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$354.87
Market Capi
$4.4T
Growth-adj P/E (3-yr hist)i
1.0x
Growth-adj P/E (3-yr proj)i
1.2x
P/S 26Ei
8.9x
P/S 28Ei
6.4x
EV/EBIT 26Ei
25x
EV/EBIT 28Ei
17x
P/E 26Ei
25x
P/E 28Ei
21x
P/S 26Ei
8.9x
EV/EBIT 26Ei
25x
P/E 26Ei
25x
P/S 28Ei
6.4x
EV/EBIT 28Ei
17x
P/E 28Ei
21x
Revenue
2026E
$488B
Gross Margini
60%
Hist. CAGRi
13%
Proj. CAGRi
19%
EBIT
2026E
$170B
Op. Margini
32%
Hist. CAGRi
20%
Proj. CAGRi
24%
Net profit
2026E
$174B
Net Margini
33%
Hist. CAGRi
30%
Proj. CAGRi
18%
Business Model
Recent Developments
Average Targeti
$432.83+28%
Consensusi
Buy
64 analysts covering
Net cashi
$70B
Div. Yieldi
0.2%
Buyback Yldi
1.4%
Market Capi
$4.4T
P/E 26Ei
25x
Adj. P/E (fwd.)i
1.2x
Revenue 26E
$488B
Proj. CAGRi
19%
Gross Margini
60%
EBIT 26E
$170B
Proj. CAGRi
24%
Op. Margini
32%
Net Profit 26E
$174B
Proj. CAGRi
18%
Net Margini
33%
Average Targeti
$432.83+28%
Consensusi
Buy
64 analysts covering
Profile
Alphabet operates across two reportable segments and a portfolio of early-stage ventures.
Industry
Alphabet sells to advertisers of every scale — from performance-driven SMBs buying Search clicks to large brands buying YouTube reach — and to enterprise and mid-market customers on Google Cloud, concentrated in financial services, healthcare, and technology. Geographically, the US contributes ~48% of revenue, EMEA ~30%, and APAC ~17%.
Online advertising is mildly cyclical but Search shows structural resilience given its direct-response, measurable nature. Cloud is a long-cycle enterprise sale with high retention once workloads are migrated.
Key metrics
Economic moat
Search distribution — default placement on virtually every browser and device, built on multi-billion-dollar TAC agreements — is the most contested but historically durable.
Data scale — decades of query, ad-auction, and user-behavior data — compounds with every interaction and cannot be replicated from scratch.
Infrastructure depth — custom TPUs, a global subsea cable network, and 35+ cloud regions — gives both Cloud and internal AI workloads a cost and latency advantage that rivals cannot quickly close.
Larry Page & Sergey Brin
Page and Brin co-founded Google in 1998 as a Stanford PhD project, building it into one of the most valuable companies in history through the PageRank algorithm and a dominant advertising auction model. Both stepped back from operational roles when Alphabet was formed in 2015 and left executive positions in December 2019. They retain significant voting control through Class B super-voting shares and remain on the board, giving them continued influence over major strategic decisions despite distance from day-to-day operations.
Sundar Pichai
Pichai has led Google since 2015 and has been Alphabet CEO since December 2019, when Page stepped down. A product-focused engineer who shaped Chrome, Android, and Search at Google, he has steered the company through its AI transition — including the Gemini rollout and a major Cloud acceleration. He also sits on the Alphabet board. His tenure has been defined by sustained margin expansion alongside historically large AI infrastructure investment.
Anat Ashkenazi
Appointed CFO in July 2024, Ashkenazi joined from Eli Lilly, where she led a period of significant capital allocation discipline and margin expansion. She brings an external, operationally rigorous perspective to Alphabet's financial strategy at a moment of unprecedented capex commitment and growing scrutiny on FCF conversion and return on AI investment.
Ruth Porat
Porat served as CFO from 2015 to 2024 — a tenure that spanned Alphabet's transition from growth-at-all-costs to disciplined profitability — and moved to President and CIO in August 2023 to focus on Alphabet's investment strategy and Other Bets portfolio. Her decade of institutional knowledge on capital allocation makes her a key figure in how Alphabet manages its long-dated venture bets including Waymo and Verily.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Revenue rose 22% year-over-year to $109.9B in Q1 2026 — the company's 11th consecutive quarter of double-digit growth.
EPS came in at $5.11, up 82% YoY, well ahead of consensus.
Google Cloud was the standout, accelerating to 63% growth and crossing $20B in quarterly revenue for the first time.
Operating margin expanded 2pp to 36.1%, with management simultaneously raising 2026 capex guidance to $180–190B — a signal of confidence in AI infrastructure demand.
Recent developments
March 2026: Alphabet closed its $32B all-cash acquisition of cloud security platform Wiz — Google's largest deal ever — following DOJ antitrust clearance in November 2025.
Alphabet also announced plans to acquire Intersect for $4.75B, a data center and energy infrastructure firm, expected to close in H1 2026.
Anthropic committed $200B over five years to Google Cloud for compute capacity and custom TPU chips, establishing the largest enterprise AI anchor in GCP's history.
At Google I/O 2026, Alphabet unveiled Android 17 with deep Gemini integration and launched Gemini Intelligence, an ambient AI agent for everyday Android tasks.
Debate & sentiment
Bulls point to the Cloud inflection — 63% revenue growth and a $110B+ backlog — as evidence that the AI infrastructure bet is paying off ahead of schedule; Gemini Enterprise MAU growth of 40% QoQ in Q1 suggests meaningful enterprise stickiness.
Bears remain focused on the ongoing DOJ antitrust appeal: the September 2025 remedies ruling rejected Chrome divestiture in favor of a choice-screen mandate, but the DOJ and 35 states filed an appeal in February 2026, keeping structural risk alive into late 2026 or early 2027.
Capital intensity is a secondary concern: the $180–190B capex commitment for 2026 alone is historically unprecedented, and FCF conversion — already compressing relative to EBITDA — will be a key watch item.
Consensusi
Buy
Average targeti
$432.83+28%
Highest targeti
$515.00+53%
Lowest targeti
$340.00+1%
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