Earnings Review · 16 October 2026
The print
Revenue $6.43B. EPS $4.97 vs $4.89 expected.
What changed versus going in
Earnings came in at $4.97 a share against $4.89 expected, a beat of 2% (+$0.08 a share). Revenue of $6.43B compares with $6.60B expected, 2.5% below consensus.
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 +0.05, five-day price change -0.9%, as of 2026-10-14, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 24%, net margins near 31%, a moderate competitive moat, backed by a 13% return on equity.
Levels that matter
At $215.80 the shares sit 17% below the 52-week high of $258.96 and 22% above the low of $176.88 (47% of the way up the range).
The valuation lens
Our fair-value work puts the shares about 35% below what the business is worth: value on offer. Fair value lands near $290 against a $214.94 share price, a margin of safety of about 35%. The trailing multiple sits around 12 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
If the theme is what draws you, Qatar Islamic Bank (Q.P.S.C.) (QIBK.QA) sits in the same industry (Banks – Regional) 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.
