Alphabet (GOOGL) — segment sum-of-the-parts, FY2026E basis

Alphabet Inc. (GOOGL)
By@anthropopithecus
Assumptions as of 2026-07-22
USD
Updated Jul 22, 2026
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Alphabet (GOOGL) — segment sum-of-the-parts, FY2026E basis

as of 2026-07-22

Fair value per share
$338.82
Upside vs market
-1.0%
Google Services EV ($M)
2,588,513
Google Cloud EV ($M)
1,214,095
FY2026E total revenue ($M)
495,814
32.0%
45.0
72.0%
-2.0%
17.0%
17.0%
12.0%
126,286$M
30.0%
150,000$M
4.5%
$342.09
41.5%
22.0
12,310M
16.5%

Sum-of-the-parts bridge ($M)

FY2026E
Search & other revenue262,702
YouTube ads revenue45,211
Google Network revenue29,196
Subscriptions, platforms & devices revenue56,195
= Google Services revenue393,305
Google Cloud revenue100,973
= Total revenue FY26E495,814
Total revenue growth23.0%
Services NOPAT less overhead117,660
x Services multiple = Services EV2,588,513
Cloud NOPAT26,980
x Cloud multiple = Cloud EV1,214,095
+ Other Bets standalone value150,000
+ Net cash126,286
+ Non-marketable securities (post-haircut)92,023
= Equity value4,170,917
Market cap for comparison4,211,128

Sources

  1. — modeledge.ai
  2. — modeledge.ai
  3. — modeledge.ai
  4. — modeledge.ai

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