8/
Peer comps are telling. TTM revenue growth:
$ROKU: 13.5%
$TTD: 12.4%
$NFLX: 10.7%
$GOOGL, $AMZN: <10%
$DIS, $FOXA, $CMCSA: <9%
Roku is outgrowing legacy media and big tech.
Discussion
9/
Even more striking: TTM EBITDA growth
$ROKU: +109.4%
$TTD: +89.8%
$GOOGL: +47.8%
$AMZN: +30.9%
Legacy media? Mostly sub-15%, some negative. Roku’s operating leverage is accelerating.
10/
The market still misprices $ROKU like a hardware company.
But it’s executing like a scaled ad platform with CTV OS dominance.
This valuation gap vs. comps (e.g. $TTD at 9.5x sales) is the opportunity.
11/
Framing update:
$ROKU ≠just a streaming device or channel.
It’s a CTV infra + ad-tech + platform monetizer with real optionality.
A “compounder in training” — not a flashy growth story, but a scalable one.
12/
Final thought:
The market’s asking one question —
Can Roku monetize like a platform, not just look like one?
If the answer’s yes, Q1 is a breather.
If not, $ROKU stays in “show-me” mode.