# Alphabet (GOOGL.US)

Canonical: https://gigainvestors.com/s/GOOGL

Analysis as of: 2026-10-16T07:28:50.787Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $349.22 per share; close as of 2026-10-15.

Estimated value: low $170.52 per share, central $239.99 per share, high $278.73 per share. Buy at or below the central value $239.99 per share. Valuation as of 2026-10-16T07:28:50.787Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.20×

- FY2019: 0.21×

- FY2020: 0.23×

- FY2021: 0.31×

- FY2022: 0.26×

- FY2023: 0.27×

- FY2024: 0.32×

- FY2025: 0.32×

- LTM to Jun 2026: 0.33×

### moat: pass

- ROIC, median of available years: 42.4%

- ROIC, second-lowest year: 33.4%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 56.8%

- Recent gross margin (lower of latest and 3-year median): 58.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.0%

- ROIC including acquisitions, ten-year median: 33.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 47.0%

- FY2017: 31.2%

- FY2018: 44.3%

- FY2019: 38.5%

- FY2020: 37.8%

- FY2021: 56.1%

- FY2022: 44.0%

- FY2023: 42.6%

- FY2024: 42.1%

- FY2025: 33.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $436B

- Net income, five-year total: $442B

- Return on incremental invested capital: 37.2%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: 12.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.90×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 44.3% vs 42.1%

- Per-share earnings: 1.17 to 8.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: $3.24T

- Cumulative retained earnings: $219B

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.2%

- Per-share value change: $6.87

- Per-share value, starting three-year median: $1.17

- Per-share value, ending three-year median: $8.04

- Buybacks concentrated in cheaper years (correlation): 0.76

- Average buyback yield: 2.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $16B

- Cumulative net income, 10 years: $580B

- ROIC, first three-year median: 44.3%

- ROIC, last three-year median: 42.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.39

- FY2017: $0.91

- FY2018: $2.19

- FY2019: $2.47

- FY2020: $2.95

- FY2021: $5.65

- FY2022: $4.56

- FY2023: $5.80

- FY2024: $8.04

- FY2025: $10.81

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.9%

- FY2017: -12.4%

- FY2018: -7.4%

- FY2019: -7.3%

- FY2020: -7.8%

- FY2021: -4.3%

- FY2022: -8.6%

- FY2023: -6.9%

- FY2024: -5.6%

- FY2025: -5.5%

## Holders

- [Mark Massey](https://gigainvestors.com/AP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Warren Buffett](https://gigainvestors.com/BRK): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Terry Smith](https://gigainvestors.com/FS): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Josh Tarasoff](https://gigainvestors.com/GLC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Li Lu](https://gigainvestors.com/HC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Vinall](https://gigainvestors.com/RVC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Rolfe](https://gigainvestors.com/WP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Abrams](https://gigainvestors.com/abc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chris Hohn](https://gigainvestors.com/tci): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.5% a year for ten years · "Alphabet cloud revenue jumps 82% YoY as AI infrastructure spending doubles" (finance.yahoo.com, Jul 2026) · sales +10.7%

Story as of 2026-10-16T09:58:50.158Z; price observation 2026-10-15.

Price needs cash profits to grow 12.5% a year for ten years

- 2025-07-24: Alphabet (GOOGL) Stock Climbs on Q2 Double-Beat, Unveil Record AI Budget ([finance.yahoo.com](https://finance.yahoo.com/news/alphabet-googl-stock-climbs-q2-141648400.html))

- 2025-08-22: GOOGL: Meta Strikes $10 Billion Cloud Deal With Google to Support AI Expansion ([finance.yahoo.com](https://finance.yahoo.com/news/googl-meta-strikes-10-billion-123510165.html))

- 2025-09-03: Google stock surges as it gets to keep Chrome in big antitrust win ([finance.yahoo.com](https://finance.yahoo.com/news/google-stock-surges-gets-keep-130307854.html))

- 2025-10-30: Alphabet Surges After Crushing Earnings -- AI Cloud Boom Takes Center Stage ([finance.yahoo.com](https://finance.yahoo.com/news/alphabet-surges-crushing-earnings-ai-223244840.html))

- 2025-11-21: Alphabet Hits Record High as AI Momentum Builds and $2B Data Center Announced ([finance.yahoo.com](https://finance.yahoo.com/news/alphabet-hits-record-high-ai-182941273.html))

- 2026-04-30: Stock Market Today, April 30: Alphabet Surges After Reporting Accelerating Google Cloud Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/stock-market-today-april-30-221337592.html))

### Sales · FY2025–2026

sales +10.7%; source https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm; observed 2026-02-05.

