I work in marketing, and for most advertisers, Google, Meta and TikTok are where the marketing dollars flow. Beyond that lies the scrapheap of experimental channels: the Reddits, the Snaps and whatever else got a test budget this quarter. At the very bottom of the pile sits Pinterest. It's been around for over 15 years, and surprisingly enough it makes over $4.5B in revenue with a user base that's slowly but surely growing. Unlike Google and Meta, which have been spending heavily on AI infrastructure, Reddit, which is licensing its content to AI companies, and Snap, which always seems to be in the news for a misguided hardware launches (2K AR glasses anyone) , Pinterest has stayed relatively staid. I valued it at ~$20/share; and is currently at ~$21.95 today. Revenue: $4.6B trailing, growing ~16-18% a year; I assume it slows to ~5% and roughly doubles over 10 years. EBIT margin: ~16% after capitalizing R&D (7.6% reported); I assume it grows to ~20% over 10 years. Meta is at 41%, Reddit 20%. Net income: $417M in 2025 and ~$250M over the last 12 months, though it dipped to a loss in the first half of 2026 on restructuring and higher stock comp. Users: 619M monthly users, but US/Canada users generate ~$31 a year each vs. $0.83 for Rest of World. At ~$20, Pinterest looks fairly priced. If Pinterest can figure out how to make real money from users outside the US and squeeze more profit out of each ad dollar, there's upside here. But if people start asking AI platforms to make purchasing decisions instead of scrolling Pinterest, there isn't. Let me know if anyone else follows this company or has a different POV from mine.
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