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Also traded in: Austria, Brazil, Germany, Italy, Mexico, Peru, Romania, Switzerland, UK

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 No Debt
NAS: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. NAS:FB: No Debt )
Ranked among companies with meaningful Cash-to-Debt only.
NAS:FB' s Cash-to-Debt Range Over the Past 10 Years
Min: 3.77  Med: 51.26 Max: No Debt
Current: No Debt
3.77
No Debt
Equity-to-Asset 0.87
NAS: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. NAS:FB: 0.87 )
Ranked among companies with meaningful Equity-to-Asset only.
NAS:FB' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.77  Med: 0.89 Max: 0.91
Current: 0.87
0.77
0.91
Interest Coverage 3720.67
NAS: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. NAS:FB: 3720.67 )
Ranked among companies with meaningful Interest Coverage only.
NAS:FB' s Interest Coverage Range Over the Past 10 Years
Min: 10.55  Med: 133.6 Max: 3720.67
Current: 3720.67
10.55
3720.67
Piotroski F-Score: 6
Altman Z-Score: 32.72
Beneish M-Score: -2.68
WACC vs ROIC
7.82%
54.61%
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 % 50.07
NAS: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. NAS:FB: 50.07 )
Ranked among companies with meaningful Operating Margin % only.
NAS:FB' s Operating Margin % Range Over the Past 10 Years
Min: 10.57  Med: 42.51 Max: 52.28
Current: 50.07
10.57
52.28
Net Margin % 40.05
NAS: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. NAS:FB: 40.05 )
Ranked among companies with meaningful Net Margin % only.
NAS:FB' s Net Margin % Range Over the Past 10 Years
Min: 1.04  Med: 25.27 Max: 40.05
Current: 40.05
1.04
40.05
ROE % 25.36
NAS:FB's ROE % is ranked higher than
85% of the 349 Companies
in the Global Internet Content & Information industry.

( Industry Median: 6.33 vs. NAS:FB: 25.36 )
Ranked among companies with meaningful ROE % only.
NAS:FB' s ROE % Range Over the Past 10 Years
Min: 0.38  Med: 14.28 Max: 25.36
Current: 25.36
0.38
25.36
ROA % 22.60
NAS:FB's ROA % is ranked higher than
92% of the 383 Companies
in the Global Internet Content & Information industry.

( Industry Median: 2.54 vs. NAS:FB: 22.60 )
Ranked among companies with meaningful ROA % only.
NAS:FB' s ROA % Range Over the Past 10 Years
Min: 0.49  Med: 14.02 Max: 22.6
Current: 22.6
0.49
22.6
ROC (Joel Greenblatt) % 155.66
NAS: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. NAS:FB: 155.66 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
NAS:FB' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 24.52  Med: 126.59 Max: 155.66
Current: 155.66
24.52
155.66
3-Year Revenue Growth Rate 43.20
NAS: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. NAS:FB: 43.20 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
NAS:FB' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 23.9  Med: 38.8 Max: 44.6
Current: 43.2
23.9
44.6
3-Year EBITDA Growth Rate 51.10
NAS: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. NAS:FB: 51.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
NAS:FB' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 19.3  Med: 49.6 Max: 73.2
Current: 51.1
19.3
73.2
3-Year EPS without NRI Growth Rate 69.80
NAS: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. NAS:FB: 69.80 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
NAS:FB' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 28.9  Med: 69.8 Max: 405.3
Current: 69.8
28.9
405.3
GuruFocus has detected 2 Warning Signs with Facebook Inc NAS:FB.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» NAS:FB's 30-Y Financials

Financials (Next Earnings Date: 2018-07-26)


