Abstract: We present a novel denotational semantics for the untyped call-by-value λ-calculus, where terms are interpreted as stable relations, i.e. as binary relations between substitutions and values, enjoying a monotonicity property. The denotation captures the input-output behaviour of higher-order programs, and is proved sound and complete with respect to the operational semantics. The definition also admits a presentation as a program logic. Following the principles of abstract interpretation, we use our denotational semantics as a collecting semantics to derive a modular relational analysis for higher-order programs. The analysis infers equalities between the arguments of a program and its result—a form of frame condition for functional programs.