Earnings Review · 10 November 2026
The print
Revenue n/a. EPS $12.44 vs $12.21 expected.
What changed versus going in
Earnings came in at $12.44 a share against $12.21 expected, a beat of 2% (+$0.23 a share).
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.21, five-day price change +4.4%, as of 2026-11-06, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 22%, net margins near 21%.
Levels that matter
At $1218.85 the shares sit 17% below the 52-week high of $1463.03 and 14% above the low of $1071.25 (38% of the way up the range). The 50-day average is $1130.05, below the price. The 200-day average is $1231.68, above the price.
The valuation lens
The shares trade close to our fair-value estimate (+3% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $1261 against a $1225.54 share price, a margin of safety of about 3%. The trailing multiple sits around 37 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
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.
