Neutral on Alphabet (GOOGL) as of 2026-11-15: $205B FY2026 capex. Google Cloud is growing 81.8% a year, but a $205B capex program pushed Alphabet's Q2 free cash flow below zero, and its $9.11 headline EPS falls to $2.85 once paper gains are stripped out. We look at owner earnings, the depreciation flag and a reverse DCF to see how $320.58 compares with our estimated intrinsic-value range.
Chapters
(0:00) Alphabet Deep Value Snapshot
(1:38) Thesis: Asset-Light to Asset-Heavy
(2:19) How Alphabet Makes Money
(3:00) Competitive Position and Wide Moat
(5:28) Financial X-Ray: Returns vs Capex
(6:10) Forensic Adjustments and Owner Earnings
(8:30) Financial X-Ray: Returns vs Capex
(9:53) Capital Allocation Report Card
(10:55) Forensic Adjustments and Owner Earnings
(13:02) Core Debate: Cloud vs FCF
(14:41) Pre-Mortem: Structural Risks
(16:46) Reverse DCF and Margin of Safety
(17:45) Valuation Scenarios
(18:24) Reverse DCF and Margin of Safety
(19:23) Final Verdict and Stance
(21:27) DeepValues Apps and Resources
(21:53) Get the free apps
Full open-source research report: https://research.deepvalues.ai/insights/2026-10-28-alphabet-deep-value-intelligence-analysis/?utm_source=spotify&utm_medium=description&utm_campaign=company&utm_content=googl
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Deep Value Intelligence audits the numbers behind the headlines with a Graham-Dodd / Buffett lens: valuation discipline, cash generation, balance-sheet safety and return on capital. Don't guess. Calculate.
