The score rose 12 points, mainly due to valuation and price changes. Price rose 1.3%, from $256.00 to $259.23.

Valuation and price changes added 11.8 points. The comparison uses the same available inputs on both dates. Displayed changes are rounded to whole points.

Investment-adjusted valuation uses $7.2 trailing EPS after removing the disclosed net investment contribution of $3.8 per share from $11 reported EPS. Current adjusted PE is 34.5x versus 26.3x in the comparable adjusted history. The original reported PE remains in the valuation table.

The historical comparison is reconstructed from reviewed quarters and can be shorter than the reported PE history. It is not a point-in-time backtest. Missing history receives less weight; the adjusted reference is not a promised price target.

Business trends are strong. Over the past year: revenue +11.2%, operating margin +1.2 percentage points. Free cash flow is 34.5% of revenue. The business score is 70.5/100. 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 $8.95 of EPS and a 32.5× PE, suggesting a share price of about $291.39. Valuation history and outlook inform the PE.

The displayed favorable scenario is 17.6% upside, or about $291.32.

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 $6.33 of EPS and a 30.1× PE, suggesting a share price of about $190.63 — 31% below today’s price. Valuation history and outlook inform the PE.

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

Historical cheapness: current PE is 751.5× versus the full-history median of 108.8× shown in the valuation table, producing 5.2/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 5.3/100. The model applies a 14.6% 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 108.1× (18-month half-life). The favorable scenario uses 620.1× PE and $0.5 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 mixed. Over the past year: revenue +24.5%, earnings -72.5%, operating margin -7.4 percentage points. Free cash flow is 38.2% of revenue. The business score is 53.3/100. Growth, margins and cash generation drive the score. Missing or older data receives less weight.

The earnings calculation and the displayed scenario are different.

The earnings case uses $0.54 of EPS and a 620.1× PE, suggesting about $333.33 before the minimum is applied. Valuation history and outlook inform the PE.

The model applies a 15% minimum upside scenario, so the card shows +15%, or about $380.25. That adjusted price does not come from the EPS × PE calculation above.

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 $0.39 of EPS and a 585.3× PE, suggesting a share price of about $226.82 — 31% below today’s price. Valuation history and outlook inform the PE.

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