# Meta Platforms (META.US)

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

Analysis as of: 2026-10-16T07:30:10.302Z. Financial observations: FY2007–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $736.72 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.50×

- FY2018: 0.45×

- FY2019: 0.34×

- FY2020: 0.38×

- FY2021: 0.40×

- FY2022: 0.25×

- FY2023: 0.35×

- FY2024: 0.42×

- FY2025: 0.41×

- LTM to Jun 2026: 0.38×

### moat: pass

- ROIC, median of available years: 46.6%

- ROIC, second-lowest year: 26.0%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 81.7%

- Recent gross margin (lower of latest and 3-year median): 81.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.0%

- ROIC including acquisitions, ten-year median: 34.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: 86.2%

- FY2019: 47.3%

- FY2020: 49.5%

- FY2021: 54.4%

- FY2022: 25.5%

- FY2023: 36.9%

- FY2024: 46.0%

- FY2025: 29.9%

- LTM to Jun 2026: 26.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $176B

- Net income, five-year total: $224B

- Return on incremental invested capital: 33.1%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -6.5 pp

- Working capital / revenue, final three-year average: 6.5%

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

- FY2021: 1.00×

- FY2022: 0.02×

- FY2023: 0.89×

- FY2024: 1.00×

- FY2025: 0.64×

### 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: 86.2% vs 36.9%

- Per-share earnings: 3.49 to 23.49 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -2.3%

- Market cap gain: $1.36T

- Cumulative retained earnings: $100B

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 26.9%

- Per-share value change: $19.99

- Per-share value, starting three-year median: $3.49

- Per-share value, ending three-year median: $23.49

- Buybacks concentrated in cheaper years (correlation): 0.95

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $8.6B

- Cumulative net income, 10 years: $320B

- ROIC, first three-year median: 86.2%

- ROIC, last three-year median: 36.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.49

- FY2017: $5.39

- FY2018: $7.57

- FY2019: $6.43

- FY2020: $10.09

- FY2021: $13.77

- FY2022: $8.59

- FY2023: $14.87

- FY2024: $23.86

- FY2025: $23.49

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -15.1%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 17.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.92×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.1%

- FY2017: -9.8%

- FY2018: -7.4%

- FY2019: -13.4%

- FY2020: -6.0%

- FY2021: -11.0%

- FY2022: -14.7%

- FY2023: -13.9%

- FY2024: -10.5%

- FY2025: -15.1%

## Holders

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

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

- [Sarah Ketterer](https://gigainvestors.com/CAU): 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.

- [Pat Dorsey](https://gigainvestors.com/DA): 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.

- [Bill Nygren](https://gigainvestors.com/HA): 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.

- [Bill Miller](https://gigainvestors.com/LMM): 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.

- [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.

- [Stuart McLaughlin](https://gigainvestors.com/TFP): 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.

- [Jeffrey Ubben](https://gigainvestors.com/VA): 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.

- [Wallace Weitz](https://gigainvestors.com/WIM): 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.

- [Lee Ainslie](https://gigainvestors.com/mc): 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.

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

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

## Price story

Up 145% since Oct 2023 · "Meta Platforms Boosts Ad Engagement With AI: More Upside Ahead?" (finance.yahoo.com, Sep 2026) · sales +13.6%

Story as of 2026-10-16T09:59:09.226Z; price observation 2026-10-15.

- 2025-05-01: Meta Shares Jump After Q1 Earnings Beat, Lifts Capex Outlook on AI ([finance.yahoo.com](https://finance.yahoo.com/news/meta-shares-jump-q1-earnings-153346012.html))

- 2025-06-16: Meta stock climbs after announcing Whatsapp advertising plans ([finance.yahoo.com](https://finance.yahoo.com/news/meta-stock-climbs-announcing-whatsapp-134113473.html))

- 2025-10-30: Meta Platforms Plunges 9.5% After Q3 Earnings Miss And Rising 2026 Spend ([nasdaq.com](https://www.nasdaq.com/articles/meta-platforms-plunges-95-after-q3-earnings-miss-and-rising-2026-spend))

- 2026-03-16: Meta’s $27b AI Bet And Record Layoffs Reshape Cost Structure ([finance.yahoo.com](https://finance.yahoo.com/news/meta-27b-ai-bet-record-180925529.html))

- 2026-06-05: Meta weighs big equity raising to finance AI infrastructure, FT reports ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/meta-weighs-big-equity-raising-182445811.html))

- 2026-09-22: Meta's Muse AI teams up with Shopify, lifting its stock ([finance.yahoo.com](https://finance.yahoo.com/video/metas-muse-ai-teams-up-with-shopify-lifting-its-stock-195026601.html))

### Sales · FY2025–2026

sales +13.6%; source https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm; observed 2026-01-29.

