EBITDAEarnings Before Interest, Taxes, Depreciation, and Amortization — a measure of operating profitability before financing and accounting decisions. EV/EBITDA compares a company's full value (including debt) to this figure, often used to compare companies with different capital structures.
5yr EBITDA growth 18.2%
PEG ratioPrice/Earnings-to-Growth: the P/E ratio divided by expected earnings growth. Below 1.0 is often read as cheap relative to growth; above suggests the market is pricing in a lot of future growth already. Different providers use different growth-rate assumptions, so figures vary by source.
1.33
Capex
$97.23B (TTM)
Fundamentals sourced as cited below; figures vary slightly by provider and reporting date, consistent with real-world data variance across sources. EBITDA, PEG ratio, and capex sourced from public filings and financial-data aggregators (GuruFocus, StockAnalysis, company earnings releases). PEG ratio is sourced primarily from GuruFocus where available; different providers calculate PEG using different growth-rate assumptions (trailing vs. forward, 1-year vs. 5-year), so figures from other sources for the same stock can vary by several multiples — a known limitation of PEG as a metric, not unique to any name here.
Why it's on the list
Azure is one of the three hyperscaler clouds and a direct beneficiary of enterprise AI adoption through Copilot and the OpenAI partnership, yet I have zero direct hyperscaler exposure despite AI infrastructure being my largest thematic bet in the book.
Why it's not in the book yet
It's the single most "obvious" AI mega-cap trade, priced accordingly, and it would partially duplicate cloud-capex exposure I already carry indirectly through NBIS and CRWV, which sell capacity to hyperscalers like Microsoft rather than competing with them directly.
What would move me to buy
A valuation reset, or a specific catalyst that separates Azure's AI-driven growth from the broad mega-cap multiple the whole stock trades on.
Sources: simplywall.st, financecharts.com, stockanalysis.com, Yahoo Finance (as of July 2026). This is a watchlist entry, not a position — see Watchlist for the full list and Investment Policy Statement for what it takes for a name to become a real position. Not investment advice.