NASDAQ · Communication Services

Meta Platforms, Inc.

META · Internet Content & Information

$613.65

▲ 4.91 (0.81%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Meta Platforms, Inc. at $613.65.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 82.0%

Operating Margin 41.4%

Net Income Margin 30.1%

Fin. Health A

Years to Pay Off Debt 1.4 yrs

Working Capital vs Long-Term Debt $8.1B

Working Capital $66.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.20x

Cash Flow C

Free Cash Flow $46.1B

CapEx % of Net Income 115.3%

Owner Earnings $148.8B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $1,557.7B

Enterprise Value $1,550.8B

P/E (TTM) 22.30

Dividend Yield 0.34%

Exchange NASDAQ

Key Margins

Gross Profit 82.0%

Operating Margin 41.4%

Net Margin 30.1%

Company Info

Sector Communication Services

Industry Internet Content & Information

Employees 77986

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Meta Platforms, Inc. at $613.65.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $613.65, the stock trades at a 168% premium to its Graham Number of $228.66. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Meta Platforms, Inc.

Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	82.0% ▲	81.7%	80.8%	78.3%	N/A
Operating Margin %	41.4% ▼	42.2%	34.7%	24.8%	N/A
Net Income %	30.1% ▼	37.9%	29.0%	19.9%	N/A
Diluted EPS	23.49 ▼	23.86	14.87	8.59	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$366.0B	$276.1B	$229.6B	$185.7B	N/A
Total Debt	$83.9B ↑	$49.1B	$37.2B	$26.6B	N/A
Working Capital	$66.9B ▲	$66.4B	$53.4B	$32.5B	N/A
Years to Pay Debt	1.39	0.79	0.95	1.15	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$46.1B ▼	$54.1B	$44.1B	$19.3B	N/A
Owner Earnings	$148.8B	$115.1B	$77.3B	$63.1B	N/A
CapEx % of Net Income	115.3%	59.7%	69.2%	134.4%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	104,348	-81,076	-64,416	-15,795
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	105,361,000	87,566,000	59,418,000	37,771,000
Total Unusual Items	352,000	-690,000	-366,000	-81,000
Total Unusual Items Excluding Goodwill	352,000	-690,000	-366,000	-81,000
Net Income From Continuing Operation Net Minority Interest	60,458,000	62,360,000	39,098,000	23,200,000
Reconciled Depreciation	18,616,000	15,498,000	11,178,000	8,686,000
Reconciled Cost Of Revenue	36,175,000	30,161,000	25,959,000	25,249,000
EBITDA	105,713,000	86,876,000	59,052,000	37,690,000
EBIT	87,097,000	71,378,000	47,874,000	29,004,000
Net Interest Income	958,000	1,802,000	1,193,000	276,000
Interest Expense	1,165,000	715,000	446,000	185,000
Interest Income	2,123,000	2,517,000	1,639,000	461,000
Normalized Income	60,210,348	62,968,924	39,399,584	23,265,205
Net Income From Continuing And Discontinued Operation	60,458,000	62,360,000	39,098,000	23,200,000
Total Expenses	117,690,000	95,121,000	88,151,000	87,665,000
Total Operating Income As Reported	83,276,000	69,380,000	46,751,000	28,944,000
Diluted Average Shares	2,574,000	2,614,000	2,629,000	2,702,000
Basic Average Shares	2,521,000	2,534,000	2,574,000	2,687,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	60,458,000	62,360,000	39,098,000	23,200,000
Net Income Common Stockholders	60,458,000	62,360,000	39,098,000	23,200,000
Net Income	60,458,000	62,360,000	39,098,000	23,200,000
Net Income Including Noncontrolling Interests	60,458,000	62,360,000	39,098,000	23,200,000
Net Income Continuous Operations	60,458,000	62,360,000	39,098,000	23,200,000
Tax Provision	25,474,000	8,303,000	8,330,000	5,619,000
Pretax Income	85,932,000	70,663,000	47,428,000	28,819,000
Other Income Expense	1,698,000	-519,000	-516,000	-401,000
Other Non Operating Income Expenses	1,346,000	171,000	-150,000	-320,000
Gain On Sale Of Security	352,000	-690,000	-366,000	-81,000
Net Non Operating Interest Income Expense	958,000	1,802,000	1,193,000	276,000
Total Other Finance Cost	-1,346,000	-171,000	150,000	320,000
Interest Expense Non Operating	1,165,000	715,000	446,000	185,000
Interest Income Non Operating	2,123,000	2,517,000	1,639,000	461,000
Operating Income	83,276,000	69,380,000	46,751,000	28,944,000
Operating Expense	81,515,000	64,960,000	62,192,000	62,416,000
Research And Development	57,372,000	43,873,000	38,483,000	35,338,000
Selling General And Administration	24,143,000	21,087,000	23,709,000	27,078,000
