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Tuesday, November 3, 2026

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TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $33B
Cestrian Capital Research 3 clicks

From X

@leevalueroach

Lee Roach on X

Rayonier $RYN borrows at 2.29%. Their own 10-Q makes it look like 5.5%. The debt table lists every term loan at "a variable interest rate" of 5.2% to 5.9%. Take each loan's margin back out and you land on 3.62% every time, which is just where SOFR happened to sit on June 30. So that column is telling you about SOFR. It's not telling you anything about Rayonier. The real number shows up two pages later. All the term debt is swapped to fixed, and the swaps came over from PotlatchDeltic matched dollar-for-dollar to the loans they cover. On top of that, Farm Credit is a co-op, so it pays patronage refunds back to borrowers and those land directly against interest expense — $15.4M in six months. Term Loan M reads 5.32% in the table and actually costs 1.08%. Blended across all $1.86B: 2.29%. Which matters mostly for what it does to the other side. What they owe is a fixed number. It doesn't index to anything, doesn't adjust, just sits there. What they own is four million acres, and stumpage and land move with the price level. Let inflation run and one side climbs while the other stays put. Equity keeps the difference and the lender eats it. Timber makes that better than it'd be for most balance sheets, because the trees keep growing whether you cut them or not. Bad log market, you just don't harvest, and the inventory builds while you wait. Debt at 2.29% is what makes waiting affordable. Coverage is 8.7x on a 2.5x covenant, debt/cap 28% against a 65% cap — nobody's forcing them to do anything. It's not permanent. Fix averages about four years, so call it a real-rate edge through the back half of the decade. 2028 and 2029 are when it gets retested. But that's a 2029 problem the market seems to be pricing in 2026. Four million acres funded this cheap is worth more than they're getting credit for.

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Stevanato down 30%. Yikes.

Stevanato fell 30% after forecasting low-single-digit 2027 growth as lower Nexa syringe volumes from a GLP-1 customer offset solid Q3…

STVN $3.6B
Best Anchor Stocks 3 clicks

Marvellous Value Destruction

Marvell’s proposed Lumentum deal risks alienating Cloudlight customers and losing engineering talent, despite limited optical integration…

LITE $48B
Irrational Analysis 2 clicks

FTAI Aviation Update, Part Two

FTAI Aviation’s $234 million Jereh JV deposit funds Power inventory, while customer concentration, lower cash guidance and pending U.S.

FTAI $17B
CV's Substack 5 clicks

BNTX Earnings Review

BioNTech's Q3 revenue beat consensus on €613 million of BMS partnership revenue, while COVID vaccine sales fell 35% and net cash totaled…

BNTX $22B
Cestrian Capital Research 1 click
BSP · short

Bending Spoons Spa

Bending Spoons is a software and digital-assets holding company that has completed more than 50 acquisitions since 2013.

BSP $29B
Value Investors Club 1 click

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