Zoom Communications, Inc. (ZM)
POSITIVEFondamental
83
Prix
$101.38
Capitalisation boursière
$30.74B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Zoom sells video conferencing and, increasingly, a bundle of communication tools built around it: cloud phone, team chat, whiteboarding and, more recently, AI features layered on top of meetings. Customers range from a single person on a free plan to large enterprises buying seats for thousands of employees. What began as a single well-executed product during a period when remote work became mandatory has had to reinvent itself since, expanding into adjacent tools to keep customers inside one platform.
Comment l'entreprise gagne de l'argent
Zoom earns from subscriptions, billed per seat per month or year, sold two ways. Online revenue comes from self-service customers — small teams and individuals who sign up and pay by credit card, largely without talking to a salesperson. Enterprise revenue comes from a direct sales force selling multi-year contracts to larger organizations, who also spend more per seat by adding phone, contact centre or AI add-ons. Growth increasingly comes from selling more to existing Enterprise customers rather than adding new ones.
Chiffre d'affaires par segment
Multi-year contracts sold by a direct sales force to larger organizations, which also spend more per seat on phone, contact centre and AI add-ons.
Self-service subscriptions bought by credit card by individuals and small teams, without a salesperson involved.
Avantage concurrentiel
Coûts de changement · ÉtroitOnce an organization has deployed Zoom across thousands of employees, trained its IT department, and wired it into calendars and other software, switching to a rival is disruptive even if a competitor is cheaper or bundled for free. That inertia is real but not absolute: Microsoft bundles Teams into Office subscriptions many customers already pay for, which removes the price advantage switching costs are supposed to protect.
Ce qui stimule la demande
Modérément cycliqueDemand tracks corporate headcount and IT budgets rather than consumer spending, so it is more stable than discretionary businesses but not immune: companies freeze software spending and delay seat additions in a downturn, and some right-size their Zoom licenses when they lay off staff. Growth today depends more on selling additional products to existing accounts than on signing new logos.
Principaux risques
- Microsoft bundles a free competitor — Microsoft Teams comes included with Office 365 subscriptions many enterprise customers already pay for, letting a well-resourced competitor offer a substitute at effectively zero marginal cost.
- New AI features carry legal and reputational risk — The company is layering generative AI into its products, which the filing flags as introducing operational challenges and potential legal liabilities if the technology behaves unpredictably or mishandles customer data.
- Growth now depends on renewals, not new logos — Revenue growth increasingly comes from selling more to existing Enterprise customers rather than signing new ones; a slowdown in expansion or a rise in cancellations would show up immediately.
- US-China tensions — The company flags geopolitical tension between the United States and China as an operational and reputational risk to its international footprint and engineering operations.
Concentration des clients
Zoom states that no single customer accounted for more than 10% of revenue in the most recent fiscal year; the risk is a broad slowdown in corporate IT spending, not the loss of one buyer.
Les arguments en faveur
Buyers argue that Zoom's brand recognition and the operational cost of ripping out communication tools already wired into a company's calendars and workflows outweigh Microsoft's bundling, and that expanding into phone, AI and contact centre products gives existing customers more reasons to spend more per seat.
