−11% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on1 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score -18
growth 22 ptFCF margin −40 pt
Growth +22% plus FCF margin −40% is -18 points, 58 below the line at 40. Counting the stock as an expense: -27 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Nov 30, 2021 → Aug 31, 2026
Five-year median 7.9×, middle half 7.1–9.9×, range 5.9–12.7×. Now 7.0×: −11% below its own median, higher than 25% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Aug 31, 2026 · $B
FCF -28.72B − SBC 5.97B = -34.69B ex-SBC · operating income 23.23B is the GAAP figure after SBC
Against its scale group
ORCL (blue) vs. the other Mega companies on the board (4), grey
Revenue growth+22% vs. +14%
Gross margin64% vs. 79%
FCF margin−40% vs. +34%
SBC / revenue8% vs. 7%
Rule of 40-18 vs. 48
EV / revenue7.0× vs. 6.3×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Nov 30, 2024 → Aug 31, 2026 · a gap is a dropped quarter