- FY2017: $111B 

- FY2018: $137B 

- FY2019: $162B 

- FY2020: $183B 

- FY2021: $258B 

- FY2022: $283B 

- FY2023: $307B 

- FY2024: $350B 

- FY2025: $403B 

- FY2026: $446B 

### Gross margin · FY2025

gross margin 59.7%; source https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm; observed 2026-02-05.

- FY2016: 61.1% 

- FY2017: 58.9% 

- FY2018: 56.5% 

- FY2019: 55.6% 

- FY2020: 53.6% 

- FY2021: 56.9% 

- FY2022: 55.4% 

- FY2023: 56.6% 

- FY2024: 58.2% 

- FY2025: 59.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Gets 85.1% of sales from Google Services; keeps 59.7 cents per sales dollar after product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); FY2025: revenue 402836000000; grossProfit 240301000000; margin = grossProfit / revenue.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05);  Pichai. Our CODM uses segment operating income (loss) to allocate resources to our segments in our annual planning process and to assess the performance of our segments, primarily by monitoring actual results versus the annual plan. Our operating segments are not evaluated using asset information. The following table presents revenue, profitability, and expense information about our segments (in millions): Year Ended December 31, 2023 2024 2025 Revenues: Google Services $ 272,543 $ 304,930 $ 342,721 Google Cloud 33,088 43,229 58,705 Other Bets 1,527 1,648 1,537 Hedging gains (losses) 236 211 (127) Total revenues $ 307,394 $ 350,018 $ 402,836 Operating income (loss): Google Services $ 95,858 $ 121,263 $ 139,404 Google Cloud 1,716 6,112 13,910 Other Bets (4,095) (4,444) (7,515) Alphabet-level activities (9,186) (10,541) (16,760) Total income from operations $ 84,293 $ 112,390 $ 129,039 Supplemental information about segment expenses: Google Services: Employee compensation expenses $ 46,224 $ 44,560 $ 45,124 Other costs and expenses 130,461 139,107 158,193 Total Google Services costs and expenses $ 176,685 $ 183,667 $ 203,317 Google Cloud:

### Why customers stay

Margins ranged from 56.6% to 59.7% during 2023–25; it earns 42.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2023: grossProfit / revenue = 56.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2024: grossProfit / revenue = 58.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); FY2025: grossProfit / revenue = 59.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); 10-year return on capital observations [[2016,0.4696974899251091],[2017,0.3116828164783031],[2018,0.4431342110977918],[2019,0.38474929968126975],[2020,0.3775452299672499],[2021,0.5611846138100682],[2022,0.4397351696204153],[2023,0.42590974544954907],[2024,0.42113170533699],[2025,0.3337702856945674]]; median 0.42352072539326957. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Search prices per click rose 7%; paid clicks rose 6% in 2025.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); arch & other $ 198,084 $ 224,532 YouTube ads 36,147 40,367 Google Network 30,359 29,792 Google advertising 264,590 294,691 Google subscriptions, platforms, and devices 40,340 48,030 Google Services total 304,930 342,721 Google Cloud 43,229 58,705 Other Bets 1,648 1,537 Hedging gains (losses) 211 (127) Total revenues $ 350,018 $ 402,836 Google Services Google Advertising Google Search & other Google Search & other revenues increased $26.4 billion from 2024 to 2025. The overall growth was driven by interrelated factors including increases in search queries resulting from growth in user adoption and usage on mobile devices; growth in advertiser spending; and improvements we have made in ad formats and delivery. 33. Table of Contents Alphabet Inc. YouTube ads YouTube ads revenues increased $4.2 billion from 2024 to 2025. The growth was driven by our direct response advertising products followed by our brand advertising products, both of which benefited from increased spending by our advertisers. Google Network Google Network revenues decreased $567 million from 2024 to 2025, primarily due to a decrease i [Separate filing excerpt] oogle Network revenues decreased $567 million from 2024 to 2025, primarily due to a decrease in AdSense revenues, partially offset by an increase in AdMob revenues. Monetization Metrics The following table presents changes in monetization metrics for Google Search & other revenues (paid clicks and cost-per-click) and Google Network revenues (impressions and cost-per-impression), expressed as a percentage, from 2024 to 2025: Google Search & other Paid clicks change 6 % Cost-per-click change 7 % Google Network Impressions change (7) % Cost-per-impression change 7 % Changes in paid clicks and impressions are driven by a number of interrelated factors, including changes in advertiser spending; ongoing product and policy changes; and, as it relates to paid clicks, fluctuations in search queries resulting from changes in user adoption and usage, primarily on mobile devices. Changes in cost-per-click and cost-per-impression are driven by a number of interrelated factors including changes in device mix, geographic mix, advertiser spending, ongoing product and policy changes, product mix, property mix, and changes in foreign currency excha

