US Large-Cap Stocks — Valuations, P/E & Dividends

This earnings season was defined by a single, stark divergence: AI infrastructure and its semiconductor supply chain grew at triple-digit rates, while the rest of the market—energy, healthcare, consumer staples—crawled along at single digits. The median AI cloud infrastructure company grew revenue 283.2% year over year, while the median consumer staples company managed just 6.6%. That gap—a factor of 43—is the defining story of the quarter.

Revenue growth by industry (median YoY)

AI infrastructure and its suppliers are in a league of their own

The AI cloud infrastructure industry posted a median revenue growth of 283.2% year over year, led by Nebius with a staggering 454.0% increase. CoreWeave, the other player in this space, grew revenue 112.5% and EBITDA 132.3%. These are not base-effect flukes; they reflect genuine, accelerating demand for GPU-powered computing.

The semiconductor supply chain feeding this boom is equally impressive. Data-centre connectivity semiconductors, represented by Astera Labs, grew revenue 104.5% and net profit 199.0%. Credo Technology, another connectivity player, saw revenue jump 114.7% and net profit 104.1%. Even memory maker Micron Technology posted a 345.7% revenue surge, underscoring the insatiable demand for AI hardware.

Energy's pain is natural gas's gain—unless you're CNX Resources

The worst performer this season was the natural gas & NGL exploration & production industry, with a median revenue decline of 35.7%. CNX Resources was the sole representative, posting a 35.7% revenue drop, a 43.9% EBITDA decline, and a 53.1% net profit plunge. This contrasts sharply with oil & gas E&P, where the median company grew revenue 32.6% and net profit often doubled or tripled.

Other notable losers include Lamb Weston Holdings, a consumer staples company that saw revenue fall 13.0% and net profit drop 42.0%. In healthcare, Merck & Co. suffered a 101.5% EBITDA decline and a 130.2% net profit collapse, a stark reminder that even defensive sectors can harbor severe disappointments.

The plot twist: Super Micro Computer is growing like a startup but trades like a value stock

Super Micro Computer delivered a stunning 93.2% revenue growth and 261.9% EBITDA growth, yet its P/E is just 10.8x and EV/EBITDA 6.9x. That is cheaper than many slow-growing industrials. The market is clearly pricing in fears of margin compression or a cyclical peak, but the growth numbers suggest that pessimism may be overdone. This is the most intriguing mispricing of the season.

Cheap for growth: energy and Super Micro offer value; AI darlings are priced for perfection

Oil & gas E&P companies are remarkably cheap relative to their growth. SM Energy trades at just 2.6x EV/EBITDA despite 215.3% revenue growth. APA Corporation trades at 3.2x EV/EBITDA with 9.0% revenue growth. In contrast, AI high-flyers like Palantir (P/E 132.6x) and Astera Labs (P/E 174.7x) are priced for flawless execution. Even Nvidia, with 105.9% revenue growth, trades at a relatively modest 27.5x P/E—a rare combination of growth and reasonable valuation.

Income seekers find little solace in this growth-obsessed market

Dividend yields are scarce among the high-growth names. Among the data provided, AT&T offers the highest yield at 4.7% (P/E 8.7x), followed by Verizon at 3.9% (P/E 13.2x). Both are communication services stalwarts with minimal growth (revenue +2.3% and -0.7%, respectively). For income investors, the trade-off is clear: accept low growth for reliable yield, or chase the AI boom with no dividend.

Looking at the long view, Nvidia's three-year revenue CAGR of 100.0% stands out as truly exceptional, followed by Robinhood Markets at 48.8% and Palantir at 32.9%. These companies have not just benefited from a single good year but have compounded growth relentlessly. As we look ahead, the key question is whether the AI infrastructure boom can sustain its torrid pace or whether it will face a cyclical slowdown. For now, the numbers suggest the party is far from over, but valuation discipline will be crucial.

Players: growth & yield (no absolute levels)

6 августа 2026 года Monster Beverage Corp раскрыла результаты за второй квартал 2026 года: выручка выросла на 20,2% до 2,54 млрд долларов, чистая прибыль – на 19,6% до 584,5 млн долларов. Несмотря на сильные цифры, акции после релиза потеряли 9,3% к 9 сентября, что отражает опасения рынка относительно замедления темпов роста и давления на маржу. На текущей цене бумага выглядит скорее привлекательно: мультипликатор EV/EBITDA (29,3) лишь немного выше собственного трехлетнего среднего (26,8), а модель портала оценивает потенциал роста в +10%.

Key takeaways

— Q2 2026 revenue grew 20.2% to $2.54 billion, with international sales up 34.6% and accounting for 46% of the total

— EBITDA margin contracted from 31.2% to 30.4% due to higher operating expenses, particularly marketing and distribution

— Net income rose 19.6% to $584.5 million, but adjusted non-GAAP profit increased only 15.7% due to one-off items

— The company maintains a net cash position: net debt of -$1,098.7 million, or -0.39x EBITDA for the trailing twelve months

— Operating cash flow for the trailing twelve months reached $2,100 million, covering capex and providing financial flexibility

— Shares trade at 39.4x P/E and 29.3x EV/EBITDA, only slightly above the three-year average EV/EBITDA of 26.8

— The portal's model values the stock 10% above the current price, indicating limited but positive upside

Attractiveness

Key figures, USD bn

Q2 2026 revenue grew 20.2% to $2.54 billion, with international sales up 34.6% and accounting for 46% of the total

In Q2 2026, Monster Beverage Corp's revenue reached $2,537.5 million, up 20.2% from $2,111.6 million a year earlier. The main driver was the Monster Energy Drinks segment, with sales up 21.6% to $2,356.1 million. International sales increased 34.6% to $1,163.1 million, raising their share of total revenue from 41% to 46%.

Currency fluctuations had a favorable impact of $48.5 million on revenue; excluding this effect, growth would have been 17.9%. The Strategic Brands segment added 10.6% to $143.7 million, while Alcohol Brands declined 15.2% to $32.2 million. The company continues to expand sales outside the US, offsetting weakness in the alcohol segment.

EBITDA margin contracted from 31.2% to 30.4% due to higher operating expenses, particularly marketing and distribution

EBITDA in Q2 2026 rose 16.8% to $770.2 million, but the margin contracted from 31.2% to 30.4%. The reason is faster growth in operating expenses: they increased 24.7% to $679.2 million, with their share of revenue rising from 25.8% to 26.8%.

Selling expenses grew from 9.3% to 10.6% of revenue due to higher investments in social, digital and media channels, sponsorships and endorsements. Distribution costs also rose from 3.9% to 4.7% of revenue. Gross margin improved slightly, from 55.7% to 55.9%, but that did not fully offset the increase in operating costs.

Net income rose 19.6% to $584.5 million, but adjusted non-GAAP profit increased only 15.7% due to one-off items

Net income for Q2 2026 was $584.5 million, compared with $488.8 million a year earlier. However, adjusted non-GAAP net income rose only 15.7% to $590.5 million. The difference is explained by significant litigation reserves in the prior-year period that did not repeat.

Excluding the alcohol segment and litigation adjustments, profit growth slows to 15.7%, reflecting the underlying dynamics of the core business. Net margin remained virtually flat at 23.0% versus 23.1% a year earlier. The effective tax rate declined from 24.4% to 23.9%, providing some support to net income.

The company maintains a net cash position: net debt of -$1,098.7 million, or -0.39x EBITDA for the trailing twelve months

As of the latest reporting date, Monster Beverage Corp's net debt stands at -$1,098.7 million, meaning the company holds more cash and short-term investments than debt. The net debt to EBITDA ratio for the trailing twelve months is -0.39, indicating financial strength and no leverage burden.

Over the trailing twelve months, net debt increased by $1.9 billion, but this is due to cash accumulation rather than borrowing. The company did not repurchase shares in Q2 2026, leaving approximately $900 million available under previously authorized programs.

Operating cash flow for the trailing twelve months reached $2,100 million, covering capex and providing financial flexibility

For the trailing twelve months, Monster Beverage Corp's operating cash flow reached $2,100 million. Capital expenditures over the same period were significantly lower at about $140 million (sum of quarterly figures), resulting in a high conversion of profit into free cash flow.

