
Imagine growing revenue 18-fold and watching your stock go almost nowhere for twelve years. That’s $BABA. Revenue is roughly 18x what it was in 2014, yet the stock sits just 7% above its first trading-day close. $JD tells a similar story: more than 10x the revenue, with the stock only 22% higher. That alone doesn’t make either a bargain, but it’s enough to get my attention. Before writing them off, ask how much of that bigger business can actually turn into earnings for you.