Meta Platforms key statistics and ratios

In fiscal 2025, Meta Platforms had return on equity of 30.2%, an operating margin of 41.4%, debt equal to 27.2% of equity and a current ratio of 2.60. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Meta Platforms: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	75.0%	76.8%	73.2%	76.2%	82.7%	84.0%	86.3%	86.6%	83.2%	81.9%	80.6%	80.8%	78.3%	80.8%	81.7%	82.0%	81.0%
Operating margin	52.3%	47.3%	10.6%	35.6%	40.1%	34.7%	45.0%	49.7%	44.6%	33.9%	38.0%	39.6%	24.8%	34.7%	42.2%	41.4%	32.9%
Net margin	30.7%	26.9%	1.0%	19.1%	23.6%	20.6%	37.0%	39.2%	39.6%	26.1%	33.9%	33.4%	19.9%	29.0%	37.9%	30.1%	31.1%
Free-cash-flow margin	20.5%	25.4%	7.4%	36.3%	44.1%	43.5%	42.0%	43.0%	27.5%	30.0%	27.4%	33.1%	16.5%	32.7%	32.9%	22.9%	11.9%
Return on equity	—	20.4%	0.6%	11.0%	11.4%	9.2%	19.8%	23.9%	27.9%	20.0%	25.4%	31.1%	18.5%	28.0%	37.1%	30.2%	30.7%
Return on assets	—	15.8%	0.5%	9.1%	10.2%	8.3%	17.9%	21.3%	24.3%	16.0%	19.9%	24.2%	13.2%	18.8%	24.7%	18.8%	17.8%
Asset turnover	—	0.59	0.47	0.48	0.43	0.40	0.48	0.54	0.61	0.61	0.59	0.72	0.66	0.65	0.65	0.63	0.57
Current ratio	—	5.12	10.71	11.88	9.40	11.25	11.97	12.92	7.19	4.40	5.05	3.15	2.20	2.67	2.98	2.60	1.90
Debt to equity	—	0.0%	12.8%	0.0%	0.0%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.0%	12.1%	15.9%	27.2%	30.8%
Interest cover (operating income ÷ interest)	46.9x	41.8x	10.5x	50.1x	—	—	—	—	—	—	—	—	156.5x	104.8x	97.0x	71.5x	—
Effective tax rate	39.9%	41.0%	89.3%	45.5%	40.1%	40.5%	18.4%	22.6%	12.8%	25.5%	12.2%	16.7%	19.5%	17.6%	11.8%	29.6%	4.6%
R&D as % of revenue	7.3%	10.5%	27.5%	18.0%	21.4%	26.9%	21.4%	19.1%	18.4%	19.2%	21.5%	20.9%	30.3%	28.5%	26.7%	28.5%	31.7%
Capital spending as % of revenue	14.8%	16.3%	24.3%	17.3%	14.7%	14.1%	16.2%	16.6%	24.9%	21.4%	17.6%	15.8%	26.7%	20.0%	22.6%	34.7%	43.2%
Free cash flow ÷ net income	66.8%	94.3%	711.3%	190.7%	186.9%	211.4%	113.7%	109.7%	69.5%	114.8%	80.9%	99.0%	83.1%	112.7%	86.7%	76.3%	38.1%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	8.1%	8.8%	7.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	0.0%	0.0%	11.3%	83.9%	19.8%	26.6%	114.2%	144.9%	44.9%	65.1%	68.5%	18.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Meta Platforms: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	81.7%	82.1%	82.1%	82.0%	81.8%	81.9%	81.4%	79.3%
Operating margin	48.3%	41.5%	43.0%	40.1%	41.3%	40.6%	30.9%	20.1%
Net margin	43.1%	39.3%	38.6%	5.3%	38.0%	47.5%	26.1%	15.3%
Free-cash-flow margin	28.0%	26.2%	19.0%	21.8%	24.8%	23.5%	2.9%	−1.8%
Current ratio	2.98	2.66	1.97	1.98	2.60	2.35	2.23	1.90
Debt to equity	15.8%	15.6%	14.8%	14.9%	27.0%	24.1%	32.0%	30.7%
R&D as % of revenue	25.2%	28.7%	27.2%	29.6%	28.6%	31.4%	35.6%	31.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · September 30, 2026

What it owns · $478.8bn

Short-term assets $119.9bnLonger-term assets $358.9bn

What it owes, and who funded it · $478.8bn

Short-term liabilities $63.0bnLonger-term liabilities $143.4bnShareholders' equity $272.4bn

Short-term assets cover short-term liabilities $119.9bn of assets due within a year against $63.0bn of liabilities due within a year.
Short-term assets cover long-term liabilities $119.9bn short-term assets against $143.4bn of longer-dated liabilities.
More cash than debt $11.2bn of cash against $83.7bn of debt.
Debt below 40% of shareholders' equity Debt is 31% of equity.
Debt burden no higher than five years ago Debt to equity moved from 0% to 31% over five years.
A year's operating cash flow covers at least 20% of debt $133.1bn of operating cash flow against $83.7bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Meta Platforms's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

85 /100

Strong moat

How hard Meta Platforms's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 28.6% of total assets over 8 years.
Pricing power 20 / 20

Gross margin has been a median 81.2%, moving by 2.0 percentage points (standard deviation) across 10 years.
Durability 20 / 20

Operating margin has been a median 38.2%; its worst year was 29.0%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 29.6% of revenue.
Discipline 10 / 20

The diluted share count fell 11.0% over five years; stock-based pay has been a median 9.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: GOOGL vs META META vs SE META vs SPOT

More: Interactive Media & Services stocks compared, Communication Services sector, rankings of US companies

Figures from Meta Platforms's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Meta Platforms.