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Meta Platforms, Inc. (META)

合理估值
Communication ServicesInternet Content & InformationUnited States

基本面

71

价格

$725.18

市值

$1.98T

第一部分 · 这家公司值多少

概览

Meta owns Facebook, Instagram, WhatsApp and Messenger, apps used by billions of people to connect, share and message, and makes almost all of its money by selling advertising space inside them. It doesn't charge users directly; instead it uses the data generated by their activity to show ads it can target precisely, and charges advertisers for that precision. A much smaller, loss-making division, Reality Labs, builds virtual- and augmented-reality headsets and is Meta's bet on a future computing platform beyond the smartphone.

盈利方式

Meta earns revenue almost entirely from advertisers who pay per ad impression or click, with price set by an auction where advertisers bid for placement in front of the specific audiences Meta's data lets them target. Because the marginal cost of showing one more ad to an existing user is close to zero, revenue growth flows through to profit at a very high rate. Reality Labs, by contrast, sells hardware and software at a steep loss, funded by the advertising business, as an investment in becoming the next computing platform.

分部营收

Family of Apps98.9%

Advertising sold across Facebook, Instagram, WhatsApp and Messenger — nearly all of Meta's revenue.

Reality Labs1.1%

Virtual- and augmented-reality hardware, software and content, sold at a large ongoing loss.

护城河

网络效应 · 宽阔

Facebook, Instagram and WhatsApp are valuable to any one user largely because everyone else is already there — friends, family and businesses — which makes a new social app hard to displace once a critical mass of users has settled on the incumbent. That same scale of users and data lets Meta's ad-targeting outperform smaller rivals, reinforcing why advertisers keep spending there even as new platforms like TikTok compete for attention.

需求驱动因素

周期性

Advertising budgets are one of the first costs companies cut when the economy slows and one of the first they restore in a recovery, so Meta's revenue tends to track the broader advertising and economic cycle more than any product-specific trend. User growth and engagement are comparatively stable; it is advertiser spending, not audience size, that swings with the cycle.

主要风险

  • Regulation of data and advertising — The EU's Digital Markets Act, online-safety laws and similar rules elsewhere keep restricting how Meta can collect and use data for ad targeting, with potential fines and forced changes to its ad business.
  • Near-total reliance on advertising — Almost all revenue comes from advertising and depends on data signals and mobile operating systems Meta does not control, such as changes Apple has made to privacy settings that limit ad targeting.
  • Competition for user attention — Platforms such as TikTok compete directly for the time users spend on their phones, and losing engagement would eventually reduce the audience Meta sells to advertisers.
  • Reality Labs losses — Reality Labs lost more than $16 billion in operating income in fiscal 2025 alone, and Meta expects the division to keep losing money for the foreseeable future with no guarantee the bet pays off.

看多理由

Buyers argue that the network effect binding billions of users to Facebook, Instagram and WhatsApp is very hard for a new entrant to break, that advertising margins are extremely high once the platform is built, and that heavy AI investment is improving ad targeting and engagement faster than competitors can match.

看空理由

Sellers worry that nearly all revenue depends on advertising, one of the first budgets companies cut in a downturn, that regulators in Europe and elsewhere keep restricting the data-driven targeting the ad business relies on, and that Reality Labs has lost over $16 billion in a single year with still no clear sign the bet on a new computing platform will pay off.

分部数据来自2025财年信息来源: Meta Reports Fourth Quarter and Full Year 2025 Results

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: —Score: 48Market cap: $9.01B

Snapchat competes with Instagram and Messenger for the daily habits of younger users and for the same performance-advertising budgets, with overlapping formats such as Stories and camera-first sharing.

P/E: 55.6Score: 74Market cap: $0

Pinterest sells visual-discovery advertising to the retail, home and fashion advertisers that also buy Instagram placements, competing for the same shopping-intent audience.

P/E: 33.1Score: 71Market cap: —

Reddit competes for time spent in online communities and discussion — the ground Facebook Groups occupies — and sells the same social-feed advertising inventory to brands.

