$META Off-Balance-Sheet Obligations Are 5.6x Its On-BS Debt
As of 6/30/26, META's off-balance sheet obligations totaled $628B against on-BS debt plus leases of only $112B.
Compare that to $GOOGL's $91B in off-BS contracted leases (44% of total on+off-BS obligations) and $AMZN's $137B (36%).
Traditional EV calculations exclude these commitments.
Since equity is residual value after all debt and contractual obligations are settled, rising off-BS commitments are a direct headwind to equity holders regardless of how they're accounted for.
Including META's off-BS obligations in its EV raises its valuation multiples by 35%.
The same adjustment adds only +3% for GOOGL and +9% for AMZN.
META is far more capital-obligated relative to its on-BS disclosures than either peer.
As of 6/30/26, META's off-balance sheet obligations totaled $628B against on-BS debt plus leases of only $112B.
Compare that to $GOOGL's $91B in off-BS contracted leases (44% of total on+off-BS obligations) and $AMZN's $137B (36%).
Traditional EV calculations exclude these commitments.
Since equity is residual value after all debt and contractual obligations are settled, rising off-BS commitments are a direct headwind to equity holders regardless of how they're accounted for.
Including META's off-BS obligations in its EV raises its valuation multiples by 35%.
The same adjustment adds only +3% for GOOGL and +9% for AMZN.
META is far more capital-obligated relative to its on-BS disclosures than either peer.