### Where the cash goes

Spends 53.2% of cash earnings on expansion; earns 37.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2016: growth capex 4068000000; upkeep 6144000000; owner earnings 19478000000. Growth capex / owner earnings = 0.20885101139747408.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2017: growth capex 6269000000; upkeep 6915000000; owner earnings 12662000000. Growth capex / owner earnings = 0.4951034591691676.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2018: growth capex 10109533105.182053; upkeep 15029466894.817947; owner earnings 24741533105.182053. Growth capex / owner earnings = 0.4086057667568157.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2019: growth capex 10553926289.314415; upkeep 12994073710.685585; owner earnings 33129926289.314415. Growth capex / owner earnings = 0.31856171961114305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2020: growth capex 8584000000; upkeep 13697000000; owner earnings 40269000000. Growth capex / owner earnings = 0.2131664555861829.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2021: growth capex 12199000000; upkeep 12441000000; owner earnings 76033000000. Growth capex / owner earnings = 0.16044349164178712.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2022: growth capex 11937340816.885513; upkeep 19547659183.114487; owner earnings 53899340816.88551. Growth capex / owner earnings = 0.2214747088919091.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2023: growth capex 20305000000; upkeep 11946000000; owner earnings 73795000000. Growth capex / owner earnings = 0.2751541432346365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); FY2024: growth capex 37224000000; upkeep 15311000000; owner earnings 100118000000. Growth capex / owner earnings = 0.3718012744960946.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); FY2025: growth capex 70311000000; upkeep 21136000000; owner earnings 132170000000. Growth capex / owner earnings = 0.5319739729136718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Incremental return on capital 0.37235957991888324, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,7363000000],[2025,10049000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); FY2025: cash repurchases 45709000000 USD.

### Are managers owners

Insiders own 1.6% of the company; Page and Brin hold 52.7% of votes.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GOOGL.US SharesStats.PercentInsiders = 1.5959999999999999 percentage points; cache date 2026-10-16.

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); r share trading prices, increase their volatility, reduce our cash reserves and may be suspended or terminated at any time, which may result in a decrease in the trading prices of our stock. The concentration of our stock ownership limits our stockholders' ability to influence corporate matters. Our Class B stock has 10 votes per share, our Class A stock has one vote per share, and our Class C stock has no voting rights. As of December 31, 2025, Larry Page and Sergey Brin beneficially owned approximately 89.3% of our 21. Table of Contents Alphabet Inc. outstanding Class B stock, which represented approximately 52.7% of the voting power of our outstanding common stock. Through their stock ownership, Larry and Sergey have significant influence over all matters requiring stockholder approval, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or our assets, for the foreseeable future. In addition, because our Class C stock carries no voting rights (except as required by applicable law), the issuance of the Class C stock, including in future stock-based acquisition transactions and [Separate filing excerpt] g prices of our stock. The concentration of our stock ownership limits our stockholders' ability to influence corporate matters. Our Class B stock has 10 votes per share, our Class A stock has one vote per share, and our Class C stock has no voting rights. As of December 31, 2025, Larry Page and Sergey Brin beneficially owned approximately 89.3% of our 21. Table of Contents Alphabet Inc. outstanding Class B stock, which represented approximately 52.7% of the voting power of our outstanding common stock. Through their stock ownership, Larry and Sergey have significant influence over all matters requiring stockholder approval, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or our assets, for the foreseeable future. In addition, because our Class C stock carries no voting rights (except as required by applicable law), the issuance of the Class C stock, including in future stock-based acquisition transactions and to fund employee equity incentive programs, could continue Larry and Sergey's current relative voting power and their ability t

### What could break it

"We generate a significant portion of our revenues from advertising." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm (filed 2026-02-05); We generate a significant portion of our revenues from advertising.

### What the price says

The price assumes cash profits grow 12.5% yearly over ten years; actual growth was 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-05); Ten-year compound average after fade. Initial solved rate 0.22294408172242214. Price 349.22; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0254515642342474 → FY2025 10.807031888798038. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $40.50 per share

