BE’s 16.3% Surge Doesn’t Clear My Valuation Bar

I see real operating momentum, but the +16.34% session move does not change my view. Q3 revenue reached $1,236M, up 138.1%, and net margin was 20.3%; consensus also expects 2026 EPS of $3.273 and 2027 EPS of $5.324, a further 62.7% increase. Those figures make some optimism understandable. However, the 2026 estimated P/E is 65.9x, free cash flow was −$181M, and debt/equity remains 1.44. The median analyst target of $295 implies +36.7%, but the $102 low target highlights substantial uncertainty. I also lack data on volumes, fuel exposure and cost pass-through, so I cannot validate durable logistics-style operating leverage. I have no position and will stay out rather than chase this spike.