Earnings Review · 13 November 2026
The print
Revenue $17.86B. EPS $1.55 vs $0.25 expected.
How the market took it
On 2026-11-12 the shares closed at $12.90, +1.4% against the prior close of $12.72 (opening +2.5% from the prior close). Across the last 14 reports the shares have moved an average of -0.6% over the five sessions after the print, so the +1.4% on the day sits ahead of that average.
What changed versus going in
Earnings came in at $1.55 a share against $0.25 expected, a beat of 520% (+$1.30 a share).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.01, five-day price change +1.4%, as of 2026-11-10, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 1%, net margins near 11%, a moderate competitive moat, backed by a 21% return on equity.
Levels that matter
At $12.90 the shares sit 6% below the 52-week high of $13.68 and 28% above the low of $10.09 (78% of the way up the range). The 50-day average is $11.98, below the price. The 200-day average is $11.74, below the price.
The valuation lens
The shares trade about 10% above our fair-value estimate: priced for things to go right. Fair value lands near $12 against a $12.90 share price, a margin of safety of about -10%. The trailing multiple sits around 11 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity. 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.
