Retour au classement

Alphabet Inc. (GOOG)

Juste valeur
Communication ServicesInternet Content & InformationUnited States

Fondamental

62

Prix

$334.98

Capitalisation boursière

$4.15T

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Alphabet is the parent of Google. Most of what it earns comes from showing ads next to search results and on YouTube and partner websites — a business built on knowing what billions of people are looking for. Around it Alphabet has built Google Cloud, a rented computing platform sold to other businesses, plus a set of unrelated long-term ventures such as self-driving cars, grouped as Other Bets.

Comment l'entreprise gagne de l'argent

Advertising revenue is earned per click or per impression: advertisers bid in real time for placement, so revenue rises with the volume of searches and video views and with how much advertisers are willing to pay per ad, which itself tracks the broader advertising economy. Google Cloud is billed like a utility, by computing capacity consumed. Because search advertising requires little incremental cost to serve one more query, it carries very high margins once the infrastructure is built.

Chiffre d'affaires par segment

Google Services85.1%

Search and YouTube advertising, ads on partner sites, and consumer subscriptions like YouTube Premium and Google One. The core, highly profitable business.

Google Cloud14.6%

Rented computing infrastructure and AI services sold to businesses. Growing much faster than advertising and now consistently profitable.

Other Bets0.4%

Early-stage ventures unrelated to search or cloud, such as the Waymo self-driving car project. Small revenue, large ongoing losses.

Avantage concurrentiel

Effets de réseau · Large

Google Search improves as more people use it, because usage data helps rank results and target ads better, which in turn attracts more advertisers and more users. YouTube has a similar loop between creators and viewers. Both businesses also benefit from being the default choice on the world's most common devices and browsers, which Alphabet pays to keep.

Ce qui stimule la demande

Modérément cyclique

Advertising budgets are one of the first things companies cut in a downturn, so Google's core revenue is more sensitive to the economy than a typical subscription business, even though search usage itself stays steady. Google Cloud demand tracks corporate IT and AI investment, which has its own multi-year spending cycles.

Principaux risques

  • Antitrust and regulatory action — Google has already lost antitrust rulings in the US and EU over search distribution and advertising technology, with remedies that could include changes to default-placement deals or forced divestitures still being litigated.
  • Concentration in advertising — The large majority of revenue still comes from advertising. Anything that shifts how people search — including AI chat interfaces replacing traditional search queries — is a direct threat to this base.
  • Heavy AI capital spending — Alphabet is spending tens of billions of dollars a year on data centres and chips to compete in AI. If AI products do not generate revenue in proportion to this spending, returns on capital fall.
  • Dependence on device and browser defaults — A meaningful share of search traffic comes from being the default engine on Apple devices and various browsers, arrangements that regulators are actively scrutinising and that could be unwound.

Les arguments en faveur

Buyers argue that Search's advertising engine keeps growing even as AI reshapes how people look for information, that Google Cloud has become a real third force in cloud computing with improving margins, and that Alphabet's own AI models reduce the risk of being disrupted by outside AI chat products.

Les arguments contre

Sellers fear that AI chat interfaces divert queries away from traditional search results and the ads placed next to them, that antitrust remedies could force structural changes to the advertising and search businesses, and that AI infrastructure spending is running well ahead of any AI product revenue to show for it.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 27.3Score: 68Market cap: —

Meta competes with Google and YouTube for the same digital advertising budgets and for the same users' attention across Facebook, Instagram and Reels.

P/E: 28.6Score: 72Market cap: $3.70T

Microsoft attacks Alphabet on three fronts at once: Bing and Copilot against Google Search, Azure against Google Cloud, and Microsoft 365 against Google Workspace, often selling to the same enterprise buyer.

P/E: 20.0Score: 69Market cap: $2.69T

Amazon captures product searches that would otherwise start on Google and sells the resulting retail-media advertising, while AWS competes with Google Cloud for the same enterprise workloads.

