L&T Finance Ltd
LTFL&T Finance Ltd's price has outrun its earnings. +51.6% in a year against EPS +12.3% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +51.6% in a year while annual EPS moved +12.3% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (68 weeks in) while the P/BV sits at the 81st percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +30.7% year on year, with the the net margin at 17.6%. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
L&T Finance Ltd trades at ₹306, in a confirmed uptrend and 68 weeks into that stage. That is +9.0% against its own 200-day average. It sits at 77% of a 52-week range of ₹236 to ₹327. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks.
Today the stock is in a confirmed uptrend — week 68 of stage 2, confirmed. At ₹306 it trades +9.0% versus its 200-day average and sits at 77% of its 52-week range (₹236–₹327).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +503% while the NIFTY 500 moved +278% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 13 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.
L&T Finance Ltd trades at 2.7× P/BV, at the pricey end of its own range (81st percentile). Its long-run median P/BV is 1.9×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/BV of 2.7× is at the pricey end of its own range (81st percentile), against a long-run median of 1.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The honest context for that discount: a bank earning about 11% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.
🚨 Why the multiple sits where it does: over the past year book value grew while the price moved +51.6% — the price ran ahead of the book, pushing the multiple up its own range.
The price move, decomposed: over 5y, of the +29.4%/yr price move, ~+8.1%/yr came from book-value growth and ~+21.3 pp from the multiple (expanding); over 10y, of the +13.8%/yr price move, ~+12.9%/yr came from book-value growth and ~+0.9 pp from the multiple (roughly flat). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
L&T Finance Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROE at 11.4% is below the 12% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +12.5% | +11.9% | +6.1% | +9.2% |
| Profit | +12.9% | +24.8% | +25.7% | +13.3% |
| EPS | +12.3% | +22.0% | +24.8% | +11.6% |
| Share price | +51.6% | +35.1% | +29.4% | +13.8% |
4-Factor Sector Score
44.7/100 — rank 6 of 9 in Conglomerate Backed NBFC · 88% evidence confidence
L&T Finance Ltd scores 44.7 out of 100 against the 9 companies it is compared with in Conglomerate Backed NBFC, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 16 + 14.4 + 8.4 + 5.9 = 44.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.
Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.
L&T Finance Ltd reported ₹5,213 Cr of income in the Jun 26 quarter, +22.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.2% a year. The last full year, FY26, came in at ₹17,914 Cr. The last four reported quarters add to ₹18,898 Cr.
FY26 revenue came in at ₹17,914 Cr (+12.5% on the year), capping 10 years at 9.2% compound. The latest quarter (Jun 26) printed ₹5,213 Cr, +22.4% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +15.2% growth against the decade's 9.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +15.2% over the last 4 quarters against +15.4%/yr over the last 8 — stabilising; TTM profit +20.2% vs +13.8%/yr — accelerating.
Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.
L&T Finance Ltd's net margin is 17.6% in the Jun 26 quarter, +1.1 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the net margin has ranged 7.1% to 16.7%. The current quarter is running above every full year in that window.
The latest quarter's net margin is 17.6%, +1.1 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged 7.1%–16.7%, and FY26's 16.7% is the top of that band — a record year.
Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
L&T Finance Ltd earned ₹916 Cr of net profit in the Jun 26 quarter, +30.7% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹2,983 Cr. The 10-year compound rate is 13.3%. That is 17.6% of the quarter's revenue. The same quarter a year earlier earned ₹701 Cr.
Jun 26 profit was ₹916 Cr, +30.7% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹2,983 Cr (+12.9%), and the 10-year compound rate is 13.3%.
Why profit moved: revenue contributed +22.4% and the margin +1.1 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +20.3% vs revenue +15.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.
Loan-book quality history is not available for L&T Finance Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.
We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.
Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.
The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.
L&T Finance Ltd's revenue grew +12.5% in FY26 to ₹17,914 Cr, so the book is growing. The latest quarter ran +22.4% year on year. The net margin on that income is 17.6%, +1.1 percentage points against a year ago. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.
FY26 revenue was ₹17,914 Cr, +12.5% on the year, and the latest quarter ran +22.4% year on year. The net margin on that revenue is 17.6% this quarter (+1.1 pp YoY) — growth with a widening margin on it.
The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.
Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.
L&T Finance Ltd earns a return on equity of 11% in FY26. Its trough over the ladder below was 0% in FY23. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.
FY26 ROE came in at 11%, recovered from a FY23 trough of 0%. Return on assets is withheld on this page — its two source series disagree for this quarter. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.
Why ROE moved: profit compounded 13.3% a year over 10 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.
Debt
For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.
