Earnings Review · 16 October 2026
The print
Revenue $12.15B. EPS $9.18 vs $7.43 expected.
What changed versus going in
Earnings came in at $9.18 a share against $7.43 expected, a beat of 24% (+$1.75 a share). Revenue of $12.15B compares with $11.00B expected, 10.5% above consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.01, five-day price change +4.8%, as of 2026-10-14, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 0%, net margins near 17%, a moderate competitive moat, backed by a 27% return on equity.
Levels that matter
At $377.82 the shares sit 5% below the 52-week high of $398.70 and 50% above the low of $252.26 (86% of the way up the range).
The valuation lens
The shares trade about 18% above our fair-value estimate: priced for things to go right. Fair value lands near $316 against a $383.89 share price, a margin of safety of about -18%. 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, 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
If the theme is what draws you, Al Rajhi Takaful (8030.SR) sits in the same industry (Insurance – Life) 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.
