How do you value all of these tech companies that have negative net profit due to high Stock Based Compensations? Many companies I've looked at have had this phenomenom (RKLB, CRWV, SNOW). For instance, CRWV Q1 results had revenue of $2,078M and operating expenses of $2,222 M. That results in an operating **loss** of $144 M *before* paying for interest, and they're a heavily leveraged company with a D/E of 10.67. Adding back non-cash expeneses (SBC, Depreciation, etc.) they have an EBITDA margin of 56%. The real kicker is their operating cash flow. Despite a negative net profit if $1,167 M, their operating cash flow is $3,058 M for their last operating year. This leaves their Price / Cash Flow at 8.81 compared to an industry averaege of 18.51. However, their EV / Sales is 13.74 compared to industry average of 3.74 because of their financial leverage. I'm trying to decide what weight to give to each of these valuation metrics.