In Q2 2026, operating cash flow was $509.2 million and capex was $48.4 million. This level of investment is typical for the company's asset-light business model, which does not require significant fixed-asset spending. Free cash flow remains the primary source for potential dividends and share repurchases.

Shares trade at 39.4x P/E and 29.3x EV/EBITDA, only slightly above the three-year average EV/EBITDA of 26.8

Monster Beverage Corp's current market capitalization is $83,804.7 million. The trailing twelve-month P/E is 39.4, and EV/EBITDA is 29.3. For comparison, the three-year average EV/EBITDA is 26.8, meaning the current valuation is only 9% above its own historical norm.

Shares fell 9.3% by September 9 after the earnings release, despite strong results. This suggests investors had expected even higher growth or were disappointed by the margin contraction. Nevertheless, the valuation remains within its historical range, limiting further downside potential.

The portal's model values the stock 10% above the current price, indicating limited but positive upside

According to the portal's model, based on EBITDA growth and a target multiple, the fair value of Monster Beverage Corp shares is 10% above the current market price. This implies moderate upside potential if current growth rates and margins are maintained.

The model reflects that trailing twelve-month EBITDA reached $2,827.2 million and market capitalization is $83,804.7 million. Revenue growth of 20.2% in Q2 and expanding international presence provide a basis for further EBITDA increases, which is incorporated into the valuation.

Valuation on the latest reported figures

Bottom line

Monster Beverage Corp's Q2 2026 report showed strong revenue growth (+20.2%) and net income growth (+19.6%), but the market reacted with a 9.3% decline as EBITDA margin contracted from 31.2% to 30.4% and adjusted profit rose only 15.7%. The company maintains a net cash position and generates stable operating cash flow, ensuring financial strength. However, the valuation remains high: P/E of 39.4 and EV/EBITDA of 29.3 are only slightly above its own three-year average. Our verdict is rather attractive: the portal's model indicates +10% upside, and strong international growth and zero debt support the long-term story. A shift to a more positive verdict would require margin stabilization and confirmation of sustained double-digit growth.

6 августа Datadog, Inc. раскрыла результаты за второй квартал 2026 года: выручка выросла на 35,6% год к году до 1 121,5 млн долларов, чистая прибыль – на 1583,3%, до 44,6 млн. Однако акции на релизе упали на 19%, а с тех пор потеряли ещё 20,4%. При текущей цене акции выглядят скорее привлекательно: рост ускоряется, но рынок требует подтверждения, что маржа начнёт восстанавливаться.

Key takeaways

— Revenue in Q2 2026 grew 35.6% YoY – accelerating from 32.2% a quarter earlier

— Net profit jumped 1583.3% YoY, but from a low base: in Q2 2025 it was only $2.6 million

— EBITDA margin in Q2 2026 was 2.1% versus -3.0% a year earlier – still low, but improving

— Operating cash flow over the last twelve months was $1,100 million, well above net profit

— The company maintains a net cash position: $4,693 million at the end of Q2 2026

— Shares fell 19% on the release day and another 20.4% after – market disappointed by guidance despite strong report

— On the portal's model, the upside potential of the shares is only 4% from the current price

Attractiveness

Key figures, USD bn

Revenue in Q2 2026 grew 35.6% YoY – accelerating from 32.2% a quarter earlier

In Q2 2026, Datadog, Inc. revenue reached $1,121.5 million, up 35.6% year-over-year. This is an acceleration from 32.2% in Q1 2026 and 29.2% in Q4 2025. The company has been growing faster for several consecutive quarters: 24.6% in Q1 2025, 28.1% in Q2, 28.4% in Q3, 29.2% in Q4.

The growth driver remains the increase in large customers: the number of clients with ARR over $100k reached approximately 4,720, up 23% year-over-year (from about 3,850). The company is also actively developing its AI direction: Bits Code, Bits Chat, and Bits Agent Builder were launched, and Adaptive ML was acquired to strengthen AI research.

Net profit jumped 1583.3% YoY, but from a low base: in Q2 2025 it was only $2.6 million

Net profit in Q2 2026 was $44.6 million versus $2.6 million a year earlier – growth of 1583.3%. However, this dynamic is explained by an extremely low base: a year ago profit was almost zero due to loss-making operations.

Operating profit in Q2 2026 was only $5.5 million, corresponding to an operating margin of about 0%. The bulk of net profit was formed by interest income and other income ($49.5 million), not by core operations. This is important when assessing earnings quality.

EBITDA margin in Q2 2026 was 2.1% versus -3.0% a year earlier – still low, but improving

EBITDA in Q2 2026 was $23.3 million, giving a margin of 2.1%. A year earlier the margin was negative: -3.0%. There is improvement, but the level remains low for a company with a market capitalization of nearly $82 billion.

The main reason for the low margin is high spending on research and development ($478 million for the quarter) and sales ($311.5 million). The company continues to invest heavily in development, which weighs on profitability. GAAP operating margin in Q2 2026 was 0%, as stated in the report.

Operating cash flow over the last twelve months was $1,100 million, well above net profit

Over the last twelve months (four quarters from Q3 2025 to Q2 2026), operating cash flow was $1,100 million. For comparison, net profit over the same period was significantly lower – about $177.6 million (sum of quarterly values).

The gap is mainly explained by non-cash expenses, primarily stock-based compensation ($220.3 million per quarter). In Q2 2026, operating cash flow was $315.9 million, and free cash flow was $278.7 million (after capital expenditures and capitalized software development costs).

The company maintains a net cash position: $4,693 million at the end of Q2 2026

At the end of Q2 2026, cash and marketable securities totaled $5.0 billion, while debt was only convertible notes of $985.5 million. Net cash position was $4,693 million. This gives the company a huge financial cushion.

During the quarter, the net cash position increased by $4.6 billion (in ruble terms), related to investment in marketable securities. Interest income in Q2 2026 was $49.5 million, significantly supporting net profit.

Shares fell 19% on the release day and another 20.4% after – market disappointed by guidance despite strong report

The closing price before the release was $283.17, shares fell 19% on the release day, and by September 9, 2026, they lost another 20.4% from the post-release price. The cumulative decline from the pre-report level is approximately 35%. Market capitalization is now about $81.9 billion.

The reason for the decline is not weak actual results, but likely the guidance for Q3 and full year 2026, which the market considered insufficiently optimistic. The company expects Q3 revenue of $1.135–1.145 billion, implying a slowdown to about 20% YoY (calculated based on Q3 2025 data).

On the portal's model, the upside potential of the shares is only 4% from the current price

Our valuation model, based on EBITDA growth and target multiple, shows that Datadog, Inc. shares have an upside potential of only 4% from the current price. This means the market has already largely priced in the expected margin improvement.

With a current market capitalization of about $81.9 billion and EBITDA over the last twelve months of approximately $78.3 million (sum of quarterly values), the EV/EBITDA multiple exceeds 1000x, which is extremely high. Even with rapid revenue growth, the current valuation leaves little room for error.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report is strong: revenue accelerated to 35.6%, net profit grew 1583.3%, albeit from a low base, and operating cash flow over 12 months reached $1,100 million. The company maintains a huge net cash position of $4.7 billion, reducing risks. However, operating margin remains near zero, and Q3 guidance points to a possible slowdown. Shares have fallen 35% from pre-report levels, and the valuation now looks more reasonable, but the portal's model shows only 4% upside. Verdict: rather attractive – provided the company confirms its ability to restore margins and sustain high growth rates.

2 сентября 2026 года Hewlett Packard Enterprise Co раскрыла результаты за третий квартал 2026 финансового года. Выручка выросла на 33,7% год к году до 12,2 млрд долл., EBITDA – на 141,6% до 2,3 млрд долл., чистая прибыль – на 404,9% до 1,5 млрд долл.. Акции выглядят привлекательно: мультипликатор EV/EBITDA в 2,3 раза выше собственного трёхлетнего среднего, но модель портала даёт потенциал роста на 70%.

