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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 9/10

vs
industry
vs
history
Cash-to-Debt 41.49
FB's Cash-to-Debt is ranked higher than
80% of the 383 Companies
in the Global Internet Content & Information industry.

( Industry Median: 7.46 vs. FB: 41.49 )
Ranked among companies with meaningful Cash-to-Debt only.
FB' s Cash-to-Debt Range Over the Past 10 Years
Min: 3.77  Med: 41.49 Max: No Debt
Current: 41.49
3.77
No Debt
Equity-to-Asset 0.86
FB's Equity-to-Asset is ranked higher than
93% of the 377 Companies
in the Global Internet Content & Information industry.

( Industry Median: 0.59 vs. FB: 0.86 )
Ranked among companies with meaningful Equity-to-Asset only.
FB' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.72  Med: 0.86 Max: 0.91
Current: 0.86
0.72
0.91
Debt-to-Equity 0.01
FB's Debt-to-Equity is ranked lower than
99.99% of the 199 Companies
in the Global Internet Content & Information industry.

( Industry Median: 0.27 vs. FB: 0.01 )
Ranked among companies with meaningful Debt-to-Equity only.
FB' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.01  Med: 0.02 Max: 0.22
Current: 0.01
0.01
0.22
Debt-to-EBITDA 0.03
FB's Debt-to-EBITDA is ranked lower than
99.99% of the 169 Companies
in the Global Internet Content & Information industry.

( Industry Median: 1.44 vs. FB: 0.03 )
Ranked among companies with meaningful Debt-to-EBITDA only.
FB' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.01  Med: 0.08 Max: 1.97
Current: 0.03
0.01
1.97
Interest Coverage 2768.11
FB's Interest Coverage is ranked higher than
83% of the 277 Companies
in the Global Internet Content & Information industry.

( Industry Median: 241.39 vs. FB: 2768.11 )
Ranked among companies with meaningful Interest Coverage only.
FB' s Interest Coverage Range Over the Past 10 Years
Min: 10.55  Med: 217.13 Max: 3367.17
Current: 2768.11
10.55
3367.17
Piotroski F-Score: 7
Altman Z-Score: 23.32
Beneish M-Score: -2.76
WACC vs ROIC
10.03%
58.12%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 9/10

vs
industry
vs
history
Operating Margin % 44.62
FB's Operating Margin % is ranked higher than
97% of the 379 Companies
in the Global Internet Content & Information industry.

( Industry Median: 4.51 vs. FB: 44.62 )
Ranked among companies with meaningful Operating Margin % only.
FB' s Operating Margin % Range Over the Past 10 Years
Min: 10.57  Med: 44.62 Max: 52.28
Current: 44.62
10.57
52.28
Net Margin % 39.60
FB's Net Margin % is ranked higher than
96% of the 380 Companies
in the Global Internet Content & Information industry.

( Industry Median: 3.50 vs. FB: 39.60 )
Ranked among companies with meaningful Net Margin % only.
FB' s Net Margin % Range Over the Past 10 Years
Min: 1.04  Med: 26.95 Max: 39.6
Current: 39.6
1.04
39.6
ROE % 27.93
FB's ROE % is ranked higher than
85% of the 349 Companies
in the Global Internet Content & Information industry.

( Industry Median: 6.33 vs. FB: 27.93 )
Ranked among companies with meaningful ROE % only.
FB' s ROE % Range Over the Past 10 Years
Min: 0.38  Med: 17.21 Max: 27.93
Current: 27.93
0.38
27.93
ROA % 24.38
FB's ROA % is ranked higher than
92% of the 383 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.54 vs. FB: 24.38 )
Ranked among companies with meaningful ROA % only.
FB' s ROA % Range Over the Past 10 Years
Min: 0.49  Med: 17.87 Max: 24.38
Current: 24.38
0.49
24.38
ROC (Joel Greenblatt) % 117.94
FB's ROC (Joel Greenblatt) % is ranked higher than
72% of the 378 Companies
in the Global Internet Content & Information industry.

( Industry Median: 34.22 vs. FB: 117.94 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
FB' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 24.52  Med: 116.21 Max: 150.85
Current: 117.94
24.52
150.85
3-Year Revenue Growth Rate 44.90
FB's 3-Year Revenue Growth Rate is ranked higher than
89% of the 300 Companies
in the Global Internet Content & Information industry.

( Industry Median: 10.30 vs. FB: 44.90 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
FB' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 23.9  Med: 43.9 Max: 55.2
Current: 44.9
23.9
55.2
3-Year EBITDA Growth Rate 52.60
FB's 3-Year EBITDA Growth Rate is ranked higher than
87% of the 261 Companies
in the Global Internet Content & Information industry.

( Industry Median: 11.50 vs. FB: 52.60 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
FB' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 19.3  Med: 50.35 Max: 73.2
Current: 52.6
19.3
73.2
3-Year EPS without NRI Growth Rate 80.40
FB's 3-Year EPS without NRI Growth Rate is ranked higher than
91% of the 228 Companies
in the Global Internet Content & Information industry.

