Earnings Review · 22 October 2026
The print
Results are in but not yet verified against a primary source in our ledger; this review updates the moment the audited figures land. What does not change is our read below.
How the market took it
On 2026-10-22 the shares closed at $144.16, -5.7% against the prior close of $152.84 (opening -5.5% from the prior close).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.06, five-day price change +6.3%, as of 2026-10-21, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 2%, net margins near 28%, a strong competitive moat, backed by a 25% return on equity.
Levels that matter
At $144.16 the shares sit 46% below the 52-week high of $265.89 and 2% above the low of $140.93 (3% of the way up the range). The 50-day average is $164.71, above the price. The 200-day average is $197.34, above the price.
The valuation lens
The shares trade close to our fair-value estimate (-3% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $140 against a $144.16 share price, a margin of safety of about -3%. The trailing multiple sits around 30 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.
