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Held by 5,046 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 34 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GOOG | $4.27T | 32.3× | 28.6× | 10.6× | 15.1% | 59.7% | 32.8% | 31.8% | 28.5% | 0.1× | 5,046 |
| META | $1.94T | 32.5× | 19.3× | 9.7× | 22.2% | 82.0% | 30.1% | 27.8% | 21.9% | 0.2× | 4,888 |
| APP | $91.5B | 27.9× | 21.3× | 16.7× | 70.0% | 87.9% | 60.8% | 156% | 59.0% | 0.2× | 1,424 |
| ZM | $28.6B | 15.9× | 21.8× | 5.9× | 4.4% | 77.0% | 39.0% | 19.4% | 19.4% | -1.0× | 845 |
| BIDU | $28.5B | — | 119.8× | 1.5× | 1.2% | 43.9% | 4.3% | 2.1% | 1.8% | 13.0× | — |
| DOCN | $15.1B | 50.9× | 54.7× | 16.7× | 15.5% | 59.9% | 28.8% | -904% | 20.5% | 3.5× | 540 |
| FLUT | $13.5B | — | 15.4× | 0.8× | 16.6% | 45.2% | -2.5% | -4.5% | -1.9% | 6.7× | 2 |
| PINS | $12.7B | 36.7× | 33.9× | 3.0× | 15.8% | 80.1% | 9.9% | 8.8% | 8.8% | -2.8× | 662 |
| SNAP | $11.0B | — | — | 1.9× | 10.6% | 55.0% | -7.8% | -20.2% | -7.9% | — | 539 |
| FDS | $10.3B | 18.7× | 12.6× | 4.5× | 5.4% | 52.7% | 25.7% | 27.3% | 16.8% | 1.1× | 753 |
| MTCH | $9.9B | 17.8× | 13.7× | 2.8× | 0.2% | 72.8% | 17.6% | -242% | 16.5% | 3.1× | 583 |
| BZ | $7.0B | 38.3× | 15.1× | 6.0× | 17.3% | 85.1% | 33.1% | 13.7% | 13.7% | -1.4× | 247 |
| TTD | $5.8B | 13.5× | 7.2× | 2.0× | 18.5% | 78.6% | 15.3% | 17.8% | 17.8% | -0.9× | 676 |
| NIQ | $5.4B | — | 11.8× | 1.3× | 5.7% | — | -8.4% | -35.7% | -7.7% | 4.3× | 160 |
| MGNI | $3.6B | 26.6× | 24.0× | 5.1× | 6.9% | 62.7% | 20.3% | 15.7% | 9.8% | 0.0× | 300 |
| PPLI | $3.0B | — | — | 1.3× | -8.7% | 66.2% | -4.3% | -2.2% | -1.7% | — | — |
| WIX | $3.0B | 81.5× | 102.5× | 1.5× | 13.2% | 68.1% | 2.5% | -13.8% | -13.8% | -11.9× | 237 |
| GRND | $2.7B | 36.0× | 22.2× | 6.1× | 27.6% | — | 21.5% | 202% | 21.4% | 2.3× | 178 |
| RUM | $2.7B | — | — | 26.7× | 5.4% | -6.7% | -81.3% | -29.8% | -29.8% | — | 227 |
| DV | $2.1B | 45.2× | 13.7× | 2.8× | 13.9% | 82.2% | 6.8% | 4.5% | 4.5% | -1.9× | 312 |
| WB | $1.6B | 3.9× | 2.8× | 0.9× | 0.1% | 76.0% | 25.6% | 11.5% | 7.5% | -0.4× | 136 |
| HSTM | $1.0B | 55.3× | 15.6× | 3.4× | 4.3% | — | 6.0% | 5.2% | 5.2% | -0.6× | 211 |
| NXDR | $1.0B | — | — | 4.0× | 4.2% | 84.1% | -21.0% | -12.6% | -12.6% | — | 202 |
| TRIP | $1.0B | 28.2× | — | 0.5× | 3.1% | 92.3% | 2.1% | 6.2% | 2.2% | — | 294 |
| TBLA | $935M | 26.6× | 12.5× | 0.5× | 8.3% | 29.8% | 2.2% | 4.7% | 4.2% | -0.3× | — |
Peers = companies sharing GOOG's sector (Services-Computer Programming, Data Processing, Etc.) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $343.65 today, the market must believe free cash flow compounds 29.7%/yr for a decade (off $48.44B on the SBC-adjusted basis).
On the basis ($71.84B) the requirement is 24.0%/yr. The difference is what charging stock compensation costs.
The market's 29.7% is more optimistic than its 9-yr track record.
