Stock Analysis on Net

Meta Platforms Inc. (NASDAQ:META)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Meta Platforms Inc., historical price multiples (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 30.97 24.92 35.58 28.51 21.10 9.01 12.84 14.91 16.44 21.80 25.93 27.69 25.89 29.65 30.73 27.83 32.31
Price to operating profit (P/OP) 25.90 20.16 27.97 22.11 16.91 7.39 10.83 12.68 13.84 18.71 22.67 24.49 23.10 26.06 25.90 21.96 24.90
Price to sales (P/S) 8.98 5.84 6.65 5.21 4.20 2.20 3.62 4.65 5.49 7.82 9.64 9.90 8.78 9.49 9.62 7.95 8.45
Price to book value (P/BV) 7.91 5.19 5.98 4.90 3.89 2.09 3.43 4.52 5.18 6.59 7.31 6.99 5.88 6.37 6.54 5.54 5.91 5.81 6.45 6.38

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Meta Platforms Inc. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Meta Platforms Inc. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Meta Platforms Inc. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Meta Platforms Inc. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Earnings (P/E)

Meta Platforms Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 2,549,405,106 2,569,862,732 2,573,161,373 2,562,732,034 2,592,639,548 2,651,548,674 2,687,548,472 2,706,323,387 2,721,941,960 2,781,759,516 2,819,444,501 2,835,464,834 2,847,669,951 2,848,292,671 2,848,815,818 2,849,103,300 2,850,450,659 2,851,746,531 2,852,950,498 2,854,488,736
Selected Financial Data (US$)
Net income (in millions) 14,018 11,583 7,788 5,709 4,653 4,395 6,687 7,465 10,285 9,194 10,394 9,497 11,220 7,846 5,178 4,902 7,349 6,091 2,616 2,429
Earnings per share (EPS)2 15.34 11.57 8.76 8.37 8.95 10.87 12.51 13.80 14.46 14.49 13.82 11.90 10.24 8.87 8.26 7.36 6.48 0.00 0.00 0.00
Share price1, 3 474.99 288.35 311.71 238.56 188.77 97.94 160.72 205.73 237.76 315.81 358.32 329.51 265.00 263.11 253.67 204.71 209.53 191.65 200.71 193.26
Valuation Ratio
P/E ratio4 30.97 24.92 35.58 28.51 21.10 9.01 12.84 14.91 16.44 21.80 25.93 27.69 25.89 29.65 30.73 27.83 32.31
Benchmarks
P/E Ratio, Competitors5
Alphabet Inc. 23.89 23.76 26.82 22.64 22.47 18.32 20.58 20.32 25.74 27.53 28.90 31.05 34.65 30.70 31.99 26.52 28.96
Charter Communications Inc. 10.17 11.72 12.84 11.39 11.91 10.48 12.62 14.24 21.92 28.21 35.19 34.97 36.53 44.87 52.52 58.10 65.14
Comcast Corp. 12.01 10.40 28.75 29.69 31.38 25.58 12.39 13.00 16.01 16.37 21.39 22.12 22.37 19.10 17.33 14.74 15.39
Netflix Inc. 45.65 38.78 44.61 34.72 36.17 23.66 19.54 19.36 33.56 57.28 51.57 60.01 86.39 76.39 82.63 85.48 80.66
Walt Disney Co. 73.44 71.09 44.85 61.51 54.90 65.23 72.29 86.97 137.89 289.34 33.92 25.19 23.96 20.74 18.03 15.32

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
EPS = (Net incomeQ4 2023 + Net incomeQ3 2023 + Net incomeQ2 2023 + Net incomeQ1 2023) ÷ No. shares of common stock outstanding
= (14,018,000,000 + 11,583,000,000 + 7,788,000,000 + 5,709,000,000) ÷ 2,549,405,106 = 15.34

3 Closing price as at the filing date of Meta Platforms Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 474.99 ÷ 15.34 = 30.97

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Meta Platforms Inc. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Price to Operating Profit (P/OP)

