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The stock of Space X, the rocket and spacecraft company founded by Elon Musk, is expensive when valued solely by operating profit. However, the stock is cheaper than Meta Platforms (META) and Alphabet (GOOGL) when you bring growth into the mix.

That’s according to a new analysis by Morgan Stanley, which says that Space X is trading at a price-to-earnings (P/E) ratio of 75 times its operating profit. By comparison, Meta is trading at a P/E ratio of 24 times its operating profit, while Alphabet is trading at a P/E ratio of 26 times its operating profit.

However, Morgan Stanley notes that Space X is growing much faster than Meta and Alphabet. The company’s revenue is expected to grow by 30% per year over the next five years, while Meta’s revenue is expected to grow by 10% per year and Alphabet’s revenue is expected to grow by 12% per year.

“We believe that Space X is a compelling long-term investment,” Morgan Stanley analyst Adam Jonas wrote in a note to clients. “The company is well-positioned to benefit from the growing demand for space travel and exploration.”

Jonas also notes that Space X has a number of other potential catalysts, including the company’s Starship program, which is designed to carry humans to Mars, and the company’s Starlink satellite internet service, which is designed to provide high-speed internet access to underserved areas.

“We believe that these catalysts could drive significant growth for Space X in the years to come,” Jonas wrote.