Alphabet Inc. (Google, YouTube)GOOGL

Alphabet is Meta's largest rival for digital advertising budgets and, through YouTube and YouTube Shorts, competes directly for the same user attention that Facebook, Instagram and Reels monetize.

ByteDance Ltd. (TikTok / 字节跳动)Not tracked

TikTok is the short-video platform Meta itself names in its 10-K as having reduced engagement with its products, and it sells advertising to the same brands targeting the same young audiences as Instagram Reels.

X Corp. (X, formerly Twitter)Not tracked

X competes head-on with Meta's Threads for real-time public conversation and for the brand-advertising budgets that follow news and live events.

资产负债表与流动性

营收

$228.25B

最近12个月(截至2026/6/30)

净利润

$68.10B

最近12个月(截至2026/6/30)

自由现金流

$46.11B

股东权益合计

$217.24B

负债合计

$148.78B

流动比率

2.23

利息覆盖率

71.48

债务/EBITDA

1.10

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$700.68

当前价格

$725.18

安全边际

-3.5%

公允价值区间

$483.04 - $918.32

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$786.80
现金流折现法(DCF):数据不足,无法计算
市盈率法(P/E):$610.80
格雷厄姆成长公式:$1093.15
盈利能力价值(EPV):$233.37
合理市净率(P/B):$295.91
股息折现模型(戈登模型):$29.29
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$182.78
分析师共识:强力买入 (62B / 9H / 0S)
最近财报超预期:-16.03%

估值指标

市盈率(P/E)

27.32

ROE

27.8%

市净率(P/B)

6.12

P/FCF

39.03

毛利率

81.7%

ROIC

17.4%

盈利能力雷达图

价值创造(经济护城河)

ROIC

17.4%

WACC

10.9%

ROIC − WACC

+6.6 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(20)

  • EPS shows upward trend
  • EPS CAGR 34.35%
  • Price CAGR 20.53%
  • ROIC 17.4%
  • Gross Margin 81.7%
  • Debt/Equity ratio
  • Operating Margin 38.1%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 29.7%
  • Revenue Growth 5Y 18.5%
  • Analyst Consensus 87% Buy
  • PEG Ratio 1.51
  • Earnings Quality (OCF/NI) 1.91
  • Share Dilution -1.5%
  • Piotroski F-Score 5/9

未通过(7)

  • P/FCF 39.03
  • P/B Ratio 6.12
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Unknown)
  • Earnings Surprise avg 0.4%
  • Net Margin Trend 29.8% vs 40.0%

不可用(1)

  • Dividend Payout NaN%

Piotroski F-评分

5/9

信号混杂:部分领域需关注

score
criteria

盈利质量

1.91

高质量:盈利有现金流支撑

股权稀释

-1.5%

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Mark Elliot ZuckerbergFounder, Chairman & CEO41
Ms. Dina Powell McCormickPresident & Vice Chairman51
Ms. Susan J. S. LiChief Financial Officer39
Mr. Javier OlivanChief Operating Officer48
Mr. Andrew BosworthChief Technology Officer43
Mr. Christopher K. CoxChief Product Officer42
Mr. Dana WhiteIndependent Director55
Mr. Aaron A. AndersonChief Accounting Officer-
Mr. Atish BanerjeaChief Information Officer59
Mr. Henry T. A. MonizChief Compliance Officer60

审计风险

9

董事会风险

10

薪酬风险

10

股东权利风险

10

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-01-29

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-07-30

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-07-29

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for META, sourced from Markets Gazette.

  • 4h agoNEUTRAL
    The Shopping Agent Race: Meta, Google and the China Playbook

    Meta's new AI consumer app, Muse, has rapidly climbed to the top of the US App Store charts, signaling a significant move into the AI-powered shopping agent space. This development positions Meta as a direct competitor to Google in this emerging market. The app's ability to search, compare, and facilitate payments for services like hotel bookings demonstrates advanced AI capabilities. While the initial success is notable, the long-term impact on Meta's revenue and market position remains to be seen, making this a key area for investors to monitor.

  • 18h agoNEGATIVE
    Perché il titolo Meta cala mercoledì?

