Oracle has >$60B in revenue and $16B in net income. It doesn’t seem crazily overvalued to me? Perhaps you were looking at quarterly statements?
But if you compare to other companies with similar rev/profit numbers, you'll be amazed with how cheap they are.
I don't believe Oracle has a wide moat other than its DB -- the Datacenters are mostly commodity.
It’s a sad state of affairs. I mean Postgres is right over there!