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

» Details

Guru Trades

Q2 2017

FB Guru Trades in Q2 2017

Richard Snow 14,000 sh (New)
John Burbank 113,977 sh (New)
Paul Tudor Jones 838,617 sh (New)
Caxton Associates 31,200 sh (New)
Joel Greenblatt 127,326 sh (+381.55%)
Stanley Druckenmiller 1,083,600 sh (+166.96%)
Tom Gayner 98,500 sh (+25.48%)
David Tepper 2,356,218 sh (+23.53%)
Murray Stahl 3,745 sh (+21.75%)
Steve Mandel 6,168,049 sh (+20.79%)
Mairs and Power 1,669 sh (+16.88%)
Daniel Loeb 3,500,000 sh (+16.67%)
Pioneer Investments 821,100 sh (+5.61%)
Lee Ainslie 3,527,877 sh (+1.64%)
Ken Fisher 289,572 sh (+0.54%)
Ron Baron 130,441 sh (+0.01%)
Spiros Segalas 7,640,347 sh (+7.32%)
David Carlson 360,000 sh (unchged)
First Eagle Investment 3,800 sh (unchged)
Ruane Cunniff 304,624 sh (unchged)
Mario Cibelli 25,000 sh (unchged)
Zeke Ashton 17,500 sh (unchged)
Alan Fournier 480,000 sh (unchged)
Ray Dalio Sold Out
Louis Moore Bacon 1,256,092 sh (-1.87%)
Chris Davis 3,513,904 sh (-4.23%)
Frank Sands 15,016,510 sh (-6.87%)
Diamond Hill Capital 3,420 sh (-8.29%)
Leon Cooperman 236,200 sh (-10.16%)
Mario Gabelli 31,928 sh (-12.53%)
John Paulson 144,500 sh (-22.02%)
Julian Robertson 179,310 sh (-23.19%)
Chase Coleman 531,000 sh (-24.70%)
George Soros 476,713 sh (-25.29%)
John Griffin 1,972,200 sh (-29.63%)
Manning & Napier Advisors, Inc 2,345,016 sh (-34.12%)
Andreas Halvorsen 6,186,895 sh (-60.75%)
Jim Simons 466,500 sh (-78.81%)
Steven Cohen 325,000 sh (-84.53%)
» More
Q3 2017

FB Guru Trades in Q3 2017

Ray Dalio 62,833 sh (New)
Zeke Ashton 14,500 sh (New)
Steven Cohen 1,273,997 sh (+292.00%)
Chase Coleman 1,807,000 sh (+240.30%)
David Tepper 3,300,000 sh (+40.05%)
Julian Robertson 219,410 sh (+22.36%)
Tom Gayner 108,500 sh (+10.15%)
Caxton Associates 33,300 sh (+6.73%)
Ken Fisher 307,838 sh (+6.31%)
Murray Stahl 3,870 sh (+3.34%)
Jim Simons 470,500 sh (+0.86%)
Spiros Segalas 8,102,721 sh (+6.05%)
David Carlson 360,000 sh (unchged)
First Eagle Investment 3,800 sh (unchged)
Ruane Cunniff 304,624 sh (unchged)
Mario Cibelli 25,000 sh (unchged)
Mairs and Power 1,669 sh (unchged)
Leon Cooperman 236,200 sh (unchged)
Zeke Ashton 8,500 sh (unchged)
Stanley Druckenmiller 1,083,600 sh (unchged)
Steven Cohen 700,000 sh (unchged)
John Burbank Sold Out
Paul Tudor Jones Sold Out
John Paulson Sold Out
Ron Baron 130,207 sh (-0.18%)
Mario Gabelli 31,083 sh (-2.65%)
Daniel Loeb 3,400,000 sh (-2.86%)
Chris Davis 3,382,612 sh (-3.74%)
John Griffin 1,875,400 sh (-4.91%)
Manning & Napier Advisors, Inc 2,225,794 sh (-5.08%)
Diamond Hill Capital 3,246 sh (-5.09%)
Lee Ainslie 3,286,667 sh (-6.84%)
Frank Sands 13,915,065 sh (-7.33%)
Joel Greenblatt 117,633 sh (-7.61%)
Pioneer Investments 740,550 sh (-9.81%)
Steve Mandel 5,032,256 sh (-18.41%)
Louis Moore Bacon 973,577 sh (-22.49%)
Andreas Halvorsen 4,399,672 sh (-28.89%)
Richard Snow 9,000 sh (-35.71%)
George Soros 109,451 sh (-77.04%)
» More
Q4 2017

