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Reference: Revenue Mix
Google (Alphabet): Ad Revenue Exposure (including YT Premium) 85%
• Reddit: Ad Revenue Exposure 93%
1. Google (Alphabet) Run-rate PER Calculation
Q4 2025 EPS: $2.82
Annualized EPS (Run-rate): $2.82 x 4 = $11.28
Current Stock Price (Feb 6, 2026): $323
Run-rate PER: $323 / $11.28= 28.6x
2. Reddit Run-rate PER Calculation
Q4 2025 EPS: $1.24
Annualized EPS (Run-rate): $1.24 x 4 = $4.96
Current Stock Price (Feb 6, 2026): $140
Run-rate PER: $140/ $4.96 = 28.2x
Gemini predicts that at this rate, Reddit will catch up to PayPal's run-rate P/E within two years