A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 3.3 points of L&T Finance Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 14.9% of the company. Promoters moved −0.4 points over the same window, to 66.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.3 points over 8 quarters to 14.9%; Promoters: −0.4 points over 8 quarters to 66.0%; Foreign institutions: +0.4 points over 8 quarters to 7.7%.
Why the register moved: domestic institutions drove it (+3.3 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
L&T Finance Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.
The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Cholamandalam Investment & Finance Company LtdCHOLAFIN | 67.6/100Favorable setup88% evidence | BREAKING OUT | 23.7/35 Income 19.6% · PAT 29.1% 86% evidence | 18.7/25 ROA 2.1% · ROE 19.4% · GNPA — 72% evidence | 7.2/20 P/BV 5.31× · P/BV÷ROE 0.27 100% evidence | 18.0/20 RS sector 4.8% · RS bench 13% · 1Y 30.5%9 of 12 weeks ahead 100% evidence |
| Exact sum: 23.7 + 18.7 + 7.2 + 18 = 67.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2HDB Financial Services LtdHDBFS | 56.6/100Mixed-positive evidence72% evidence | ASLEEP | 20.1/35 Income 12% · PAT 27.7% 95% evidence | 17.1/25 ROA 2.1% · ROE 13.9% · GNPA — 80% evidence | 11.4/20 P/BV 2.76× · P/BV÷ROE 0.2 70% evidence | 8.0/20 RS sector — · RS bench -5.5% · 1Y -8.6%2 of 10 weeks ahead 25% evidence |
| Exact sum: 20.1 + 17.1 + 11.4 + 8 = 56.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Bajaj Finance LtdBAJFINANCE | 56.5/100Mixed-positive evidence93% evidence | BREAKING OUT | 16.9/35 Income 17.9% · PAT 17.1% 100% evidence | 20.4/25 ROA 3.5% · ROE 18.2% · GNPA — 72% evidence | 5.7/20 P/BV 5.94× · P/BV÷ROE 0.33 100% evidence | 13.5/20 RS sector 1.2% · RS bench 9.3% · 1Y 23.9%8 of 12 weeks ahead 100% evidence |
| Exact sum: 16.9 + 20.4 + 5.7 + 13.5 = 56.5 · Decision use: Price leads the evidence: RS versus the benchmark is 9.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4Poonawalla Fincorp LtdPOONAWALLA | 53.9/100Mixed-positive evidence70% evidence | TURNING | 27.4/35 Income 72.5% · PAT 100% 62% evidence | 10.0/25 ROA — · ROE 5.9% · GNPA — 34% evidence | 3.6/20 P/BV 3.92× · P/BV÷ROE 0.67 100% evidence | 12.9/20 RS sector 0.8% · RS bench 8.8% · 1Y 14.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 27.4 + 10 + 3.6 + 12.9 = 53.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Aditya Birla Capital LtdABCAPITAL | 47.8/100Mixed-negative evidence88% evidence | LEADER | 16.0/35 Income 16.3% · PAT 18.2% 86% evidence | 11.1/25 ROA 1.1% · ROE 12% · GNPA — 72% evidence | 6.2/20 P/BV 3.06× · P/BV÷ROE 0.26 100% evidence | 14.5/20 RS sector 6.7% · RS bench 14.8% · 1Y 47.5%11 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 11.1 + 6.2 + 14.5 = 47.8 · Decision use: Price leads the evidence: RS versus the benchmark is 14.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6L&T Finance Ltdthis pageLTF | 44.7/100Mixed-negative evidence88% evidence | FADING | 16.0/35 Income 15.2% · PAT 20.2% 86% evidence | 14.4/25 ROA 2.1% · ROE 11.2% · GNPA — 72% evidence | 8.4/20 P/BV 2.73× · P/BV÷ROE 0.24 100% evidence | 5.9/20 RS sector -1% · RS bench 6.7% · 1Y 56.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 14.4 + 8.4 + 5.9 = 44.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Piramal Finance LtdPIRAMALFIN | 43.4/100Mixed-negative evidence61% evidence | FADING | 23.6/35 Income 17.8% · PAT 100% 52% evidence | 8.6/25 ROA — · ROE 0.9% · GNPA — 34% evidence | 3.2/20 P/BV 1.66× · P/BV÷ROE 1.93 100% evidence | 8.0/20 RS sector -44.5% · RS bench 38.1% · 1Y —8 of 12 weeks ahead 70% evidence |
| Exact sum: 23.6 + 8.6 + 3.2 + 8 = 43.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Jio Financial Services LtdJIOFIN | 32.9/100Adverse evidence82% evidence | TURNING | 18.3/35 Income 100% · PAT 27.1% 86% evidence | 6.8/25 ROA 1% · ROE 1.2% · GNPA — 72% evidence | 3.8/20 P/BV 1.18× · P/BV÷ROE 0.99 100% evidence | 4.0/20 RS sector -17.4% · RS bench -9.4% · 1Y -22.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.3 + 6.8 + 3.8 + 4 = 32.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Tata Capital LtdTATACAP | 48.9/100Thin evidence · provisional44% evidence | TURNING | 17.4/35 Income 11.1% · PAT 29.7% 62% evidence | 13.6/25 ROA — · ROE 12.4% · GNPA — 34% evidence | 7.9/20 P/BV 3.37× · P/BV÷ROE 0.27 70% evidence | 10.0/20 RS sector — · RS bench — · 1Y —4 of 10 weeks ahead 0% evidence |
| Exact sum: 17.4 + 13.6 + 7.9 + 10 = 48.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is L&T Finance Ltd's share price today?
