At 4.0x FY2025 bookings after a 73% drawdown, with $5.1B in net cash and the long tail compounding over 20% on spend — BUY on valuation and balance sheet rather than on the quarter, because a deliberate retention rewrite is compounding an involuntary shift away from 2025's viral vintage and only one of those two reverses on management's command; Q4 2026 bookings is the number that separates them.

At 12x trailing P/S and 51% below its January high, with revenue up 113% and a 55% adjusted EBITDA margin — WATCHLIST because the stock has already squeezed 58% off its $24.11 August low in eighteen sessions; the 10-year math gives roughly 8x from $38 but 12x+ back near $25, so the disciplined entry is the next flush, not this bounce.

At 12x trailing sales and 38% below its January 2026 high, with 42% non-GAAP operating margins and $8.6B of net cash — WATCHLIST because the 10-year math tops out near 4.4x even assuming 16% compounding and no multiple compression; the framework turns genuinely interesting closer to $250, where those same assumptions deliver 6.5x.

At 0.8x trailing P/S with $3.1B in net cash and core Product Commerce still compounding 8% in constant currency — BUY as the market is pricing a one-time $410M privacy fine like a permanent impairment; consider building the position below $17 with room to add on further regulatory-driven weakness.

At roughly 8.7x forward revenue after a 74% drawdown from its post-IPO peak, with revenue growth accelerating to 48% and non-GAAP operating margin holding near 10% despite heavy AI investment - WATCHLIST while the design-canvas-versus-AI-agent moat debate and a CPO/CMO transition play out; a retest toward the $16.60 low would meaningfully sharpen the entry.