With all due respect, I don't think you are looking at SBC cost correctly. With the assumption that depreciation equals sustaining part of capex, and additional capex and acquisitions are for growth, I estimate that the operating cash flow excluding growth capex, properly adjusted for the actual cost of SBC, roughly equals $64B, $77B, and $108B for the years 2023, 2024 and 2025. Based on today's stock price, GOOG Is trading at roughly 39 times the 2025 adjusted operating cash flow before growth capex initiatives.

The actual free cash flow, after paying for growth initiatives, actually turned negative in Q2 of 2026, which is why they raised equity capital and debt.

Now you may think it's cheap based on future growth but a lot is riding on the return on growth capital being spent.