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Wednesday 4 November 2026 Export META’s income statement to Excel — free account

Meta Platforms, Inc.

META Communication Services Internet Content & Information

Meta Platforms, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $201.0 billion, up 22.2% from fiscal 2024.

Revenue
+26.1%
EPS
+257.4%
Free cash flow
−110.4%
Total debt
+180.6%

Quarter to September 2026, against a year earlier

620.86 14.13 +2.33%
Market cap
$1.59T
P/E
20.9×
Fwd P/E
21.1×
Dividend yield
0.34%
F-score
5/9
Altman Z
8.69
Beneish M
−3.03
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Meta Platforms, Inc. (META) valuation and DCF model

What the price implies · reverse DCF

At $620.86 the price implies more than 60% a year of growth for ten years.

Free cash flow after share-based pay grew 18.9% a year over the last ten years, 7.6% over the last five. The industry’s median company is priced for 12.8%.

In December 2017 the price assumed 14.9% a year; Meta Platforms, Inc. went on to grow free cash flow after share-based pay 8.1% a year to FY2025.

Last 5 years, reported
7.6%
Last 10 years, reported
18.9%
Industry median implies
12.8%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
Its base case
18.9% a year for five years, then 11.4%
$28.46
95.4% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Meta Platforms, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Meta Platforms, Inc.’s own cost of capital: risk-free 4.3% + beta 1.28 × equity premium 4.5% = 10.1% cost of equity; weighted, 10.1%.

Use 10.1%
Equity value $73.12b ▼ below market cap $1.60t
Base case value per share $28.46 equity value ÷ 2.57b shares
Current price $620.86 market price per share
Below today’s price 95.4% downside at the base case’s assumptions

How we got there$25.25b 10 years of cash to equity+$46.34b terminal value+$1.53b net cash=$73.12b equity value÷2.57b shares=$28.46 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Internet Content & Information).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.92× 21.90× 24.21× 14% below 12.04× 74% above
P/FCF 55.31× 31.29× 29.60× 87% above 8.38× 560% above
P/B 5.82× 6.02× 6.11× 5% below 1.28× 356% above
EV/EBITDA 15.18× 14.17× 15.65× 3% below 10.24× 48% above
EV/Sales 6.55× 6.46× 7.41× 12% below 1.08× 504% above
P/E P/FCF P/B EV/EBITDA EV/Sales
9.25×12.87×16.48×20.10×10Y avg 15.65×2017201820192020202120222023202420252026

META trades at 15.18× EV/EBITDA, against a 10-year average of 15.65× (range 8.09×–20.87×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $640.32 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.