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Thursday, November 5, 2026

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AppLovin 3Q26 Business Update: No Notes

AppLovin’s Q3 revenue rose 55% year over year as AXON model gains expanded margins, while ad take-rate compression remains the key competitive risk.

APP $118B
Speedwell Research 3 clicks

From X

@StableBread

Fajasy on X

In November 2025, BWX Technologies $BWXT sold $1.25B of 0% convertible notes due November 2030 and used $830.8M of the proceeds to repay its old credit facility. The conversion price is $262.51/share, 80.2% above $145.70, and $131.9M of capped calls offset dilution up to $396.24/share. Dilution has been minimal so far. Diluted shares have held at ~92M since 2023, helped by small buybacks ($30M in 2025). But stock comp rose to $20.1M in H1 2026 from $13.7M a year earlier, although it’s still only 1.1% of revenue, up from 0.9%. Management also said on the Q2 call it doesn’t plan buybacks in 2026, despite $347.6M left on the authorization, so nothing will offset the new shares. Even after paying ~$200M for Precision Components Group (PCG) on July 1, $BWXT’s leverage is within its 2-3x target: → Debt: $2.05B ($400M of 4.125% notes due June 2028, $400M of 4.125% notes due April 2029, and the $1.25B convert). → Cash and liquidity: $400M of cash and $1.7B of total liquidity, including an undrawn $1.25B revolver running to November 2030. → Leverage: 2.7x net debt to TTM adjusted EBITDA, or $1.65B of net debt on $602.1M of EBITDA. The $750M from selling its medical isotope business would cut leverage to 1.5x. → Ratings: Fitch BBB (investment grade) since September 2026; S&P BB+ and Moody’s Ba1, one notch below. → Other obligations: $152.0M of underfunded pension and retiree benefit plans. Net debt has hovered between $1.0B and $1.5B since 2023. $BWXT pays a dividend of $0.27/quarter ($1.08/year, a 0.7% yield), raised from $0.25 in February 2026. The company expects $5.5B of capital to deploy through 2030 at 2-3x leverage, with $3.5B left after capex and dividends. That’s what CFO Mike Fitzgerald said at $BWXT’s Investor Day on September 29, 2026, and he also put organic growth first for the $3.5B. But he said $BWXT is “not anchored to the same size of transactions” it has done before, and the deck lists “Disciplined Acquisitions” among the revenue drivers behind the 2030 targets. In other words, $BWXT has the track record and, once the medical sale closes, the balance sheet to go after its 2030 targets.

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Trading Post November 5, 2026

MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.

MELI $77B
Cassandra Unchained 2 clicks

Intel: The CPU Comeback, Discounted

Intel's Q3 2026 results were hit by memory costs and an Israel shutdown, but enterprise AI inference could lift CPU demand as server…

INTC $287B
Monte Independent Investment Research 2 clicks

Problems at Twist Bioscience (TWST)

Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…

TWST $8B
Hunterbrook 4 clicks

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

Thursday Tailwinds #13: Nov 5, 2026

Florida marinas are 92% full as boat counts rise and permits constrain new supply, creating pricing power for existing operators such as…

SUI $14B
Trade Ideas Flow 6 clicks
CHWY · long

Chewy INC

Chewy (CHWY) is presented as a long opportunity after a prior 2022 short thesis played out.

CHWY $9.2B
Value Investors Club 5 clicks

New Ideas From The Road

Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…

AA $10BNKE $60B
Aurelion Research 4 clicks

Oracle: The Party Is Almost Over

Oracle’s CDS spreads exceed 320 basis points as debt approaches $135 billion and fiscal 2027 capex targets $95 billion, amid heavy reliance…

ORCL $363B
David Desjardins 1 click

Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

CURB $3.6B
Real Assets, Real Value 5 clicks

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