$Meta Platforms, Inc.(META)$ FCF is to measure up how much of my cash generated from my operations after maintaining my infrastructure is free to do whatever I want. After that META wants to invest in growth. They could give it back to shareholders, keep it as cash, or invest it, and they choose the later.

If we consider that 50% of capital expenditure of the last year was for growth and 50% for infrastructure maintenance (not even close), they would have generated 62.9B of FCF (kind of "normalized"), capitalized 18x, not 25x. Big difference.

Meta has a ROIC of 26% and they are investing massively. We have to consider the growth they are having and will have, put it into value. Meta has to correct its price, but will get back on trail "soon enough".

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