Oracle Corporation (ORCL · NYSE)

Oracle delivered 29.6% revenue growth and 54.5% earnings growth over the trailing year, beating estimates in all four of its most recent quarters, including the August quarter's $1.63 versus a $1.39 consensus. That growth is being funded heavily: quarterly capex of $28.50B exceeded operating cash flow of $23.10B, leaving free cash flow at negative $5.40B, against total debt of $155.93B (4.5x EBITDA) and $36.37B in cash. The stock closed at $141.40, up 4.6% on the day but 54.2% below its 52-week high and 11.9% under its 200-day moving average, despite a P/E of 22.16 and a PEG of 0.807. Margins remain strong—64.0% gross, 35.6% operating, 41.2% ROE—though the ROA of 6.4% reflects the enlarged balance sheet.