- FY2017: $41B 

- FY2018: $56B 

- FY2019: $71B 

- FY2020: $86B 

- FY2021: $118B 

- FY2022: $117B 

- FY2023: $135B 

- FY2024: $165B 

- FY2025: $201B 

- FY2026: $228B 

### Gross margin · FY2026

gross margin 81.7%; source https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm; observed 2026-01-29.

- FY2017: 86.6% 

- FY2018: 83.2% 

- FY2019: 81.9% 

- FY2020: 80.6% 

- FY2021: 80.8% 

- FY2022: 78.3% 

- FY2023: 80.8% 

- FY2024: 81.7% 

- FY2025: 82.0% 

- FY2026: 81.7% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are USD 201 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm (filed 2026-01-29); FY2025: revenue 200966000000; grossProfit 164791000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); META.US: 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.

### Why customers stay

Margins ranged from 80.8% to 82% during 2023–25; it earns 46.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2023: grossProfit / revenue = 80.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2024: grossProfit / revenue = 81.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm (filed 2026-01-29); FY2025: grossProfit / revenue = 82%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); 10-year return on capital observations [[2017,1.079000157662961],[2018,0.8615497905938705],[2019,0.47264145161287024],[2020,0.49532074293562606],[2021,0.5440121069051624],[2022,0.25532136815558276],[2023,0.3693507561979757],[2024,0.4595712182894643],[2025,0.2986236071026321],[2026,0.26025598842038816]]; median 0.46610633495116727. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 75.7% of cash earnings on expansion; earns 33.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2016: growth capex 2149000000; upkeep 2342000000; owner earnings 10217000000. Growth capex / owner earnings = 0.2103357149848292.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2017: growth capex 3708000000; upkeep 3025000000; owner earnings 15934000000. Growth capex / owner earnings = 0.23270992845487637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2018: growth capex 5241378267.44416; upkeep 8673621732.55584; owner earnings 17753378267.44416. Growth capex / owner earnings = 0.29523272632880865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2019: growth capex 6065636787.153595; upkeep 9036363212.846405; owner earnings 15189636787.153595. Growth capex / owner earnings = 0.3993273092799372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2020: growth capex 7216957289.092089; upkeep 7898042710.907911; owner earnings 28109957289.092087. Growth capex / owner earnings = 0.25674024385275707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2021: growth capex 10600000000; upkeep 7967000000; owner earnings 39370000000. Growth capex / owner earnings = 0.269240538481077.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2022: growth capex 0; upkeep 31431000000; owner earnings 455000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2023: growth capex 12700538062.598007; upkeep 14565461937.401993; owner earnings 34914538062.59801. Growth capex / owner earnings = 0.3637607359956277.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); FY2024: growth capex 21704013169.537724; upkeep 15551986830.462276; owner earnings 62306013169.53772. Growth capex / owner earnings = 0.3483454014379004.

- Source: https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm (filed 2026-01-29); FY2025: growth capex 29216181632.44902; upkeep 40474818367.55098; owner earnings 38599181632.44902. Growth capex / owner earnings = 0.7569119446793652.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); Incremental return on capital 0.3312770170143169, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,2337000000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,5072000000],[2025,5324000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm (filed 2026-01-29); FY2025: cash repurchases 26248000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); META.US SharesStats.PercentInsiders = 0.148 percentage points; cache date 2026-10-16.

### What could break it

"We generate substantially all of our revenue from advertising." (SEC filing, Jan 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm (filed 2026-01-29); We generate substantially all of our revenue from advertising.

### What the price says

The price is 9.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-29); Closing price 736.72 USD; reporting-to-trading FX 1; FY2025 annual sales per share 78.07536907536908; price multiple 9.43601046943264. FY2025 cash earnings/share 14.995797060003504. Closing-price date 2026-10-15.