Key takeaways

— Revenue grew a third thanks to AI servers, but without them growth would have been more modest

— EBITDA margin doubled to 18.5% on operating leverage and revenue mix shift

— Net profit grew fivefold, but $444 million of it was a one-off stake sale

— Leverage is 2.85x EBITDA, and net debt fell by $5.1 billion over the year

— Dividend increased, but yield of 0.95% is below the market average

— Valuation: EV/EBITDA 14.9 vs 6.4 three-year average, but portal model gives +70%

Attractiveness

Key figures, USD bn

Revenue grew a third thanks to AI servers, but without them growth would have been more modest

In the third quarter of fiscal 2026, Hewlett Packard Enterprise Co revenue reached $12.2 billion, up 33.7% year-over-year. The main contribution came from the Cloud & AI segment, whose revenue grew 25.4% to $9.0 billion, and within it servers – up 35.3% to $6.8 billion. Demand for AI infrastructure continues to fuel growth, and the company raised its full-year fiscal 2026 revenue growth outlook to 34–37%.

Excluding servers, the dynamics would have been noticeably weaker: storage grew only 10.2%, financial services were virtually flat (–0.3%), and Corporate Investments and Other added just 3%. Thus, growth remains concentrated in AI servers, creating dependence on the cyclicality of capital spending by large cloud providers.

EBITDA margin doubled to 18.5% on operating leverage and revenue mix shift

EBITDA for the reported quarter grew 141.6% year-over-year to $2.3 billion, and EBITDA margin expanded from 10.2% to 18.5%. GAAP operating profit jumped 464% to $1.4 billion, reflecting operating leverage: revenue grows faster than fixed costs.

In the Cloud & AI segment, operating margin rose from 7.0% to 17.0%, while in Networking it remained virtually unchanged – 22.0% versus 22.1% a year earlier. The margin expansion in Cloud & AI is likely due to scaling of the AI business and improved sales mix, although the company does not disclose details.

Net profit grew fivefold, but $444 million of it was a one-off stake sale

Net profit for the third quarter of fiscal 2026 was $1.5 billion versus $305 million a year earlier – growth of 404.9%. However, the profit includes a one-off gain of $444 million from the sale of an equity interest. Without it, net profit would have been about $1.1 billion, still significantly above last year's level.

The company also reported a gain from the sale of a business in the prior year, but no such transactions occurred in the current quarter. Operating profit rose 464% to $1.4 billion, indicating the sustainability of core operations, not just one-off factors.

Leverage is 2.85x EBITDA, and net debt fell by $5.1 billion over the year

At the end of the third quarter of fiscal 2026, net debt stood at $18.3 billion, and the ratio of net debt to EBITDA over the trailing twelve months was 2.85. Over the past twelve months, net debt decreased by $5.1 billion, reflecting strong cash flow and the stake sale.

Operating cash flow for the quarter was $1.6 billion, up $0.3 billion from a year earlier. Capital expenditures rose to $745 million, but free cash flow still increased to $1.0 billion. The company raised its fiscal 2026 free cash flow outlook to at least $3.75 billion.

Dividend increased, but yield of 0.95% is below the market average

The Board of Directors declared a quarterly dividend of $0.1425 per share, up 9.6% from a year earlier ($0.13). Over the trailing twelve months, the company paid dividends totaling about $0.57 per share, giving a yield of 0.95% at the current price.

The company plans to return at least 75% of free cash flow to shareholders in the fourth quarter. At current free cash flow, this implies significant buybacks, which would support the share price. However, the dividend yield remains low, making the stock more of a growth story than an income source.

Valuation: EV/EBITDA 14.9 vs 6.4 three-year average, but portal model gives +70%

The current EV/EBITDA multiple is 14.9, more than double its own three-year average of 6.4. P/E over the trailing twelve months is 27.8. The stock trades at a premium to its own history, reflecting accelerating growth and margin expansion.

According to the portal's model, based on EBITDA growth and a target multiple, the upside potential of the shares is +70% to fair value. This is significant potential, but it assumes that current AI demand growth persists and the company can maintain high margins.

Valuation on the latest reported figures

Bottom line

The report is strong: record revenue, doubled EBITDA margin, and fivefold net profit growth. However, part of the profit is a one-off stake sale, and growth remains narrowly dependent on AI servers. Leverage is declining but remains moderate. The stock trades expensive relative to its own history, but the portal model gives +70% upside, making the verdict 'attractive'.

5 августа 2026 года EOG Resources, Inc. раскрыла результаты за второй квартал 2026 года. Выручка выросла на 57,4% год к году до 8 620 млн долл., EBITDA – на 71,0% до 4 787 млн долл., чистая прибыль – на 102,5% до 2 724 млн долл. Акции выглядят непривлекательно на текущей цене: мультипликатор EV/EBITDA выше собственного трёхлетнего среднего, а модель портала оценивает потенциал снижения в 35%.

Key takeaways

— Q2 2026 revenue rose 57.4% YoY to $8,620 million, driven by a sharp jump in energy prices

— EBITDA margin reached 55.5% versus 51.1% a year earlier, reflecting operating leverage from higher prices

— Net profit doubled to $2,724 million, but part of the growth came from one-off factors

— Leverage remains low: net debt to EBITDA for the last twelve months stands at 0.41

— Trailing twelve-month dividend yield is 2.78%, below the level we consider fair for such companies

— EV/EBITDA multiple (5.90) exceeds its own three-year average (5.25), suggesting possible overvaluation

— The portal's model sees 35% downside from the current price

Attractiveness

Key figures, USD bn

Q2 2026 revenue rose 57.4% YoY to $8,620 million, driven by a sharp jump in energy prices

In Q2 2026, EOG Resources, Inc. revenue reached $8,620 million, up 57.4% from the same quarter a year earlier. This is a sharp acceleration after modest growth in previous periods: in Q4 2025 revenue rose only 0.9%, and in Q1 2026 it was up 22.1%.

The main driver was higher oil and gas prices, which lifted revenue despite nearly unchanged production volumes. The company does not disclose revenue breakdown in the report, but the dynamics of energy prices during this period explains the scale of growth.

EBITDA margin reached 55.5% versus 51.1% a year earlier, reflecting operating leverage from higher prices

In Q2 2026, EBITDA reached $4,787 million, with an EBITDA margin of 55.5% versus 51.1% in Q2 2025. The 4.4 percentage point margin expansion reflects operating leverage: revenue grew 57.4% while EBITDA grew 71.0%, as a significant portion of costs remains fixed in the short term.

This confirms that the company benefits from higher energy prices more than a simple revenue increase would suggest. However, this sensitivity works both ways: if prices fall, margins will compress faster than revenue.

Net profit doubled to $2,724 million, but part of the growth came from one-off factors

Net profit in Q2 2026 rose 102.5% YoY to $2,724 million. Profit growth outpaced EBITDA growth (71.0%), indicating a lower effective tax rate or one-off income unrelated to core operations.

The report does not disclose details, but part of the increase is likely due to one-off items such as derivative revaluations or tax adjustments. Without these, profit growth would have been lower, though still significant thanks to operating leverage.

Leverage remains low: net debt to EBITDA for the last twelve months stands at 0.41

Net debt at the end of Q2 2026 stood at $3,343 million, corresponding to a net debt to EBITDA ratio of 0.41 for the last twelve months. This is a low level, leaving ample headroom to fund capital expenditures and dividends.

Over the last twelve months, net debt increased by $4.0 billion, but thanks to strong cash flow, leverage remains moderate. Operating cash flow for the last twelve months reached $10,000 million, more than twice capital expenditures for the same period.

Trailing twelve-month dividend yield is 2.78%, below the level we consider fair for such companies

Over the last twelve months, EOG Resources, Inc. paid dividends equivalent to 2.78% of the current share price. This is below what we consider fair for companies with low leverage and strong cash flow: with 10-year US Treasury yields around 4%, the stock offers a limited premium to the risk-free rate.

The company pays regular dividends and periodically returns capital through buybacks. However, at the current price, dividend appeal is limited, especially given that the portal's model sees 35% downside.

EV/EBITDA multiple (5.90) exceeds its own three-year average (5.25), suggesting possible overvaluation

The current EV/EBITDA multiple stands at 5.90 versus the three-year average of 5.25. This means the stock trades 12% above its historical valuation, despite the fact that revenue and margin growth are already priced in.

