ARM
Arm Holdings plc American Depositary Shares
ARM has a slight edge over GOOGL overall, supported by stronger valuation and stronger modeled upside.
GOOGL
Alphabet Inc.
GOOGL has lower modeled downside risk, despite its lower overall score.
ARM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
ARM's revenue, profitability, cash flow and balance sheet are all currently healthy.
GOOGL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Under pressure | |
| Healthy |
GOOGL's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
ARM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 167x | $147 | -27% |
| Fair | 224x | $197 | -1.4% |
| Current | 227x | $200 | — |
| Expensive | 361x | $317 | +59% |
Historical ranges are pointers, not guarantees.
ARM's PE is in its fair range at 227x.
GOOGL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 16x | $299 | — |
| Cheap | 20x | $378 | +27% |
| Forward | 22x | $299 | — |
| Fair | 26x | $497 | +66% |
| Expensive | 31x | $586 | +96% |
Historical ranges are pointers, not guarantees.
GOOGL has the edge over ARM in the historical PE scenario, which offers more potential upside but is not a forecast.
ARM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
ARM has the edge over GOOGL on the outlook, with more favorable profitability expectations.
GOOGL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for GOOGL, but weaker profitability.
ARM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.88 | +13% |
| Q2 2026 | $0.98 | +48% |
| Q1 2026 | $0.85 | +13% |
| Q4 2025 | $0.75 | -1.3% |
| Q3 2025 | $0.78 | +30% |
| Q1 2025 | $0.75 | +159% |
| Q4 2024 | $0.76 | +850% |
| Q3 2024 | $0.60 | +233% |
ARM earned $0.88 per share over the past year, up 13% from the year before.
GOOGL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.89 | -28% |
| Q3 2026 | $19.16 | +89% |
| Q2 2026 | $19.91 | +112% |
| Q1 2026 | $13.11 | +46% |
| Q4 2025 | $10.81 | +34% |
| Q3 2025 | $10.13 | +34% |
| Q2 2025 | $9.38 | +35% |
| Q1 2025 | $8.96 | +37% |
| Q4 2024 | $8.04 | +39% |
GOOGL has the edge over ARM on earnings, with more consistent year-over-year improvement.
ARM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +27% |
| Q2 2026 | $1.3B | +22% |
| Q1 2026 | $1.5B | +20% |
| Q4 2025 | $1.2B | +26% |
| Q3 2025 | $1.1B | +34% |
| Q2 2025 | $1.1B | +12% |
| Q1 2025 | $1.2B | +34% |
| Q4 2024 | $983M | +19% |
ARM has the edge over GOOGL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -0.4 points |
| Q2 2026 | 7.1% | -3.8 points |
| Q1 2026 | 29% | -3.6 points |
| Q4 2025 | 15% | -2.9 points |
| Q3 2025 | 14% | +6.8 points |
| Q2 2025 | 11% | -8.5 points |
| Q1 2025 | 33% | +31 points |
| Q4 2024 | 18% | +1.5 points |
ARM's operating margin was 14% last quarter, about level with the same quarter a year ago.
GOOGL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $127.6B | +25% |
| Q2 2026 | $119.8B | +24% |
| Q1 2026 | $109.9B | +22% |
| Q4 2025 | $113.8B | +18% |
| Q3 2025 | $102.3B | +16% |
| Q2 2025 | $96.4B | +14% |
| Q1 2025 | $90.2B | +12% |
| Q4 2024 | $96.5B | +12% |
GOOGL's revenue has grown year over year every quarter since late 2020: $128B last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | +1.3 points |
| Q2 2026 | 34% | +1.6 points |
| Q1 2026 | 36% | +2.2 points |
| Q4 2025 | 32% | -0.5 points |
| Q3 2025 | 31% | -1.8 points |
| Q2 2025 | 32% | +0.1 points |
| Q1 2025 | 34% | +2.3 points |
| Q4 2024 | 32% | +4.6 points |
GOOGL has the edge over ARM on profitability, with a higher operating margin.
