Earnings Review · 10 November 2026
The print
Revenue $4.58B. EPS $0.96 vs $0.53 expected.
What changed versus going in
Earnings came in at $0.96 a share against $0.53 expected, a beat of 81% (+$0.43 a share). Revenue of $4.58B compares with $4.70B expected, 2.6% below consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.01, five-day price change -22.0%, 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 48%, net margins near 22%, a narrow competitive moat, backed by a 34% return on equity.
Levels that matter
At $11.80 the shares sit 33% below the 52-week high of $17.62 and 106% above the low of $5.72 (51% of the way up the range). The 50-day average is $13.63, above the price. The 200-day average is $12.22, above the price.
The valuation lens
The shares trade about 14% below our fair-value estimate: a modest cushion. Fair value lands near $13 against a $11.80 share price, a margin of safety of about 14%. The trailing multiple sits around 10 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, DHT Holdings, Inc. (DHT) sits in the same industry (Oil & Gas Midstream) 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.
