Gary Black: No stock with over $1 trillion market cap has traded at 40x forward EV/revenue

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Artem Shendetskii

23 hours ago

Gary Black: No stock with over $1 trillion market cap has traded at 40x forward EV/revenue — No stock topped $1T and 40x EV/rev

Gary Black, managing partner and investor at The Future Fund, posed a question about stock market history regarding companies with more than $1 trillion in market capitalization trading above 40 times forward enterprise value to revenue (EV/Rev).

According to Gary Black, there has never been a company that meets this specific combination of size and valuation multiple.

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Black previously compared valuation multiples among large-cap stocks, noting investors pay 150x 2026 EV/EBITDA for SPCX versus 19x for NVDA in a recent analysis. He has also commented on market reactions to earnings results, highlighting how weak Samsung earnings sent AI chip stocks lower. The investor often highlights valuation extremes and market drivers in his commentary.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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