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Undervalued
Morningstar Quantitative Rating as of 11 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 314.59 Fair value 359.37 One-star price 410.54
Morningstar Quantitative Rating as of 11 NOV 2026.
Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (314.59) to the one-star price (410.54).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 287.38 |
| Price - 12 month high | 408.60 |
| Price - 12 month low | 270.73 |
| Pricing date | 10 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 55.85 |
| Market capitalization | 1,727,833.60 |
| 12 Month High price date | 18 MAY 2026 |
| 12 Month Low price date | 14 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 29.09 |
| Price - 1 Day % Change | -0.27% |
| Price - 13 week price percent change | -19.62% |
| Price - 26 week price percent change | -28.30% |
| Price - 5 Day % Change | 2.62% |
| Price - 52 week price percent change | -0.94% |
| Price - YTD price percent change | -8.43% |
| Price % Change Month To Date | -18.28% |
| EPS excluding extraordinary items - most recent fiscal year | 10.810 |
| EPS excluding extraordinary items - trailing 12 month | 19.150 |
| EPS Normalized - most recent fiscal year | 10.833 |
| Revenue/share - most recent fiscal year | 32.938 |
| Revenue/share - trailing 12 month | 38.299 |
| Book value per share - most recent fiscal year | 34.353 |
| Book value per share - most recent quarter | 53.646 |
| Book value (tangible) per share - most recent fiscal year | 31.592 |
| Book value (tangible) per share - most recent quarter | 49.668 |
| Cash per share - most recent fiscal year | 2.540 |
| Cash per share - most recent quarter | 4.582 |
| Cash Flow per share - most recent fiscal year | 13.417 |
| Cash Flow per share - trailing 12 month | 16.696 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.860 |
| EBITD per share - trailing 12 month | 25.440 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 10.910 |
| EPS Basic excluding extraordinary items - trailing 12 month | 19.360 |
| EPS including extraordinary items - most recent fiscal year | 10.910 |
| EPS including extraordinary items - trailing 12 month | 19.360 |
| Free Cash Flow per share - trailing 12 month | 3.705 |
| P/E excluding extraordinary items, most recent fiscal year | 15.32 |
| P/E Normalized, most recent fiscal year | 23.34 |
| Price to sales - most recent fiscal year | 7.66 |
| Price to Tangible Book - most fiscal year | 6.09 |
| Price to Free Cash Flow per Share - most recent fiscal year | 79.21 |
| Price to Cash Flow per share - trailing 12 month | 17.58 |
| Price to Book - most recent fiscal year | 5.47 |
| P/E excluding extraordinary items high, trailing 12 months | 33.93 |
| P/E excluding extraordinary items low, trailing 12 months | 14.57 |
| Net Debt, LFI | -123,181.00 |
| Net Debt, LFY | -67,552.00 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 0.30% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.29% |
| Free Cash Flow - most recent fiscal year | 72,648.00 |
| LT debt/equity - most recent fiscal year | 14.28% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 14.28% |
| LT debt/equity - most recent quarter | 20.95% |
| Total debt/total equity - most recent quarter | 20.95% |
| Free Cash Flow - trailing 12 month | 45,570.00 |
| Payout ratio - trailing 12 month | 3.39% |
| Revenue - most recent fiscal year | 402,836.00 |
| Revenue - trailing 12 month | 471,098.00 |
| EBITD - most recent fiscal year | 176,361.00 |
| EBITD - trailing 12 month | 312,920.00 |
| Earnings before taxes - most recent fiscal year | 158,826.00 |
| Earnings before taxes - trailing 12 month | 287,637.00 |
| Net Income available to common - most recent fiscal year | 132,170.00 |
| Net Income available to common - trailing 12 months | 235,310.00 |
| Earnings before taxes Normalized - most recent fiscal year | 159,159.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 12.57 |
| Net Profit Margin % - 1st historical fiscal year | 32.81% |
| Net Profit Margin % - trailing 12 month | 50.03% |
| Operating margin - 1st historical fiscal year | 32.03% |
| Operating margin - trailing 12 month | 33.32% |
| Pretax margin - trailing 12 month | 61.06% |
| Pretax margin - 1st historical fiscal year | 39.43% |
| Operating Margin - 5 year average | 29.72% |
| Pretax Margin - 5 year average | 32.40% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 21.33% |
| Free Operating Cash Flow/Revenue, TTM | 9.67% |
