Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.47, read 2026-11-02
Ethical does not pass the values gate
Price209.79 USD
Fair value205.14
Value readFairas of 4 Nov 2026
Our investment reviews on this name
2026-10-28Read Markup196.68+6.7% to today ✓Distribution gives way to Markup first Markup read since August
2026-08-25Read Distribution205.21+2.2% to today Markup gives way to Distribution after a 6% rise in 8 weeks
2026-07-02Read Markup194.04+8.1% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Royal Bank of Canada holds its Markup at $209.79. The statistical read favours the buyers, held for 3 days.
As held on the ledger · 2026-11-04
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 3 days
Price at the screen
$209.79
Valuation
18.01 trailing · 16.15 forward price to earnings
Values screen
FAIL
Beta
0.91
The Workings
Five Screens, Shown in Full
Does not pass. Business activity
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Financial sector: banks
Fail
Debt load
0.00%
Below 33%
Interest-bearing debt is just 0.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
156.05%
Below 5%
156.1% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Royal Bank of Canada does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today RY does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 4 Nov 2026: it trades above our $205.14 fair value estimate, moderate competitive moat, 8.90% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. The price runs 2.3% above the base estimate.
Where our models see it going: fair-value estimate $205.14, with a range of $167.43 to $239.14, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it is worth knowing
A quality business: a moderate moat and 34% profit margins. At the screened price it sits 2% above our $205.14 fair value: priced for the quality, not a bargain.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
RY trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markup$203.61+3.5%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 3.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it none, with a mean price target of $213.
2026-10-28Markup · changed$196.68+0.0%Entry 16
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $212.
2026-10-21Distribution$196.68+2.5%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 2.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $212.
2026-10-14Distribution$191.91-5.0%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 5.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $208.
2026-10-02Distribution$201.98-1.6%Entry 13
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $208.
2026-08-27Distribution$205.21+0.0%Entry 12
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $206. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-26Distribution$205.21+0.0%Entry 11
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $206. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $206. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-24Markup$205.21+0.0%Entry 9
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $176. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-23Markup$205.21+0.0%Entry 8
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 56%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (3 analysts) rates it buy, with a mean price target of $176. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