ARM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $135M | -69% |
| Q2 2026 | $705M | +296% |
| Q1 2026 | $186M | +1.1% |
| Q4 2025 | $186M | -48% |
| Q3 2025 | $429M | +$476M |
| Q2 2025 | $178M | +$497M |
| Q1 2025 | $184M | -72% |
| Q4 2024 | $360M | +25% |
ARM has the edge over GOOGL on cash flow, with more consistent year-over-year improvement.
GOOGL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$9.1B | -137% |
| Q2 2026 | -$5.9B | -210% |
| Q1 2026 | $10.1B | -47% |
| Q4 2025 | $24.6B | -1.2% |
| Q3 2025 | $24.5B | +39% |
| Q2 2025 | $5.3B | -61% |
| Q1 2025 | $19B | +13% |
| Q4 2024 | $24.8B | +215% |
GOOGL usually generates cash, though not every quarter: the latest was −$9.1B, but it generated $19.7B over the past year.
ARM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +1M shares |
| 1 year | +0.9% | +10M shares |
| 3 years | +5.2% | +53.7M shares |
ARM has the edge over GOOGL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
GOOGL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +59M shares |
| 1 year | +1.4% | +165M shares |
| 3 years | -1.2% | -148M shares |
| 5 years | -6.8% | -907M shares |
| Available history | -10% | -1.4B shares |
GOOGL has 12.4B diluted shares, up 1.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $5.5B |
| Q3 2025 | $11.5B |
| Q2 2025 | $13.6B |
| Q1 2025 | $15.1B |
| Q4 2024 | $15.6B |
GOOGL spent $5.5B buying back its own shares over the past year, down 90% from the year before.
ARM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2023 | -1.6x | Net Cash |
ARM has more cash than debt.
GOOGL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.0x | Very low |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.1x | Net Cash |
GOOGL's net debt is less than a year of its operating earnings (EBITDA).
ARM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 11.0 | Oversold |
ARM's weekly RSI is 43 (neutral) and its Stochastic is 11 (oversold).
GOOGL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 11.7 | Oversold |
GOOGL's weekly RSI is 40 (neutral) and its Stochastic is 12 (oversold).
ARM PE vs Technology Sector
| Metric | ARM | Sector median | Relative |
|---|---|---|---|
| PE | 227x | 28x | 715% above |
| PE % | 51 | 23 | 28 pts above |
ARM is trading at 227x earnings, a 715% premium to the Technology sector's median of 28x.
GOOGL PE vs Communication Services Sector
| Metric | GOOGL | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 16x | 6% below |
| PE % | 1 | 26 | 25 pts below |
GOOGL has the edge over ARM on valuation relative to its sector.
ARM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $237.8 | 16% below |
| 20 week MA | $257.3 | 22% below |
| 50 week MA | $213.9 | 6.6% below |
| 100 week MA | $176.5 | 13% above |
GOOGL has stronger trend alignment. ARM is above 1 of 4 weekly averages versus GOOGL above 2 of 5.
GOOGL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $320.4 | 6.8% below |
| 20 week MA | $336.1 | 11% below |
| 50 week MA | $334.5 | 11% below |
| 100 week MA | $267.8 | 12% above |
| 200 week MA | $204.7 | 46% above |
GOOGL has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 46% above its 200-week average.
ARM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $60.8 | $75.2 | +24% |
| 2024 | $75.2 | $129.2 | +72% |
| 2025 | $129.2 | $110.3 | -15% |
| 2026 YTD | $110.3 | $199.8 | +81% |
ARM has the edge over GOOGL on returns for 2026, with the stronger performance.
GOOGL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $67.7 | $86.7 | +28% |
| 2021 | $86.7 | $146.9 | +69% |
| 2022 | $146.9 | $89.2 | -39% |
| 2023 | $89.2 | $139.7 | +57% |
| 2024 | $139.7 | $192.8 | +38% |
| 2025 | $192.8 | $313.5 | +63% |
| 2026 YTD | $313.5 | $298.7 | -4.7% |
GOOGL has finished higher in five of the last six years, three of them by more than 50%. It's down 4.7% so far in 2026.