Also for reference, the entire rest of the world outside the US has an average P/E of 14.5 right now. Make of that what you will. Also, re: the parent comment

Also for reference, the entire rest of the world outside the US has an average P/E of 14.5 right now. Make of that what you will. Also, re: the parent comment, a P/E of 22 would traditionally never be called "value stock territory"...whether or not that valuation is too pessimistic about Facebook's growth prospects.