Fourth quarter earnings season is off and running but this week will still be fairly quiet as the big, regional banks reports earnings and a smattering of other names from various key industries such as the industrials, energy and the transports.

But we’re also getting the first of the five FAANG stocks, as Netflix will report. You remember the others: Meta Platforms, Apple, Amazon, and Alphabet.

After riding high in investors’ portfolios for the prior few years, the stocks finally tumbled in 2022’s technology sell-off. Several of them have announced layoffs and earnings are expected to decline in 2023 as the global economy slows.

Are these stocks deals?

Which one has the best earnings surprise record and will they keep their earnings streak alive?

Are There Any FAANG Earnings All-Stars Anymore?

1.    Meta Platforms (META Quick QuoteMETA - Free Report)

Meta Platforms has missed on earnings 3 out of the last 4 quarters. It’s not an earnings all-star.

Shares have also struggled over the last year, losing 58.7% during that time. Meta Platforms was recently trading at 5-year lows.

But is it cheap? It trades with a forward P/E of 17 as earnings estimates are also being cut. Earnings are expected to be down 11% in 2023.

Should you wait on the sidelines for Meta Platforms to get cheaper?

2.    Apple (AAPL Quick QuoteAAPL - Free Report)

Apple has the best earnings record of the FAANG stocks. It hasn’t missed in 5 years. That’s impressive during a pandemic.

But shares of Apple are down 22% over the last year anyway on technology weakness. Apple is expected to grow earnings in fiscal 2024, however, by 8.8%.

Apple now trades at 22x earnings.

Is Apple on sale or does it have more room to fall?

3.    Amazon (AMZN Quick QuoteAMZN - Free Report)

Amazon has an earnings streak going, but it’s not a positive one. It has missed 3 quarters in a row, and some of them were large misses.

Shares of Amazon are down about 40% in the last year but are off the recent lows. It’s not cheap. Amazon trades with a forward P/E of 62 as estimates are being cut.

Has Amazon lost it’s shine with investors?

4.    Netflix (NFLX Quick QuoteNFLX - Free Report)

Netflix has put together a positive earnings surprise streak of 5 beats in a row.

It’s chart is a wild one, however, with the shares plunging in 2022. Over the last 3 months, they’ve rallied off the 2022 lows and are up about 42%.

But the longer term, 1-year period, is still challenging, with Netflix shares down 37% during that time.

Netflix is trading with a forward P/E of 31.

Is the worst over for Netflix?

5.    Alphabet (GOOGL Quick QuoteGOOGL - Free Report)

Alphabet has missed 3 quarters in a row but that was after beating 7 quarters in a row during the pandemic.

Alphabet has never really cared if it missed or beat so I’m assuming it still doesn’t care. But the Street cares. The shares are down 34.5% over the last year.

But Alphabet is now much cheaper, with a forward P/E of 18.3.

While earnings are expected to fall this year, analysts believe they will rise next year by 7.6%. Will they be right?

Is Alphabet a deal in 2023?

[In full disclosure, the author of this article owns shares of AMZN and GOOGL in her personal portfolio.]