FB Guru Trades in Q4 2017

First Pacific Advisors 29,300 sh (New)
Paul Tudor Jones 13,192 sh (New)
Jana Partners 473,526 sh (New)
Pioneer Investments 2,266,148 sh (+206.01%)
Joel Greenblatt 259,139 sh (+120.29%)
David Tepper 5,529,441 sh (+67.56%)
Chase Coleman 2,423,177 sh (+34.10%)
Leon Cooperman 281,200 sh (+19.05%)
Louis Moore Bacon 1,025,000 sh (+5.28%)
Murray Stahl 4,024 sh (+3.98%)
Ron Baron 130,912 sh (+0.54%)
Chris Davis 3,396,248 sh (+0.40%)
David Carlson 360,000 sh (unchged)
First Eagle Investment 3,800 sh (unchged)
Tom Gayner 108,500 sh (unchged)
Richard Snow 9,000 sh (unchged)
Ruane Cunniff 304,624 sh (unchged)
Mario Cibelli 25,000 sh (unchged)
Mairs and Power 1,669 sh (unchged)
Zeke Ashton 14,500 sh (unchged)
Zeke Ashton 8,500 sh (unchged)
Steven Cohen 300,000 sh (unchged)
Daniel Loeb 3,400,000 sh (unchged)
George Soros Sold Out
Stanley Druckenmiller 1,082,200 sh (-0.13%)
Mario Gabelli 30,726 sh (-1.15%)
Ken Fisher 291,959 sh (-5.16%)
Diamond Hill Capital 3,019 sh (-6.99%)
Frank Sands 12,654,919 sh (-9.06%)
Lee Ainslie 2,916,842 sh (-11.25%)
Andreas Halvorsen 3,860,165 sh (-12.26%)
Steve Mandel 4,400,447 sh (-12.56%)
Jim Simons 389,700 sh (-17.17%)
Julian Robertson 170,510 sh (-22.29%)
Caxton Associates 22,688 sh (-31.87%)
Steven Cohen 730,206 sh (-42.68%)
John Griffin 813,700 sh (-56.61%)
Ray Dalio 9,264 sh (-85.26%)
Spiros Segalas 6,991,786 sh (-13.71%)
» More
Q1 2018

