Trading at ~1.0x P/S with $776M net cash ≈ 92% of market cap — but guidance suspension, platform-dependency risk, and an active securities class action warrant waiting for Q2 evidence of CAC stabilisation before entering.

ARR accelerating to 25% while the stock is down 56% from peak — a classic narrative-collapse divergence in a leader of the $96B zero-trust market, with record 22% non-GAAP margins and $3.5B cash on hand.

Exceptional platform quality and founder-led execution at 48% revenue growth, but trailing P/S of 8.0x remains above the disciplined entry threshold — wait for compression toward 5-6x for a conviction entry.

The strongest network-effect moat in consumer technology combined with Zuckerberg's 61% voting control and AI-driven advertising acceleration justifies a BUY despite the 8x P/S — the capex surge is a bet, not a bleed, and the early returns are already visible in the numbers.

Exceptional business quality at 5.1x P/S after a 23% drawdown — but a non-founder CEO with modest equity and a market cap that structurally limits 10x potential keeps this in watchlist territory pending deeper multiple compression or a confirmed AI re-rating catalyst.