Earnings Review · 22 October 2026
The print
Revenue $4.29B. EPS $2.15 vs $2.00 expected.
What changed versus going in
Earnings came in at $2.15 a share against $2.00 expected, a beat of 7% (+$0.15 a share).
Did the flow confirm the move?
Money has been flowing IN underneath a flat-to-lower price: quiet accumulation, the kind of positioning that tends to show up before a name moves, not after. (21-day Chaikin Money Flow +0.28, five-day price change -3.3%, as of 2026-10-19, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 41%, net margins near 36%, a narrow competitive moat, backed by a 50% return on equity.
Levels that matter
At $201.78 the shares sit 9% below the 52-week high of $220.78 and 74% above the low of $115.74 (82% of the way up the range). The 50-day average is $200.74, below the price. The 200-day average is $179.14, below the price.
The valuation lens
The shares trade about 41% above our fair-value estimate: priced for things to go right. Fair value lands near $119 against a $201.78 share price, a margin of safety of about -41%. The trailing multiple sits around 30 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
The two standards split: it clears the faith-based (AAOIFI) screen but not our broader anchor screen. We default to protection and do not call it compliant on a divergence.
The compliant alternative
If the theme is what draws you, Ero Copper Corp. (ERO) sits in the same industry (Copper) 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.
