Meta Platforms, Inc. META

Communication ServicesSoftware & IT ServicesUnited States of America

Last close 614.99 USD on Nov 1, 2026, −6.6% year to date

Quant rating

Quant rating A+ Rank 2 of 135 in Communication Services

Growth B 43 of 135
Valuation B 65 of 135
Quality A 15 of 135
Revisions B 63 of 135
Momentum B 63 of 135

Wall Street consensus Buy (1.84)Average target 831.92 USD +35.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.60T
Enterprise value: 1.60T
52-week range: 520.26 – 779.80
3-year range: 310.87 – 790.00
Dividend yield: 0.34%
Beta (5 years): 1.28
Shares outstanding: 2,596M
Next earnings: Jan 28, 2027

About the company

Meta Platforms, Inc. is building human connections, powered by artificial intelligence and immersive technologies. The Company's products enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) and mixed reality (MR) headsets, augmented reality (AR), and wearables. It also helps people discover and learn about what is going on in the world around them, enabling people to share their experiences, ideas, photos, videos, and other content with audiences ranging from their closest family members and friends to the public at large. The Company's segments include Family of Apps (FoA) and Reality Labs (RL). FoA segment includes Facebook, Instagram, Messenger, WhatsApp and Threads. RL segment includes its virtual, augmented, and mixed reality related consumer hardware, software and content. Its product offerings in VR include its Meta Quest devices, as well as software and content available through the Meta Horizon Store.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	200,966	164,501	134,902	116,609	117,929	–
Revenue growth	22.2%	21.9%	15.7%	−1.1%	37.2%	18.5%
EPS (basic, normalized)	23.49	23.86	14.87	8.59	13.77	–
EPS growth	−1.6%	60.5%	73.1%	−37.6%	–	–
Gross margin	82.0%	81.7%	80.7%	79.6%	80.8%	81.0%
Net margin	37.1%	38.3%	29.4%	20.2%	33.4%	31.7%
ROE	37.3%	37.6%	28.5%	18.8%	31.1%	30.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	82,449
Current ratio	1.90x
Long-term debt (mil)	80,922
Net debt (mil)	1,220
Total equity (mil)	272,386
Net debt / equity	0.00x
Net debt / EBITDA	0.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	200,966	+22.2%	8.0x	122,319	+28.5%	13.1x	23.49	−1.6%	26.2x
2026	256,586	+27.7%	6.2x	140,471	+14.8%	11.4x	28.83	+22.8%	21.3x
2027	313,400	+22.1%	5.1x	180,464	+28.5%	8.9x	33.71	+16.9%	18.2x
2028	374,459	+19.5%	4.3x	226,032	+25.3%	7.1x	39.23	+16.4%	15.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	256,586	+1.0%	+1.3%	+2.0%	28.83	−8.2%	−9.4%	−9.1%
2027	313,400	+2.4%	+2.8%	+4.7%	33.71	−0.5%	−0.1%	−1.4%
2028	374,459	+3.4%	+4.3%	+7.1%	39.23	+0.1%	+1.6%	−1.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	36,455	39,071	40,589	48,385	42,314	47,516	51,242	59,893	56,311	60,801
Sales mean (mil)	36,165	38,311	40,299	47,037	41,396	44,804	49,408	58,593	55,449	60,169
Surprise	+0.8%	+2.0%	+0.7%	+2.9%	+2.2%	+6.1%	+3.7%	+2.2%	+1.6%	+1.1%
EPS reported	4.71	5.16	6.03	8.02	6.43	7.14	7.25	8.88	7.31	6.18
EPS mean	4.32	4.73	5.25	6.77	5.28	5.92	6.69	8.23	6.79	7.22
Surprise	+9.0%	+9.2%	+14.8%	+18.4%	+21.8%	+20.7%	+8.4%	+7.8%	+7.7%	−14.3%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
GOOGL Alphabet Inc.	3.43T	−0.67x	32.8%	5.08x	14.1x	18.6x	14.3x	10.9x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
0700 Tencent Holdings Limited	444.6B	0.29x	29.9%	2.61x	11.2x	10.8x	8.5x	7.8x
NFLX Netflix, Inc.	254.9B	0.49x	24.3%	8.70x	17.3x	16.5x	15.3x	13.3x
BABA Alibaba Group Holding Limited	243.9B	−0.48x	10.3%	1.45x	14.6x	10.3x	9.1x	6.5x
Mean		−0.02x	29.1%	5.31x	17.5x	16.1x	12.5x	10.1x
Median		0.11x	31.4%	5.42x	16.0x	17.4x	12.9x	9.9x

