Earnings Review · 27 October 2026
The print
Results are in but not yet verified against a primary source in our ledger; this review updates the moment the audited figures land. What does not change is our read below.
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.16, five-day price change +1.3%, as of 2026-10-23, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 14%, net margins near 51%, a strong competitive moat, backed by a 61% return on equity.
Levels that matter
At $407.92 the shares sit -3% below the 52-week high of $396.35 and 39% above the low of $293.89 (111% of the way up the range). The 50-day average is $377.07, below the price. The 200-day average is $341.31, below the price.
The valuation lens
The shares trade about 17% above our fair-value estimate: priced for things to go right. Fair value lands near $325 against a $391.43 share price, a margin of safety of about -17%. The trailing multiple sits around 33 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.
