Question 1

What is Alphabet's P/FCF ratio?

Accepted Answer

Alphabet (GOOGL) P/FCF ratio is 99.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Alphabet?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Alphabet specifically, the relevant sector benchmark is the current sector median of 18.1×.

Question 5

Is Alphabet's P/FCF ratio high or low?

Accepted Answer

Alphabet's P/FCF ratio of 99.4× is above its own 5-year average of 29.9× and above the sector median of 18.1×. That places the current reading at the 100th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Alphabet's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Alphabet (GOOGL) P/FCF ratio has ranged from a low of 14.8× in 2012 to a high of 135.9× in 2004. The 5-year average is 29.9× and the 5-year median is 27.1×.

Question 7

What was Alphabet's P/FCF ratio in 2025?

Accepted Answer

Alphabet (GOOGL) P/FCF ratio at the end of 2025 was 51.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Alphabet's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$3.78T	$73.3B	51.6×	+19.8×	Dec 31, 2025
2024	$2.31T	$72.8B	31.8×	+6.7×	Dec 31, 2024
2023	$1.74T	$69.5B	25.1×	+6.1×	Dec 31, 2023
2022	$1.14T	$60B	19.0×	-9.7×	Dec 31, 2022
2021	$1.92T	$67B	28.6×	+1.0×	Dec 31, 2021
2020	$1.18T	$42.8B	27.6×	-2.2×	Dec 31, 2020
2019	$923B	$31B	29.8×	-2.0×	Dec 31, 2019
2018	$727B	$22.8B	31.8×	+1.2×	Dec 31, 2018
2017	$731B	$23.9B	30.6×	+9.4×	Dec 31, 2017
2016	$547B	$25.9B	21.1×	-12.1×	Dec 31, 2016
2015	$535B	$16.1B	33.2×	+1.7×	Dec 31, 2015
2014	$360B	$11.4B	31.6×	-1.7×	Dec 31, 2014
2013	$376B	$11.3B	33.2×	+15.8×	Dec 31, 2013
2012	$233B	$13.3B	17.5×	-1.4×	Dec 31, 2012
2011	$210B	$11.1B	18.8×	-8.1×	Dec 31, 2011
2010	$190B	$7.06B	26.9×	+3.8×	Dec 31, 2010
2009	$197B	$8.51B	23.1×	+5.5×	Dec 31, 2009
2008	$96.7B	$5.49B	17.6×	-46.2×	Dec 31, 2008
2007	$215B	$3.37B	63.8×	-19.0×	Dec 31, 2007
2006	$139B	$1.68B	82.8×	+12.1×	Dec 31, 2006
2005	$115B	$1.62B	70.6×	-9.7×	Dec 31, 2005
2004	$52.7B	$656M	80.3×	-40.6×	Dec 31, 2004
2003	$26.4B	$218M	120.9×	—	Dec 31, 2003
2002	$23.7B	—	—	—	Dec 31, 2002


Telephone and Data Systems (TDS)	85.4×
DoorDash (DASH)	37.3×
Meta (META)	30.0×
Reddit (RDDT)	29.7×
Warner Bros. Discovery (WBD)	29.6×
Live Nation Entertainment (LYV)	28.7×
Netflix (NFLX)	27.2×
Spotify (SPOT)	27.0×
News (NWSA)	24.7×
Paramount Skydance (PSKY)	24.5×
Walt Disney (DIS)	23.0×
Roku (ROKU)	21.4×
T-Mobile US (TMUS)	14.8×
Snap (SNAP)	12.8×
John Wiley & Sons (WLY)	12.2×
Verizon (VZ)	10.5×
Fox (FOXA)	10.5×
Pinterest (PINS)	9.7×
TKO Group Holdings (TKO)	8.9×
Match Group (MTCH)	7.3×
Charter Communications (CHTR)	6.7×
Omnicom Group (OMC)	5.2×
Comcast (CMCSA)	5.1×
Versant Media Group, Inc. Class A (VSNT)	2.7×

P/FCF Ratio for Alphabet (GOOGL) 2003-2026

P/FCF Ratio daily chart for Alphabet (GOOGL)

Historical P/FCF Ratio for Alphabet (GOOGL) from 2002 to 2025

About P/FCF Ratio at Alphabet (GOOGL)

Alphabet P/FCF Ratio by Year

Alphabet P/FCF Ratio 2025: 51.6×

Alphabet P/FCF Ratio 2024: 31.8×

Alphabet P/FCF Ratio 2023: 25.1×

Alphabet P/FCF Ratio 2022: 19.0×

Alphabet P/FCF Ratio 2021: 28.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Alphabet (GOOGL) Key Financials