Earnings Review · 10 November 2026
The print
Revenue $5.66B. EPS $1.78 vs $1.58 expected.
What changed versus going in
Earnings came in at $1.78 a share against $1.58 expected, a beat of 13% (+$0.20 a share). Revenue of $5.66B compares with $2.60B expected, 117.6% above consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow -0.07, five-day price change +2.2%, as of 2026-11-06, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 8%, net margins near 12%, a unknown competitive moat, backed by a 7% return on equity.
Levels that matter
At $96.48 the shares sit 33% below the 52-week high of $144.84 and 17% above the low of $82.67 (22% of the way up the range). The 50-day average is $96.02, below the price. The 200-day average is $104.05, above the price.
The valuation lens
The shares trade about 18% below our fair-value estimate: a modest cushion. Fair value lands near $114 against a $96.48 share price, a margin of safety of about 18%. The trailing multiple sits around 31 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity screen. 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
There is no direct compliant equivalent in the same industry on our screen, the honest answer is to screen a step wider rather than reach for a false substitute.
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.