P/E: 38.2Score: 70Market cap: $4.90T

Apple competes with Android and Google's hardware and services through iOS, the iPhone and the App Store, and is building its own advertising business on the same mobile users.

ByteDance Ltd. (字节跳动)Not tracked

ByteDance's TikTok competes directly with YouTube for short-video viewing time and for the brand and performance advertising spending that follows it.

Bilan & Liquidités

Chiffre d'affaires

$445.87B

12 derniers mois (au 30/06/2026)

Résultat net

$244.21B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$73.27B

Capitaux propres totaux

$415.26B

Passif total

$180.02B

Ratio de liquidité général

2.72

Couverture des intérêts

65.55

Dette/EBITDA

0.70

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$397.42

Prix actuel

$334.98

Marge de sécurité

+15.7%

Fourchette de juste valeur

$258.32 - $536.51

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$422.34
Flux de trésorerie actualisés (DCF):$229.58
Multiple de résultat (P/E):$426.57
Formule de croissance de Graham:$1026.51
Valeur de la capacité bénéficiaire (EPV):$84.73
P/B justifié:$224.04
Actualisation des dividendes (Gordon):$11.98
P/FFO, les fonds provenant de l'exploitation:Données insuffisantes pour le calculer
Bénéfices de milieu de cycle:$166.03
Multiple sur le chiffre d'affaires:$74.43
Consensus des analystes:Achat fort (63B / 7H / 0S)
Dernière surprise sur les résultats:-4.36%

Indicateurs de valorisation

Ratio P/E

17.11

ROE

31.8%

Ratio P/B

6.51

P/FCF

78.22

Marge brute

60.9%

ROIC

14.6%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

14.6%

WACC

10.9%

ROIC − WACC

+3.8 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (20)

  • Price CAGR 24.13%
  • ROIC 14.7%
  • Gross Margin 60.9%
  • Debt/Equity ratio
  • Operating Margin 33.1%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 50.8%
  • Revenue Growth 5Y 17.1%
  • Analyst Consensus 90% Buy
  • Earnings Surprise avg 6.5%
  • PEG Ratio 0.57
  • Earnings Quality (OCF/NI) 0.76
  • Share Dilution -1.8%
  • Net Margin Trend 54.8% vs 31.1%
  • Piotroski F-Score 6/9

Échoué (7)

  • EPS shows upward trend
  • EPS CAGR -4.90%
  • P/FCF 78.22
  • P/B Ratio 6.51
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Overvalued)

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

6/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

0.76

Modérée : certain écart entre profits et trésorerie

Dilution du capital

-1.8%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Sundar PichaiCEO & Director52
Ms. Ruth M. PoratPresident & Chief Investment Officer67
Dr. Lawrence Edward Page IICo-Founder & Director52
Mr. Sergey BrinCo-Founder & Director51
Ms. Anat AshkenaziSenior VP & CFO52
Mr. J. Kent WalkerPresident of Global Affairs, Chief Legal Officer & Company Secretary64
Mr. Philipp SchindlerSenior Vice President & Chief Business Officer of Google54
Ms. Marsida SaraciPrincipal Accounting Officer, VP & Controller46
Sir Demis Hassabis Ph.D.Chief Scientist-
Mr. James H. FriedlandHead of Investor Relations55

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-02-05

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-07-23

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-08-10

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for GOOG, sourced from Markets Gazette.

  • 13d agoPOSITIVE
    Il titolo GOOG può salire fino al 40%? Forza della ricerca e spinta AI lo rendono possibile

    Analysts are upgrading their outlook for Alphabet Inc., citing the enduring strength of its core search business and its expanding AI ecosystem as primary growth drivers. Evercore ISI noted Google's reinforced position in search and Gemini's competitive edge against ChatGPT. Tigress Financial highlighted AI-driven opportunities across Search, Cloud, and YouTube, alongside new monetization avenues from Gemini and custom AI chips. The search business is not only withstanding the rapid adoption of AI tools but appears to be strengthening its market position, suggesting potential upside for investors.