( Industry Median: 14.90 vs. FB: 80.40 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
FB' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 28.9  Med: 74.8 Max: 405.3
Current: 80.4
28.9
405.3
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» FB's 30-Y Financials

Financials (Next Earnings Date: 2019-04-25)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q1 2018

FB Guru Trades in Q1 2018

Bill Nygren 1,200,000 sh (New)
Wallace Weitz 101,228 sh (New)
Michael Price 7,000 sh (New)
PRIMECAP Management 113,700 sh (New)
Jeremy Grantham 752,487 sh (New)
Steven Romick 1,408,767 sh (New)
Larry Robbins 212,473 sh (New)
David Rolfe 836,032 sh (New)
Ken Fisher 357,835 sh (+22.56%)
Ruane Cunniff 2,182,298 sh (+616.39%)
Joel Greenblatt 340,299 sh (+31.32%)
Daniel Loeb 4,000,000 sh (+17.65%)
Chris Davis 3,891,049 sh (+14.57%)
David Tepper 6,210,000 sh (+12.31%)
Tom Gayner 123,240 sh (+13.59%)
Steve Mandel 7,701,242 sh (+75.01%)
Andreas Halvorsen 9,346,049 sh (+142.12%)
Lee Ainslie 3,073,670 sh (+5.38%)
Chase Coleman 4,968,415 sh (+105.04%)
Steven Cohen 1,209,136 sh (+65.59%)
Paul Tudor Jones 27,828 sh (+110.95%)
Caxton Associates 56,950 sh (+151.01%)
First Pacific Advisors 2,023,239 sh (+6805.25%)
Diamond Hill Capital 938,015 sh (+30970.39%)
Julian Robertson 197,210 sh (+15.66%)
Centaur Capital Partners LP 26,500 sh (+82.76%)
Ray Dalio 204,996 sh (+2112.82%)
Philippe Laffont 5,697,285 sh (+16.43%)
Richard Snow 9,000 sh (unchged)
Chase Coleman 765,000 sh (unchged)
Steven Cohen 1,750,000 sh (unchged)
Caxton Associates 30,000 sh (unchged)
Louis Moore Bacon 20,000 sh (unchged)
Mario Cibelli 25,000 sh (unchged)
First Eagle Investment Sold Out
John Griffin Sold Out
Jim Simons Sold Out
Stanley Druckenmiller Sold Out
Jana Partners Sold Out
Al Gore Sold Out
Ron Baron 113,498 sh (-13.30%)
Murray Stahl 3,550 sh (-11.78%)
Spiros Segalas 5,651,538 sh (-19.17%)
David Carlson 340,000 sh (-5.56%)
Mairs and Power 1,361 sh (-18.45%)
Louis Moore Bacon 145,000 sh (-85.85%)
Pioneer Investments 2,119,292 sh (-6.48%)
Mario Gabelli 29,909 sh (-2.66%)
Leon Cooperman 217,800 sh (-22.55%)
Frank Sands 10,270,691 sh (-18.84%)
» More
Q2 2018

FB Guru Trades in Q2 2018

George Soros 159,200 sh (New)
First Eagle Investment 1,328,221 sh (New)
Richard Pzena 3,201 sh (New)
Stanley Druckenmiller 918,000 sh (New)
Alan Fournier 31,000 sh (New)
Jana Partners 651,493 sh (New)
Jim Simons 2,467,488 sh (New)
Jeff Auxier 1,635 sh (New)
Ken Fisher 376,227 sh (+5.14%)
Wallace Weitz 279,493 sh (+176.10%)
Ruane Cunniff 2,450,572 sh (+12.29%)
Ron Baron 142,037 sh (+25.14%)
Richard Snow 14,400 sh (+60.00%)
Chris Davis 5,064,358 sh (+30.15%)
Tom Gayner 128,480 sh (+4.25%)
Spiros Segalas 5,885,954 sh (+4.15%)
Chase Coleman 5,278,160 sh (+6.23%)
Louis Moore Bacon 405,000 sh (+179.31%)
Diamond Hill Capital 1,648,291 sh (+75.72%)
Pioneer Investments 2,428,084 sh (+14.57%)
Mario Cibelli 85,000 sh (+240.00%)
Philippe Laffont 6,304,795 sh (+10.66%)
PRIMECAP Management 113,700 sh (unchged)
Chase Coleman 765,000 sh (unchged)
Steven Cohen 250,000 sh (unchged)
Caxton Associates 15,000 sh (unchged)
Steven Romick 1,408,767 sh (unchged)
Bill Nygren 1,200,000 sh (unchged)
Michael Price Sold Out
Larry Robbins Sold Out
Joel Greenblatt 210,241 sh (-38.22%)
Daniel Loeb 3,000,000 sh (-25.00%)
Murray Stahl 2,991 sh (-15.75%)
David Tepper 5,075,000 sh (-18.28%)
Steve Mandel 3,404,550 sh (-55.79%)
Andreas Halvorsen 6,148,755 sh (-34.21%)
Lee Ainslie 2,459,270 sh (-19.99%)
Jeremy Grantham 707,483 sh (-5.98%)
David Carlson 300,000 sh (-11.76%)
Steven Cohen 150,200 sh (-87.58%)
Paul Tudor Jones 27,314 sh (-1.85%)
Mairs and Power 1,358 sh (-0.22%)
Caxton Associates 2,238 sh (-96.07%)
First Pacific Advisors 2,015,321 sh (-0.39%)
Julian Robertson 139,410 sh (-29.31%)
Mario Gabelli 28,999 sh (-3.04%)
Centaur Capital Partners LP 21,000 sh (-20.75%)
Leon Cooperman 214,600 sh (-1.47%)
Ray Dalio 48,234 sh (-76.47%)
Frank Sands 8,684,872 sh (-15.44%)
David Rolfe 733,589 sh (-12.25%)
» More
Q3 2018