    Meta Platforms shares experienced pressure on Wednesday, dipping nearly 2% at the session's open, despite a broader US market rally. Investors are assessing the competitive threat posed by OpenAI's new AI agent, Dots, to Meta's rapidly growing Muse platform. While Meta's stock has surged over 28% in the past month, largely on enthusiasm for Muse as a cornerstone of its consumer AI strategy, the introduction of Dots has prompted a re-evaluation of Meta's ability to maintain its early-mover advantage in the AI space. This competitive pressure is a key concern for investors.

  • 22h agoPOSITIVE
    Meta is pitching a bold new identity — and the payoff could be big

    Meta Platforms is strategically pivoting towards enterprise tools, signaling a significant diversification effort beyond its core advertising business. This move aims to unlock new revenue streams and reduce reliance on its social media platforms, Facebook and Instagram. The company's investment in this sector could lead to substantial long-term growth and improved financial resilience. Investors will be watching for early adoption metrics and the competitive landscape of the enterprise software market as key indicators of success for this ambitious strategy.

  • 2d agoPOSITIVE
    Jim Cramer indica azioni che possono correre nonostante rendimenti e petrolio più alti

    Jim Cramer, host of Mad Money, identifies Meta Platforms (META) as a top stock pick amidst rising oil prices and Treasury yields. Cramer's strategy emphasizes selecting companies with strong demand, pricing power, and scale, which he believes can thrive even in a higher interest rate environment. Meta Platforms is highlighted for its ability to meet these criteria, suggesting resilience and potential for growth despite current macroeconomic headwinds. Investors may find this endorsement valuable for identifying opportunities in the current market.

  • 3d agoNEGATIVE
    Perché le azioni di Meta sono calate del 4% oggi?

    Meta Platforms Inc. (META) shares fell 4.7% to $715.62 following news that OpenAI is reportedly developing a new always-on AI assistant, potentially named 'o'. This cloud-based agent could handle long-term tasks, including email management, even after users close the ChatGPT app. OpenAI is expected to unveil this product at its DevDay 2026 keynote on September 29th. The decline comes after Meta's stock had already gained approximately 30% in September. Investors are assessing the competitive threat posed by OpenAI's new AI offering to Meta's core business and future growth prospects.

  • 5d agoNEGATIVE
    New Mexico jury finds Facebook liable for over 43 million violations of consumer protection law—and Meta could owe over $200 billion in penalties

    A New Mexico jury has found Meta Platforms Inc. liable for over 43 million violations of the state's consumer protection law. The verdict, stemming from allegations that Facebook misled the public regarding third-party app developers harvesting user data post-Cambridge Analytica, could result in penalties exceeding $200 billion. This substantial judgment introduces significant legal and financial risk for Meta, potentially impacting its profitability and investor confidence. The outcome highlights ongoing scrutiny over data privacy practices and their financial repercussions for major tech firms.

  • 6d agoPOSITIVE
    La scommessa dei tassi più alti a lungo crea una spaccatura nel tech

    Meta Platforms' AI assistant, Muse, has seen viral consumer adoption, sparking a rally in the tech sector on September 21st. This surge occurs despite the 10-year Treasury yield reaching a multi-decade high of approximately 5.2%, a level typically expected to pressure high-valuation tech stocks. The "Magnificent Seven" stocks, including Meta, have continued to climb, diverging from the bond market's pricing of higher yields. Institutional investors are increasingly viewing large tech companies as stable cash-flow havens capable of absorbing capital costs, suggesting a fundamental shift in how these tech giants are valued.

  • 7d agoPOSITIVE
    Meta’s Best Month Since 2013 Has It on Cusp of $2 Trillion Level

    Meta Platforms Inc. is experiencing its most significant stock surge since 2013, nearing the $2 trillion market capitalization milestone. This breakout performance is a strong indicator for investors, suggesting renewed confidence in the company's growth prospects and strategic direction. The rally implies that Meta's recent initiatives, potentially including advancements in AI, metaverse development, or advertising revenue streams, are resonating positively with the market. This sustained upward momentum could lead to further price appreciation and increased investor interest.

via Markets Gazette