  • 16d agoNEGATIVE
    Perché il titolo Alphabet (GOOG) scende oggi?

    Alphabet shares declined approximately 1.7% on Tuesday, influenced by rising oil prices, elevated Treasury yields, and renewed uncertainty surrounding AI demand, which collectively pressured technology stocks. This downturn occurred as investors braced for a potential interest rate hike by the Federal Reserve, with traders pricing in a nearly 93% probability of an increase. The benchmark 10-year US Treasury yield climbed to its highest level since 2007. The broader tech sector also faced headwinds, with Amazon down around 1.7% and Microsoft losing approximately 1%. The Roundhill Magnificent Seven ETF saw a 0.8% dip.

  • 28d agoPOSITIVE
    Alphabet apre settembre in rialzo: GOOG è da comprare dopo il calo del 10%?

    Alphabet, the parent company of Google, has experienced a recent decline of over 10%, underperforming the S&P 500's approximate 1% gain. This drop occurred despite a strong second-quarter performance and significant advancements in artificial intelligence, including improvements to Gemini. The article posits that this sell-off presents a potential buying opportunity for investors. Alphabet maintains dominance in search, boasts a rapidly expanding cloud business, possesses critical AI infrastructure, and is actively enhancing its AI capabilities. The analysis suggests that the current valuation may be attractive given these fundamental strengths, despite some unspecified reasons for caution.

  • 7/2/2026NEGATIVE
    Google Loses EU Antitrust Fight; Softbank Moves on Computing Power | Stock Movers

    Alphabet Inc. (GOOG) shares are reacting to a significant setback as the company loses its protracted EU antitrust battle. The bloc's top courts have upheld a €4.1 billion ($4.7 billion) fine, confirming regulators' findings that Google abused its dominant position in the Android mobile operating system market. This judicial decision reinforces the EU's stringent stance on Big Tech's market power, potentially impacting Google's future strategic decisions and revenue streams within the European market. Investors will be closely monitoring any further regulatory actions or appeals.

  • 6/8/2026NEGATIVE
    What's Going On With Alphabet Stock?

    Alphabet Inc. (NASDAQ: GOOG) stock experienced a decline on Monday following the announcement of plans to secure new capital and significantly increase expenditures on artificial intelligence infrastructure. This strategic shift indicates a substantial investment phase for the tech giant, potentially impacting short-term profitability. Investors may be reacting to the immediate cost implications of this aggressive AI build-out, which could weigh on earnings in the near term, despite the long-term growth potential of AI technologies.

  • 5/1/2026POSITIVE
    Thursday’s Activity, 3 Friday Plays

    Thursday's trading session saw significant positive movement across all formulated premarket ideas, with notable intraday gain opportunities. Specifically, Alphabet Inc. (GOOG) and Amazon.com Inc. (AMZN) call options experienced substantial breakouts, indicating strong investor interest and upward price momentum. These 'multibag rippers' suggest that the market is reacting favorably to the underlying assets, potentially driven by positive sentiment or specific catalysts not detailed in this excerpt. Investors tracking these tech giants should note the pronounced bullish activity.

  • 4/9/2026NEUTRAL
    Anthony Scaramucci Flags Google's Quantum Crypto Warning As Mike Novogratz Assures Bitcoin, Ethereum Will Implement Quantum-Resistant Upgrades

    Anthony Scaramucci has drawn attention to Alphabet Inc.'s warning regarding quantum computing's threat to current cryptography, which underpins cryptocurrencies. While this poses a long-term risk to digital assets, SkyBridge Capital founder Mike Novogratz has reassured investors that major cryptocurrencies like Bitcoin and Ethereum are actively developing and will implement quantum-resistant upgrades. This suggests a proactive approach within the crypto space to mitigate future threats, making the immediate impact on GOOG stock neutral as the focus remains on the long-term technological evolution rather than immediate financial implications.

via Markets Gazette