The score fell 1 point, mainly due to valuation and price changes. Price fell 10.6%, from $236.74 to $211.73.

Valuation and price changes subtracted 0.6 points. The comparison uses the same available inputs on both dates. Displayed changes are rounded to whole points.

Historical cheapness: current PE is 105.7× versus the full-history median of 114.8× shown in the valuation table, producing 53/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 59.2/100. The model applies a 38.6% 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 105.8× (18-month half-life). The favorable scenario uses 118× PE and $2.8 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 +33.6%, earnings +6.4%, operating margin +1.8 percentage points. Free cash flow is 15.1% of revenue. The business score is 75.8/100. 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 $2.85 of EPS and a 118× PE, suggesting a share price of about $335.85. Valuation history and outlook inform the PE.

The displayed favorable scenario is 66.3% upside, or about $335.84.

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 $1.69 of EPS and a 84.3× PE, suggesting a share price of about $142.10 — 30% 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 13.2× versus the full-history median of 8.9× shown in the valuation table, producing 25.7/100. Positive weekly observations receive equal weight; lower past EPS alone does not disqualify them.

Outlook-adjusted valuation: 23.9/100. The model applies a 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 9.8× (18-month half-life). The favorable scenario uses 11.9× PE and $4.4 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 +1.4%, earnings -10.5%, operating margin -2.4 percentage points. Free cash flow is 15.4% of revenue. The business score is 49.9/100. 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 $4.37 of EPS and a 11.9× PE, suggesting about $51.87 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 $58.20. 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 $3.29 of EPS and a 11.4× PE, suggesting a share price of about $37.59 — 26% below today’s price. Valuation history and outlook inform the PE.

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