Charles Schwab and the Free Cash Illusion
SCHW trades at 11.9x forward earnings with a 52.2% operating margin. Free cash flow divergence and deposit sweep interest dynamics examined.
Valuation Multiples
Eli Lilly and the $1 Trillion Appetite (LLY)
Eli Lilly consensus check: 65x forward earnings multiple, Medicare drug pricing reforms, and GLP-1 manufacturing capacity bounds.