Just looking at the table in the financial statements that shows the reconciliation of net cash provided by operating activities to free cash flow for the 12 months ended 31st of March 2023. Free cash flow, estimated at US$25 billion. This number is after US$4.4 billion property and equipment. I'm guessing this number does not include a deduction for share based compensation.

Taking the current market capitalisation, less cash does indeed give a free cash for multiple of just a little over 7X before SBC, which of course is a very compelling valuation.

It will be interesting to see if any of their businesses get spun out and raise new finance, particularly if they are loss-making and depressing the 2023 free cash flow number of $25 billion. And of course it will be interesting to see how year ended March 2024 unfolds without The Covid shutdown. Although perhaps it will be around 2025 before all of the enormously disruptive changes in governance and restructuring or washed through the organisation.

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