Alphabet Inc. (GOOG)
NEUTRALファンダメンタル
65
株価
$342.89
時価総額
$4.21T
パート1 · 企業の価値
概要
Alphabet is the parent of Google. Most of what it earns comes from showing ads next to search results and on YouTube and partner websites — a business built on knowing what billions of people are looking for. Around it Alphabet has built Google Cloud, a rented computing platform sold to other businesses, plus a set of unrelated long-term ventures such as self-driving cars, grouped as Other Bets.
収益の仕組み
Advertising revenue is earned per click or per impression: advertisers bid in real time for placement, so revenue rises with the volume of searches and video views and with how much advertisers are willing to pay per ad, which itself tracks the broader advertising economy. Google Cloud is billed like a utility, by computing capacity consumed. Because search advertising requires little incremental cost to serve one more query, it carries very high margins once the infrastructure is built.
セグメント別売上高
Search and YouTube advertising, ads on partner sites, and consumer subscriptions like YouTube Premium and Google One. The core, highly profitable business.
Rented computing infrastructure and AI services sold to businesses. Growing much faster than advertising and now consistently profitable.
Early-stage ventures unrelated to search or cloud, such as the Waymo self-driving car project. Small revenue, large ongoing losses.
競争優位性（moat）
ネットワーク効果 · 広いGoogle Search improves as more people use it, because usage data helps rank results and target ads better, which in turn attracts more advertisers and more users. YouTube has a similar loop between creators and viewers. Both businesses also benefit from being the default choice on the world's most common devices and browsers, which Alphabet pays to keep.
需要を左右する要因
中程度の景気循環性Advertising budgets are one of the first things companies cut in a downturn, so Google's core revenue is more sensitive to the economy than a typical subscription business, even though search usage itself stays steady. Google Cloud demand tracks corporate IT and AI investment, which has its own multi-year spending cycles.
主なリスク
- Antitrust and regulatory action — Google has already lost antitrust rulings in the US and EU over search distribution and advertising technology, with remedies that could include changes to default-placement deals or forced divestitures still being litigated.
- Concentration in advertising — The large majority of revenue still comes from advertising. Anything that shifts how people search — including AI chat interfaces replacing traditional search queries — is a direct threat to this base.
- Heavy AI capital spending — Alphabet is spending tens of billions of dollars a year on data centres and chips to compete in AI. If AI products do not generate revenue in proportion to this spending, returns on capital fall.
- Dependence on device and browser defaults — A meaningful share of search traffic comes from being the default engine on Apple devices and various browsers, arrangements that regulators are actively scrutinising and that could be unwound.
強気材料
Buyers argue that Search's advertising engine keeps growing even as AI reshapes how people look for information, that Google Cloud has become a real third force in cloud computing with improving margins, and that Alphabet's own AI models reduce the risk of being disrupted by outside AI chat products.
