Earnings Review · 13 November 2026
The print
Revenue $23.68B. EPS $1.67 vs $1.44 expected.
How the market took it
On 2026-11-12 the shares closed at $155.00, +0.3% against the prior close of $154.47 (opening +1.0% from the prior close). Across the last 24 reports the shares have moved an average of -1.9% over the five sessions after the print, so the +0.3% on the day sits ahead of that average.
What changed versus going in
Earnings came in at $1.67 a share against $1.44 expected, a beat of 16% (+$0.23 a share).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow -0.05, five-day price change -0.8%, as of 2026-11-11, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 7%, net margins near 10%, a moderate competitive moat, backed by a 12% return on equity.
Levels that matter
At $154.23 the shares sit 9% below the 52-week high of $169.47 and 33% above the low of $115.56 (72% of the way up the range). The 50-day average is $153.24, below the price. The 200-day average is $149.71, 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 $159 against a $155.00 share price, a margin of safety of about 2%. The trailing multiple sits around 26 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.
