Core Insights - Meta Platforms has returned a total of $167 billion to its investors over the past decade through dividends and stock buybacks, ranking it as the seventh-highest in history for shareholder returns [1][3]. Financial Performance - Revenue Growth: Meta reported a 19.4% revenue growth over the last twelve months (LTM) and an average growth of 13.0% over the past three years [6]. - Cash Generation: The company has a free cash flow margin of nearly 30.7% and an operating margin of 42.9% LTM [6]. - Valuation: Meta's stock trades at a price-to-earnings (P/E) ratio of 27.2, which is favorable compared to the S&P 500 [6]. Capital Return Strategy - Dividends and stock buybacks are significant as they represent direct returns to shareholders and reflect management's confidence in the company's financial stability and sustainable cash flows [4]. - Meta's capital return strategy positions it favorably against other leading companies in the market [4]. Market Context - Despite its strong fundamentals, Meta has experienced significant declines in the past, including a 43% drop during the 2018 market correction and a 77% loss during the inflation shock [7].