.82, above the price. The 200-day average is $18.99, below the price.
The valuation lens
The shares trade close to our fair-value estimate (-2% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $20 against a $20.16 share price, a margin of safety of about -2%. The trailing multiple sits around 14 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Debt ratio. 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
If the theme is what draws you, DHT Holdings, Inc. (DHT) sits in the same industry (Oil & Gas Midstream) and clears our principled screen, the place to look instead of chasing a name that does not.
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.