P/E for the last twelve months is 11.31, which also looks moderate, but does not account for a possible decline in energy prices. If oil and gas prices correct, profit and EBITDA could shrink quickly, making current multiples look stretched.

The portal's model sees 35% downside from the current price

According to the portal's model, which re-prices EBITDA at current commodity prices and applies a target EV/EBITDA multiple, the fair value of the shares is 35% below the current market price. This suggests the market has already priced in sustained high oil and gas prices, which may not materialize.

The portal's model is not a market consensus and does not set a target price, but it serves as a guide for our assessment. With such downside potential, we see no appeal in buying the stock at current levels.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report shows impressive growth: revenue up 57.4%, EBITDA up 71.0%, net profit more than doubled. However, much of this growth is tied to favorable commodity prices, which could reverse. The stock trades above its own three-year average EV/EBITDA, and the portal's model points to 35% downside. A dividend yield of 2.78% does not compensate for the overvaluation risk. Verdict: unattractive.

On August 11, 2026, Lumentum Holdings Inc. reported results for the fourth quarter of fiscal year 2026. Revenue grew 109.3% year-over-year to $1,006.3 million, EBITDA rose 501.3% to $316.9 million, but net loss was $7,161.7 million due to a one-time non-cash loss on debt extinguishment of $7.8 billion. The shares look attractive at the current price: revenue growth is accelerating, margins are expanding, and leverage has fallen to 2.68 EBITDA.

Key takeaways

— Quarterly revenue doubled: +109.3% year-over-year to $1,006.3 million, driven by explosive demand for optical solutions for AI data centers

— EBITDA margin expanded from 11.0% to 31.5% in the quarter — operating leverage is working at full capacity

— Net loss of $7,161.7 million is due to a one-time non-cash loss on debt extinguishment of $7.8 billion, not operational issues

— The company issued strong guidance for the first quarter of fiscal year 2027: revenue of $1,225–1,275 million, non-GAAP operating margin of 39.5–40.5%

— Net debt turned into a net cash position: net debt was –$406.1 million at the end of the quarter

— Shares rose 21.6% from the release date to September 9, 2026, but the portal's model estimates upside potential at –14%

Attractiveness

Key figures, USD bn

Quarterly revenue doubled: +109.3% year-over-year to $1,006.3 million, driven by explosive demand for optical solutions for AI data centers

In the fourth quarter of fiscal year 2026, Lumentum Holdings Inc. reported revenue of $1,006.3 million, up 109.3% year-over-year. Growth accelerated from the prior quarter, when revenue rose 90.1% year-over-year. The company attributes the momentum to rising demand for optical components and systems for AI-driven data centers.

The Components segment contributed $649.4 million (64.5% of revenue), up 102.7% year-over-year. The Systems segment grew even faster, up 122.6% to $356.9 million. CEO Michael Hurlston noted that the company is beginning shipments of solutions for in-rack connectivity, expanding its addressable market.

EBITDA margin expanded from 11.0% to 31.5% in the quarter — operating leverage is working at full capacity

EBITDA for the reported quarter was $316.9 million, with an EBITDA margin of 31.5% versus 11.0% a year earlier. Profitability is growing faster than revenue: while sales doubled, EBITDA increased sixfold. Non-GAAP operating margin reached 36.6%, up 2,160 basis points from the fourth quarter of fiscal year 2025.

Margin expansion reflects operating leverage: a significant portion of costs is fixed, so revenue growth directly boosts profitability. The company is also reducing restructuring charges — they were only $2.4 million in the reported quarter versus $5.2 million a year earlier.

Net loss of $7,161.7 million is due to a one-time non-cash loss on debt extinguishment of $7.8 billion, not operational issues

Net loss for the quarter was $7,161.7 million, versus a profit of $213.3 million a year earlier. The cause is a loss on debt extinguishment of $7,756.6 million, arising from the exchange of convertible notes for common shares. This is a non-cash transaction: the company did not spend cash, but under GAAP it must recognize the difference between the fair value of issued shares and the carrying amount of the notes as a loss.

Operating profit for the quarter was $279.3 million, versus a loss of $8.4 million a year earlier. Non-GAAP net income reached $326.3 million, or $3.23 per share, well above $0.88 a year ago. Thus, operating activities remain profitable, and the loss is one-time in nature.

The company issued strong guidance for the first quarter of fiscal year 2027: revenue of $1,225–1,275 million, non-GAAP operating margin of 39.5–40.5%

Lumentum expects first-quarter fiscal year 2027 revenue of $1,225–1,275 million, implying roughly 22% growth from the current quarter. Non-GAAP operating margin is forecast at 39.5–40.5%, above the achieved 36.6%. Non-GAAP diluted EPS is expected in the range of $4.05–4.35.

The CEO stated that the target revenue model will be achieved more than a quarter ahead of schedule, driven by accelerating demand for AI solutions. The guidance implies further margin expansion, confirming the sustainability of operating leverage.

Net debt turned into a net cash position: net debt was –$406.1 million at the end of the quarter

At the end of the fourth quarter of fiscal year 2026, the company's net debt was –$406.1 million, meaning cash and short-term investments exceeded total debt. A quarter earlier, net debt was $3,360.6 million. The change is due to the conversion of a significant portion of convertible notes into equity, reducing leverage.

The ratio of net debt to EBITDA for the trailing twelve months is 2.68. This level is not concerning, especially given the company generates strong operating cash flow: $363.0 million in the quarter and $751.4 million over the trailing twelve months. Capital expenditures were $166.8 million in the quarter, well below operating cash flow.

Shares rose 21.6% from the release date to September 9, 2026, but the portal's model estimates upside potential at –14%

The closing price before the release was $813.51. On the release day, shares rose 0.9%, and by September 9, 2026, they had gained 21.6%. Market capitalization reached $73,777.9 million, corresponding to an EV/EBITDA multiple of 97.1 over the trailing twelve months.

According to the portal's model, which assesses EBITDA growth and target multiple, the upside potential of the shares is –14% from the current price. This means the market has already priced in significant optimism, and further growth will require exceeding expectations.

Valuation on the latest reported figures

Bottom line

The report showed an impressive operational surge: revenue doubled, EBITDA margin expanded to 31.5%, and the company issued strong guidance for the next quarter. The one-time loss from debt conversion does not reflect operational reality; the conversion actually strengthened the balance sheet, turning net debt into a net cash position. However, the market has already priced in these successes: shares rose 21.6% after the report, and the portal's model indicates a potential decline of 14%. At an EV/EBITDA multiple of 97.1, investors should be prepared for high volatility, but the fundamental trend remains in the company's favor.

On August 25, Nebius reported Q2 2026 results: revenue surged 454% YoY to $582.3 million, EBITDA was $118.4 million versus a loss a year earlier, but net profit turned negative at $190.4 million. The shares look rather attractive amid explosive growth and massive investments, but caution is warranted due to high leverage and negative margins.

Key takeaways

— Nebius's Q2 2026 revenue grew 454% YoY to $582.3 million, driven by expansion of cloud and AI services.

— EBITDA turned positive for the first time in four quarters – $118.4 million, with a margin of 20.3%.

— Net loss of $190.4 million reflects rising operating expenses and depreciation after massive investments.

— Operating cash flow reached $2,246.1 million in Q2, but capex of $5,657.4 million led to negative free cash flow.

— Net debt rose to $503.6 million at quarter-end, with net debt/EBITDA of 2.5 for the trailing twelve months.

— Capex over the trailing twelve months totaled $11.6 billion, far exceeding operating cash flow of $384.8 million.

— At a current market cap of $65.3 billion and EV/EBITDA of 366.4, shares trade at a premium to historical levels.

Attractiveness

Key figures, USD bn

Nebius's Q2 2026 revenue grew 454% YoY to $582.3 million, driven by expansion of cloud and AI services.

In Q2 2026, Nebius increased revenue to $582.3 million, up 454% from the same period last year, when it stood at $105.1 million. Growth accelerated compared to previous quarters: Q1 2026 revenue reached $399.0 million, and Q4 2025 was $227.7 million.