Meta Platforms Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 2,549,405,106 2,569,862,732 2,573,161,373 2,562,732,034 2,592,639,548 2,651,548,674 2,687,548,472 2,706,323,387 2,721,941,960 2,781,759,516 2,819,444,501 2,835,464,834 2,847,669,951 2,848,292,671 2,848,815,818 2,849,103,300 2,850,450,659 2,851,746,531 2,852,950,498 2,854,488,736
Selected Financial Data (US$)
Income from operations (in millions) 16,384 13,748 9,392 7,227 6,398 5,664 8,358 8,524 12,585 10,423 12,367 11,378 12,775 8,040 5,963 5,893 8,858 7,185 4,626 3,317
Operating profit per share2 18.34 14.31 11.15 10.79 11.16 13.25 14.84 16.22 17.18 16.88 15.80 13.46 11.47 10.10 9.79 9.32 8.41 0.00 0.00 0.00
Share price1, 3 474.99 288.35 311.71 238.56 188.77 97.94 160.72 205.73 237.76 315.81 358.32 329.51 265.00 263.11 253.67 204.71 209.53 191.65 200.71 193.26
Valuation Ratio
P/OP ratio4 25.90 20.16 27.97 22.11 16.91 7.39 10.83 12.68 13.84 18.71 22.67 24.49 23.10 26.06 25.90 21.96 24.90
Benchmarks
P/OP Ratio, Competitors5
Alphabet Inc. 20.92 20.13 21.93 18.38 18.01 15.62 17.97 18.39 24.86 26.82 29.02 32.10 33.85 31.47 30.75 25.72 29.05
Charter Communications Inc. 3.69 4.46 4.90 4.58 5.03 4.83 5.84 6.41 9.69 12.06 14.74 14.65 14.00 15.27 16.24 15.28 16.69
Comcast Corp. 7.93 6.75 12.94 11.89 12.00 9.64 7.83 8.75 10.89 11.91 14.39 14.66 13.47 10.47 9.93 8.26 9.51
Netflix Inc. 35.50 29.21 33.68 27.12 28.85 20.88 16.77 15.62 27.71 44.39 37.28 40.38 52.02 52.42 59.01 61.48 57.82
Walt Disney Co. 33.90 34.95 26.48 32.61 26.43 31.54 35.31 53.03 91.54 197.21 242.78 21.67 26.30 24.82 21.70 18.48 11.63

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Operating profit per share = (Income from operationsQ4 2023 + Income from operationsQ3 2023 + Income from operationsQ2 2023 + Income from operationsQ1 2023) ÷ No. shares of common stock outstanding
= (16,384,000,000 + 13,748,000,000 + 9,392,000,000 + 7,227,000,000) ÷ 2,549,405,106 = 18.34

3 Closing price as at the filing date of Meta Platforms Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 474.99 ÷ 18.34 = 25.90

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Meta Platforms Inc. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Price to Sales (P/S)

Meta Platforms Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 2,549,405,106 2,569,862,732 2,573,161,373 2,562,732,034 2,592,639,548 2,651,548,674 2,687,548,472 2,706,323,387 2,721,941,960 2,781,759,516 2,819,444,501 2,835,464,834 2,847,669,951 2,848,292,671 2,848,815,818 2,849,103,300 2,850,450,659 2,851,746,531 2,852,950,498 2,854,488,736
Selected Financial Data (US$)
Revenue (in millions) 40,112 34,146 31,999 28,645 32,165 27,714 28,822 27,908 33,671 29,010 29,077 26,171 28,071 21,470 18,687 17,737 21,082 17,652 16,886 15,077
Sales per share2 52.92 49.40 46.84 45.79 44.98 44.55 44.43 44.22 43.33 40.38 37.17 33.29 30.19 27.73 26.38 25.75 24.80 0.00 0.00 0.00
Share price1, 3 474.99 288.35 311.71 238.56 188.77 97.94 160.72 205.73 237.76 315.81 358.32 329.51 265.00 263.11 253.67 204.71 209.53 191.65 200.71 193.26
Valuation Ratio
P/S ratio4 8.98 5.84 6.65 5.21 4.20 2.20 3.62 4.65 5.49 7.82 9.64 9.90 8.78 9.49 9.62 7.95 8.45
Benchmarks
P/S Ratio, Competitors5
Alphabet Inc. 5.74 5.34 5.65 4.66 4.76 4.35 5.33 5.60 7.60 8.13 8.26 8.11 7.65 6.39 6.08 5.49 6.14
Charter Communications Inc. 0.85 1.01 1.09 1.02 1.11 1.07 1.31 1.37 1.97 2.37 2.74 2.60 2.45 2.56 2.55 2.27 2.37
Comcast Corp. 1.52 1.30 1.55 1.40 1.39 1.14 1.43 1.55 1.95 2.08 2.45 2.49 2.28 1.89 1.89 1.58 1.84
Netflix Inc. 7.32 5.36 5.90 4.57 5.14 3.79 3.21 3.19 5.78 10.10 8.21 8.55 9.54 9.00 9.79 8.91 7.47
Walt Disney Co. 1.94 1.82 2.12 2.42 2.09 2.53 2.50 3.67 4.08 5.12 5.55 5.70 4.13 3.04 2.33 3.48 3.81 3.95 4.07 2.83