FB Guru Trades in Q1 2018

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

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Steve Mandel 2018-03-31 Add 75.01%2.67%$152.22 - $193.09 $ 198.2610%7,701,242
David Tepper 2018-03-31 Add 12.31%1.13%$152.22 - $193.09 $ 198.2610%6,210,000
Chris Davis 2018-03-31 Add 14.57%0.34%$152.22 - $193.09 $ 198.2610%3,891,049
Ruane Cunniff 2018-03-31 Add 616.39%2.63%$152.22 - $193.09 $ 198.2610%2,182,298
Bill Nygren 2018-03-31 New Buy1.03%$152.22 - $193.09 $ 198.2610%1,200,000
Ken Fisher 2018-03-31 Add 22.56%0.01%$152.22 - $193.09 $ 198.2610%357,835
Joel Greenblatt 2018-03-31 Add 31.32%0.18%$152.22 - $193.09 $ 198.2610%340,299
Leon Cooperman 2018-03-31 Reduce -22.55%0.42%$152.22 - $193.09 $ 198.2610%217,800
Julian Robertson 2018-03-31 Add 15.66%0.55%$152.22 - $193.09 $ 198.2610%197,210
Tom Gayner 2018-03-31 Add 13.59%0.04%$152.22 - $193.09 $ 198.2610%123,240
Ron Baron 2018-03-31 Reduce -13.30%0.01%$152.22 - $193.09 $ 198.2610%113,498
Wallace Weitz 2018-03-31 New Buy0.7%$152.22 - $193.09 $ 198.2610%101,228
Mario Gabelli 2018-03-31 Reduce -2.66%$152.22 - $193.09 $ 198.2610%29,909
Michael Price 2018-03-31 New Buy0.13%$152.22 - $193.09 $ 198.2610%7,000
First Eagle Investment 2018-03-31 Sold Out $152.22 - $193.09 $ 198.2610%0
David Tepper 2017-12-31 Add 67.56%3.7%$168.42 - $183.03 $ 198.2612%5,529,441
Steve Mandel 2017-12-31 Reduce -12.56%0.52%$168.42 - $183.03 $ 198.2612%4,400,447
Chris Davis 2017-12-31 Add 0.40%0.01%$168.42 - $183.03 $ 198.2612%3,396,248
Ken Fisher 2017-12-31 Reduce -5.16%$168.42 - $183.03 $ 198.2612%291,959
Leon Cooperman 2017-12-31 Add 19.05%0.3%$168.42 - $183.03 $ 198.2612%281,200
Joel Greenblatt 2017-12-31 Add 120.29%0.36%$168.42 - $183.03 $ 198.2612%259,139
Julian Robertson 2017-12-31 Reduce -22.29%1.51%$168.42 - $183.03 $ 198.2612%170,510
Ron Baron 2017-12-31 Add 0.54%$168.42 - $183.03 $ 198.2612%130,912
Mario Gabelli 2017-12-31 Reduce -1.15%$168.42 - $183.03 $ 198.2612%30,726
George Soros 2017-12-31 Sold Out 0.56%$168.42 - $183.03 $ 198.2612%0
Steve Mandel 2017-09-30 Reduce -18.41%0.87%$148.43 - $173.51 $ 198.2619%5,032,256
Chris Davis 2017-09-30 Reduce -3.74%0.09%$148.43 - $173.51 $ 198.2619%3,382,612
David Tepper 2017-09-30 Add 40.05%2.27%$148.43 - $173.51 $ 198.2619%3,300,000
Ken Fisher 2017-09-30 Add 6.31%$148.43 - $173.51 $ 198.2619%307,838
Julian Robertson 2017-09-30 Add 22.36%1.24%$148.43 - $173.51 $ 198.2619%219,410
Ron Baron 2017-09-30 Reduce -0.18%$148.43 - $173.51 $ 198.2619%130,207
Joel Greenblatt 2017-09-30 Reduce -7.61%0.02%$148.43 - $173.51 $ 198.2619%117,633
George Soros 2017-09-30 Reduce -77.04%1.23%$148.43 - $173.51 $ 198.2619%109,451
Tom Gayner 2017-09-30 Add 10.15%0.03%$148.43 - $173.51 $ 198.2619%108,500
Mario Gabelli 2017-09-30 Reduce -2.65%$148.43 - $173.51 $ 198.2619%31,083
John Paulson 2017-09-30 Sold Out 0.3%$148.43 - $173.51 $ 198.2619%0
Steve Mandel 2017-06-30 Add 20.79%0.81%$139.39 - $155.07 $ 198.2633%6,168,049
Chris Davis 2017-06-30 Reduce -4.23%0.1%$139.39 - $155.07 $ 198.2633%3,513,904
David Tepper 2017-06-30 Add 23.53%1.01%$139.39 - $155.07 $ 198.2633%2,356,218
George Soros 2017-06-30 Reduce -25.29%0.64%$139.39 - $155.07 $ 198.2633%476,713
Ken Fisher 2017-06-30 Add 0.54%$139.39 - $155.07 $ 198.2633%289,572
Leon Cooperman 2017-06-30 Reduce -10.16%0.15%$139.39 - $155.07 $ 198.2633%236,200
Julian Robertson 2017-06-30 Reduce -23.19%1.45%$139.39 - $155.07 $ 198.2633%179,310
John Paulson 2017-06-30 Reduce -22.02%0.08%$139.39 - $155.07 $ 198.2634%144,500
Ron Baron 2017-06-30 Add 0.01%$139.39 - $155.07 $ 198.2633%130,441
Joel Greenblatt 2017-06-30 Add 381.55%0.21%$139.39 - $155.07 $ 198.2633%127,326
Tom Gayner 2017-06-30 Add 25.48%0.06%$139.39 - $155.07 $ 198.2633%98,500
Mario Gabelli 2017-06-30 Reduce -12.53%$139.39 - $155.07 $ 198.2633%31,928
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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 - 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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Baron Funds' Fifth Avenue Growth Fund Comments on Facebook - Feb 13, 2017

Shares of Facebook, Inc. (NASDAQ:FB), the world’s largest social network, fell 10% over the fourth quarter due to concerns over slowing revenue growth after management announced that ad inventory is not expected to be a major driver of growth starting mid-2017. We think the company will be able to grow revenue through improved targeting, higher pricing, and greater video consumption. Facebook is in the early stages of monetizing online video and Instagram, which are both starting to contribute to revenue growth, and taking advantage of WhatsApp and Oculus as additional growth opportunities.



