Replying to Avatar Pepe Maltese

Roku’s valuation disconnect is wild:

TTD trades at ~9.5x P/S

Roku trades at <2x P/S

Yet Roku is growing faster AND scaling EBITDA more efficiently.

This isn’t a hardware company anymore — it’s a CTV operating system with ad rails.

#Streaming #FCF #Roku
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Pepe Maltese 7mo ago

Bear case watch:

ARPU growth slowing (6–7%)

FCF down YoY

Monetization still lags engagement

If Roku can’t close that TRC-to-revenue gap, the multiple stays stuck.

But if it does — re-rating potential is huge.

#Investing #Compounders #TechStocks

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