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$646.01
Market Capi
$1.7T
Growth-adj P/E (3-yr hist)i
0.7x
Growth-adj P/E (3-yr proj)i
0.8x
P/S 26Ei
6.7x
P/S 28Ei
4.7x
EV/EBIT 26Ei
19x
EV/EBIT 28Ei
14x
P/E 26Ei
20x
P/E 28Ei
16x
P/S 26Ei
6.7x
EV/EBIT 26Ei
19x
P/E 26Ei
20x
P/S 28Ei
4.7x
EV/EBIT 28Ei
14x
P/E 28Ei
16x
Revenue
2026E
$253B
Gross Margini
82%
Hist. CAGRi
20%
Proj. CAGRi
21%
EBIT
2026E
$90B
Op. Margini
41%
Hist. CAGRi
35%
Proj. CAGRi
13%
Net profit
2026E
$85B
Net Margini
30%
Hist. CAGRi
38%
Proj. CAGRi
20%
Business Model
Recent Developments
Average Targeti
$826.63+26%
Consensusi
Buy
63 analysts covering
Net cashi
$9.6B
Div. Yieldi
0.3%
Buyback Yldi
0.2%
Market Capi
$1.7T
P/E 26Ei
20x
Adj. P/E (fwd.)i
0.8x
Revenue 26E
$253B
Proj. CAGRi
21%
Gross Margini
82%
EBIT 26E
$90B
Proj. CAGRi
13%
Op. Margini
41%
Net Profit 26E
$85B
Proj. CAGRi
20%
Net Margini
30%
Average Targeti
$826.63+26%
Consensusi
Buy
63 analysts covering
Profile
Meta Platforms operates two reportable segments. The vast majority of revenue — and all of its profit — flows from the Family of Apps, while Reality Labs remains an early-stage hardware and software bet still absorbing heavy losses.
Industry
Meta sells to advertisers of every size — from global brands to micro-SMBs running self-serve campaigns — making it one of the most diversified ad platforms by customer count. Geographically, the US and Canada generate ~39% of revenue despite representing a small fraction of users, reflecting the premium commanded by those markets. Europe contributes ~23% and Asia-Pacific ~27%. The digital advertising market is highly competitive (Google, TikTok, Amazon, YouTube) but characterized by high switching friction once advertisers are embedded in Meta's auction and measurement ecosystem.
Key metrics
Economic moat
Meta's core advantage is a self-reinforcing network effect across four multi-billion-user platforms simultaneously — Facebook, Instagram, WhatsApp, and Messenger. This scale makes the platform nearly impossible for advertisers to abandon: pulling spend from Meta means abandoning access to roughly half the world's adult online population. Beyond reach, Meta's proprietary AI ad stack — trained on more behavioral data than any competitor — creates compounding targeting and conversion advantages that improve with scale. Switching costs are further reinforced by creative tools, pixel infrastructure, and measurement integrations deeply embedded in advertiser workflows.
Mark Zuckerberg
Zuckerberg founded Facebook in 2004 at age 19 while a student at Harvard, and has led the company continuously since. He retains majority voting control through Class B shares, making him an unusually powerful founder-operator for a company of this scale. His strategic pivots — from desktop to mobile, from organic to paid social, and now toward AI infrastructure — have each been the defining corporate bets of their era.
Susan Li
Li became CFO in October 2022 after serving in various finance leadership roles at Meta since 2008. She has guided the company's financial discipline through the "Year of Efficiency" cost restructuring in 2023 and has been the primary spokesperson on capex trajectory and margin dynamics as AI investment has accelerated.
Dina Powell McCormick
Appointed in January 2026, Powell McCormick previously served as deputy national security advisor in the first Trump administration and as a Goldman Sachs partner. Her remit focuses on government and sovereign partnerships for AI infrastructure deployment — a role that signals how central regulatory and geopolitical navigation has become to Meta's capital allocation strategy.
Other key figures
Javier Olivan (COO, since July 2022) oversees operational execution across the Family of Apps. Nima Khajehnouri (CTO, since April 2025) leads technical infrastructure. Alexandr Wang, recruited in 2025 as Chief AI Officer, heads Meta Superintelligence Labs and is the architect of the Muse Spark model strategy.
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
Meta reported Q1 2026 revenue of $56.31 billion, up 33% year-over-year, beating consensus. Diluted EPS came in at $10.44 — though excluding an $8.03 billion one-time tax benefit, adjusted EPS would have been $7.31, still ahead of expectations.
Family of Apps ad revenue reached $55 billion, driven by a 19% increase in ad impressions and a 12% rise in average price per ad. Family Daily Active People grew 4% to 3.56 billion, marking continued broad-based user expansion.
Management guided Q2 2026 revenue to $58–61 billion and raised full-year capital expenditure guidance to $125–145 billion (from $115–135 billion), sending the stock down roughly 8% in the session following earnings.
Recent developments
On January 11, 2026, Meta appointed former Trump deputy national security advisor Dina Powell McCormick as President and Vice Chairman, tasked with partnering with governments on AI infrastructure investment and deployment.
In April 2026, Meta Superintelligence Labs — established in 2025 under Chief AI Officer Alexandr Wang — released Muse Spark, the company's first proprietary reasoning model, available via the Meta AI app and a private API preview. The launch marks a strategic shift away from the open-weight Llama lineage toward a closed, proprietary model for frontier capabilities.
Reality Labs posted an operating loss of $4.03 billion in Q1 2026, continuing a multi-year pattern of heavy losses in the AR/VR segment.
Debate & sentiment
Bulls argue that AI is already compounding the core ad business: ad price per impression up 12% YoY and conversion improvements linked to Meta's GEM recommendation model. With 63 analysts maintaining a Buy consensus and a PEG near 1.0, the setup looks attractive relative to growth.
Bears focus on the $125–145 billion capex commitment for 2026, up from $72 billion spent in 2025, while free cash flow growth was just 12% despite 33% revenue expansion. Reality Labs losses show no path to profitability, and the headline EPS was flattered by a non-recurring tax item.
The key swing factor is whether the proprietary AI pivot — Muse Spark and the broader Superintelligence Labs roadmap — translates into defensible ad monetization gains or remains a cost center. A Q2 revenue print at the high end of guidance could reset bearish sentiment on the capex overhang.
Consensusi
Buy
Average targeti
$826.63+26%
Highest targeti
$1,015.00+55%
Lowest targeti
$664.46+1%
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