From Baron Funds' Fifth Avenue Growth Fund fourth quarter 2016 commentary.



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Baron Funds Comments on Facebook - Jul 13, 2016

Facebook (NASDAQ:FB), the world’s largest social network, in our view is the largest beneficiary of the shift in consumer engagement to mobile. Mobile is no longer a device or an application. It has become a way of life. About four years ago, we participated in Facebook’s IPO at $38 per share. As user engagement transitioned from desktop to mobile, growth slowed and the stock collapsed. We thought Facebook was a unique company with real competitive advantages and viewed mobile monetization as a question of “when” rather than “if.” Market overemphasis on short-term results allowed us to build our position at an average cost of $26 per share. Facebook is currently trading at $114, or three times our initial investment.



We think Facebook will continue to grow. It is using its leadership position to offer targeted advertising capabilities at scale. The company is in the early stages of monetizing online video and Instagram, which have begun to contribute to incremental revenue growth. WhatsApp and Oculus provide additional avenues for potential growth opportunities.



From Baron Funds' Summer 2016 Newsletter.



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Ratios

vs
industry
vs
history
PE Ratio 32.81
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: 32.81 )
Ranked among companies with meaningful PE Ratio only.
FB' s PE Ratio Range Over the Past 10 Years
Min: 11.88  Med: 70.7 Max: 3172
Current: 32.81
11.88
3172
Forward PE Ratio 26.53
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: 26.53 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 32.81
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: 32.81 )
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: 70.7 Max: 3172
Current: 32.81
11.88
3172
Price-to-Owner-Earnings 28.95
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: 28.95 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
FB' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 22.96  Med: 35.49 Max: 97.21
Current: 28.95
22.96
97.21
PB Ratio 7.41
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: 7.41 )
Ranked among companies with meaningful PB Ratio only.
FB' s PB Ratio Range Over the Past 10 Years
Min: 2.9  Med: 6.69 Max: 11.29
Current: 7.41
2.9
11.29
PS Ratio 13.14
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: 13.14 )
Ranked among companies with meaningful PS Ratio only.
FB' s PS Ratio Range Over the Past 10 Years
Min: 6.57  Med: 15.28 Max: 22.01
Current: 13.14
6.57
22.01
Price-to-Free-Cash-Flow 31.23
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: 31.23 )
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: 24.77  Med: 38.52 Max: 341.08
Current: 31.23
24.77
341.08
Price-to-Operating-Cash-Flow 21.66
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: 21.66 )
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: 15.64  Med: 27.93 Max: 42.52
Current: 21.66
15.64
42.52
EV-to-EBIT 23.32
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: 23.32 )
Ranked among companies with meaningful EV-to-EBIT only.
FB' s EV-to-EBIT Range Over the Past 10 Years
Min: 18.4  Med: 41.7 Max: 162.3
Current: 23.32
18.4
162.3
EV-to-EBITDA 20.36
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: 20.36 )
Ranked among companies with meaningful EV-to-EBITDA only.
FB' s EV-to-EBITDA Range Over the Past 10 Years
Min: 16.1  Med: 32.2 Max: 74
Current: 20.36
16.1
74
EV-to-Revenue 11.89
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: 11.89 )
Ranked among companies with meaningful EV-to-Revenue only.
FB' s EV-to-Revenue Range Over the Past 10 Years
Min: 5.7  Med: 14.6 Max: 20.9
Current: 11.89
5.7
20.9
PEG Ratio 0.51
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: 0.51 )
Ranked among companies with meaningful PEG Ratio only.
FB' s PEG Ratio Range Over the Past 10 Years
Min: 0.44  Med: 0.57 Max: 1.15
Current: 0.51
0.44
1.15
Current Ratio 9.91
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: 9.91 )
Ranked among companies with meaningful Current Ratio only.
FB' s Current Ratio Range Over the Past 10 Years
Min: 4.83  Med: 11.38 Max: 13.56
Current: 9.91
4.83
13.56
Quick Ratio 9.91
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: 9.91 )
Ranked among companies with meaningful Quick Ratio only.
FB' s Quick Ratio Range Over the Past 10 Years
Min: 4.83  Med: 11.38 Max: 13.56
Current: 9.91
4.83
13.56
Days Sales Outstanding 41.87
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: 41.87 )
Ranked among companies with meaningful Days Sales Outstanding only.
FB' s Days Sales Outstanding Range Over the Past 10 Years
Min: 41.87  Med: 52.23 Max: 68.97
Current: 41.87
41.87
68.97
Days Payable 34.78
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: 34.78 )
Ranked among companies with meaningful Days Payable only.
FB' s Days Payable Range Over the Past 10 Years
Min: 16.94  Med: 25.19 Max: 34.78
Current: 34.78
16.94
34.78

