相对于其高增长率以及不断改善的广告与AI变现能力，Reddit估值偏低，被视为一只颇具吸引力的买入标的，尽管其本人并非用户。
逐段跳播
首先，我来看 Reddit。它在证券交易所的代码是 RDDT。这是一款让用户在平台上分享个人经历或单纯分享想法的应用。通过它，人们可以找到社区之类的东西。
First, I look at " Reddit". Its symbol on the stock exchange is RDDT. It is an application that allows users to share their personal experiences or simply their thoughts on the platform.
Through it, people can find communities and things like that .
这是一家市值 280 亿美元的公司。首先，它拥有 28 亿美元现金。所以，市值的 10% 是现金，这不是一个糟糕的起点。
This is a company with a market value of $28 billion. To begin with, it has $2.8 billion in cash. So, 10% of its market value in cash, that's not a bad starting point .
此外，它是一家盈利的公司。经营这样一门生意不需要太多投入。因此，它产生了大量利润和自由现金流。如果你看它的自由现金流，其交易价格是自由现金流的 29 倍，这未必是一笔出色的交易，直到你看看它的增长率——我们稍后会谈到。
Moreover, it is a profitable company. It doesn't take much to run a business like this. Therefore, it generates a lot of profit and free cash flow. If you look at its free cash flow , where it trades at 29 times free cash flow, that's not necessarily a stellar deal until you look at its growth rate, which we'll talk about shortly.
但当你看到预期市盈率时，它仅为预期盈利的 19 倍。这正是价值主张真正开始显现其效力之处。他们做得非常出色的一件事是，他们实际上是当今支撑人工智能的要素之一。
But when you look at the forward price-to-earnings ratio , it is only 19 times the expected earnings . This is where the value proposition truly begins to prove its effectiveness.
One of the things they 've done really well at is that they are actually one of the elements that underpin artificial intelligence today.
而且他们为此付费，不是吗？这会是未来激励他们的东西吗？据我了解，它占收入的比例相对较小，但他们拥有很大的力量，因为他们有一个持续的数据循环流向他们。看来这是所有这些AI公司都需要的东西。
And they pay for it, don't they? Will this be something that motivates them in the future? As I understand it, it's a relatively small percentage of revenue, but they have a lot of power because they have a continuous data loop flowing to them.
It seems that this is something all these AI companies will need .
这当然与投资逻辑并非无关。我认为，这很可能不会是未来最大的收入驱动力。事实上，当你审视这个平台时，你会发现它拥有非常庞大的日活跃用户和月活跃用户，而对于这个用户群体，它在财务上的开发还远远不够。
Well, it's not irrelevant to the investment thesis, certainly. I would argue that this probably won't be the biggest revenue driver in the future. In fact, when you look at this platform, you will find that it has a very large number of daily and monthly active users, and for this user base, it is not financially exploited enough.
这是一个过去广告商不敢使用的平台。事实上，Reddit平台已经开始走向成熟，并且已经能够说服其广告合作伙伴，让他们相信它确实提供了真正的价值。
This is a platform that advertisers were afraid to use in the past. In fact, the Reddit platform has begun to reach maturity, and has become able to convince its advertising partners that it actually offers real value.
此外，它能够更好地利用人工智能，将用户与他们想要找到的内容连接起来。AI增强搜索已成为现实，而Reddit将其运用得非常好。
Moreover, it is able to make better use of artificial intelligence to connect its users with what they intend to find. AI-enhanced search is a reality, and Reddit is using it very well.
所以，正是这一点将其增长故事推向了很高的速度。如果你看2024年，你会发现其收入增长了62%。这令人难以置信。
So, this is what propelled its growth story to a high level of speed. If you look at 2024, you will find that its revenue grew by 62%. This is unbelievable.
增长在2025年加速，达到69%。那么，如果你看今年，它在下一季度的增长预期约为50%。所以，它在2026年这里略有放缓，但我只想说，50%实际上已经相当不错了。
Growth accelerated in 2025 to reach 69%. Now, if you look at this year, it is looking at growth of approximately 50% in the next quarter. So, it slows down a bit here in 2026, but I would simply say 50% is actually quite good .
是的，总会有那么一个时刻，增长变得过快，以至于过度。有一种商业理论认为，你不希望增长太快，因为事情会开始瓦解。因此，我认为50%确实是这项业务能够维持的上限。
Yes, there comes a moment when growth becomes too rapid to be excessive . There is a business theory that says you don't want to grow too fast because things start to fall apart.
Therefore, I believe that 50% is really the maximum this business can sustain.
我认为，只要它不从此大幅继续放缓，50%的增长就没什么可担心的。但如果你看当前11倍的销售积压，再加上下一季度预计50%的增长。我的意思是，这个估值比它看起来要便宜得多。
I don't think there's anything to worry about regarding 50% growth as long as it doesn't continue to slow down significantly from that. But if you look at 11 times the current backlog of sales , with a projected 50% growth in the next quarter. I mean, this job is much cheaper than it looks.
是的，我认为这是一个很有吸引力的选择，而我一直无法释怀的一点是，我自己根本不是Reddit用户，但我认为这更多是我个人的问题，而不是Reddit的业务问题。
Yes, I think this is a compelling option, and it's one I've never been able to get past the fact that I simply am not a Reddit user, but I think this is more of a personal issue than a business issue for Reddit.
这个频道对 $RDDT 的历次判断
The Motley Fool 在这只股票上共 3 条判断，这里只列相邻的几条。