弱気材料
Sellers fear that AI chat interfaces divert queries away from traditional search results and the ads placed next to them, that antitrust remedies could force structural changes to the advertising and search businesses, and that AI infrastructure spending is running well ahead of any AI product revenue to show for it.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$445.87B
直近12か月（2026/6/30まで）
純利益
$244.21B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$73.27B
自己資本合計
$415.26B
負債合計
$180.02B
流動比率
2.72
利払い倍率
65.55
負債/EBITDA
0.70
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$386.24
現在株価
$342.89
安全マージン
+11.2%
適正価値レンジ
$251.06 - $521.43
推定方法
バリュエーション指標
P/E レシオ
17.31
ROE
31.8%
P/B レシオ
6.58
P/FCF
79.11
粗利益率
60.9%
ROIC
14.6%
収益性レーダー
Value Creation (Economic Moat)
ROIC
14.6%
WACC
10.9%
ROIC − WACC
+3.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（20）
- Price CAGR 24.38%
- ROIC 14.7%
- Gross Margin 60.9%
- Debt/Equity ratio
- Operating Margin 33.1%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 50.8%
- Revenue Growth 5Y 17.1%
- Analyst Consensus 89% Buy
- Earnings Surprise avg 6.5%
- PEG Ratio 0.58
- Earnings Quality (OCF/NI) 0.76
- Share Dilution -1.8%
- Net Margin Trend 54.8% vs 31.1%
- Piotroski F-Score 6/9
不合格（7）
- EPS shows upward trend
- EPS CAGR -4.90%
- P/FCF 79.11
- P/B Ratio 6.58
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Sundar Pichai | CEO & Director | 52 |
| Ms. Ruth M. Porat | President & Chief Investment Officer | 67 |
| Dr. Lawrence Edward Page II | Co-Founder & Director | 52 |
| Mr. Sergey Brin | Co-Founder & Director | 51 |
| Ms. Anat Ashkenazi | Senior VP & CFO | 52 |
| Mr. J. Kent Walker | President of Global Affairs, Chief Legal Officer & Company Secretary | 64 |
| Mr. Philipp Schindler | Senior Vice President & Chief Business Officer of Google | 54 |
| Ms. Marsida Saraci | Principal Accounting Officer, VP & Controller | 46 |
| Sir Demis Hassabis Ph.D. | Chief Scientist | - |
| Mr. James H. Friedland | Head of Investor Relations | 55 |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for GOOG, sourced from Markets Gazette.
- 7/2/2026NEGATIVEGoogle Loses EU Antitrust Fight; Softbank Moves on Computing Power | Stock Movers
Alphabet Inc. (GOOG) shares are reacting to a significant setback as the company loses its protracted EU antitrust battle. The bloc's top courts have upheld a €4.1 billion ($4.7 billion) fine, confirming regulators' findings that Google abused its dominant position in the Android mobile operating system market. This judicial decision reinforces the EU's stringent stance on Big Tech's market power, potentially impacting Google's future strategic decisions and revenue streams within the European market. Investors will be closely monitoring any further regulatory actions or appeals.
- 6/8/2026NEGATIVEWhat's Going On With Alphabet Stock?
Alphabet Inc. (NASDAQ: GOOG) stock experienced a decline on Monday following the announcement of plans to secure new capital and significantly increase expenditures on artificial intelligence infrastructure. This strategic shift indicates a substantial investment phase for the tech giant, potentially impacting short-term profitability. Investors may be reacting to the immediate cost implications of this aggressive AI build-out, which could weigh on earnings in the near term, despite the long-term growth potential of AI technologies.
- 5/1/2026POSITIVEThursday’s Activity, 3 Friday Plays
Thursday's trading session saw significant positive movement across all formulated premarket ideas, with notable intraday gain opportunities. Specifically, Alphabet Inc. (GOOG) and Amazon.com Inc. (AMZN) call options experienced substantial breakouts, indicating strong investor interest and upward price momentum. These 'multibag rippers' suggest that the market is reacting favorably to the underlying assets, potentially driven by positive sentiment or specific catalysts not detailed in this excerpt. Investors tracking these tech giants should note the pronounced bullish activity.
- 4/9/2026NEUTRALAnthony Scaramucci Flags Google's Quantum Crypto Warning As Mike Novogratz Assures Bitcoin, Ethereum Will Implement Quantum-Resistant Upgrades
Anthony Scaramucci has drawn attention to Alphabet Inc.'s warning regarding quantum computing's threat to current cryptography, which underpins cryptocurrencies. While this poses a long-term risk to digital assets, SkyBridge Capital founder Mike Novogratz has reassured investors that major cryptocurrencies like Bitcoin and Ethereum are actively developing and will implement quantum-resistant upgrades. This suggests a proactive approach within the crypto space to mitigate future threats, making the immediate impact on GOOG stock neutral as the focus remains on the long-term technological evolution rather than immediate financial implications.
via Markets Gazette