FB Guru Trades in Q3 2018

Spiros Segalas 6,305,454 sh (+7.13%)
Ken Fisher 380,957 sh (+1.26%)
Tom Gayner 137,020 sh (+6.65%)
First Eagle Investment 1,885,098 sh (+41.93%)
Diamond Hill Capital 1,889,725 sh (+14.65%)
First Pacific Advisors 2,022,496 sh (+0.36%)
Wallace Weitz 380,793 sh (+36.24%)
Jim Simons 3,332,556 sh (+35.06%)
Mario Cibelli 90,000 sh (+5.88%)
Jeremy Grantham 949,344 sh (+34.19%)
Pioneer Investments 3,713,819 sh (+52.95%)
Ruane Cunniff 2,827,809 sh (+15.39%)
Centaur Capital Partners LP 26,500 sh (+26.19%)
Julian Robertson 172,810 sh (+23.96%)
Murray Stahl 3,584 sh (+19.83%)
Steve Mandel 3,863,203 sh (+13.47%)
Steven Cohen 203,500 sh (+35.49%)
Paul Tudor Jones 61,488 sh (+125.12%)
Jeff Auxier 11,070 sh (+577.06%)
Steven Romick 1,408,767 sh (unchged)
PRIMECAP Management 113,700 sh (unchged)
Richard Snow 14,400 sh (unchged)
Steven Cohen 940,000 sh (unchged)
Caxton Associates 50,000 sh (unchged)
Bill Nygren 1,200,000 sh (unchged)
Richard Pzena Sold Out
Daniel Loeb Sold Out
Mairs and Power Sold Out
Jana Partners Sold Out
Caxton Associates Sold Out
George Soros Sold Out
Alan Fournier Sold Out
David Carlson 260,000 sh (-13.33%)
Mario Gabelli 23,104 sh (-20.33%)
Chris Davis 4,978,151 sh (-1.70%)
Ray Dalio 9,420 sh (-80.47%)
Philippe Laffont 4,198,898 sh (-33.40%)
Andreas Halvorsen 1,780,817 sh (-71.04%)
Frank Sands 8,137,313 sh (-6.30%)
Leon Cooperman 88,200 sh (-58.90%)
Chase Coleman 4,621,000 sh (-12.45%)
Lee Ainslie 36,640 sh (-98.51%)
Louis Moore Bacon 60,000 sh (-85.19%)
Stanley Druckenmiller 21,600 sh (-97.65%)
Ron Baron 141,951 sh (-0.06%)
David Tepper 3,300,000 sh (-34.98%)
David Rolfe 690,464 sh (-5.88%)
Joel Greenblatt 150,438 sh (-28.44%)
» More
Q4 2018

FB Guru Trades in Q4 2018

Richard Pzena 2,421 sh (New)
Glenn Greenberg 842,237 sh (New)
David Abrams 999,649 sh (New)
Leucadia National 27,357 sh (New)
Steven Romick 1,712,860 sh (+21.59%)
Ken Fisher 403,431 sh (+5.90%)
Tom Gayner 138,530 sh (+1.10%)
Wallace Weitz 465,907 sh (+22.35%)
First Eagle Investment 2,221,006 sh (+17.82%)
Diamond Hill Capital 2,076,326 sh (+9.87%)
Chris Davis 5,267,533 sh (+5.81%)
PRIMECAP Management 119,600 sh (+5.19%)
Jim Simons 6,009,362 sh (+80.32%)
First Pacific Advisors 2,515,873 sh (+24.39%)
Jeremy Grantham 995,903 sh (+4.90%)
Ray Dalio 117,479 sh (+1147.12%)
Mario Cibelli 112,500 sh (+25.00%)
Andreas Halvorsen 4,796,694 sh (+169.35%)
Philippe Laffont 4,636,798 sh (+10.43%)
Chase Coleman 5,372,000 sh (+16.25%)
Lee Ainslie 38,670 sh (+5.54%)
David Rolfe 764,970 sh (+10.79%)
Pioneer Investments 4,409,211 sh (+18.72%)
Joel Greenblatt 200,307 sh (+33.15%)
Steve Mandel 6,669,767 sh (+72.65%)
Steven Cohen 900,000 sh (unchged)
Steven Cohen 100,000 sh (unchged)
Stanley Druckenmiller Sold Out
Leon Cooperman Sold Out
Spiros Segalas 5,942,992 sh (-5.75%)
David Carlson 210,000 sh (-19.23%)
Mario Gabelli 19,961 sh (-13.60%)
Richard Snow 7,210 sh (-49.93%)
Jeff Auxier 10,875 sh (-1.76%)
Ruane Cunniff 2,773,810 sh (-1.91%)
Murray Stahl 2,673 sh (-25.42%)
Julian Robertson 23,110 sh (-86.63%)
Frank Sands 5,411,972 sh (-33.49%)
Louis Moore Bacon 40,000 sh (-33.33%)
Steven Cohen 159,508 sh (-21.62%)
Paul Tudor Jones 10,298 sh (-83.25%)
Ron Baron 83,425 sh (-41.23%)
David Tepper 1,425,000 sh (-56.82%)
» More
» Details

Insider Trades

Latest Guru Trades with FB

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

Guru Date Action
Impact Price Range
(Average)*
Change from Average Comment Current Shares
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Business Description

Industry: Online Media » Internet Content & Information    NAICS: 519190    SIC: 7375
Compare:HKSE:00700, NAS:GOOG, JSE:NPN, NAS:BIDU, NAS:JD, NAS:NTES, NAS:WB, TSE:4689, NYSE:TWTR, XKRX:035420, NYSE:SNAP, TSE:2413, NAS:YNDX, NAS:IAC, NAS:MTCH, NYSE:WUBA, NAS:VRSN, NYSE:GDDY, NYSE:ATHM, SZSE:300059 » details
Traded in other countries:FB.Austria, FBOK34.Brazil, FB2A.Germany, FB.Italy, FB.Mexico, FB.Peru, FB.Romania, FB.Switzerland, 0QZI.UK,
Headquarter Location:USA
Facebook Inc is the world's largest online social network. Its products are Facebook, Instagram, Messenger, WhatsApp, and Oculus. Its products enable people to connect and share through mobile devices and personal computers.