Selling And Marketing Expense	11,991,000	11,347,000	12,301,000	15,262,000
General And Administrative Expense	12,152,000	9,740,000	11,408,000	11,816,000
Other Gand A	12,152,000	9,740,000	11,408,000	11,816,000
Gross Profit	164,791,000	134,340,000	108,943,000	91,360,000
Cost Of Revenue	36,175,000	30,161,000	25,959,000	25,249,000
Total Revenue	200,966,000	164,501,000	134,902,000	116,609,000
Operating Revenue	198,382,000	162,779,000	133,844,000	115,801,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	2,529,638	2,534,488	2,561,000	2,614,000
Share Issued	2,529,638	2,534,488	2,561,000	2,614,000
Net Debt	22,871,000
Total Debt	83,897,000	49,060,000	37,234,000	26,591,000
Tangible Book Value	189,017,000	161,068,000	131,726,000	104,510,000
Invested Capital	275,987,000	211,463,000	171,553,000	135,636,000
Working Capital	66,886,000	66,449,000	53,405,000	32,523,000
Net Tangible Assets	189,017,000	161,068,000	131,726,000	104,510,000
Capital Lease Obligations	25,153,000	20,234,000	18,849,000	16,668,000
Common Stock Equity	217,243,000	182,637,000	153,168,000	125,713,000
Total Capitalization	275,987,000	211,463,000	171,553,000	135,636,000
Total Equity Gross Minority Interest	217,243,000	182,637,000	153,168,000	125,713,000
Stockholders Equity	217,243,000	182,637,000	153,168,000	125,713,000
Gains Losses Not Affecting Retained Earnings	271,000	-3,097,000	-2,155,000	-3,530,000
Other Equity Adjustments	271,000	-3,097,000	-2,155,000	-3,530,000
Retained Earnings	121,179,000	102,506,000	82,070,000	64,799,000
Additional Paid In Capital	95,793,000	83,228,000	73,253,000	64,444,000
Total Liabilities Net Minority Interest	148,778,000	93,417,000	76,455,000	60,014,000
Total Non Current Liabilities Net Minority Interest	106,942,000	59,821,000	44,495,000	32,988,000
Other Non Current Liabilities	4,253,000	2,716,000	1,370,000	1,119,000
Tradeand Other Payables Non Current	21,005,000	9,987,000	7,514,000	6,645,000
Long Term Debt And Capital Lease Obligation	81,684,000	47,118,000	35,611,000	25,224,000
Long Term Capital Lease Obligation	22,940,000	18,292,000	17,226,000	15,301,000
Long Term Debt	58,744,000	28,826,000	18,385,000	9,923,000
Current Liabilities	41,836,000	33,596,000	31,960,000	27,026,000
Other Current Liabilities	10,387,000	6,074,000	6,369,000	4,906,000
Current Deferred Liabilities					561,000
Current Deferred Revenue					561,000
Current Debt And Capital Lease Obligation	2,213,000	1,942,000	1,623,000	1,367,000
Current Capital Lease Obligation	2,213,000	1,942,000	1,623,000	1,367,000
Pensionand Other Post Retirement Benefit Plans Current	7,151,000	6,350,000	6,659,000	4,591,000
Payables And Accrued Expenses	22,085,000	19,230,000	17,309,000	16,162,000
Current Accrued Expenses	11,269,000	8,105,000	8,805,000	7,716,000
Payables	10,816,000	11,125,000	8,504,000	8,446,000
Other Payable					1,052,000
Dueto Related Parties Current			863,000	1,117,000	1,052,000
Total Tax Payable	1,922,000	3,438,000	3,655,000	2,339,000
Accounts Payable	8,894,000	7,687,000	4,849,000	4,990,000
Total Assets	366,021,000	276,054,000	229,623,000	185,727,000
Total Non Current Assets	257,299,000	176,009,000	144,258,000	126,178,000
Other Non Current Assets	4,745,000	12,102,000	6,794,000	6,583,000
Investments And Advances	27,524,000	6,070,000	6,141,000	6,201,000
Investmentin Financial Assets	27,524,000	6,070,000	6,141,000	6,201,000
Available For Sale Securities	27,524,000	6,070,000	6,141,000	6,201,000
Long Term Equity Investment					6,775,000
Goodwill And Other Intangible Assets	28,226,000	21,569,000	21,442,000	21,203,000
Other Intangible Assets	3,692,000	915,000	788,000	897,000
Goodwill	24,534,000	20,654,000	20,654,000	20,306,000
Net PPE	196,804,000	136,268,000	109,881,000	92,191,000
Accumulated Depreciation	-57,326,000	-43,317,000	-33,134,000	-24,975,000
Gross PPE	254,130,000	179,585,000	143,015,000	117,166,000
Leases	8,346,000	7,293,000	6,972,000	6,522,000
Construction In Progress	50,521,000	26,802,000	24,269,000	25,052,000
Other Properties	136,008,000	95,853,000	71,733,000	55,998,000
Machinery Furniture Equipment					25,584,000
Buildings And Improvements	55,568,000	47,076,000	37,961,000	27,720,000
Land And Improvements	3,687,000	2,561,000	2,080,000	1,874,000
Current Assets	108,722,000	100,045,000	85,365,000	59,549,000
Other Current Assets	7,361,000	5,236,000	3,793,000	5,345,000
