Paul Gantheil knows what's up: 👇

"SaaS companies report headline multiples that are optically deflated once adjusted for SBC. Meta’s cash cow status evaporates once the true cost of offsetting dilution is accounted for.

As shareholders, the adjustments are conceptually simple. Never accept an earnings or free cash flow figure that excludes SBC and ensure the ROIC properly capitalizes SG&A and R&D expenses."