Earnings Review · 28 October 2026
The print
Revenue $2709.59B. EPS $0.32 vs $0.33 expected.
What changed versus going in
Earnings came in at $0.32 a share against $0.33 expected, a miss of 3% (-$0.01 a share).
Did the flow confirm the move?
Underlying money flow reads as distribution (21-day Chaikin Money Flow -0.21, five-day price change -1.4%, as of 2026-10-23, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 20%, net margins near 7%.
Levels that matter
At $35.74 the shares sit 8% below the 52-week high of $39.00 and 31% above the low of $27.22 (72% of the way up the range).
The valuation lens
Our fair-value work puts the shares about 26% below what the business is worth: value on offer. Fair value lands near $45 against a $35.74 share price, a margin of safety of about 26%. The trailing multiple sits around 32 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, Koç Holding A.S. (KCHOL.IS) sits in the same industry (Conglomerates) 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.