The main driver was the expansion of the cloud platform and AI services, consistent with the company's strategy to monetize AI infrastructure. Sequential dynamics are also impressive: revenue grew 46% from Q1 2026, indicating sustained strong demand.

EBITDA turned positive for the first time in four quarters – $118.4 million, with a margin of 20.3%.

In Q2 2026, EBITDA reached $118.4 million versus a loss of $26.5 million a year earlier. EBITDA margin hit 20.3%, a significant improvement from previous quarters when it was negative: Q1 2026 EBITDA was $113.8 million, and Q4 2025 was -$34.1 million.

The turnaround is explained by operating leverage: rapid revenue growth outpaces operating expense growth. However, EBITDA excludes depreciation and interest, which remain significant due to massive investments.

Net loss of $190.4 million reflects rising operating expenses and depreciation after massive investments.

Despite positive EBITDA, Nebius ended the quarter with a net loss of $190.4 million versus a profit of $584.4 million a year earlier. Operating profit was also negative at -$175.9 million, indicating high depreciation charges and development expenses.

The loss is partly due to a high base effect: Q2 2025 net profit included one-off gains. In the current quarter, the company continues to invest heavily in capacity expansion, weighing on the bottom line.

Operating cash flow reached $2,246.1 million in Q2, but capex of $5,657.4 million led to negative free cash flow.

In Q2 2026, Nebius's operating cash flow was $2,246.1 million, significantly higher than in previous periods (Q1: $2,258.0 million, Q4 2025: $834.3 million). However, capex reached $5,657.4 million, resulting in negative free cash flow of about $3.4 billion.

The company is in a phase of intensive data center construction and equipment purchases, requiring huge investments. Over the trailing twelve months, capex totaled about $11.6 billion, while operating cash flow for the same period was only $384.8 million. This means the company is financing investments through debt and accumulated funds.

Net debt rose to $503.6 million at quarter-end, with net debt/EBITDA of 2.5 for the trailing twelve months.

At the end of Q2 2026, Nebius's net debt was $503.6 million versus a negative value (net cash position) of $847.8 million in Q1. The increase in debt is related to financing capital expenditures.

The net debt/EBITDA ratio for the trailing twelve months is 2.5, a moderate level, but given negative free cash flow, leverage may continue to rise. Net debt increased by $1.4 billion during the quarter and by $1.2 billion over twelve months.

Capex over the trailing twelve months totaled $11.6 billion, far exceeding operating cash flow of $384.8 million.

Over the trailing twelve months (Q3 2025 through Q2 2026), Nebius's capex totaled approximately $11.6 billion, while operating cash flow for the same period was only $384.8 million. This creates a significant gap, which the company covers through debt and previously accumulated funds.

The scale of investment reflects Nebius's ambitions to build the largest AI infrastructure in Europe, but raises questions about payback timelines. While revenue is growing faster than operating expenses, achieving positive free cash flow will require either a slowdown in capex or further revenue growth.

At a current market cap of $65.3 billion and EV/EBITDA of 366.4, shares trade at a premium to historical levels.

Nebius's market capitalization is $65.3 billion, and the EV/EBITDA multiple for the trailing twelve months is 366.4. This is an extremely high valuation, reflecting investor expectations for future growth, but it leaves little room for error.

For comparison, in previous quarters EBITDA was negative, so the current multiple lacks a direct historical base. However, even with rapid revenue growth, such a valuation implies that the company must sustain growth rates and significantly improve margins to justify the current share price.

Valuation on the latest reported figures

Bottom line

Bottom line: Nebius shows impressive revenue growth – +454% in Q2, and turned EBITDA positive for the first time in four quarters. However, net profit remains negative, and capex is several times higher than operating cash flow, requiring constant debt raising. At the current valuation of 366.4 EV/EBITDA, the shares look rather attractive for long-term investors who believe in the scaling of AI infrastructure, but are extremely vulnerable to any execution missteps. The key question for holders is when investments will start generating positive free cash flow.

28 июля 2026 года Bloom Energy Corp раскрыла результаты за второй квартал 2026 года. Выручка выросла на 165,5% год к году до $1 065,4 млн, EBITDA – до $253,4 млн, чистая прибыль составила $196,3 млн против убытка годом ранее. Несмотря на сильные цифры, акции в день отчёта подешевели на 11,3%, но к 9 сентября выросли на 43,1% от уровня после падения. На текущей цене бумага выглядит скорее привлекательно, учитывая ускорение роста и улучшение рентабельности, хотя оценка остаётся высокой.

Key takeaways

— Revenue exceeded $1 billion for the first time in a quarter, up 165.5% driven by products

— EBITDA margin rose from 2.3% to 23.8% over the year, helped by operating leverage

— Net profit of $196.3 million resulted from record operating income and absence of one-off losses

— Operating cash flow increased by $439.5 million to $226.4 million, but capex also rose

— The company raised its 2026 revenue guidance to $3.9–4.2 billion

— Net debt fell to $144.8 million, with a debt-to-EBITDA ratio of 0.65

— Shares fell 11.3% on the day of the report but then rose 43.1%, valuation remains high

Attractiveness

Key figures, USD bn

Revenue exceeded $1 billion for the first time in a quarter, up 165.5% driven by products

In the second quarter of 2026, Bloom Energy Corp's revenue reached $1,065.4 million, up 165.5% from $401.2 million a year earlier. This is the first quarter in the company's history with revenue above $1 billion. The main driver was product revenue, which grew 215.4% to $935.4 million, while installation and service revenue grew more slowly.

Growth accelerated compared to previous quarters: in the first quarter of 2026, revenue grew 130.4% year-over-year, and in the second quarter – 165.5%. The company attributes this to rising demand for its fuel cells for data centers, which have been validated by all major US hyperscalers and more than a dozen neoclouds.

EBITDA margin rose from 2.3% to 23.8% over the year, helped by operating leverage

EBITDA in the second quarter of 2026 was $253.4 million versus $9.1 million a year earlier, and the EBITDA margin rose from 2.3% to 23.8%. The main contribution came from product revenue with high margins: product gross margin reached 36.5% on a GAAP basis and 37.2% on a non-GAAP basis.

Operating income increased to $182.2 million from a loss of $3.5 million a year earlier. The margin expansion is explained by operating leverage: with revenue growing 165.5%, operating expenses rose only 56.7% to $173.3 million.

Net profit of $196.3 million resulted from record operating income and absence of one-off losses

Net profit attributable to shareholders in the second quarter of 2026 was $196.3 million versus a loss of $42.2 million a year earlier. Net margin reached 18.4% versus minus 10.5% in the second quarter of 2025.

Unlike last year, when the company recorded a loss on debt extinguishment of $32.3 million, there were no such one-off items in the reporting quarter. Operating income of $182.2 million and a positive balance of non-operating income and expenses of $14.1 million resulted in pre-tax profit of $200.3 million.

Operating cash flow increased by $439.5 million to $226.4 million, but capex also rose

In the second quarter of 2026, operating cash flow was $226.4 million versus an outflow of $213.1 million a year earlier, an improvement of $439.5 million. This was driven by higher net profit and inflows from changes in customer deposits and other liabilities.

Capital expenditures rose to $51.6 million from $7.2 million a year earlier, reflecting investments in expanding production capacity. Free cash flow, nevertheless, remained positive: $174.8 million versus an outflow of $220.4 million a year earlier.

The company raised its 2026 revenue guidance to $3.9–4.2 billion

Bloom Energy Corp raised its full-year 2026 revenue guidance to $3.9–4.2 billion, implying growth of about 100% at the midpoint compared to 2025. The company also expects non-GAAP operating income in the range of $800–900 million and non-GAAP EPS of $2.55–2.85.

The guidance raise reflects management's confidence in sustained strong demand from data center operators. In the second quarter of 2026, revenue already reached $1,065.4 million, corresponding to an annualized pace above $4 billion.

Net debt fell to $144.8 million, with a debt-to-EBITDA ratio of 0.65

At the end of the second quarter of 2026, the company's net debt was $144.8 million, significantly lower than $704.3 million a year earlier. Over the trailing twelve months, net debt declined by about $0.6 billion.

