Feb. 2 at 8:20 PM
$SYM Symbotic continues to show promise, but the income picture warrants a closer look:
Metric TTM Last Q
Revenue:
$2.2B
$618M
Expenses:
$2.3B
$634M
Profit: -
$17M -
$3.6M
At these levels, the stock’s market cap seems out of step with its income metrics.
$SYM's
$22B backlog doesn't necessarily close the gap. Roughly half is allocated to Walmart, offering some stability but limited expansion potential due to competitive client constraints. The other half is tied to Greenbox (a SoftBank JV), which still requires validation & likely comes with lower realized returns due to JV contribution requirements.
Even with incremental progress, the current backlog only supports a limited viable run rate over the next couple of years. Accelerating backlog execution or marginal expansion alone would still fall short of justifying the existing market cap. Meaningful upside requires materially larger operational & revenue impacts to sustain or increase the current valuation.