Facebook is the world's largest online social network, with more than 2 billion monthly active users. Users engage with each other in different ways, exchanging messages and sharing news events, photos, and videos. Its ecosystem consists mainly of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. Users can access Facebook on mobile devices and via desktop. Advertising revenue represents more than 90% of the firm's total revenue, with 50% coming from the U.S. and Canada, and 25% from Europe.

Guru Investment Theses on Facebook Inc

David Rolfe Comments on Facebook - Jan 15, 2019

2018 was annus horribilis for Facebook (NASDAQ:FB). After seemingly surviving the public relations nightmare of the Cambridge Analytica scandal this past spring, the Company’s reputation and stock have been shredded since the summer. It’s hard to recall a greater circular firing squad fusillade aimed squarely at Facebook’s C-suite, board of directors and business model from consumer outrage over security and privacy breaches, government regulatory threats, and media exposés, plus spiking expense growth, lowered operating guidance, and hard-to-measure platform transitions. Yet, the Company’s monopoly-like business model remains remarkably intact.

Facebook’s scale across its platforms, including Instagram and WhatsApp, continues to drive a “virtuous cycle” of user engagement and therefore incredibly low-cost content creation. Some recent monthly active user (MAU) stats include 2.27 billion users on Facebook, as well as 1.50 billion daily active users (DAUs), as of September 30, 2018. Additionally, there are 1.5 billion users on WhatsApp as of January 2018, and Instagram MAUs cross the billion-user mark as well. Watch (the Company’s new video offering) has already grown to 75 million DAUs and 400 million MAUs. In addition, Facebook continues to report stable user engagement (as measured by DAU and MAU) at 71%.

Facebook continues to exhibit vastly superior profitability metrics relative to its peers in the media and advertising industry. Facebook’s value proposition remains unique and defensible relative to peers, which we expect will enable the Company to generate industry leading returns on invested assets for years to come. This value proposition is focused on providing advertising customers with highly attractive, triple-digit returns on advertising spend (ROI). While many of Facebook’s peers offer a value proposition that entails better ROI, it is often via an inflexible, expensive, or monolithic solution. In contrast, the Company’s low-cost value chain, especially its multibillion user social platforms, and an arsenal of ad measurement tools, both acquired and internally developed over the past several years, provide advertisers with multiple avenues to drive successful ROI.

Facebook’s social platforms serve as very low-cost forms of user traffic and content. Many of Facebook’s competitors pay a substantial portion of their ad revenues in the form of traffic acquisition (sometimes referred to as “customer acquisition”) and/or content costs. For example, television advertising platforms are dominated by telecommunication and multiservice-offering conglomerates. The advertising businesses of these platforms are often carved out from subscriber economics, with the cost of content typically being the largest expense, by far, in running the ad platform. Even digital competitors such as Microsoft Bing, do not spend quite as much on content, but spend a substantial portion of revenue on traffic acquisition.

The Company vows to make further changes, which include conducting audits, improving its privacy policy, and banning third-party data services from its ad targeting platform. These actions continue to increase Company expenses (CAPEX/revenues 16%-21%), however we do not believe there will be any significant impact to the Company's revenue growth as we believe there are few channels available that can match Facebook’s return on ad spend. We believe strong advertiser demand and healthy ROI, along with Facebook's ability to increase pricing on their ads, leaves the Company with plenty of room for growth in the years ahead.

That said, we do have concerns that we are watching closely. Specifically, in 2017, Facebook created Stories as a Snapchat-like offering. Facebook Stories is another kind of News Feed, but it is visual rather than written media. Stories posts, similar to Snapchat, only remain viewable for 24 hours, plus Stories posts don’t appear in the News Feed or Timeline by default. The challenge is to successfully embed advertising into an impermanent medium of personal experiences. Stories ads, particularly video ads, take advertisers more time to create. In addition, the transition from News Feed ads to Stories looks to be a significantly different transition as compared to desktop ads to mobile ads. The Company has acknowledged the challenge to monetize Stories at a level and pace of News feed. All told, Facebook has approximately 150 million Facebook Stories daily users, 70 million in Messenger Stories, 400 million in Instagram Stories and 450 million in WhatsApp Stories (called Status).

The stock is currently valued at just 16X consensus 2020 earnings. The stock is cheaper still when you consider the $41 billion in cash the Company has on its no-debt balance sheet. The Company recently increased its stock buyback by 60% to $15 billion.

From David Rolfe (Trades, Portfolio)'s fourth-quarter 2018 Wedgewood Partners investor letter.

Check out David Rolfe latest stock trades

Wallace Weitz Comments on Facebook - Oct 23, 2018

Facebook (-15%) and Tupperware Brands (-17%) were the top detractors from our long equity holdings. Facebook (NASDAQ:FB) continues to wrestle with critically important topics such as privacy, trust and authenticity. We acknowledge these are difficult issues, and progress will likely be slow and nuanced. Nevertheless, users have stuck with the platform, and the incredibly valuable advertising platform that Facebook has built remains intact.

From Wallace Weitz (Trades, Portfolio)'s third-quarter 2018 Partners III Fund shareholder letter.

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David Rolfe Comments on Facebook - Oct 12, 2018

On the detractor front, Facebook (NASDAQ:FB) shares fell during the quarter after management warned about a deceleration in the rate of revenue growth and guided for margins to fall over the next several years. The Company posted 42% revenue growth for the fiscal second quarter but guided to a growth rate that seemed to be in the mid-20% for upcoming periods, with margins trending almost 10% lower over a longer-term period. We continue to overweight Facebook and maintain the position as a top holding for several reasons.