The ratio of net debt to EBITDA for the trailing twelve months is 0.65, indicating a moderate level of leverage. Cash and cash equivalents on the balance sheet reached $2,666.9 million, providing a safety cushion to finance growth.

Shares fell 11.3% on the day of the report but then rose 43.1%, valuation remains high

Despite strong results, Bloom Energy Corp shares fell 11.3% on the day of the report. However, from the report date to September 9, 2026, the shares rose 43.1%, indicating a positive reassessment by investors.

At current levels, the market capitalization is $64,735.5 million. The P/E multiple for the trailing twelve months is 260.6, and EV/EBITDA is 141.0, significantly above historical levels. According to the portal's model, the upside to fair value is estimated at minus 22%, reflecting an overvalued stock.

Valuation on the latest reported figures

Bottom line

Bloom Energy Corp's second-quarter 2026 report was strong: revenue exceeded $1 billion for the first time, EBITDA margin rose to 23.8%, and net debt fell to $144.8 million. The company raised its full-year guidance, confirming the sustainability of growth drivers. However, the valuation remains extremely high: a P/E of 260.6 and EV/EBITDA of 141.0 imply that investors have already priced in continued hypergrowth. According to the portal's model, the downside potential is 22%, making the share rather attractive for long-term investors, but with limited upside over the next year.

12 августа 2026 года COHERENT CORP. раскрыла результаты за четвёртый квартал 2026 финансового года: выручка выросла на 34% год к году до 2 045,5 млн долл., EBITDA margin составила 15,9%, чистая прибыль — 240,5 млн долл.. Акции на релизе прибавили 8,2%, но с тех пор потеряли 7,6%. Вердикт: бумага выглядит скорее непривлекательно — при текущей цене рынок оценивает рост, который уже во многом заложен в мультипликаторы.

Key takeaways

— Выручка четвёртого квартала выросла на 34% год к году, до 2 045,5 млн долл., благодаря сегменту Datacenter Communications, который принёс 1 615 млн долл.

— EBITDA margin в отчётном квартале составила 15,9% — ниже, чем в предыдущем квартале (17,6%), из-за роста операционных расходов и разовых статей.

— Чистая прибыль в 240,5 млн долл. включает разовые доходы от продажи инвестиций и бизнеса, без которых результат был бы скромнее.

— Долговая нагрузка: net debt / EBITDA LTM — 2,27, при этом за квартал чистый долг вырос на 1,1 млрд долл., до 1 227,3 млн.

— Капитальные затраты в квартале взлетели до 555,7 млн долл. — почти вдвое выше предыдущего квартала, что давит на свободный денежный поток.

— Компания не платит дивиденды по обыкновенным акциям; в 2026 финансовом году выплаты составили лишь 11,4 млн долл. — менее 0,1% капитализации.

— При капитализации 59,4 млрд долл. и EV/EBITDA LTM 47,5 акции торгуются значительно выше собственной истории, что оставляет мало места для ошибки.

Attractiveness

Key figures, USD bn

Fourth-quarter revenue grew 34% YoY to $2,045.5 million, driven by the Datacenter Communications segment, which contributed $1,615 million.

In the fourth quarter of fiscal 2026 (ended June 30, 2026), COHERENT CORP. reported revenue of $2,045.5 million, up 34% YoY. The company attributes the growth to the transition of data center architectures from copper to optical connectivity, boosting demand for its products.

The main driver was the Datacenter Communications segment: quarterly revenue reached $1,615 million, versus $1,018 million a year earlier. The Industrial segment, however, declined from $511 million to $430.5 million, indicating divergent trends across end markets.

For the full fiscal 2026, revenue grew 22.5% to $7,118 million, with the datacenter segment up 40% while industrial fell 10%. The company expects further acceleration: Q1 FY2027 guidance implies revenue of $2.2–2.4 billion, representing 20–30% YoY growth.

EBITDA margin in the reported quarter was 15.9% — lower than the previous quarter's 17.6%, due to higher operating expenses and one-off items.

EBITDA for Q4 FY2026 was $324.6 million, corresponding to a margin of 15.9%. In the prior quarter, the margin was higher at 17.6% (EBITDA of $317.2 million on revenue of $1,805.6 million).

The margin decline is attributed to higher operating expenses: the quarter included restructuring charges of $6.1 million and impairment of assets held-for-sale of $44.3 million. Excluding these items, operating profit would have been higher, but even the adjusted margin (non-GAAP operating margin of 21.8%) is not clearly improving sequentially due to one-off effects.

Over the trailing twelve months, EBITDA reached $1,312.1 million, implying a margin of about 18.5% — above the quarterly figure, indicating quarterly volatility.

Net profit of $240.5 million includes one-off gains from the sale of investments and a business, without which the result would have been more modest.

Net profit attributable to COHERENT CORP. shareholders for Q4 was $240.5 million, versus a loss of $95.6 million a year earlier. However, the profit includes one-off items: the quarter reflected a gain on sale of investment ($38.4 million in other income) and earlier a gain on sale of a business ($124.1 million for the full year).

Excluding these items, net profit would have been roughly $40–80 million lower. Over the trailing twelve months, net profit was $805.0 million, but again a significant portion is one-off gains from asset sales.

GAAP EPS for the quarter was $1.19, non-GAAP $1.74. The difference is mainly due to amortization of acquired intangibles and share-based compensation.

Leverage: net debt / EBITDA LTM is 2.27, while net debt increased by $1.1 billion during the quarter to $1,227.3 million.

At the end of the quarter, net debt stood at $1,227.3 million, up $1.1 billion from the previous reporting date. However, over the trailing twelve months, net debt declined by $0.9 billion, reflecting balance sheet improvement during the year.

The net debt / EBITDA ratio for the trailing twelve months is 2.27. This is a moderate level, but it does not account for the recent quarterly increase in debt.

The quarterly debt increase is linked to heavy capital expenditures ($555.7 million) and purchases of short-term investments ($825 million on the balance sheet), which temporarily increased the need for borrowed funds.

Capital expenditures surged to $555.7 million in the quarter — nearly double the prior quarter, pressuring free cash flow.

Capital expenditures in Q4 reached $555.7 million, versus $289.7 million in Q3. The company is expanding manufacturing capacity to meet datacenter demand, requiring significant investment.

Operating cash flow for the quarter was only $69.5 million, resulting in negative free cash flow of about -$486 million after capex. Over the trailing twelve months, operating cash flow was just $79.6 million — extremely low for a company with $7.1 billion in revenue.

The low operating cash flow is due to working capital build-up: accounts receivable grew from $964 million to $1,343 million over the year, inventories from $1,438 million to $2,581 million. The company is financing growth through debt and equity issuance (raised $1,998.6 million from common share issuance in FY2026).

The company does not pay dividends on common shares; in FY2026, payments totaled only $11.4 million — less than 0.1% of market cap.

COHERENT CORP. does not pay dividends on common shares. In FY2026, payments totaled $11.4 million, implying a yield of less than 0.1% at the current market cap of $59.4 billion.

These payments likely relate to preferred shares, which were converted to common during the year. Common shareholders receive no dividend income.

The company reinvests free cash flow into capacity expansion and debt repayment, typical for a high-growth phase.

With a market cap of $59.4 billion and EV/EBITDA LTM of 47.5, the shares trade well above their own history, leaving little room for error.

COHERENT CORP.'s market capitalization is $59,407 million, and EV/EBITDA for the trailing twelve months is 47.5. This is a very high valuation: even for a fast-growing company, such a multiple implies that EBITDA growth will continue at an accelerated pace for many years.

P/E LTM is 73.8, also indicating a premium. According to the portal's model, the upside to fair value is 0% — meaning the current price already fully reflects expectations.

For context, over the trailing twelve months, EBITDA grew roughly 30% (from $1,012 million to $1,312 million), but even such growth does not justify a multiple of 47.5. Investors would need the company to continue growing 30–40% annually for several years to justify the current price.

