Free Cash Flow CAGR ━ (CAGR excl SBC):

• $GOOG: 16.8% ━ (15.3%)
• $FB: 28.4% ━ (35.6%)
• $AAPL: -4.2% ━ (-5.6%)
• $AMZN: 34.3% ━ (34.4%)
• $MSFT: 12.7% ━ (12.3%)

Most invest through PnL and are currently heavily spending on growth capex. FCF (imo) likely understated. https://t.co/EswxWf0ZSg