Positioning no disclosures inside 60 days, left as found
Options put/call open interest 4.46, read 2026-11-05
Ethical passes the values gate
Price441.95 USD
Fair value322.99
Ethical score70.0/100
Value readOvervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-02Read Accumulation384.65+14.9% to today ✓Distribution gives way to Accumulation
2026-09-11Read Distribution400.21+10.4% to today Markup gives way to Distribution with volume flow in agreement
2026-08-11Read Markup414.33+6.7% to today ✓Accumulation gives way to Markup
2026-07-02Read Accumulation413.43+6.9% to today ✓First review on file: Accumulation
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.
Reliance Inc holds its Accumulation at $441.95. The statistical read favours the buyers, held for 300 days.
As held on the ledger · 2026-11-04
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 300 days
Price at the screen
$441.95
Valuation
19.67 trailing · 16.51 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.95
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
16.77%
Below 33%
Interest-bearing debt is just 16.8% 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
16.93%
Below 49%
Money owed to the company is 16.9% of assets, under the 49% limit.
Pass
Revenue purity
0.03%
Below 5%
Only 0.0% 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
Reliance clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 17%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 4 Nov 2026: it trades above our $322.99 fair value estimate, narrow competitive moat, 42.80% 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 36.8% above the base estimate.
Where our models see it going: fair-value estimate $322.99, with a range of $322.99 to $371.44, 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
Steel service centre priced for the boom
Picture a metals yard in Ohio where order books fill fast one quarter and sit empty the next. Reliance moves alloy, stainless and carbon steel across North America, yet the shares at 396 dollars sit well above our 280 dollar fair value with a negative margin of safety. Revenue growth of 16 percent and a narrow moat look respectable on the surface, yet an 18.6 times forward multiple and 5 percent profit margins leave little room for the next downturn.
We pass. The business clears the ethical screen and eight analysts sit on a hold rating with a 380 dollar median target, but the cyclical steel trade rarely rewards investors who pay up at peak earnings. ROE of 11 percent and thin margins already signal limited pricing power once demand normalises.
The real risk sits in the cycle itself. When construction and manufacturing slow, inventory losses and falling volumes hit quickly, turning a seemingly reasonable multiple into a value trap. Analysis, not advice.
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
RS 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
2026-11-04Accumulation$443.84+5.2%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 14% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. Insiders have been net sellers over the past quarter.
2026-10-28Accumulation$421.87+3.7%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 14% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372.
2026-10-21Accumulation$406.67+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 passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 14% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Accumulation$406.67+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 passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 14% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Accumulation$406.67+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 passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 14% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Accumulation$406.67+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 passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-17Accumulation$406.67+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 passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Accumulation$406.67+1.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Accumulation$402.45+0.0%Entry 8
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 passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Accumulation$402.45+4.6%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 20%. The street (7 analysts) rates it hold, with a mean price target of $372. 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.
