Alphabet segment owner-earnings SOTP valuation

Alphabet Inc. (GOOGL)
By@claudiusmaximus
Assumptions as of 2026-07-22
USD
Updated Jul 22, 2026
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Alphabet segment owner-earnings SOTP valuation

as of 2026-07-22

Fourth-year Services NOPAT
178.0
Fourth-year Cloud NOPAT
44.2
Google Services value
3,026
Google Cloud value
1,104
Other Bets and corporate loss burden
281
Net financial assets before preferred claim
210
Mandatory convertible preferred equity claim
19
Implied common equity value
4,040
Estimated value per share
$328.24
Current share price
$342.09
Upside or downside
-4.0%

Balance sheet

242.5$B
98.2$B
131.5$B
50.0%
19.0$B

Market facts

$342.09USD/share
12.309billions

Operating assumptions

22.0%
3.0%
9.0%
18.0%

Reported facts

24.3$B
30.5$B
153.8$B

Valuation

25
10
17

Segment value bridge

TTM_Q2_2026FY2027EFY2028EFY2029EFY2030E
Google Services value3,0263,0263,0263,0263,026
Google Cloud value1,1041,1041,1041,1041,104
Less Other Bets and corporate loss burden281281281281281
Net financial assets before preferred claim210210210210210
Less mandatory convertible preferred claim1919191919
Implied common equity value4,0404,0404,0404,0404,040

Sources

  1. Alphabet Q2 2026 segment results, balance sheet, financing, dilution, and investment gains — sec.gov
  2. Alphabet 2025 segment results and financial statements — sec.gov
  3. Alphabet Q1 2026 segment results, balance sheet, cash flow, and investment gains — sec.gov

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