Q1 earnings growth is running around 28%, while revenue growth is closer to 11%.

👉🏼 That gap is the story — profit margins are expanding aggressively again, with Tech doing most of the heavy lifting.

In today’s note, we show what that means for our profitability-adjusted forward P/E model, given that higher margins don’t just support higher valuations — they tend to drive them over time.

Read more here: dualityresearch.substac…