First, management has guided to decelerating revenue growth at core Facebook in nearly every quarter for the past few years, so we think there is a good amount of conservatism baked into their implicitly guided growth rates. Second, we think the revenue deceleration can be attributed to management’s proactive strategy of shifting advertisers toward under-monetized properties such as Instagram, Facebook Messenger and WhatsApp, which have less developed advertising ecosystems.



In our view, the aforementioned properties have the potential to not only stabilize growth rates but to reaccelerate as they mature with core Facebook providing a stable, high-margin cash flow stream for reinvestment. Third, management’s lower margin guide implies an incremental $6 billion or more in overhead, which we believe is more than enough capital to ensure the long-term safety and security of the platform. Last, we think the consensus embedded estimates are quite conservative, and Facebook’s fiscal 2020 price-to-earnings multiple of about 19X is very attractive, relative to our investment opportunity set, given the Company’s high absolute growth rate and excellent profitability profile.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 3rd quarter 2018 shareholder commentary.

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Wally Weitz Comments on Facebook - Jul 24, 2018

We added social networking giant Facebook (NASDAQ:FB) during the quarter as it works to recover from recent election and privacy controversies. These issues are far from simple, but we believe Facebook’s position as the dominant social network remains well entrenched, with plenty of interesting opportunities for additional value creation through their other platforms: Instagram, Messenger and WhatsApp.

From Wallace Weitz (Trades, Portfolio)'s second quarter 2018 Partners III Fund shareholder letter.

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Zeke Ashton Comments on Facebook - Jun 30, 2018

I’d like to highlight some of our recent buying activity from the February to April time period to provide some flavor on what we have been seeing and doing. Obviously, one of the major themes during the spring was the Facebook (NASDAQ:FB) data and privacy scandal referred to in the commentary above. This was, in our view, one of those classic “conviction checks” where an investor must determine relatively quickly whether the new information represents opportunity or whether it represents unacceptable danger and respond accordingly. In such scandals, the news often seems very bad in the short term and creates a strong negative media and market reaction. After assessing the information available and its likely near and longer-term impact to the company, we took the position that the Facebook scandal would be unlikely to be terribly damaging to the company in the longer term despite the intense media and political scrutiny. We obviously must acknowledge our limitations at making predictions of this kind, but our view was ultimately that the scandal was an opportunity to add to our existing Facebook investment at attractive prices. As sort of a tertiary decision, we also added to the Fund’s existing position in Alphabet, as that stock also declined under the weight of the media scrutiny.



Our general view remains that both Facebook and Alphabet are extremely well-positioned businesses and, after working hard to better understand them, we think are probably much cheaper on a valuation basis than one might expect given the ever-present FAANG narrative. Of course there are risks associated with owning these businesses, but we felt that the prices prevailing in late February and early March effectively discounted the risks to an acceptable degree.



From Zeke Ashton (Trades, Portfolio)'s first-half 2018 shareholder letter.

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David Rolfe Comments on Facebook - Apr 16, 2018

We have followed Facebook (NASDAQ:FB) for quite some time, first as a potential competitor to Alphabet (formerly Google) and more recently (the past few years) as an investment opportunity. Facebook has historically carried a rich multiple relative to what we are willing to tolerate for earnings growth. However, earnings growth has continued at a robust pace while the stock has not kept up. For example, from year-end 2015 through year-end 2018 (estimated), Facebook will have compounded revenue and earnings by over 200%, whereas the stock has appreciated by about 75%3. This has driven Facebook’s earnings multiple to contract to around 16-17X 2019 earnings (ex. balance sheet cash) – an all-time low for the stock, both absolute and relative to the S&P 500 Index and Russell 1000 Growth Index (n.b. P/E is at parity with the latter). We believe this is a classic valuation setup for our portfolio: as the Company continues to compound earnings at 20%+ for several years, a conservative, flat multiple should still result in excellent absolute returns – and better still at deserved multiple expansion.

Facebook exhibits vastly superior profitability metrics relative to its peers in the media and advertising industry. In addition, we believe Facebook’s value proposition is unique and defensible relative to peers, which should enable the Company to generate industry leading returns on invested assets for several years. This value proposition is focused on providing advertising customers with highly attractive, triple-digit returns on advertising spend (ROIs).

While many of Facebook’s peers offer a value proposition that entails better ROIs, it is often via an inflexible, expensive, or monolithic solution. In contrast, the Company’s low-cost value chain – especially its multibillion user social platforms, and an arsenal of ad measurement tools both acquired and internally developed over the past several years – provides advertisers multiple avenues to drive successful ROIs.

Facebook’s social platforms serve as very low-cost forms of user traffic and content. Many of Facebook’s competitors pay a substantial portion of their ad revenues in the form of traffic acquisition (sometimes referred to as “customer acquisition”) and/or content costs. For example, television advertising platforms are dominated by telecommunication and multiservice-offering conglomerates. The advertising businesses of these platforms are often carved out from subscriber economics, with the cost of content typically being the largest expense, by far, in running the ad platform. Even digital competitors such as Microsoft Bing, while not having to spend quite as much on content, spend substantial portions of revenue on traffic acquisition.

Facebook’s scale across its platforms – including Instagram and WhatsApp – continues to drive a “virtuous cycle” of user engagement and therefore low-cost content creation. Some recent monthly active user (MAU) stats include 2.1 billion users on Facebook as of December 2017, 1.5 billion users on WhatsApp as of January 2018, and Instagram MAUs nearing the billion-user mark as well. In addition, Facebook continues to report stable user engagement (as measured by DAU/MAU) at 66%.