Valuation on the latest reported figures

Bottom line

COHERENT CORP.'s Q4 FY2026 report showed strong revenue growth (+34% YoY) and a return to profit, but the quality of that profit is mixed: a significant portion is one-off gains from asset sales, and operating cash flow remains minimal. Capital expenditures doubled, necessary for capacity expansion, but putting pressure on the balance sheet. At the current price, shares trade at 47.5x EV/EBITDA LTM, leaving zero upside according to the portal's model. Verdict — rather unattractive: investors would need the company to continue growing 30–40% annually for several years to justify such a valuation, and any execution misstep could lead to a significant correction.

On August 25, 2026, Diamondback Energy reported results for the second quarter of 2026. Revenue rose 51.2% year-over-year to $5,562 million, EBITDA increased 63.8% to $3,940 million, and net profit jumped 169.2% to $1,882 million. Against these figures, the shares look attractive, but only if oil prices remain at current levels.

Key takeaways

— Revenue in Q2 2026 rose 51.2% year-over-year to $5,562 million, driven by higher oil prices and increased production volumes

— EBITDA margin reached 70.8% in Q2 2026 versus 65.4% a year earlier, reflecting operating leverage at high oil prices

— Net profit in Q2 2026 was $1,882 million, up 169.2% year-over-year, helped by higher oil prices and lower costs

— Operating cash flow in Q2 2026 was $3,589 million, allowing net debt to be reduced by $1.6 billion compared to the previous quarter

— Capital expenditures in Q2 2026 fell to $438 million, contributing to higher free cash flow

— Dividend yield over the trailing twelve months is 2.1%, below the key rate, but payments are backed by strong cash flow

— Shares trade at an EV/EBITDA multiple of 10.65, above the three-year average of 8.31, and the portal's model implies -77% upside

Attractiveness

Key figures, USD bn

Revenue in Q2 2026 rose 51.2% year-over-year to $5,562 million, driven by higher oil prices and increased production volumes

In Q2 2026, Diamondback Energy reported revenue of $5,562 million, up 51.2% from the same period last year. The main driver was higher oil prices, which accounted for a significant portion of the increase. The company also ramped up production volumes, further supporting revenue.

Revenue dynamics over recent quarters have been uneven: in Q1 2026, growth was only 4.7% year-over-year, while in Q2 it accelerated to 51.2%. This reflects the volatility of oil prices and their direct impact on the company's financial results.

EBITDA margin reached 70.8% in Q2 2026 versus 65.4% a year earlier, reflecting operating leverage at high oil prices

EBITDA in Q2 2026 was $3,940 million, corresponding to a margin of 70.8%. A year earlier, the margin was lower at 65.4%. The increase in profitability is explained by the fact that production costs did not rise proportionally to revenue, providing operating leverage.

High margin is a key indicator for an oil producer, as it shows how much of the revenue remains after covering operating expenses. The level of 70.8% is among the highest in the industry, indicating the efficiency of Diamondback Energy's operations.

Net profit in Q2 2026 was $1,882 million, up 169.2% year-over-year, helped by higher oil prices and lower costs

Net profit in Q2 2026 reached $1,882 million, up 169.2% year-over-year. Profit growth significantly outpaced revenue growth, which is explained by operating leverage and possibly one-off factors such as revaluation or tax effects.

For comparison, in Q1 2026 net profit was only $25 million, due to low operating profit ($116 million). In Q2, operating profit rose to $2,512 million, driving the jump in net profit.

Operating cash flow in Q2 2026 was $3,589 million, allowing net debt to be reduced by $1.6 billion compared to the previous quarter

Operating cash flow in Q2 2026 was $3,589 million, significantly higher than in previous quarters. This allowed the company to reduce net debt by $1.6 billion compared to the end of Q1 2026, when it stood at $13,724 million.

At the end of Q2 2026, net debt was $12,152 million. The ratio of net debt to EBITDA over the trailing twelve months is 2.15, which is a moderate level for an oil producer.

Capital expenditures in Q2 2026 fell to $438 million, contributing to higher free cash flow

Capital expenditures in Q2 2026 were $438 million, significantly lower than in previous quarters (e.g., $933 million in Q1 2026). The reduction in capex, combined with high operating cash flow, led to an increase in free cash flow.

Free cash flow (OCF minus capex) in Q2 2026 was approximately $3,151 million. This gives the company the ability to increase dividends, reduce debt, or conduct share buybacks.

Dividend yield over the trailing twelve months is 2.1%, below the key rate, but payments are backed by strong cash flow

Over the trailing twelve months, Diamondback Energy has paid dividends providing a yield of 2.1% at the current share price. This is below the key rate, making the shares less attractive for income-oriented investors.

However, payments are backed by strong operating cash flow: over the trailing twelve months it was $8,800 million, which comfortably covers dividend payments. If oil prices remain at current levels, the company can afford to increase dividends.

Shares trade at an EV/EBITDA multiple of 10.65, above the three-year average of 8.31, and the portal's model implies -77% upside

The current EV/EBITDA multiple is 10.65, above the three-year average of 8.31. This means the market values the company higher than the average over the past three years, which may be justified by rising oil prices and improved operating performance.

According to the portal's model, which reprices EBITDA at current oil prices and applies a target EV/EBITDA, the upside potential for the shares is -77%. This indicates that the current price already reflects an optimistic scenario, and investors should be cautious.

Valuation on the latest reported figures

Bottom line

In Q2 2026, Diamondback Energy delivered strong results: revenue rose 51.2%, EBITDA margin reached 70.8%, and net profit more than doubled. The company generates robust operating cash flow, allowing it to reduce debt and support dividends. However, the shares already trade at a multiple above their own three-year history, and the portal's model indicates negative upside. The verdict is 'neutral': at current oil prices, the company looks solid, but upside potential is limited, and investors should wait for a more attractive entry point.

4 августа Astera Labs раскрыла результаты за второй квартал 2026 года: выручка выросла на 104,5% до 392,4 млн долларов, чистая прибыль — на 199% до 153,1 млн долларов. Компания повышает прогноз на третий квартал до 540–560 млн долларов выручки, но даже с учётом этого акции торгуются по мультипликатору P/E LTM около 180, что делает их скорее непривлекательными на текущей цене.

Key takeaways

— Revenue in Q2 2026 doubled to $392.4 million, and Scorpio switches will become the largest product family in Q3

— Net profit surged 199% to $153.1 million, but nearly half came from a tax benefit

— EBITDA margin expanded to 23.7% from 21.5% a year ago, but operating expenses are growing faster than revenue

— Operating cash flow for the last twelve months was $319.3 million, but the company spends more on R&D than it earns

— Shares rose 12.7% after the report but then fell 6.4% — the market doubts the sustainability of growth

— On the portal's model, the upside potential is only 3% — the valuation is already fair

Attractiveness

Key figures, USD bn

Revenue in Q2 2026 doubled to $392.4 million, and Scorpio switches will become the largest product family in Q3

In Q2 2026, Astera Labs' revenue reached $392.4 million, up 104.5% year-over-year. Growth accelerated from the previous quarter, when revenue rose 93.5% YoY. The company attributes the momentum to a broader product portfolio for AI infrastructure, including record sales of the Aries line.

For Q3, the company guides revenue in the range of $540–560 million, implying over 100% YoY growth. CEO Jitendra Mohan said Scorpio switches will become the largest product family in Q3 — a quarter earlier than previously expected. This marks the company's evolution into a complete AI fabric infrastructure provider.

Net profit surged 199% to $153.1 million, but nearly half came from a tax benefit

Net profit in Q2 2026 was $153.1 million versus $51.2 million a year earlier. However, the report shows a one-off factor: a tax benefit of $50.3 million — the company recorded a tax income instead of an expense. Without this effect, net profit would have been around $103 million.

Net margin rose to 39.0% from 26.7% a year ago, but this is distorted by the tax benefit. GAAP operating income was $89.2 million, implying an operating margin of 22.7%. Investors should focus on operating metrics rather than net profit, which is inflated by the one-off tax effect.

EBITDA margin expanded to 23.7% from 21.5% a year ago, but operating expenses are growing faster than revenue

EBITDA in Q2 2026 grew 126% YoY, and the EBITDA margin expanded to 23.7% from 21.5% a year earlier. This was driven by operating leverage: revenue is growing faster than fixed costs.