Technical analysis

1M−14.1%
3M+3.7%
1Y−17.9%
3Y+109.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Meta Platforms, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	200,966	164,501	134,902	116,609	117,929	85,965
Cost of revenue	36,175	30,130	26,006	23,754	22,649	16,692
Gross profit	164,791	134,371	108,896	92,855	95,280	69,273
Selling, general & administrative expenses	24,143	20,983	22,204	25,681	23,872	18,155
Research & development	57,372	43,619	36,489	33,619	24,655	18,447
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	389	3,452	4,611	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	83,276	69,380	46,751	28,944	46,753	32,671
Net interest income (expense)	1,723	1,112	827	195	321	543
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	933	171	−150	−320	210	−34.0
Net income before taxes	85,932	70,663	47,428	28,819	47,284	33,180
Provision for taxes	11,444	7,585	7,755	5,258	7,914	4,034
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	74,488	63,078	39,673	23,561	39,370	29,146
Extraordinary items	−14,030	−718	−575	−361	–	–
Net income	60,458	62,360	39,098	23,200	39,370	29,146
EBIT, normalized	83,513	69,769	50,203	33,555	46,753	32,671
EBITDA, normalized	102,129	85,270	61,384	42,241	54,720	39,534
Basic EPS, normalized	23.49	23.86	14.87	8.59	13.77	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Meta Platforms, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	81,592	77,815	65,403	40,738	47,998	61,954
Receivables	19,769	16,994	16,169	13,466	14,039	11,335
Total inventory	–	–	–	–	–	–
Prepaid expenses	6,524	4,883	3,694	5,051	4,480	2,140
Other current assets	837	353	99.0	294	149	241
Total current assets	108,722	100,045	85,365	59,549	66,666	75,670
Property, plant & equipment	196,804	136,268	109,881	92,191	69,964	54,981
Goodwill	24,534	20,654	20,654	20,306	19,197	19,050
Intangibles	3,692	915	788	897	634	623
Long-term investments	27,524	6,070	6,141	6,201	6,775	6,234
Note receivable	–	–	–	–	–	–
Other long-term assets	4,745	12,102	6,794	6,583	2,751	2,758
Total assets	366,021	276,054	229,623	185,727	165,987	159,316
Liabilities
Accounts payable	8,894	7,687	5,712	6,107	5,135	2,424
Payable/accrued	–	–	–	–	–	–
Accrued expenses	20,633	16,397	17,087	13,674	8,925	6,668
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	308	76.0	90.0	129	75.0	54.0
Other current liabilities	12,001	9,436	9,071	7,116	7,000	5,835
Total current liabilities	41,836	33,596	31,960	27,026	21,135	14,981
Long-term debt	59,620	29,459	18,985	10,481	506	469
Minority interest	–	–	–	–	–	–
Other liabilities	47,322	30,362	25,510	22,507	19,467	15,576
Total liabilities	148,778	93,417	76,455	60,014	41,108	31,026
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	95,793	83,228	73,253	64,444	55,811	50,018
Retained earnings (accumulated deficit)	121,179	102,506	82,070	64,799	69,761	77,345
Treasury stock	–	–	–	–	–	–
Other equity	271	−3,097	−2,155	−3,530	−693	927
Total equity	217,243	182,637	153,168	125,713	124,879	128,290
Total liabilities & shareholders' equity	366,021	276,054	229,623	185,727	165,987	159,316

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Meta Platforms, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	60,458	62,360	39,098	23,200	39,370	29,146
Depreciation, depletion & amortization	18,616	15,498	11,178	8,686	7,967	6,862
Deferred taxes	18,738	−4,738	131	−3,286	609	−1,192
Non-cash items	18,873	17,160	16,870	16,192	9,037	6,654
Changes in working capital	−885	1,048	3,836	5,683	700	−2,723
Cash from operations	115,800	91,328	71,113	50,475	57,683	38,747
Investing activities
Capital expenditures	−69,691	−37,256	−27,266	−31,431	−18,567	−15,115
Other investing cash flows	−32,312	−9,894	2,771	2,461	10,997	−14,944
Cash from investing	−102,003	−47,150	−24,495	−28,970	−7,570	−30,059
Financing activities
Financing cash flow items	−16,180	−14,047	−7,123	−3,251	−5,514	−3,416
Cash dividends paid	−5,324	−5,072	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,134	−21,662	−12,377	−18,885	−45,214	−6,876
Cash from financing	−20,370	−40,781	−19,500	−22,136	−50,728	−10,292
Foreign exchange effects	235	−786	113	−638	−474	279
Net change in cash	−6,338	2,611	27,231	−1,269	−1,089	−1,325
Free cash flow	46,109	54,072	43,847	19,044	39,116	23,632

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.