· 个股论点
涉及标的： $RDDT
$RDDT 过去大部分时间都处于亏损状态，并积累了： ~65 亿美元的美国联邦净经营亏损结转（NOL）。 ~44 亿美元的美国州级 NOL。 ~49 亿美元的英国 NOL。 ~10 亿美元的美国联邦研发税收抵免。 如果你按 Reddit 2025 年不考虑 NOL 的净利润来算，大概会是 4.19 亿美元。 但加上亏损结转后，它会被人为抬到大约 5.3 亿美元。 我之前一直在说，即便盈利因为这些 NOL 库存而被人为放大（而且 Reddit 到目前为止只用了那 65 亿美元中的一小部分），它依然非常便宜，因为它的 GAAP 盈利能力实在太强了。
So $RDDT operated at a loss for most of time, and carried: ~$6.5 billion in U.S. federal NOL carryforwards. ~$4.4 billion in U.S. state NOL carryforwards. ~$4.9 billion in U.K. NOL carryforwards. ~$1.0 billion in U.S. federal research tax credits. If you're looking at Reddit 2025 net income without NOLs, it would be roughly: $419M. But with loss carry forwards, it gets artificially inflated to ~$530m. I was saying even if earnings were artificially inflated from NOL stockpiles (and Reddit only used a fraction of that $6.5B so far) -> it's still extremely undervalued given how gaap profitable they are