Meta Platforms Inc. (META · NASDAQ)

Meta Platforms trades at a $1.85T market cap with revenue up 28.0% YoY to $228.25B TTM, but earnings fell 13.4% over the same period, and the most recent quarter missed estimates ($6.18 reported vs. $7.10 expected) after beating in each of the prior three. Capital intensity is the standout pressure point: Q2 capex of $30.12B consumed nearly all of the quarter's $31.86B in operating cash flow, leaving free cash flow of just $1.75B, though leverage remains modest at 1.0x debt/EBITDA. Margins are compressing sequentially—operating income fell to $18.77B in the June quarter from $24.75B in December—even as revenue grew, with operating margin at 34.8% and ROE at 29.8%. The stock has rallied 19.3% over the past month to $728.08, sitting 16.5% above its 50-day average and 6.4% below its 52-week high, against an analyst target of $794.96.