However, operating expenses (R&D, sales, and administrative) in Q2 rose to $198.3 million from $105.8 million a year ago — almost doubling. The company is investing heavily in R&D, which could pressure margins in the future if revenue growth slows. For now, economies of scale outweigh.

Operating cash flow for the last twelve months was $319.3 million, but the company spends more on R&D than it earns

For the last twelve months (LTM), Astera Labs' operating cash flow was $319.3 million against net profit of $289.2 million. Capital expenditures over the same period were modest — about $46 million, typical for a fabless semiconductor company.

However, R&D expenses over the last twelve months significantly exceed operating cash flow: in Q2 2026 alone, R&D was $135.9 million, and for the first half — $261.5 million. This means the company spends more on development than it generates from operations, funding the gap with accumulated cash and share issuance.

Shares rose 12.7% after the report but then fell 6.4% — the market doubts the sustainability of growth

On the day of the earnings release, Astera Labs shares rose 12.7%, reflecting strong results and an upgraded outlook. However, from the release to September 9, the stock fell 6.4%, partially giving back the initial optimism.

This dynamic suggests investors are pricing in not only current growth but also risks of deceleration. With a market capitalization of about $52.1 billion and a P/E LTM of around 180, the shares are valued for years of hypergrowth. Any slowdown could lead to a significant correction.

On the portal's model, the upside potential is only 3% — the valuation is already fair

Our fundamental value-creation model, based on EBITDA growth and a target multiple, shows that Astera Labs shares have an upside potential of only +3% to fair value. This means the current price almost fully reflects expected financial performance.

With a P/E LTM of around 180 and ROE of 38%, the shares trade at a significant premium to most companies in the sector, but Astera Labs has no comparable history — it went public only in 2024. Therefore, comparing the multiple to its own three-year history is impossible. Investors who believe in continued growth will have to pay a premium, while those who doubt it will look elsewhere.

Valuation on the latest reported figures

Bottom line

Astera Labs delivered an impressive quarter: revenue doubled, guidance was raised, and Scorpio switches promise to be a new growth driver. However, nearly half of net profit came from a one-off tax benefit, and operating cash flow does not cover rising R&D expenses. With a P/E of around 180 and an upside potential of only 3% on the portal's model, the shares look fairly valued and thus rather unattractive for new investments. The question for holders is whether the company can sustain its growth pace and convert it into cash flow.

11 августа CoreWeave раскрыла результаты за второй квартал 2026 года: выручка выросла на 112,5% год к году до 2 575 млн долларов, однако чистый убыток составил 626 млн долларов, а маржа по нему осталась на уровне минус 24,3%. При текущей капитализации в 52,4 млрд долларов и EV/EBITDA LTM на уровне 31,1 акция выглядит скорее непривлекательно: рост пока не конвертируется в прибыль, а долговая нагрузка остаётся высокой.

Key takeaways

— Revenue doubled year-over-year, but growth is slowing from 420% to 112%

— Net loss widens alongside revenue, margin remains deeply negative

— Operating cash flow turned positive for the first time, but capital expenditures consume it

— Debt rose to $22.6 billion, with net debt/EBITDA LTM at 8.05

— Company raised $10 billion in debt and convertible bonds, including inaugural Eurobond

— Revenue backlog reached $104 billion, excluding another $25 billion in new commitments

— Portal model implies 29% downside to fair value

Attractiveness

Key figures, USD bn

Revenue doubled year-over-year, but growth is slowing from 420% to 112%

In Q2 2026, CoreWeave's revenue reached $2,575 million, up 112.5% year-over-year. This marks the fourth consecutive quarter of decelerating growth: from 420.4% in Q1 2025 to 112.5% in Q2 2026. Absolute growth remains significant, with quarterly revenue increasing by nearly $500 million from the prior quarter.

The company attributes the growth to accelerating demand from both existing and new customers, including enterprises and AI labs. However, growth rates, while still triple-digit, are no longer what they were at the dawn of the AI infrastructure boom. The question is how long such a pace can be sustained on a growing base.

Net loss widens alongside revenue, margin remains deeply negative

Net loss in Q2 2026 was $626 million, compared to $290 million a year earlier. The net margin remained virtually unchanged: -24.3% versus -23.9% in Q2 2025. The main driver is rising operating expenses, which increased from $1,193 million to $2,624 million, including technology infrastructure costs and depreciation.

Adjusted EBITDA in Q2 2026 reached $1,510 million, with a margin of 59%. However, the GAAP loss remains deep due to high interest expenses and depreciation, which are excluded from non-GAAP metrics. Until the company reaches net profitability, its ability to create shareholder value remains an open question.

Operating cash flow turned positive for the first time, but capital expenditures consume it

Over the trailing twelve months, CoreWeave's operating cash flow reached $3,100 million — the first time it has turned positive on a sustained basis. In Q2 2026 alone, operating cash flow was $679 million, compared to a negative figure a year earlier.

However, capital expenditures remain enormous: $6,422 million in Q2 2026 alone, and over $20 billion over the trailing twelve months. The company continues to aggressively build data centers and purchase equipment, requiring constant external financing. Free cash flow remains deeply negative, a key risk for shareholders.

Debt rose to $22.6 billion, with net debt/EBITDA LTM at 8.05

At the end of Q1 2026, CoreWeave's net debt stood at $22,615 million, up $4.4 billion quarter-over-quarter and $15.2 billion over the trailing twelve months. Net debt/EBITDA LTM stands at 8.05 — a high leverage level, especially for a company that has yet to reach net profitability.

The debt increase is tied to the massive investment program: the company is building new data centers and purchasing NVIDIA equipment. In Q2 2026, CoreWeave raised $13.5 billion through debt issuance, including its inaugural Eurobond. As long as operating cash flow cannot cover capital expenditures, debt will continue to grow.

Company raised $10 billion in debt and convertible bonds, including inaugural Eurobond

In Q2 2026, CoreWeave raised over $10 billion through unsecured debt and convertible bonds. Among other things, the company placed its inaugural Eurobond, expanding its access to international capital markets. Additionally, a $3.1 billion syndicated term loan was completed — the first publicly syndicated delayed draw facility backed by HPC infrastructure.

These funds will finance data center construction and equipment purchases. Raising capital on such a scale demonstrates investor confidence in the business model, but it also increases debt burden and interest expenses, which reached $640 million in Q2 2026. The sustainability of this model depends on whether the company can convert growing revenue into positive free cash flow.

Revenue backlog reached $104 billion, excluding another $25 billion in new commitments

As of June 30, 2026, CoreWeave's revenue backlog was approximately $104 billion. This figure includes remaining performance obligations and other amounts the company estimates will be recognized as revenue in future periods under committed customer contracts. In early Q3, the company added another $25 billion in new customer commitments, which are not included in the backlog.

A backlog of this scale provides revenue visibility for years ahead and confirms strong demand for AI infrastructure. However, its realization depends on the company's ability to bring capacity online in a timely manner and meet contract terms. Additionally, part of the backlog could be revised or terminated if customers change their plans.

Portal model implies 29% downside to fair value

Our valuation model, based on EBITDA growth and a target multiple, indicates that the stock trades 29% above its fair value. With a current market cap of $52.4 billion and EV/EBITDA LTM of 31.1, the market values the company at a premium not supported by current profitability.

For comparison, the average EV/EBITDA multiple over the past three years is around 25, also below the current level. To justify such a valuation, CoreWeave must not only sustain high growth rates but also significantly improve margins. Until then, the stock appears overvalued.

Valuation on the latest reported figures

Bottom line

CoreWeave continues to deliver impressive revenue growth, doubling it year-over-year, and a $104 billion backlog provides long-term visibility. Operating cash flow turned positive for the first time, an important step toward financial sustainability. However, the company still generates a deep net loss, and capital expenditures are several times operating cash flow, forcing it to take on more debt. At the current valuation, with EV/EBITDA LTM at 31.1 and the portal model indicating 29% downside, the stock looks rather unattractive. A change in verdict would require sustained margin improvement and a slowdown in debt growth.