Monday, August 3, 2026

Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs

Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI capex enters service.

META $1.8T

MBI Deep Dives Aug 3 9 clicks

Aug 3 BLDR $6B

[scuttleslops] BLDR, RYAN, APG, GFL, FND

scuttleblurb 9 clicks

Aug 2 FND $4.9B

Floor & Decor 2Q'26: Tentative Green Shoots

MBI Deep Dives 5 clicks

Vistance Networks (NASDAQ: VISN)

Vistance Networks plans a large post-Ruckus-sale dividend, leaving Aurora Networks valued below 4x guided EBITDA after $1.88 billion of…

VISN $1.4B

Triple S Special Situations Investing Jul 31 8 clicks

Meta: 2Q26 Business Update

Meta's 2Q26 revenue rose 27%, but capex, depreciation and nascent cloud and AI ambitions raise margin and return risks as it maximizes…

META $1.8T

Speedwell Memos Jul 31 3 clicks

Amazon 2Q'26: AWS Gets the Love

Amazon’s AWS grew 37% to a $169 billion run rate in 2Q’26, while North America retail margins fell excluding a $600 million tariff refund.

AMZN $2.7T

MBI Deep Dives Jul 31 2 clicks

[OTCM] Listings for the rest of us

OTC Markets gives smaller, distressed, and lightly disclosed companies a trading venue outside NYSE and Nasdaq, with lower listing barriers…

OTCM $645M

scuttleblurb Jul 31 4 clicks

This Stock Just Got Cheaper on Better Numbers

A debt-free American manufacturer now trades at roughly 7x annualized Q2 EBITDA, with $7.35 per share in net cash and a tender floor 18.5%…

RGR $699M

The Value Road Jul 30 5 clicks

[scuttleslops] ODFL, AMD, INTC, CDNS, URI, VRSK, KNSL, WSO

Old Dominion Freight Line grew Q2 revenue 10.4% and EPS 32.3% as pricing offset lower tonnage, while excess network capacity sets up…

ODFL $37B

scuttleblurb Jul 30 2 clicks

Entravision: Another Whale Has Emerged

Entravision’s Q1 filings contain a new footnote disclosure pointing to a potential second large advertiser beyond its Hong Kong customer,…

EVC $634M

The Value Road Jul 28 12 clicks

Google’s AI Return on Investment

Alphabet’s $132 billion AI capex produced an estimated 49% post-tax incremental ROIC once only in-service assets are counted, versus a…

GOOGL $4.2T

Bristlemoon Capital Jul 28 4 clicks

Under the Hood - Adobe Inc. ($ADBE)

Adobe generates 96% of revenue from subscriptions and converts over 40% into free cash flow, but generative AI tests whether Creative…

ADBE $90B

Bearhold Research Jul 27 3 clicks

Under the Hood - Tractor Supply ($TSCO)

Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.

TSCO $16B

Bearhold Research Jul 23 2 clicks

RSI · long

Rush Street Interactive INC

Rush Street Interactive (RSI) is presented as a long investment idea.

RSI $2.4B

Value Investors Club May 5

The Fleet Owners' Push for Aggregating Demand

Uber’s hybrid-network proposal would keep AVs and human drivers on its dispatch platform, while Waymo and Tesla pursue vertically…

UBER $140B

MBI Deep Dives Jul 27 3 clicks

Texas Instruments 2Q'26: Not Another Head Fake

Texas Instruments’ 2Q’26 revenue grew 23% year over year and 13% sequentially, supporting management’s view that pricing and demand have…

TXN $260B

MBI Deep Dives Jul 25 3 clicks

Tesla and SpaceX's Likely Merger, Portfolio Change

Tesla and SpaceX are increasingly integrated through Terafab, Optimus, Grok and Starlink, strengthening the case for a merger to pool…

TSLA $1.5T

MBI Deep Dives Jul 24 3 clicks

U-Haul Bought at the Top

U-Haul’s pandemic-era fleet purchases at inflated prices now drive higher depreciation and disposal losses as truck and van prices…

UHAL $12B

scuttleblurb Jul 10 3 clicks

[scuttlebits] CPRT, ADBE, FIG, NVDA, QCOM, FDS, Memory chips

Copart’s returning CEO Jay Adair plans to restart European expansion and build domestic whole-car sales on its global buyer network amid…

CPRT $25B

scuttleblurb Jul 9 6 clicks

Is insider buying a signal if the insiders are always wrong? $LILAK

LILAK’s canceled GCI Liberty deal, preferred-stock distribution, and $1.7 million of insider buying revive governance concerns around John…

LILA $1.7B

Yet Another Value Blog Jul 6 1 click

$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds

VEON’s 84% Kyivstar stake and JazzCash underpin a sum-of-the-parts case for 4x upside, despite its sanctioned shareholder, capital…

VEON $5.3B

Yet Another Value Blog Jul 1 2 clicks

Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA

MSA Safety’s Pershing Square Challenge finalists pitch gas-detection subscriptions, mandated SCBA replacement cycles and a 2023 liability…

MSA $7.1B

Yet Another Value Blog Jun 30 3 clicks

[ZTS] Zoetis could use a booster shot

Zoetis’ pet-drug blockbusters have shifted its mix from low-growth livestock medicines to durable companion-animal franchises with softer…

ZTS $30B

scuttleblurb Jun 29 6 clicks