That's only a P/E of 17.2, which is not all that high. Schwab has a P/E of 31.3. Walmart has a P/E of 28.6, Coca-Cola has 29.3, Apple has 33.4, Visa has 44.8. I

That's only a P/E of 17.2, which is not all that high. Schwab has a P/E of 31.3. Walmart has a P/E of 28.6, Coca-Cola has 29.3, Apple has 33.4, Visa has 44.8. If anything I'd say that the market considers Robinhood a poor business. Walmart and Coca-Cola have higher P/Es, and they are only going to grow about as fast as global GDP since they've pretty much saturated their markets. So Robinhood has a substantially lower multiple than companies that we know aren't going to grow very fast. And it's less than half of its "stodgy" competitor where people do invest a fraction of their pay checks.