The score fell 4 points, mainly due to valuation and price changes. Price fell 0.3%, from $335.16 to $334.05.

Valuation and price changes subtracted 4.5 points. The comparison uses the same available inputs on both dates. Displayed changes are rounded to whole points.

Historical cheapness: current PE is 21.1× versus the full-history median of 19.3× shown in the valuation table, producing 43.6/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 42.9/100. The model applies a 8.8% earnings-growth assumption and a 10% annual return hurdle, with positive credit limited by evidence coverage and confidence.

Forward price scenarios use recent PE history separately. Recent history has a separately weighted median of 21.3× (18-month half-life). The favorable scenario uses 21.5× PE and $17.7 projected EPS, informed by growth, margins and earnings-quality checks. This is a model scenario, not an analyst target. A return to the full-history median is not assumed.

Business trends are strong. Over the past year: revenue +10.5%, earnings +18.8%, operating margin +1.5 percentage points. Free cash flow is 13.9% of revenue. The business score is 71/100. Growth, margins and cash generation drive the score. Missing or older data receives less weight.

Stronger earnings and valuation could support a higher share price.

Our favorable case uses $17.73 of EPS and a 21.5× PE, suggesting a share price of about $381.95. Valuation history and outlook inform the PE.

The displayed favorable scenario is 19.7% upside, or about $381.80.

This is a scenario based on our model, not a forecast or probability.

Weaker than expected earnings could put pressure on the share price.

Our downside case uses $12.77 of EPS and a 18.2× PE, suggesting a share price of about $231.95 — 27% below today’s price. Valuation history and outlook inform the PE.

This is a scenario based on our model, not a forecast or probability.