Default is 10.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 12.23B shares (market data) · net debt $17.84B
mean 15.1% · volatility σ 34% · implied rate exceeded in 3/9 yrs
Central path = implied 29.7%/yr growth; shaded band = ±1σ (34%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 14% of free cash flow, leaving room to grow it and fund buybacks. Last year: $10.05B dividends + $45.71B buybacks = $55.76B returned on $73.27B FCF.
2 consecutive years of dividend increases · 38%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 28%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $30.71B covers the $2.00B due within a year 15.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~1.5% on $48.54B of debt.
Cash of $30.71B fully covers short-term debt of $2.00B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $402.84B 100.0% | $350.02B 100.0% | $307.39B 100.0% | $282.84B 100.0% | $257.64B 100.0% | $182.53B 100.0% | $161.86B 100.0% | $136.82B 100.0% | $110.86B 100.0% | $90.27B 100.0% |
| Cost of Revenue | $162.53B 40.3% | $146.31B 41.8% | $133.33B 43.4% | $126.20B 44.6% | $110.94B 43.1% | $84.73B 46.4% | $71.90B 44.4% | $59.55B 43.5% | $45.58B 41.1% | $35.14B 38.9% |
| Research & Development | $61.09B 15.2% | $49.33B 14.1% | $45.43B 14.8% | $39.50B 14.0% | $31.56B 12.3% | $27.57B 15.1% | $26.02B 16.1% | $21.42B 15.7% | $16.63B 15.0% | $13.95B 15.5% |
| Selling, General & Admin | $21.48B 5.3% | $14.19B 4.1% | $16.43B 5.3% | $15.72B 5.6% | $13.51B 5.2% | $11.05B 6.1% | $9.55B 5.9% | $6.92B 5.1% | $6.84B 6.2% | $6.99B 7.7% |
| Total Operating Expenses | $273.80B 68.0% | $237.63B 67.9% | $223.10B 72.6% | $207.99B 73.5% | $178.92B 69.4% | $141.30B 77.4% | $127.63B 78.9% | $109.30B 79.9% | $84.68B 76.4% | $66.56B 73.7% |
| Operating Income | $129.04B 32.0% | $112.39B 32.1% | $84.29B 27.4% | $74.84B 26.5% | $78.71B 30.6% | $41.22B 22.6% | $34.23B 21.1% | $27.52B 20.1% | $26.18B 23.6% | $23.72B 26.3% |
| Interest Expense | $736.0M 0.2% | $268.0M 0.1% | $308.0M 0.1% | $357.0M 0.1% | $346.0M 0.1% | $135.0M 0.1% | $100.0M 0.1% | $114.0M 0.1% | $109.0M 0.1% | $124.0M 0.1% |
| Interest & Investment Income | $4.34B 1.1% | $4.48B 1.3% | $3.87B 1.3% | $2.17B 0.8% | $1.50B 0.6% | $1.86B 1.0% | $2.43B 1.5% | $1.88B 1.4% | $1.31B 1.2% | $1.22B 1.4% |
| Other Income (Expense), net | $29.79B 7.4% | $7.42B 2.1% | $1.42B 0.5% | -$3.51B -1.2% | $12.02B 4.7% | $6.86B 3.8% | $5.39B 3.3% | $7.39B 5.4% | $1.01B 0.9% | $434.0M 0.5% |
| Pretax Income | $158.83B 39.4% | $119.81B 34.2% | $85.72B 27.9% | $71.33B 25.2% | $90.73B 35.2% | $48.08B 26.3% | $39.63B 24.5% | $34.91B 25.5% | $27.19B 24.5% | $24.15B 26.8% |
| Income Tax Expense | $26.66B 6.6% | $19.70B 5.6% | $11.92B 3.9% | $11.36B 4.0% | $14.70B 5.7% | $7.81B 4.3% | $5.28B 3.3% | $4.18B 3.1% | $14.53B 13.1% | $4.67B 5.2% |
| Net Income | $132.17B 32.8% | $100.12B 28.6% | $73.80B 24.0% | $59.97B 21.2% | $76.03B 29.5% | $40.27B 22.1% | $34.34B 21.2% | $30.74B 22.5% | $12.66B 11.4% | $19.48B 21.6% |
| Per Share | ||||||||||
| EPS (Basic) | $10.91 | $8.13 | $5.84 | $4.59 | $5.69 | $2.96 | $49.59 | $44.22 | $18.27 | $28.32 |
| EPS (Diluted) | $10.81 | $8.04 | $5.80 | $4.56 | $5.61 | $2.93 | $49.16 | $43.70 | $18.00 | $27.85 |
| Weighted Avg Shares (Basic) | 12.12B | 12.32B | 12.63B | 13.06B | — | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 12.23B | 12.45B | 12.72B | 13.16B | — | — | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 13-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 32% against ROIC 28% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 35.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 43.5 | 44.4 | 46.4 | 43.1 | 44.6 | 43.4 | 41.8 | 40.3 |
| R&D | 15.7 | 16.1 | 15.1 | 12.3 | 14.0 | 14.8 | 14.1 | 15.2 |