- 2016-11: $38.79 per share

- 2016-12: $39.62 per share

- 2017-01: $41.01 per share

- 2017-02: $42.25 per share

- 2017-03: $42.39 per share

- 2017-04: $46.23 per share

- 2017-05: $49.35 per share

- 2017-06: $46.48 per share

- 2017-07: $47.28 per share

- 2017-08: $47.76 per share

- 2017-09: $48.69 per share

- 2017-10: $51.65 per share

- 2017-11: $51.81 per share

- 2017-12: $52.67 per share

- 2018-01: $59.11 per share

- 2018-02: $55.20 per share

- 2018-03: $51.86 per share

- 2018-04: $50.93 per share

- 2018-05: $55.00 per share

- 2018-06: $56.46 per share

- 2018-07: $61.36 per share

- 2018-08: $61.59 per share

- 2018-09: $60.35 per share

- 2018-10: $54.53 per share

- 2018-11: $55.48 per share

- 2018-12: $52.25 per share

- 2019-01: $56.29 per share

- 2019-02: $56.33 per share

- 2019-03: $58.84 per share

- 2019-04: $59.95 per share

- 2019-05: $55.33 per share

- 2019-06: $54.14 per share

- 2019-07: $60.91 per share

- 2019-08: $59.53 per share

- 2019-09: $61.06 per share

- 2019-10: $62.94 per share

- 2019-11: $65.20 per share

- 2019-12: $66.97 per share

- 2020-01: $71.64 per share

- 2020-02: $66.96 per share

- 2020-03: $58.10 per share

- 2020-04: $67.34 per share

- 2020-05: $71.68 per share

- 2020-06: $70.90 per share

- 2020-07: $74.40 per share

- 2020-08: $81.48 per share

- 2020-09: $73.28 per share

- 2020-10: $80.81 per share

- 2020-11: $87.72 per share

- 2020-12: $87.63 per share

- 2021-01: $91.37 per share

- 2021-02: $101.10 per share

- 2021-03: $103.13 per share

- 2021-04: $117.68 per share

- 2021-05: $117.84 per share

- 2021-06: $122.09 per share

- 2021-07: $134.73 per share

- 2021-08: $144.70 per share

- 2021-09: $133.68 per share

- 2021-10: $148.05 per share

- 2021-11: $141.90 per share

- 2021-12: $144.85 per share

- 2022-01: $135.30 per share

- 2022-02: $135.06 per share

- 2022-03: $139.07 per share

- 2022-04: $114.11 per share

- 2022-05: $113.76 per share

- 2022-06: $108.96 per share

- 2022-07: $116.32 per share

- 2022-08: $108.22 per share

- 2022-09: $95.65 per share

- 2022-10: $94.51 per share

- 2022-11: $100.99 per share

- 2022-12: $88.23 per share

- 2023-01: $98.84 per share

- 2023-02: $90.06 per share

- 2023-03: $103.73 per share

- 2023-04: $107.34 per share

- 2023-05: $122.87 per share

- 2023-06: $119.70 per share

- 2023-07: $132.72 per share

- 2023-08: $136.17 per share

- 2023-09: $130.86 per share

- 2023-10: $124.08 per share

- 2023-11: $132.53 per share

- 2023-12: $139.69 per share

- 2024-01: $140.10 per share

- 2024-02: $138.46 per share

- 2024-03: $150.93 per share

- 2024-04: $162.78 per share

- 2024-05: $172.50 per share

- 2024-06: $182.15 per share

- 2024-07: $171.54 per share

- 2024-08: $163.38 per share

- 2024-09: $165.85 per share

- 2024-10: $171.11 per share

- 2024-11: $168.95 per share

- 2024-12: $189.30 per share

- 2025-01: $204.02 per share

- 2025-02: $170.28 per share

- 2025-03: $154.64 per share

- 2025-04: $158.80 per share

- 2025-05: $171.74 per share

- 2025-06: $176.23 per share

- 2025-07: $191.90 per share

- 2025-08: $212.91 per share

- 2025-09: $243.10 per share

- 2025-10: $281.19 per share

- 2025-11: $320.18 per share

- 2025-12: $313.00 per share

- 2026-01: $338.00 per share

- 2026-02: $311.76 per share

- 2026-03: $287.56 per share

- 2026-04: $384.80 per share

- 2026-05: $380.34 per share

- 2026-06: $357.37 per share

- 2026-07: $356.13 per share

- 2026-08: $339.35 per share

- 2026-09: $344.08 per share

- 2026-10: $353.78 per share

## Annual estimated value (USD per share)

- FY2016: low $24.56 per share, central $32.50 per share, high $37.12 per share

- FY2017: low $29.26 per share, central $39.40 per share, high $45.05 per share

- FY2018: low $31.59 per share, central $41.87 per share, high $47.86 per share

- FY2019: low $38.54 per share, central $51.47 per share, high $59.00 per share

- FY2020: low $46.92 per share, central $62.86 per share, high $72.14 per share

- FY2021: low $63.30 per share, central $86.15 per share, high $99.45 per share

- FY2022: low $72.10 per share, central $101.41 per share, high $117.75 per share

- FY2023: low $82.83 per share, central $117.05 per share, high $136.13 per share

- FY2024: low $97.21 per share, central $138.54 per share, high $161.59 per share

- FY2025: low $115.00 per share, central $163.30 per share, high $190.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Historical value ranges retain the original capex calculation; the current filing judgement is not backfilled into historical valuations

Prior published observations retained from 2026-10-15T06:34:33.187Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm); period 2025-12-31, filed 2026-02-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.