Meta Platforms

Meta’s core advertising revenue is fairly predictable, backed by its vast user base and strong engagement. Daily active users have grown steadily (5-6% year/year)), and ad impressions continue climbing. Such scale provides a stable platform: ad budgets tend to follow overall consumer activity, and Meta’s tools remain central to many marketers.

Revenue has grown in the mid-teens to 20s percentage over recent quarters, suggesting reliable growth. However, advertising is somewhat cyclical (sensitive to economic cycles and regulatory changes). For example, tariffs and a slowing ad market have caused caution.

Long-term secular trends – digital ad spending and mobile/social usage – remain positive. On balance, we view revenue/FCF growth as stable and gradually increasing, though not entirely immune to macro fluctuations or country-specific headwinds.