Positioning political buying, disclosed 2026-09-11
Options put/call open interest 0.74, read 2026-10-29
Ethical passes the values gate
Price252.83 USD
Fair value265.51
Ethical score89.3/100
RatingOPPORTUNITY
Our investment reviews on this name
2026-10-11Read Accumulation222.10+13.8% to today ✓Markdown gives way to Accumulation
2026-10-02Read Markdown222.10+13.8% to today Distribution gives way to Markdown with results news in the headlines
2026-09-11Read Distribution219.95+14.9% to today Markup gives way to Distribution first Distribution read since July
2026-08-11Read Markup224.03+12.9% to today ✓Distribution gives way to Markup after a 14% rise in 6 weeks
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.
ResMed holds its Accumulation at $252.83. The statistical read favours the buyers, held for 12 days.
As held on the ledger · 2026-10-29
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 12 days
Price at the screen
$252.83
Valuation
22.91 trailing · 18.06 forward price to earnings
Values screen
PASS· score 89.3
Beta
0.75
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
10.42%
Below 33%
Interest-bearing debt is just 10.4% 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
26.29%
Below 49%
Money owed to the company is 26.3% of assets, under the 49% limit.
Pass
Revenue purity
0.08%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
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 Clears, in Plain English
ResMed clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 10%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-29. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when RMD's ethical verdict changes
Today RMD passes the screen. If new figures move it to a fail, 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 OPPORTUNITY: it trades at roughly a 5% discount to our $265.51 fair value, strong competitive moat, 8.60% revenue growth.
Fair value range in USD, drawn from the 2026-10-29 screen. The gold marker is the market price at the same screen. A 5.0% margin of safety to the base estimate.
Third-party analyst targets: 17 covering, consensus Buy. The average target sits −5% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-29 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
Sleep Apnea Leader Trades Past Its Worth
Think of the millions who clip on a ResMed mask each night to breathe easy. The business behind those devices boasts a strong moat, 27 percent profit margins, 25 percent return on equity and steady 11 percent revenue growth. Yet the shares sit at a forward multiple of 16.6 times earnings with our fair value sitting above the current price, leaving no margin of safety.
We pass because the valuation already prices in most of the good news. Fifteen analysts carry a buy rating and a 234 dollar median target, but that optimism leaves little room for disappointment in growth or margins. Ethical screens clear without issue, yet the numbers still mark the stock as overvalued.
The main risk is simple. Any slowdown in sleep-disordered breathing demand or fresh competition on cloud software could compress multiples quickly. Peak earnings at a modest multiple is no bargain when growth moderates.
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
RMD trades on a US exchange. 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
2026-10-29Accumulation$250.17+4.7%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.7% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$238.97+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$238.97+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Accumulation$238.97+0.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$238.97+0.0%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Accumulation$238.97+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Accumulation$238.97+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Accumulation$238.97+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Accumulation$238.97+7.6%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.6% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 23%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $271.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