Prepaid Assets					4,629,000
Receivables	19,769,000	16,994,000	16,169,000	13,466,000
Accounts Receivable	19,769,000	16,994,000	16,169,000	13,466,000
Cash Cash Equivalents And Short Term Investments	81,592,000	77,815,000	65,403,000	40,738,000
Other Short Term Investments	45,719,000	33,926,000	23,541,000	26,057,000
Cash And Cash Equivalents	35,873,000	43,889,000	41,862,000	14,681,000
Cash Equivalents	31,482,000	36,671,000	35,597,000	8,505,000
Cash Financial	4,391,000	7,218,000	6,265,000	6,176,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	46,109,000	54,072,000	44,068,000	19,289,000
Repurchase Of Capital Stock	-26,248,000	-30,125,000	-19,774,000	-27,956,000
Repayment Of Debt	-2,524,000	-1,969,000	-1,058,000	-850,000
Issuance Of Debt	29,906,000	10,432,000	8,455,000	9,921,000
Capital Expenditure	-69,691,000	-37,256,000	-27,045,000	-31,186,000
Interest Paid Supplemental Data	696,000	486,000	448,000	0
Income Tax Paid Supplemental Data	7,578,000	10,554,000	6,607,000	6,407,000
End Cash Position	39,100,000	45,438,000	42,827,000	15,596,000
Beginning Cash Position	45,438,000	42,827,000	15,596,000	16,865,000
Effect Of Exchange Rate Changes	235,000	-786,000	113,000	-638,000
Changes In Cash	-6,573,000	3,397,000	27,118,000	-631,000
Financing Cash Flow	-20,370,000	-40,781,000	-19,500,000	-22,136,000
Cash Flow From Continuing Financing Activities	-20,370,000	-40,781,000	-19,500,000	-22,136,000
Net Other Financing Charges	-16,180,000	-14,047,000	-7,123,000	-3,251,000
Cash Dividends Paid	-5,324,000	-5,072,000	0	0
Common Stock Dividend Paid	-5,324,000	-5,072,000	0	0
Net Common Stock Issuance	-26,248,000	-30,125,000	-19,774,000	-27,956,000
Common Stock Payments	-26,248,000	-30,125,000	-19,774,000	-27,956,000
Net Issuance Payments Of Debt	27,382,000	8,463,000	7,397,000	9,071,000
Net Short Term Debt Issuance					14,000
Net Long Term Debt Issuance	27,382,000	8,463,000	7,397,000	9,071,000
Long Term Debt Payments	-2,524,000	-1,969,000	-1,058,000	-850,000
Long Term Debt Issuance	29,906,000	10,432,000	8,455,000	9,921,000
Investing Cash Flow	-102,003,000	-47,150,000	-24,495,000	-28,970,000
Cash Flow From Continuing Investing Activities	-102,003,000	-47,150,000	-24,495,000	-28,970,000
Net Other Investing Changes	-2,250,000	140,000	-22,000	-4,000
Net Investment Purchase And Sale	-28,385,000	-9,764,000	3,201,000	3,532,000
Sale Of Investment	26,874,000	15,789,000	6,184,000	13,158,000
Purchase Of Investment	-55,259,000	-25,553,000	-2,983,000	-9,626,000
Net Business Purchase And Sale	-1,677,000	-270,000	-629,000	-1,312,000
Sale Of Business	2,554,000	0	0
Purchase Of Business	-4,231,000	-270,000	-629,000	-1,312,000
Net PPE Purchase And Sale	-69,691,000	-37,256,000	-27,045,000	-31,186,000
Sale Of PPE			221,000	245,000	123,000
Purchase Of PPE	-69,691,000	-37,256,000	-27,045,000	-31,186,000
Operating Cash Flow	115,800,000	91,328,000	71,113,000	50,475,000
Cash Flow From Continuing Operating Activities	115,800,000	91,328,000	71,113,000	50,475,000
Change In Working Capital	-885,000	1,048,000	3,836,000	5,683,000
Change In Other Working Capital					187,000
Change In Other Current Liabilities	437,000	2,805,000	624,000	886,000
Change In Other Current Assets	-481,000	-270,000	-80,000	-106,000
Change In Payables And Accrued Expense	1,063,000	696,000	5,132,000	4,510,000
Change In Accrued Expense	1,077,000	323,000	5,081,000	4,300,000
Change In Payable	-14,000	373,000	51,000	210,000
Change In Account Payable	-14,000	373,000	51,000	210,000
Change In Prepaid Assets	-89,000	-698,000	559,000	162,000
Change In Receivables	-1,815,000	-1,485,000	-2,399,000	231,000
Changes In Account Receivables	-1,815,000	-1,485,000	-2,399,000	231,000
Other Non Cash Items	-416,000	140,000	309,000	1,982,000
Stock Based Compensation	20,427,000	16,690,000	14,027,000	11,992,000
Unrealized Gain Loss On Investment Securities	-1,138,000	-53,000	102,000	463,000
Asset Impairment Charge	0	383,000	2,432,000	2,218,000
Deferred Tax	18,738,000	-4,738,000	131,000	-3,286,000
Deferred Income Tax	18,738,000	-4,738,000	131,000	-3,286,000
Depreciation Amortization Depletion	18,616,000	15,498,000	11,178,000	8,686,000
Depreciation And Amortization	18,616,000	15,498,000	11,178,000	8,686,000
Net Income From Continuing Operations	60,458,000	62,360,000	39,098,000	23,200,000