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Sales per share = (RevenueQ4 2023 + RevenueQ3 2023 + RevenueQ2 2023 + RevenueQ1 2023) ÷ No. shares of common stock outstanding
= (40,112,000,000 + 34,146,000,000 + 31,999,000,000 + 28,645,000,000) ÷ 2,549,405,106 = 52.92

3 Closing price as at the filing date of Meta Platforms Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 474.99 ÷ 52.92 = 8.98

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Meta Platforms Inc. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Book Value (P/BV)

Meta Platforms Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 2,549,405,106 2,569,862,732 2,573,161,373 2,562,732,034 2,592,639,548 2,651,548,674 2,687,548,472 2,706,323,387 2,721,941,960 2,781,759,516 2,819,444,501 2,835,464,834 2,847,669,951 2,848,292,671 2,848,815,818 2,849,103,300 2,850,450,659 2,851,746,531 2,852,950,498 2,854,488,736
Selected Financial Data (US$)
Stockholders’ equity (in millions) 153,168 142,873 134,033 124,795 125,713 124,094 125,767 123,228 124,879 133,360 138,227 133,657 128,290 117,731 110,447 105,304 101,054 93,999 88,762 86,516
Book value per share (BVPS)2 60.08 55.60 52.09 48.70 48.49 46.80 46.80 45.53 45.88 47.94 49.03 47.14 45.05 41.33 38.77 36.96 35.45 32.96 31.11 30.31
Share price1, 3 474.99 288.35 311.71 238.56 188.77 97.94 160.72 205.73 237.76 315.81 358.32 329.51 265.00 263.11 253.67 204.71 209.53 191.65 200.71 193.26
Valuation Ratio
P/BV ratio4 7.91 5.19 5.98 4.90 3.89 2.09 3.43 4.52 5.18 6.59 7.31 6.99 5.88 6.37 6.54 5.54 5.91 5.81 6.45 6.38
Benchmarks
P/BV Ratio, Competitors5
Alphabet Inc. 6.22 5.80 6.12 5.08 5.26 4.84 5.80 5.96 7.78 7.95 7.66 6.93 6.27 5.15 4.87 4.50 4.94 4.47 4.51 4.50
Charter Communications Inc. 4.18 4.96 5.68 5.89 6.60 6.45 7.03 5.96 7.26 7.11 7.07 6.05 4.94 4.49 4.05 3.55 3.46 3.01 2.50 2.32
Comcast Corp. 2.24 1.91 2.22 2.04 2.08 1.72 1.90 1.97 2.36 2.48 2.81 2.80 2.61 2.29 2.39 2.11 2.43 2.61 2.64 2.60
Netflix Inc. 11.99 7.94 8.30 6.68 7.82 5.81 5.22 5.53 10.83 18.89 16.34 17.51 21.56 20.75 23.74 22.69 19.86 17.58 22.60 27.62
Walt Disney Co. 1.74 1.64 1.89 2.12 1.82 2.22 2.11 2.98 3.11 3.76 3.79 4.12 3.23 2.47 2.02 2.91 2.98 2.82 2.70 3.34

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 153,168,000,000 ÷ 2,549,405,106 = 60.08

3 Closing price as at the filing date of Meta Platforms Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 474.99 ÷ 60.08 = 7.91

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Meta Platforms Inc. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.