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

- 2016-10: $130.99 per share

- 2016-11: $118.42 per share

- 2016-12: $115.05 per share

- 2017-01: $130.32 per share

- 2017-02: $135.54 per share

- 2017-03: $142.05 per share

- 2017-04: $150.25 per share

- 2017-05: $151.46 per share

- 2017-06: $150.98 per share

- 2017-07: $169.25 per share

- 2017-08: $171.97 per share

- 2017-09: $170.87 per share

- 2017-10: $180.06 per share

- 2017-11: $177.18 per share

- 2017-12: $176.46 per share

- 2018-01: $186.89 per share

- 2018-02: $178.32 per share

- 2018-03: $159.79 per share

- 2018-04: $172.00 per share

- 2018-05: $191.78 per share

- 2018-06: $194.32 per share

- 2018-07: $172.58 per share

- 2018-08: $175.73 per share

- 2018-09: $164.46 per share

- 2018-10: $151.79 per share

- 2018-11: $140.61 per share

- 2018-12: $131.09 per share

- 2019-01: $166.69 per share

- 2019-02: $161.45 per share

- 2019-03: $166.69 per share

- 2019-04: $193.40 per share

- 2019-05: $177.47 per share

- 2019-06: $193.00 per share

- 2019-07: $194.23 per share

- 2019-08: $185.67 per share

- 2019-09: $178.08 per share

- 2019-10: $191.65 per share

- 2019-11: $201.64 per share

- 2019-12: $205.25 per share

- 2020-01: $201.91 per share

- 2020-02: $192.47 per share

- 2020-03: $166.80 per share

- 2020-04: $204.71 per share

- 2020-05: $225.09 per share

- 2020-06: $227.07 per share

- 2020-07: $253.67 per share

- 2020-08: $293.20 per share

- 2020-09: $261.90 per share

- 2020-10: $263.11 per share

- 2020-11: $276.97 per share

- 2020-12: $273.16 per share

- 2021-01: $258.33 per share

- 2021-02: $257.62 per share

- 2021-03: $294.53 per share

- 2021-04: $325.08 per share

- 2021-05: $328.73 per share

- 2021-06: $347.71 per share

- 2021-07: $356.30 per share

- 2021-08: $379.38 per share

- 2021-09: $339.39 per share

- 2021-10: $323.57 per share

- 2021-11: $324.46 per share

- 2021-12: $336.35 per share

- 2022-01: $313.26 per share

- 2022-02: $211.03 per share

- 2022-03: $222.36 per share

- 2022-04: $200.47 per share

- 2022-05: $193.64 per share

- 2022-06: $161.25 per share

- 2022-07: $159.10 per share

- 2022-08: $162.93 per share

- 2022-09: $135.68 per share

- 2022-10: $93.16 per share

- 2022-11: $118.10 per share

- 2022-12: $120.34 per share

- 2023-01: $148.97 per share

- 2023-02: $174.94 per share

- 2023-03: $211.94 per share

- 2023-04: $240.32 per share

- 2023-05: $264.72 per share

- 2023-06: $286.98 per share

- 2023-07: $318.60 per share

- 2023-08: $295.89 per share

- 2023-09: $300.21 per share

- 2023-10: $301.27 per share

- 2023-11: $327.15 per share

- 2023-12: $353.96 per share

- 2024-01: $390.14 per share

- 2024-02: $490.13 per share

- 2024-03: $485.58 per share

- 2024-04: $430.17 per share

- 2024-05: $466.83 per share

- 2024-06: $504.22 per share

- 2024-07: $474.83 per share

- 2024-08: $521.31 per share

- 2024-09: $572.44 per share

- 2024-10: $567.58 per share

- 2024-11: $574.32 per share

- 2024-12: $585.51 per share

- 2025-01: $689.18 per share

- 2025-02: $668.20 per share

- 2025-03: $576.36 per share

- 2025-04: $549.00 per share

- 2025-05: $647.49 per share

- 2025-06: $738.09 per share

- 2025-07: $773.44 per share

- 2025-08: $738.70 per share

- 2025-09: $734.38 per share

- 2025-10: $648.35 per share

- 2025-11: $647.95 per share

- 2025-12: $660.09 per share

- 2026-01: $716.50 per share

- 2026-02: $648.18 per share

- 2026-03: $572.13 per share

- 2026-04: $611.91 per share

- 2026-05: $632.51 per share

- 2026-06: $563.29 per share

- 2026-07: $556.71 per share

- 2026-08: $572.34 per share

- 2026-09: $725.18 per share

- 2026-10: $762.50 per share

## Annual estimated value (USD 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

Prior published observations retained from 2026-10-15T06:35:55.210Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm); period 2025-12-31, filed 2026-01-29.

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.