Facebook’s recent actions of culling certain content is evidence of quality control and, if anything, signals that there is perhaps too much content. While there is the risk this could increase the cost of content – especially curation – we did not see much evidence of that on the recent conference call or earnings report. We will continue to monitor the risks and opportunities related to the Company’s advertising ROIs and low-cost content platforms, which play key roles in maintaining Facebook’s superior industry profitability.

As we mentioned earlier, we first began following Facebook as a competitor to portfolio holding, Alphabet. Facebook has significant business model overlap with the Google arm of Alphabet, with both companies hoovering-up share in ad spending globally, particularly in developed markets. The two companies combined are estimated to have accounted for over 60% of the digital advertising market in the U.S. in 2017; for example, with Google’s properties accounting for over 40% share and Facebook’s properties accounting for over 20%. To put the two companies’ dominance in perspective, no other competitor even cracks 5% of the U.S. digital ad market share.4 In the faster-growing mobile segment of the digital market, where Facebook derives the overwhelming majority (roughly 90%) of its revenues, the two companies are similarly dominant, with Facebook’s share (nearly 30%) much closer to Google’s (nearly 35%).

In a broad sense, our entire portfolio has some modest overlap with Facebook (and Google) as advertising partners. Advertisers’ ability to target customers in detail on both platforms makes the platforms attractive to both traditional large-scale advertisers (including consumer products and services companies such as Kraft Heinz, Visa, Apple, or Priceline/Booking) and to companies that might not have been able to target advertising effectively on traditional mass media, but who could cost-effectively target an ad to a specific group or to a specific user based upon search history (Google) or social media preferences (Facebook). We believe our entire portfolio either is, or will be, customers of one or both of these dominating digital media platforms.

Facebook found itself in news crosshairs during the quarter. First, news emerged pertaining to ads purchased by Russia and posted on Facebook’s platform during the 2016 U.S. presidential election with the intent to sway voter opinion. A couple weeks later, additional news surfaced regarding a data analytics firm and the harvesting of Facebook data for political gain. In all, information on tens of millions of Facebook users was leaked, bringing to question Facebook’s privacy policy and what the Company is doing to protect its user data. Steps to prevent this type of breach were put in place by the Company back in 2014, when Facebook made changes to the way developer apps could access users’ and “friends” data. However, the stock sold off (to our investment advantage) on concern that the Company was not performing appropriate due diligence on app developers’ use of data and their subsequent deleting of that data once they were no longer using it.

The Company vows to make further changes, which include conducting audits, improving its privacy policy, and banning third-party data services from its ad targeting platform. While we expect these actions to increase Company expenses, we do not believe there will be any significant impact to the Company's revenue growth as we believe there are few channels available that can match Facebook’s return on ad spend. We view the pull back in the stock as short-term headline risk, and we have used the opportunity to not only initiate our position in Facebook during the quarter, but also add to the position further at attractive valuation levels. We believe strong advertiser demand and healthy ROI, along with Facebook's ability to increase pricing on their ads, leaves the Company with plenty of room for growth in the years ahead.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners first quarter 2018 shareholder letter.

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Sequoia Fund Comments on Facebook - Apr 12, 2018

Lastly, we purchased a small position in Facebook (NASDAQ:FB) towards the end of the quarter. Remarkably, Facebook controls four social media platforms with more than a billion global users each: Instagram, WhatsApp, Facebook Messenger and the original Facebook “Blue App.” Though doing so will involve substantial cost, we believe the company will take necessary steps over the coming months and years to restore the damaged trust of its users and advertisers. After factoring these costs into our valuation, we believe the recent controversy enabled us to purchase a very unusual business franchise riding several powerful secular trends at a price-earnings multiple only a little higher than that of the overall stock market. Though Facebook has unquestionably committed sins for which it must now atone, we believe it remains a far more competitively advantaged, economically attractive and faster-growing enterprise than the average American business.



From Ruane Cunniff (Trades, Portfolio)'s first quarter 2018 shareholder commentary.

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Bill Nygren Comments on Facebook - Apr 06, 2018

Facebook (NASDAQ:FB) controls the world’s most dominant social networking platforms, Facebook and Instagram. The company’s unprecedented global reach and infamous ad-targeting capabilities have made Facebook one of the most sought after and effective advertising platforms ever created. More recently, a considerable amount of negative press has surrounded the company, as has happened occasionally in the past. Facebook’s business has repeatedly withstood these historical setbacks, due in part to its superior products, powerful network effect and track record of out-innovating, replicating or acquiring its would-be competitors. Without ascribing value to the company’s non-earning assets, which include messaging platforms WhatsApp and Messenger (among others), Facebook is trading at less than 15x next year’s earnings (excluding net cash), a discount to the S&P 500 Index. This is a very attractive valuation for a company that is projected to grow its revenue well in excess of 20% for the foreseeable future. We believe that Facebook’s normalized operating margin is substantially higher than what it reports, as the company continues to invest heavily in a variety of growth initiatives.

From Bill Nygren (Trades, Portfolio)'s first quarter 2018 Oakmark Fund commentary.

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GAMCO Growth Fund Comments on Facebook - Nov 14, 2017

Facebook (NASDAQ:FB) (5.9%) (FB – $170.87 – NASDAQ), whose mission is to give people the power to share and make the world more open and connected. Facebook’s unique cache of user profiles creates a powerful targeted advertising platform. As of December 31, 2016, Facebook had 1.9 billion monthly active users (MAUs) worldwide, including 1.7 billion mobile MAUs. Facebook continues to grow its worldwide user base at a mid-teens rate, largely driven by the proliferation of mobile devices in the emerging markets. Users are spending more time on the platform, driven largely by the recent emphasis on video. Facebook is able to drive pricing power by continuously improving the effectiveness of its ads. Meanwhile, there remains runway to further monetize Facebook properties Instagram, Messenger and WhatsApp.



