$945
Current stock price · June 2026
Market cap: ~$67.8B · Enterprise value: ~$64.5B
52-week range: $80 → $1,086 · Up ~1,076% from 52-week low
Revenue CAGR Implied (FY2026–FY2028)
~45–50%
To reach management's $2B quarterly run-rate (~$8B/year) by FY2028 from ~$3B today requires ~45% annual growth. Analyst consensus: 43% for 3 years.
Demanding but visible
Exit Non-GAAP Operating Margin (FY2028)
28–32%
For $30 EPS (management target) on $8B revenue, margins need to reach ~30%+. Currently at 30% in Q3 FY2026 — so this is a continuation, not a stretch.
Plausible — already trending there
Exit Multiple on FY2028 Earnings
~31x
At $30 non-GAAP EPS and $945 stock price today → 31x FY2028 earnings. For a high-growth hardware company with AI infrastructure exposure, 30x is defensible in a bull market.
Reasonable if growth holds
No Significant Execution Stumble
Zero margin
The current price assumes: no fab delays, no hyperscaler capex pause, no margin compression from competition, no macro shock. Any one of these changes the math sharply.
Key risk — no buffer priced in
⚠ The Honest Assessment
At $945, you are paying today's price for a business that needs to roughly 2.6× its current quarterly revenue by FY2028 while simultaneously expanding margins by 500+ basis points. This is achievable if the AI capex cycle sustains. It is not forgiving if it doesn't. The margin of safety at current prices is thin. You're not buying the business as it exists — you're buying the business as it must become.