| Net Profit Margin - 5 year average | 27.23% |
| Return on average assets - most recent fiscal year | 25.82% |
| Return on average assets - trailing 12 month | 31.33% |
| Return on average equity - most recent fiscal year | 36.01% |
| Return on average equity - trailing 12 month | 45.98% |
| Return on average assets - 5 year average | 22.99% |
| Return on average equity - 5 year average | 32.47% |
| Net Income/employee - most recent fiscal year | 692,642.28 |
| Revenue/employee - most recent fiscal year | 2,111,078.50 |
| Revenue growth rate, 5 year | 17.15% |
| EPS growth rate, 5 year | 29.83% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 19.92% |
| Growth rate% - Revenue, 3 year | 12.51% |
| Growth rate% - EPS, 3 year | 33.34% |
| Book value per share growth rate, 5 year | 15.83% |
| Capital Spending growth rate, 5 year | 32.63% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 24.05% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Alphabet (GOOGL) reported after the close and was trading around 9% lower after hours, with the market focusing on softer Search and advertising trends, weaker margins and the scale of AI-related capital spending despite another exceptional quarter from Google Cloud.
Alphabet (GOOGL) delivered a strong second-quarter result, with revenue and earnings ahead of expectations and Google Cloud the clear standout. However, the shares fell around ~5% after hours as investors focused on another sharp increase in capital expenditure and the likelihood that AI-related spending will remain elevated.
Alphabet shares were mildly lower overnight after flagging FY26 capex of $175–185bn, well above consensus (~$120bn). The spending shock overshadowed a clean earnings beat, with Search and Cloud both accelerating as AI demand lifts utilisation and pricing power. The debate is simple: near-term free-cash-flow pressure versus longer-term AI leadership.
We are making several changes to the International Equities Portfolio
Alphabet’s September-quarter result comfortably beat expectations, underscoring the company’s broad-based growth and the accelerating contribution from AI-related products. Shares were trading up ~8% after hours.
Alphabets second-quarter profits topped estimates as parent company Google showed strong growth in its advertising and cloud computing divisions but investors were wary around increased spending on AI - a potential theme through earnings season. The stock was up ~2% afterhours.
The concern around Google is how newer generative AI companies will impact their share of search, and the lucrative revenue that comes with it. In last week’s annual developers conference (I/O), they did a very good job of convincing MM (and hopefully others) that they are at the forefront of this revolution, by integrating generative AI and large language models (LLMs) into its search products.
Alphabet has corrected ~24% from the $US200 area, in line with a weaker performance across the AI space, which has led to the correction in Big Tech. The Google parent company posted a cloud revenue miss in February as it ramps up spending on artificial intelligence (AI), worrying investors that the mega-cap technology company may fall short of its aspirations in the AI space.
GOOGL traded down over 7% on Wednesday night following its softer result with the ~1.5% miss on revenue weighing on the tech giant which was testing fresh highs just 24-hours earlier.
Softer result after market close this morning see’s GOOGL US shares trading down 5% after hours;
MM is cautiously bullish towards GOOGL around US$300
MM is neutral toward GOOGL ~$US320
MM is neutral GOOGL ~$US340
MM is selling GOOGL US in the International Equities Portfolio, taking profit around $US330
MM has turned neutral toward GOOGL, sold at ~US$323 in the International Equities Portfolio overnight
MM remains long & bullish GOOGL
MM is bullish and long GOOGL in our International Equities Portfolio
MM is long and bullish towards GOOGL
MM remains long & bullish GOOGL US
MM remains long and bullish GOOGL
Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google's subscription services (YouTube TV and YouTube Music, among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google's cloud computing platform accounts for roughly 10% of Alphabet's revenue. The firm's investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) make up the rest.
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