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio -1.50
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: -1.50 )
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: -22.6  Med: -6.1 Max: -1.5
Current: -1.5
-22.6
-1.5

Valuation & Return

vs
industry
vs
history
Price-to-Net-Cash 17.64
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: 17.64 )
Ranked among companies with meaningful Price-to-Net-Cash only.
FB' s Price-to-Net-Cash Range Over the Past 10 Years
Min: 5.47  Med: 16.01 Max: 29.55
Current: 17.64
5.47
29.55
Price-to-Net-Current-Asset-Value 14.72
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: 14.72 )
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: 4.5  Med: 13.42 Max: 22.75
Current: 14.72
4.5
22.75
Price-to-Tangible-Book 9.99
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: 9.99 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
FB' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 3.68  Med: 10.19 Max: 15.28
Current: 9.99
3.68
15.28
Price-to-Intrinsic-Value-Projected-FCF 3.11
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: 3.11 )
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: 2.51  Med: 3.1 Max: 4.49
Current: 3.11
2.51
4.49
Price-to-Median-PS-Value 0.86
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: 0.86 )
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: 0.55  Med: 0.99 Max: 1.25
Current: 0.86
0.55
1.25
Price-to-Peter-Lynch-Fair-Value 1.31
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: 1.31 )
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: 1.06  Med: 1.32 Max: 1.82
Current: 1.31
1.06
1.82
Price-to-Graham-Number 3.82
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: 3.82 )
Ranked among companies with meaningful Price-to-Graham-Number only.
FB' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.54  Med: 5.9 Max: 26.89
Current: 3.82
1.54
26.89
Earnings Yield (Greenblatt) % 4.31
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: 4.31 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
FB' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.6  Med: 2.4 Max: 5.4
Current: 4.31
0.6
5.4
Forward Rate of Return (Yacktman) % 21.69
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: 21.69 )
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: 21.55 Max: 22.1
Current: 21.69
21.3
22.1

More Statistics

Revenue (TTM) (Mil) $44,587.00
EPS (TTM) $ 6.04
Beta0.81
Volatility22.85%
52-Week Range $146.37 - 197.28
Shares Outstanding (Mil)2,894.63

Analyst Estimate

Dec18 Dec19 Dec20
Revenue (Mil $) 53,938 67,900 85,999
EBIT (Mil $) 23,877 28,307 33,110
EBITDA (Mil $) 30,791 38,601 48,559
EPS ($) 7.45 8.73 10.31
EPS without NRI ($) 7.45 8.73 10.31
EPS Growth Rate
(Future 3Y To 5Y Estimate)
19.92%
Dividends per Share ($)

Piotroski F-Score Details

Piotroski F-Score: 66
Positive ROAY
Positive CFROAY
Higher ROA yoyY
CFROA > ROAY
Lower Leverage yoyY
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyY

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