+119% above 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 on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 38
growth 18 ptFCF margin 20 pt
Growth +18% plus FCF margin +20% is 38 points, 2 below the line at 40. Counting the stock as an expense: 27 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Sep 30, 2021 → Jun 30, 2026
Five-year median 3.1×, middle half 2.2–3.9×, range 1.6–20.6×. Now 6.7×: +119% above its own median, higher than 85% 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 Jun 30, 2026 · $B
FCF 1.11B − SBC 0.59B = 0.52B ex-SBC · operating income 0.31B is the GAAP figure after SBC
Against its scale group
TWLO (blue) vs. the other Large companies on the board (14), grey
Revenue growth+18% vs. +27%
Gross margin49% vs. 77%
FCF margin+20% vs. +34%
SBC / revenue11% vs. 15%
Rule of 4038 vs. 61
EV / revenue6.7× vs. 19.6×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter