Needham analyst Laura Martin published a research report on October 2, stating that if Meta's approximately $628 billion in off-balance sheet commitments were included in its enterprise value (EV), its valuation multiple would increase by 35%, making the stock significantly more expensive for shareholders than traditional metrics suggest. The analysis also pointed out that if this method were consistently applied to Google (Alphabet), its adjusted EV/FY27E revenue multiple would reach 9.0x, higher than Meta's 8.3x, implying that Google would become the more expensive company after fully disclosing its off-balance sheet liabilities. As of September 30, hyperscale tech companies' off-balance sheet liabilities had reached $3.8 trillion, an increase of approximately $700 billion since the end of June.