Meta Platforms, Inc.META
NasdaqGS•Communication Services•Internet Content & Information
Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.
Meta Platforms, Inc. (META) reported trailing twelve months revenue of $214.96B as of March 2026, a 26.2% increase year-over-year. Quarterly revenue reached $56.31B, reflecting continued top-line momentum.
Meta Platforms, Inc. generated $70.59B in TTM net income, with quarterly EBITDA of $28.87B. The operating margin contracted from 41.5% to 40.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (40.6%) and net margin (47.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 39.3% a year ago, signaling stronger bottom-line efficiency.
META trades at a P/E of 19.3x (in line with broad market averages) and a P/S of 6.3x. The price-to-book ratio of 5.6x indicates a significant premium over book value.
The company generated $13.23B in free cash flow over the trailing twelve months, a 19.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $395.25B in total assets with $58.75B in long-term debt against $243.68B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~41.9% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 32.5% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~43.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~41.3% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 1.1x) — earnings may be inflated by non-cash items or aggressive accounting.
Debt-to-equity has risen 54.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation