Alphabet Inc. (GOOG)
NEUTRAL基本面
65
价格
$342.89
市值
$4.21T
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
网络效应 · 宽阔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.
需求驱动因素
中度周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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
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资产负债表与流动性
营收
$445.87B
最近12个月（截至2026/6/30）
净利润
$244.21B
最近12个月（截至2026/6/30）
自由现金流
$73.27B
股东权益合计
$415.26B
负债合计
$180.02B
流动比率
2.72
利息覆盖率
65.55
债务/EBITDA
0.70
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$386.24
当前价格
$342.89
安全边际
+11.2%
公允价值区间
$251.06 - $521.43
估算方法
估值指标
市盈率（P/E）
17.31
ROE
31.8%
市净率（P/B）
6.58
P/FCF
79.11
毛利率
60.9%
ROIC
14.6%
盈利能力雷达图
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.
基本面分析标准
通过（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
未通过（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)
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
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