Pay attention to insider buying as the dust settles on wild reporting season

Please note, this interview was recorded today - 27 February 2026. 

With the dust literally still settling on a wild reporting season, I sat down with TMS Private Wealth's Ben Clark to get his take on another big week, and the key beats and misses.

Ben also shares some compelling insights into why he's paying attention to insider buying, in the wake of some of the indiscriminate selling he's been seeing. 

Stocks covered include:

• Light and Wonder (ASX: LNW) and Aristocrat Leisure (ASX: ALL)
• Woolworths (ASX: WOW) and Coles (ASX: COL)
• WiseTech Global (ASX: WTC)
• Fisher and Paykel Healthcare (ASX: FPH)
• Monadelphous Group (ASX: MND)
• Ramsay Healthcare (ASX: RHC)
• Reece (ASX: REH)

INTERVIEW SUMMARY

Best in years — but volatility is the new normal

If there was a single line that captured Ben Clark’s view of the February reporting season, it was this:

“At a broad market level, I would say this has been one of the best reporting seasons I can remember in a long time.”

That’s a bold call in a season defined by violent share price reactions. But Clark argues the strength has been broad-based. Banks beat expectations. Miners delivered. Consumer names surprised on the upside. And importantly, top-line growth is returning alongside disciplined cost control.

“The pleasing thing is we are seeing top line revenue growth alongside disciplined cost management… balance sheets are great. There’s still conservatism amongst CFOs out there.”

Yet underneath index highs, stock-specific dispersion has been extreme. Expectations, not just results, have driven outcomes.

Light & Wonder vs Aristocrat: Good, but no guidance

Clark owns both Light & Wonder and Aristocrat and described LNW's result as “really solid.”

“Good sales, better than expected margins equalled a better half yearly profit… not a lot better than the market was expecting… but that’s a win in our book.”

The issue wasn’t the numbers. It was the absence of guidance.

“There’s no guidance with this other than we expect to continue to see growth.”

After years of medium-term guidance, that shift likely explained why the stock initially popped before fading.

Woolworths vs Coles: Expectations reset

Supermarkets provided one of the clearest examples of expectation dynamics.

Woolworths surged 13% on the day — rare air for a defensive grocer.

“Expectations for Woolworths were low, and the result was better than consensus estimates… not a whole lot better, but there were some really encouraging signs.”

Clark highlighted improvements in “three of the problem children” - Big W, New Zealand and Petstock - alongside solid cost management in core food and beverage.

“It feels like it’s returning to market leadership.”

Coles, by contrast, delivered numbers that were almost perfectly in line.

“Pretty much every single number was in line with analyst expectations… and an inline wasn’t good enough for the share price to keep going.”

The pendulum may be swinging back toward Woolworths.

WiseTech: AI front and centre

WiseTech’s result was overshadowed by its 30–35% headcount reduction. Clark attended the briefing and was impressed by management’s willingness to address AI concerns head-on.

“WiseTech [earnings call] went for nearly two hours. They took every single question… and really, we all know the market at the moment is freaked about what AI could do to software businesses.”

His biggest takeaway?

“WiseTech… did an incredibly good job at explaining why they will not be disrupted by AI.”

The cost reset also sets up strong operating leverage into FY27.

“In FY27, they are going to be coming onto a radically lower cost base… I think the stock’s a buy.”

More broadly, Clark sees AI fear dominating earnings calls.

“There’s the result… and then there is 30 minutes of questions on AI from analysts. No one’s even talking about the result.”

Fisher & Paykel Healthcare: Quiet strength

Clark believes Fisher & Paykel’s third upgrade cycle hasn’t been fully rewarded.

“This was a really strong update. It felt like it got a bit missed.”

With manufacturing exposure to Mexico, the company could benefit from tariff recalibration.

“They will potentially be a beneficiary of the reduction in tariff rates.”

Monadelphous: Peak cycle questions

Monadelphous delivered one of the cleanest beats of the season.

“Probably one of the best results… strong beat versus expectations, a strong guidance upgrade.”

Clark notes management’s conservatism and cost discipline, but flags the cyclical question.

“The question… is when do you sell out? Because they are cyclical.”

Ramsay Health Care: Simplification underway

Ramsay enjoyed a 10% pop on better-than-expected numbers.

“This company’s been in a downgrade cycle since I can remember.”

Now, a roadmap to simplify the business, including French asset demerger plans and improving UK performance, is being recognised.

“Some signs of growth in the core Australian business… commentary was more optimistic than the market expected.”

The caveat remains leverage.

“They’ve got a lot of debt on the balance sheet… that’s going to need to be dealt with at some point.”

Reece: Brutal honesty rewarded

Clark praised Reece CEO Peter Wilson’s candour six months ago.

“I’ve never heard a CEO be so brutal in his assessment.”

That honesty reset expectations. Combined with an off-market buyback at depressed levels:

“The time to buy this stock… was when they announced an off-market buyback… tightened the family’s control… reduced shares on issue at a great time.”

The latest result suggests the worst may be over, according to Clark. 

Insider buying: The quiet tell

Clark sees heavy insider buying in tech as significant.

“We’ve seen some pretty aggressive director buying… Pro Medicus… Cameron McIntyre at REA… the CEO of WiseTech.”

He notes similar patterns in the US, suggesting management views recent sell-offs as overdone.

The Big Picture

Clark’s conclusion is constructive.

“I think there’s some momentum in this market… this can continue on into the second half of the year.”

The season has been broad, disciplined, and healthier than headline volatility suggests. But one theme dominates everything:

“We’re all trying to get a sense of it [AI]… even the CEOs, if they’re honest, are saying, ‘We’re not too sure ourselves.’”

AI isn’t just influencing stocks. It’s reshaping the entire earnings conversation.