These metrics estimate what Meta Platforms, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$228.66

Margin of Safety

Market Cap ÷ Company Value

1.27

P/B Ratio

6.20

Warren's Owner Earnings

$148.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$201.0B

vs > $1.5B revenue

✅ Strong Financial Condition

2.60x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.34%

vs Uninterrupted dividends

✅ Earnings Growth

+173.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

22.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.20x P/B (P/E×P/B: 138.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-18.24

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$421.34

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	115.3%	59.7%	69.2%	134.4%	N/A
Repurchase of Capital Stock	-$26.2B	-$30.1B	-$19.8B	-$28.0B	N/A
Free Cash Flow	$46.1B ▼	$54.1B ▲	$44.1B ▲	$19.3B •	N/A •
Warren's Owner Earnings	$148.8B	$115.1B	$77.3B	$63.1B	N/A

Peers & Industry Comparison

Internet Content & Information — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
META	$613.65	$1,557.7B	22.30	82.0%	30.1%	$201.0B
GOOGL Alphabet Inc.	$384.55	$4,659.0B	29.3	60.4%	37.9%	$422.5B
SNAP Snap Inc.	$6.16	$10.4B	N/A	55.0%	-7.8%	$5.9B
PINS Pinterest, Inc.	$20.64	$13.2B	33.8	80.1%	9.9%	$4.2B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.12%

Low — management has little skin in the game

Return on Equity (ROE)

27.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

16.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$26.2B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+71.0% YoY

Debt is growing — management is leveraging up

Leadership Team

Mark Elliot Zuckerberg

Founder, Chairman & CEO

Age 41

Pay: $25,125,904

0.042% of net income

Dina Powell McCormick

President & Vice Chairman

Age 51

Pay: $51,243

0.000% of net income

Susan Li

Chief Financial Officer

Age 39

Pay: $3,351,064

0.006% of net income

Javier Olivan

Chief Operating Officer

Age 48

Pay: $6,137,729

0.010% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.11%	199,995,630
Blackrock Inc.	7.81%	171,505,090
FMR, LLC	5.57%	122,341,612
State Street Corporation	4.14%	90,841,345
Geode Capital Management, LLC	2.40%	52,806,712
JPMORGAN CHASE & CO	2.00%	43,855,509
Capital World Investors	1.80%	39,558,637
Morgan Stanley	1.71%	37,553,102

Risk Analysis

Beta (Market Risk)

1.24

Moderate volatility — moves slightly more than market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.36x

Conservative balance sheet — low financial risk

Current Ratio

2.35x

Strong liquidity — Graham approved

52-Week Price Range

Low: $520.26 Current: $613.65 High: $796.25

Currently at 34% of 52-week range

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