## Reported holder observations

- [David Tepper](https://gigainvestors.com/AM): 675,000 META shares; USD 380,221,000 reported position value; 5.09% of portfolio; add; quarter 2026 Q2.
- [Clifford Sosin](https://gigainvestors.com/CAS): 136,246 META shares; USD 76,746,000 reported position value; 4.08% of portfolio; new; quarter 2026 Q2.
- [Sarah Ketterer](https://gigainvestors.com/CAU): 201,459 META shares; USD 113,480,000 reported position value; 1.23% of portfolio; add; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 373 META shares; USD 210,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Pat Dorsey](https://gigainvestors.com/DA): 199,901 META shares; USD 112,602,000 reported position value; 7.21% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 6,489,255 META shares; USD 3,655,332,000 reported position value; 1.92% of portfolio; add; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 1,648,172 META shares; USD 928,730,000 reported position value; 3.99% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 3,217,353 META shares; USD 1,812,303,000 reported position value; 2.99% of portfolio; add; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 679,884 META shares; USD 382,972,000 reported position value; 4.81% of portfolio; reduce; quarter 2026 Q2.
- [Terry Smith](https://gigainvestors.com/FS): 1,051,876 META shares; USD 592,511,000 reported position value; 4.34% of portfolio; reduce; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 302,888 META shares; USD 170,614,000 reported position value; 5.74% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 4,655 META shares; USD 2,622,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.
- [Allen Bond](https://gigainvestors.com/JIM): 109,456 META shares; USD 61,656,000 reported position value; 1.49% of portfolio; reduce; quarter 2026 Q2.
- [Bill Miller](https://gigainvestors.com/LMM): 6,412 META shares; USD 3,612,000 reported position value; 0.85% of portfolio; new; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 38,581 META shares; USD 27,978,000 reported position value; 2.31% of portfolio; add; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 234,163 META shares; USD 131,902,000 reported position value; 1% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 332,871 META shares; USD 187,503,000 reported position value; 1.72% of portfolio; add; quarter 2026 Q2.
- [Samantha McLemore](https://gigainvestors.com/PTNT): 170,790 META shares; USD 96,205,000 reported position value; 3.2% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ruane](https://gigainvestors.com/RC): 154,291 META shares; USD 86,911,000 reported position value; 1.35% of portfolio; reduce; quarter 2026 Q2.
- [Robert Vinall](https://gigainvestors.com/RVC): 138,997 META shares; USD 78,296,000 reported position value; 20.45% of portfolio; reduce; quarter 2026 Q2.
- [Stuart McLaughlin](https://gigainvestors.com/TFP): 117,628 META shares; USD 66,259,000 reported position value; 5.91% of portfolio; hold; quarter 2026 Q2.
- [Chase Coleman](https://gigainvestors.com/TGM): 2,823,180 META shares; USD 1,590,269,000 reported position value; 6.63% of portfolio; reduce; quarter 2026 Q2.
- [Jeffrey Ubben](https://gigainvestors.com/VA): 915,674 META shares; USD 515,790,000 reported position value; 9.15% of portfolio; hold; quarter 2026 Q2.
- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 5,918 META shares; USD 3,334,000 reported position value; 0.7% of portfolio; reduce; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 102,960 META shares; USD 57,996,000 reported position value; 4.02% of portfolio; reduce; quarter 2026 Q2.
- [David Rolfe](https://gigainvestors.com/WP): 76,471 META shares; USD 43,075,000 reported position value; 8.89% of portfolio; add; quarter 2026 Q2.
- [David Abrams](https://gigainvestors.com/abc): 325,155 META shares; USD 183,157,000 reported position value; 3.34% of portfolio; hold; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 764,041 META shares; USD 430,377,000 reported position value; 3.88% of portfolio; new; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 329,573 META shares; USD 185,645,000 reported position value; 1.6% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ackman](https://gigainvestors.com/psc): 3,196,062 META shares; USD 1,800,310,000 reported position value; 9.25% of portfolio; add; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 1,867,619 META shares; USD 1,052,011,000 reported position value; 3% of portfolio; add; quarter 2026 Q2.