L&T Finance Ltd trades at ₹306, +51.6% over the past year. The company is valued at ₹76,760 Cr. The stock sits at 77% of its 52-week range of ₹236–₹327, +9.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 68 weeks in. — as of 14 August 2026.
What were L&T Finance Ltd's latest quarterly results?
L&T Finance Ltd reported total income of ₹5,213 Cr and net profit of ₹916 Cr for the Jun 26 quarter. Income rose 22.4% and profit rose 30.7% year on year. Earnings per share were ₹3.60. The net margin was 17.6%, 1.1 pp higher than a year earlier. — as of 14 August 2026.
What is L&T Finance Ltd's revenue?
L&T Finance Ltd reported revenue of ₹5,213 Cr in the Jun 26 quarter, +22.4% year on year. For the full FY26 fiscal year, revenue was ₹17,914 Cr (+12.5%). Over the last 10 years revenue compounded at 9.2% a year. — as of 14 August 2026.
What is L&T Finance Ltd's profit?
L&T Finance Ltd earned ₹916 Cr of net profit in the Jun 26 quarter, +30.7% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹2,983 Cr. The net margin ran 17.6% in the latest quarter. — as of 14 August 2026.
What is L&T Finance Ltd's market cap?
L&T Finance Ltd's market capitalisation is ₹76,760 Cr at a share price of ₹306. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is L&T Finance Ltd's P/BV ratio?
L&T Finance Ltd trades at a P/BV of 2.7×, at the 81st percentile of its own 10-year range, against a long-run median of 1.9×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does L&T Finance Ltd pay a dividend?
Yes — L&T Finance Ltd's dividend payout was 23% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is L&T Finance Ltd overvalued?
On its own history, L&T Finance Ltd looks expensive: its P/BV of 2.7× sits at the 81st percentile of its 10-year range (long-run median 1.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: the net margin is the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is L&T Finance Ltd growing?
Yes — L&T Finance Ltd is growing: latest-quarter revenue +22.4% year on year, profit +30.7%, and the net margin +1.1 pp at 17.6%. The 10-year compound rates are 9.2% (revenue) and 13.3% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is L&T Finance Ltd performing?
L&T Finance Ltd is in a confirmed uptrend, 68 weeks in. Its latest quarter's income rose 22.4% and profit rose 30.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 13 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
What stage is L&T Finance Ltd in?
Mixed — the growth curves are steadily positive, but ROE at 11.4% is below the 12% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +15.2% latest, profit growth +20.2% latest, eps growth +19.2% latest) plus the ROE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is L&T Finance Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 68 of stage 2), trading +9.0% versus its 200-day average and at 77% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is L&T Finance Ltd beating the market?
On recent form, yes — L&T Finance Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +503% against the NIFTY 500's +278% — ahead of the index over the full window. — as of 14 August 2026.
Will L&T Finance Ltd's share price go up?
This page publishes no price forecast for L&T Finance Ltd. What it measures instead: the share price is ₹306, the price is in a confirmed uptrend 68 weeks in. Its P/BV of 2.7× sits at the 81st percentile of its own 10-year range. — as of 14 August 2026.
Who owns L&T Finance Ltd?
Promoters hold 66.0% of L&T Finance Ltd, foreign institutions 7.7%, domestic institutions 14.9% and the public 11.4% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.3 points over 8 quarters. — as of 14 August 2026.
Where is L&T Finance Ltd in its business cycle?
L&T Finance Ltd's FY26 net margin was 16.7%, against a 13-year band of 7.1%–16.7%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 17.6%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the L&T Finance Ltd story?
The sharpest disagreement: the price moved +51.6% in a year while annual EPS moved +12.3% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is L&T Finance Ltd a stock worth studying right now?
This is not investment advice. The machine read: L&T Finance Ltd's price has outrun its earnings. +51.6% in a year against EPS +12.3% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.