| SG&A | 5.1 | 5.9 | 6.1 | 5.2 | 5.6 | 5.3 | 4.1 | 5.3 |
| Operating Income | 20.1 | 21.1 | 22.6 | 30.6 | 26.5 | 27.4 | 32.1 | 32.0 |
| Income Tax | 3.1 | 3.3 | 4.3 | 5.7 | 4.0 | 3.9 | 5.6 | 6.6 |
| Net Income | 22.5 | 21.2 | 22.1 | 29.5 | 21.2 | 24.0 | 28.6 | 32.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GOOG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 10.85pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 14.3% | 10.7% (today's — no rate published for this year) | 3.6pts |
| FY2020 | 15.2% | 10.7% (today's — no rate published for this year) | 4.5pts |
| FY2021 | 25.0% | 6.1% | 19.0pts |
| FY2022 | 23.3% | 9.7% | 13.6pts |
| FY2023 | 24.1% | 9.5% | 14.6pts |
| FY2024 | 28.1% | 9.7% | 18.4pts |
| FY2025 | 23.7% | 9.2% | 14.4pts |
| Now | 28.5% | 10.7% | 17.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 61.1% | 26.3% | 21.6% |
| FY2017 | 58.9% | 23.6% | 11.4% |
| FY2018 | 56.5% | 20.1% | 22.5% |
| FY2019 | 55.6% | 21.1% | 21.2% |
| FY2020 | 53.6% | 22.6% | 22.1% |
| FY2021 | 56.9% | 30.6% | 29.5% |
| FY2022 | 55.4% | 26.5% | 21.2% |
| FY2023 | 56.6% | 27.4% | 24.0% |
| FY2024 | 58.2% | 32.1% | 28.6% |
| FY2025 | 59.7% | 32.0% | 32.8% |
Leverage and buybacks account for 3 points of the 32% return on equity in FY2025. The business earns 28% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$57.8B of goodwill — 11% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Converts 0.82x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $73.27B; after share-based compensation it is $48.31B. The difference is a real cost that the cash flow statement adds back.
Covers interest 122.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 175.32x |
| 5% | 166.56x |
| 10% | 157.79x |
| 15% | 149.03x |
| 20% | 140.26x |
| 25% | 131.49x |
| 30% | 122.73x |
| 35% | 113.96x |
| 40% | 105.19x |
| 45% | 96.43x |
| 50% | 87.66x |
| 55% | 78.90x |
| 60% | 70.13x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $349.52, free cash flow must compound 29.96%/yr for 10 years. It has done 15.66%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 47.9% | 30.0% |
| FY2021 | 73.0% | 30.0% |
| FY2022 | −21.3% | 30.0% |
| FY2023 | 15.7% | 30.0% |
| FY2024 | 6.3% | 30.0% |
| FY2025 | −3.3% | 30.0% |
This is solved on free cash flow AFTER stock compensation ($48.44B against $71.84B before it). On the unadjusted figure the requirement would be 24.35%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $132.17B | $132.17B |
| Share-based comp | $24.95B | $157.12B |
| Other non-cash & working capital | $7.59B | $164.71B |
| Operating cash flow | $164.71B | $164.71B |
| Capex | −$91.45B | $73.27B |
| Free cash flow | $73.27B | $73.27B |
| FCF after SBC | $48.31B | $48.31B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 12.8% | 22.1% | 9.4 points |
| FY2021 | 41.1% | 27.1% | -14.1 points |
| FY2022 | 9.8% | 2.4% | -7.3 points |
| FY2023 | 8.7% | 19.1% | 10.5 points |
| FY2024 | 13.9% | 9.1% | -4.8 points |
| FY2025 | 15.1% | 20.1% | 5.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 57.1 days | 5.1 days | 28.2 days | 34 days |
| FY2020 | 61.9 days | 3.1 days | 24.1 days | 40.9 days |
| FY2021 | 55.7 days | 3.8 days | 19.9 days | 39.7 days |
| FY2022 | 52 days | 7.7 days | 14.8 days | 44.8 days |
| FY2023 | 57 days | not reported | 20.5 days | 36.4 days |
| FY2024 | 54.6 days | not reported | 19.9 days | 34.7 days |
| FY2025 | 57 days | 5.5 days | 27.4 days | 35.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.3 percent |
| FY2020 | -7.8 percent |
| FY2021 | -4.3 percent |
| FY2022 | -8.6 percent |
| FY2023 | -7.0 percent |
| FY2024 | -5.6 percent |
| FY2025 | -5.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.