Alphabet delivered accelerating revenue growth of 15% in 2025 to $403B and a 34% surge in diluted EPS to $10.81, driven by AI and cloud momentum. The stock trades at a discount to mega-cap peers on P/E (28.9x vs. median 32.8x) and EV/EBITDA (21.4x vs. 27.1x), offering a favorable entry. While heavy capex of $91.4B capped free cash flow growth, the $462B cloud backlog and AI monetization efforts support a long runway.