# META — Meta Platforms Inc.

Held by 1 investor · USD 27,978,000 total · 2026 Q3 · reported price USD 725.18 (split-adjusted).
Page: https://gigainvestors.com/s/META

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 27,978,000 | 2.3% | add +2.43% |

## Total held by quarter

- 2012 Q4: USD 290,911,346 · 1 holder · USD 46.88
- 2013 Q1: USD 93,758,374 · 1 holder · USD 45.05
- 2013 Q2: USD 245,431,721 · 1 holder · USD 43.82
- 2013 Q3: USD 383,556,029 · 1 holder · USD 88.46
- 2013 Q4: USD 163,974,101 · 1 holder · USD 96.25
- 2014 Q1: USD 149,304,840 · 2 holders · USD 106.09
- 2014 Q2: USD 241,256,788 · 1 holder · USD 118.51
- 2014 Q3: USD 966,172,472 · 2 holders · USD 139.20
- 2014 Q4: USD 1,053,474,022 · 1 holder · USD 137.41
- 2015 Q1: USD 666,814,135 · 2 holders · USD 144.80
- 2015 Q2: USD 886,605,503 · 3 holders · USD 151.04
- 2015 Q3: USD 1,057,441,358 · 3 holders · USD 158.33
- 2015 Q4: USD 1,127,901,179 · 4 holders · USD 184.32
- 2016 Q1: USD 1,724,180,198 · 5 holders · USD 200.95
- 2016 Q2: USD 2,037,023,553 · 5 holders · USD 201.27
- 2016 Q3: USD 1,953,149,204 · 6 holders · USD 225.91
- 2016 Q4: USD 1,807,161,743 · 7 holders · USD 202.62
- 2017 Q1: USD 1,996,447,265 · 7 holders · USD 250.18
- 2017 Q2: USD 2,464,458,317 · 8 holders · USD 265.90
- 2017 Q3: USD 2,708,829,450 · 8 holders · USD 300.93
- 2017 Q4: USD 3,040,319,688 · 8 holders · USD 310.78
- 2018 Q1: USD 3,772,057,867 · 10 holders · USD 281.42
- 2018 Q2: USD 4,380,756,492 · 12 holders · USD 342.23
- 2018 Q3: USD 2,680,651,966 · 12 holders · USD 289.64
- 2018 Q4: USD 3,473,237,205 · 16 holders · USD 230.87
- 2019 Q1: USD 6,210,436,237 · 18 holders · USD 293.57
- 2019 Q2: USD 8,339,862,288 · 19 holders · USD 339.91
- 2019 Q3: USD 8,323,512,810 · 19 holders · USD 313.63
- 2019 Q4: USD 9,892,839,212 · 20 holders · USD 361.48
- 2020 Q1: USD 8,480,810,479 · 24 holders · USD 293.76
- 2020 Q2: USD 12,029,297,660 · 24 holders · USD 399.91
- 2020 Q3: USD 14,084,481,010 · 25 holders · USD 461.25
- 2020 Q4: USD 14,086,690,693 · 25 holders · USD 481.08
- 2021 Q1: USD 15,934,369,529 · 26 holders · USD 518.72
- 2021 Q2: USD 18,183,036,282 · 28 holders · USD 612.38
- 2021 Q3: USD 16,560,980,048 · 28 holders · USD 597.73
- 2021 Q4: USD 13,219,716,124 · 24 holders · USD 592.37
- 2022 Q1: USD 9,750,896,831 · 25 holders · USD 391.62
- 2022 Q2: USD 7,496,521,732 · 21 holders · USD 283.99
- 2022 Q3: USD 6,498,240,469 · 21 holders · USD 238.96
- 2022 Q4: USD 4,403,120,945 · 21 holders · USD 211.94
- 2023 Q1: USD 7,817,947,128 · 21 holders · USD 211.94
- 2023 Q2: USD 10,234,770,088 · 19 holders · USD 286.98
- 2023 Q3: USD 11,771,753,182 · 22 holders · USD 300.21
- 2023 Q4: USD 12,612,980,572 · 21 holders · USD 353.96
- 2024 Q1: USD 16,375,667,138 · 25 holders · USD 485.58
- 2024 Q2: USD 16,112,801,961 · 28 holders · USD 504.22
- 2024 Q3: USD 17,395,083,452 · 25 holders · USD 572.44
- 2024 Q4: USD 17,324,802,348 · 25 holders · USD 585.51
- 2025 Q1: USD 17,060,736,470 · 27 holders · USD 576.36
- 2025 Q2: USD 20,592,596,364 · 30 holders · USD 738.09
- 2025 Q3: USD 15,437,702,541 · 31 holders · USD 734.38
- 2025 Q4: USD 14,348,903,459 · 27 holders · USD 660.09
- 2026 Q1: USD 13,366,148,297 · 29 holders · USD 572.13
- 2026 Q2: USD 14,823,866,941 · 31 holders · USD 563.29
- 2026 Q3: USD 27,978,000 · 1 holder · USD 725.18