This approach works for established companies, but breaks down when considering services like waymo, whose value is purely a matter of potential. Waymo is curre

This approach works for established companies, but breaks down when considering services like waymo, whose value is purely a matter of potential. Waymo is currently worth nothing (if not less) from a cash flow perspective, but potentially worth hundreds of billions in the future, with their effective market value lying at some (entirely subjective) point in between.