From GAMCO Growth Fund third quarter 2017 commentary.



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Top Ranked Articles about Facebook Inc

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David Rolfe (Trades, Portfolio), manager of Wedgewood Partners, disclosed last week his top five position boosts during fourth-quarter 2018 were in Facebook Inc. (NASDAQ:FB), Ulta Beauty Inc. (NASDAQ:ULTA), Charles Schwab Corp. (NYSE:SCHW), Fastenal Co. (NASDAQ:FAST) and Booking Holdings Inc. (NASDAQ:BKNG). Read more...
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William J. O’Neil: Buying the New Investing in companies with 'new' catalysts, and the 'Great Paradox'
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Buy Good Companies, Don’t Overpay, Do Nothing = Facebook Fundsmith's outperformance record continues
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Ratios

vs
industry
vs
history
PE Ratio 21.40
FB's PE Ratio is ranked lower than
51% of the 235 Companies
in the Global Internet Content & Information industry.

( Industry Median: 33.49 vs. FB: 21.40 )
Ranked among companies with meaningful PE Ratio only.
FB' s PE Ratio Range Over the Past 10 Years
Min: 11.88  Med: 66.03 Max: 3172
Current: 21.4
11.88
3172
Forward PE Ratio 21.28
FB's Forward PE Ratio is ranked lower than
52% of the 79 Companies
in the Global Internet Content & Information industry.

( Industry Median: 25.77 vs. FB: 21.28 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 21.40
FB's PE Ratio without NRI is ranked lower than
51% of the 235 Companies
in the Global Internet Content & Information industry.

( Industry Median: 34.11 vs. FB: 21.40 )
Ranked among companies with meaningful PE Ratio without NRI only.
FB' s PE Ratio without NRI Range Over the Past 10 Years
Min: 11.88  Med: 66.03 Max: 3172
Current: 21.4
11.88
3172
Price-to-Owner-Earnings 22.85
FB's Price-to-Owner-Earnings is ranked lower than
54% of the 133 Companies
in the Global Internet Content & Information industry.

( Industry Median: 25.62 vs. FB: 22.85 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
FB' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 17.63  Med: 33.5 Max: 97.21
Current: 22.85
17.63
97.21
PB Ratio 5.48
FB's PB Ratio is ranked lower than
74% of the 349 Companies
in the Global Internet Content & Information industry.

( Industry Median: 3.85 vs. FB: 5.48 )
Ranked among companies with meaningful PB Ratio only.
FB' s PB Ratio Range Over the Past 10 Years
Min: 2.9  Med: 6.62 Max: 11.29
Current: 5.48
2.9
11.29
PS Ratio 8.47
FB's PS Ratio is ranked lower than
88% of the 354 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.60 vs. FB: 8.47 )
Ranked among companies with meaningful PS Ratio only.
FB' s PS Ratio Range Over the Past 10 Years
Min: 6.53  Med: 14.88 Max: 22.01
Current: 8.47
6.53
22.01
Price-to-Free-Cash-Flow 30.77
FB's Price-to-Free-Cash-Flow is ranked lower than
59% of the 130 Companies
in the Global Internet Content & Information industry.

( Industry Median: 26.75 vs. FB: 30.77 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
FB' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 22.19  Med: 37.79 Max: 383.56
Current: 30.77
22.19
383.56
Price-to-Operating-Cash-Flow 16.14
FB's Price-to-Operating-Cash-Flow is ranked lower than
57% of the 156 Companies
in the Global Internet Content & Information industry.

( Industry Median: 21.15 vs. FB: 16.14 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
FB' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 12.46  Med: 27.96 Max: 47.84
Current: 16.14
12.46
47.84
EV-to-EBIT 16.62
FB's EV-to-EBIT is ranked lower than
52% of the 245 Companies
in the Global Internet Content & Information industry.

( Industry Median: 22.83 vs. FB: 16.62 )
Ranked among companies with meaningful EV-to-EBIT only.
FB' s EV-to-EBIT Range Over the Past 10 Years
Min: 12.7  Med: 40.1 Max: 162.3
Current: 16.62
12.7
162.3
EV-to-EBITDA 14.21
FB's EV-to-EBITDA is ranked lower than
56% of the 267 Companies
in the Global Internet Content & Information industry.

( Industry Median: 18.26 vs. FB: 14.21 )
Ranked among companies with meaningful EV-to-EBITDA only.
FB' s EV-to-EBITDA Range Over the Past 10 Years
Min: 10.8  Med: 31.3 Max: 74
Current: 14.21
10.8
74
EV-to-Revenue 7.57
FB's EV-to-Revenue is ranked lower than
85% of the 371 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.88 vs. FB: 7.57 )
Ranked among companies with meaningful EV-to-Revenue only.
FB' s EV-to-Revenue Range Over the Past 10 Years
Min: 5.7  Med: 14.05 Max: 20.9
Current: 7.57
5.7
20.9
PEG Ratio 0.44
FB's PEG Ratio is ranked higher than
87% of the 86 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.17 vs. FB: 0.44 )
Ranked among companies with meaningful PEG Ratio only.
FB' s PEG Ratio Range Over the Past 10 Years
Min: 0.34  Med: 0.52 Max: 0.81
Current: 0.44
0.34
0.81
Current Ratio 7.19
FB's Current Ratio is ranked higher than
98% of the 372 Companies
in the Global Internet Content & Information industry.

( Industry Median: 1.86 vs. FB: 7.19 )
Ranked among companies with meaningful Current Ratio only.
FB' s Current Ratio Range Over the Past 10 Years
Min: 5.12  Med: 10.71 Max: 12.92
Current: 7.19
5.12
12.92
Quick Ratio 7.19
FB's Quick Ratio is ranked higher than
98% of the 371 Companies
in the Global Internet Content & Information industry.

