GOOGL — Alphabet Inc.

Deep-value report: GOOGL — Alphabet Inc. (REFRESH)

Analysis date: 2026-09-04 · Price: … (yfinance, 2026-09-04) · Market cap: … · Shares outstanding: 12,230 mil (Class A 5,868 + Class B 835 + Class C 5,527, 10-Q Q2’26) · Diluted shares Q2’26: 12,310 mil · Regime: REFRESH over the reference thesis from 2026-07-28 (38 days).

Primary sources: 10-Q Q2 2026 (filed 2026-07-23, period ended 30.06.2026), 10-Q Q1 2026 (2026-04-30), 10-K FY2025 (2026-02-05), 10-K FY2024 (2025-02-05), 8-K from 2026-08-10 and the 424B2 prospectus from 2026-08-07 (downloaded directly from EDGAR for this report — the 8-K was not in the local set), plus the automated data pack, the research brief and delta-GOOGL-20260903.md.

What I inherit and what I re-derived

Inherited unchanged (no new financial report has been filed since 28.07.2026 — Q3 2026 is reported on 27–28.10.2026): the segment and moat description, the capital-allocation history through 30.06.2026, the three-class-share governance structure, the H1 2026 operating figures and the antitrust litigation inventory. The falsifiers roe (0.381), fcf_yield (0.0129), net_debt_ebitda (0.189) and price (…–342 vs threshold …) all still hold — the underlying thesis is not overturned by anything.

Re-derived, because the facts moved or because verification showed the old report or the data pack was wrong:

1. The net_margin falsifier (the trigger for this refresh) — not a refutation of the thesis, but a correction of the qualifier: the gain on equity securities is no longer “one-off”, it is the fourth consecutive quarter and the second consecutive one above 35% net margin. The red-flags chapter is rephrased.
2. Two new filings, both financing-related, that appeared after the reference analysis: the … bond issuance closed on 10.08.2026 (8-K, item 8.01) and the expansion of the ATM program’s syndicate from 3 to 16 agents (424B5, 06.08.2026). Both change the capital-allocation chapter and the marginal cost of capital.
3. The FCF bridge — re-derived with the preferred dividend, new as of June
5. Net debt used in the DCF — recalculated from scratch off the 30.06.2026 balance sheet, with the equity-securities portfolio treated explicitly as a non-operating asset.
6. Three errors in the automated data pack (“TTM” net margin, SG&A growth, “declining” tax rate) and one from the old report (nature of inventory) — corrected below, with the correct figure next to the wrong one.
7. The chapters “Balance Sheet Analysis — Quality of Earnings” and “CEO Profile — Outsider Traits” were entirely missing from the July report; they are written here from scratch.