( Industry Median: 1.79 vs. FB: 7.19 )
Ranked among companies with meaningful Quick Ratio only.
FB' s Quick Ratio Range Over the Past 10 Years
Min: 5.12  Med: 10.71 Max: 12.92
Current: 7.19
5.12
12.92
Days Sales Outstanding 49.59
FB's Days Sales Outstanding is ranked lower than
54% of the 310 Companies
in the Global Internet Content & Information industry.

( Industry Median: 50.08 vs. FB: 49.59 )
Ranked among companies with meaningful Days Sales Outstanding only.
FB' s Days Sales Outstanding Range Over the Past 10 Years
Min: 49.13  Med: 52.1 Max: 68.97
Current: 49.59
49.13
68.97
Days Payable 31.99
FB's Days Payable is ranked lower than
78% of the 264 Companies
in the Global Internet Content & Information industry.

( Industry Median: 56.49 vs. FB: 31.99 )
Ranked among companies with meaningful Days Payable only.
FB' s Days Payable Range Over the Past 10 Years
Min: 16.94  Med: 25.43 Max: 31.99
Current: 31.99
16.94
31.99

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio -0.20
FB's 3-Year Average Share Buyback Ratio is ranked higher than
57% of the 271 Companies
in the Global Internet Content & Information industry.

( Industry Median: -2.40 vs. FB: -0.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
FB' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -9.1  Med: -3.45 Max: -0.2
Current: -0.2
-9.1
-0.2

Valuation & Return

vs
industry
vs
history
Price-to-Net-Cash 16.55
FB's Price-to-Net-Cash is ranked lower than
60% of the 129 Companies
in the Global Internet Content & Information industry.

( Industry Median: 13.55 vs. FB: 16.55 )
Ranked among companies with meaningful Price-to-Net-Cash only.
FB' s Price-to-Net-Cash Range Over the Past 10 Years
Min: 10.05  Med: 15.44 Max: 29.55
Current: 16.55
10.05
29.55
Price-to-Net-Current-Asset-Value 12.40
FB's Price-to-Net-Current-Asset-Value is ranked lower than
70% of the 229 Companies
in the Global Internet Content & Information industry.

( Industry Median: 8.31 vs. FB: 12.40 )
Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
FB' s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 7.97  Med: 13.07 Max: 22.75
Current: 12.4
7.97
22.75
Price-to-Tangible-Book 7.16
FB's Price-to-Tangible-Book is ranked lower than
70% of the 292 Companies
in the Global Internet Content & Information industry.

( Industry Median: 5.65 vs. FB: 7.16 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
FB' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 5.8  Med: 9.45 Max: 15.28
Current: 7.16
5.8
15.28
Price-to-Intrinsic-Value-Projected-FCF 2.15
FB's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
59% of the 152 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.52 vs. FB: 2.15 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
FB' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.74  Med: 2.84 Max: 3.03
Current: 2.15
1.74
3.03
Price-to-Median-PS-Value 0.57
FB's Price-to-Median-PS-Value is ranked higher than
57% of the 305 Companies
in the Global Internet Content & Information industry.

( Industry Median: 0.93 vs. FB: 0.57 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
FB' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.46  Med: 0.86 Max: 1.18
Current: 0.57
0.46
1.18
Price-to-Peter-Lynch-Fair-Value 0.86
FB's Price-to-Peter-Lynch-Fair-Value is ranked higher than
58% of the 55 Companies
in the Global Internet Content & Information industry.

( Industry Median: 1.47 vs. FB: 0.86 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
FB' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.69  Med: 1.31 Max: 1.32
Current: 0.86
0.69
1.32
Price-to-Graham-Number 2.61
FB's Price-to-Graham-Number is ranked lower than
64% of the 178 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.83 vs. FB: 2.61 )
Ranked among companies with meaningful Price-to-Graham-Number only.
FB' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 2.11  Med: 6.4 Max: 26.89
Current: 2.61
2.11
26.89
Earnings Yield (Greenblatt) % 6.03
FB's Earnings Yield (Greenblatt) % is ranked higher than
67% of the 381 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.02 vs. FB: 6.03 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
FB' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.6  Med: 2.5 Max: 7.9
Current: 6.03
0.6
7.9
Forward Rate of Return (Yacktman) % 22.40
FB's Forward Rate of Return (Yacktman) % is ranked higher than
81% of the 132 Companies
in the Global Internet Content & Information industry.

( Industry Median: 15.92 vs. FB: 22.40 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
FB' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 21.3  Med: 21.6 Max: 23.1
Current: 22.4
21.3
23.1

More Statistics

Revenue (TTM) (Mil) $55,838.00
EPS (TTM) $ 7.56
Beta1.23
Volatility38.88%
52-Week Range $123.02 - 218.62
Shares Outstanding (Mil)2,853.99

Analyst Estimate

Dec19 Dec20 Dec21
Revenue (Mil $) 68,435 82,851 99,738
EBIT (Mil $) 23,820 27,432 32,553
EBITDA (Mil $) 32,861 38,390 47,108
EPS ($) 7.24 8.52 10.05
EPS without NRI ($) 7.24 8.52 10.05
EPS Growth Rate
(Future 3Y To 5Y Estimate)
23.73%
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: 77
Positive ROAY
Positive CFROAY
Higher ROA yoyY
CFROA > ROAY
Lower Leverage yoyY
Higher Current Ratio yoyN
Less Shares Outstanding yoyY
Higher Gross Margin yoyN
Higher Asset Turnover yoyY

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