Les arguments contre
Sellers worry that Microsoft can offer a good-enough substitute for free inside software most enterprises already buy, that Zoom's own growth has shifted from new customers to squeezing more revenue out of existing ones, and that the AI features meant to reignite growth carry legal and reputational risks of their own.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilan & Liquidités
Chiffre d'affaires
$4.93B
12 derniers mois (au 30/04/2026)
Résultat net
$2.07B
12 derniers mois (au 30/04/2026)
Flux de trésorerie libre
$1.92B
Capitaux propres totaux
$9.81B
Passif total
$2.15B
Ratio de liquidité général
4.22
Couverture des intérêts
-
Dette/EBITDA
0.05
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$135.17
Prix actuel
$101.38
Marge de sécurité
+25.0%
Fourchette de juste valeur
$87.86 - $182.48
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
15.44
ROE
19.4%
Ratio P/B
-
P/FCF
-
Marge brute
77.4%
ROIC
9.3%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
9.3%
WACC
10.3%
ROIC − WACC
-1.0 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Critères d'analyse fondamentale
Réussi (21)
- EPS shows upward trend
- Price CAGR 6.74%
- ROIC 9.3%
- Gross Margin 77.4%
- Debt/Equity ratio
- Operating Margin 24.2%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 21.8%
- Revenue Growth 5Y 12.9%
- Analyst Consensus 59% Buy
- Earnings Surprise avg 2.9%
- PEG Ratio 0.66
- Earnings Quality (OCF/NI) 0.98
- Share Dilution -2.3%
- Net Margin Trend 42.0% vs 22.3%
- Piotroski F-Score 7/9
Échoué (1)
- DCF valuation (Unknown)
Indisponible (5)
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Interest Coverage
- Price below Graham Number
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Modérée : certain écart entre profits et trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Eric S. Yuan | Founder, President, CEO & Chairman | 55 |
| Ms. Michelle Chang | Chief Financial Officer | 50 |
| Mr. Velchamy Sankarlingam | President of Product & Engineering | 56 |
| Ms. Kimberly J. McGarry | Chief Accounting Officer | 73 |
| Mr. Xuedong Huang | Chief Technology Officer | - |
| Mr. Gary J. Sorrentino | Global Chief Information Officer | - |
| Charles Eveslage | Head of Investor Relations | - |
| Ms. Cheree McAlpine | Chief Legal Officer & Secretary | - |
| Mr. Graeme Geddes | Chief Sales & Growth Officer | - |
| Ms. Kimberly Storin | Chief Marketing Officer | - |
Risque d'audit
6
Risque du conseil
9
Risque de rémunération
5
Risque droits des actionnaires
10
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for ZM, sourced from Markets Gazette.
- 5/22/2026POSITIVEZoom Jumps on Sales Forecast Topping Estimates
Zoom Video Communications Inc. experienced a significant share price increase following the company's upward revision of its full-year financial outlook. The company now anticipates higher adjusted earnings and revenue than previously projected, exceeding market expectations. This positive development led to an analyst upgrade from KeyBanc and increased price targets from RBC and Baird. The company's CFO, Michelle Chang, is scheduled to discuss these projections. For investors, this forecast beat suggests strong underlying business momentum and potential for continued growth, making Zoom an attractive prospect.
- 5/22/2026POSITIVEZoom's AI Bet Pays Off: Paid Companion Users Explode 184% In Beat-And-Raise Quarter
Zoom Communications Inc. reported a stellar Q1, with its AI-powered companion user base surging 184%. This significant growth in its new AI offering, coupled with an upbeat fiscal year 2027 outlook, has prompted analysts to maintain their 'Buy' ratings and increase price targets. The company's strategic pivot towards AI integration appears to be resonating strongly with users and investors alike, signaling a robust future revenue stream and enhanced competitive positioning in the video conferencing and collaboration market.
- 5/21/2026NEUTRALZoom Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Zoom Communications (ZM) is set to announce its Q1 earnings on May 21st, with analysts projecting an Earnings Per Share (EPS) of $1.42 and revenue of $1.22 billion. The stock experienced a modest 2.1% increase on Wednesday leading up to the announcement. While analyst ratings from March 2022 show a mix of actions including a downgrade from Outperform to Peer Perform by Wolfe Research, RBC Capital maintained an Outperform rating, and Wells Fargo kept an Equal-Weight rating. Investors will be closely watching the earnings call for forward guidance and any significant shifts in user growth or enterprise adoption trends.
- 3/19/2026NEUTRALZoom, Ross Stores And A Big Bank On CNBC's 'Final Trades'
Zoom Communications Inc. saw its shares close up 0.6% at $76.43 on Wednesday. Concurrently, Citigroup Inc. finished the trading session with a 0.9% gain, settling at $108.67. This news highlights the performance of individual stocks mentioned in CNBC's 'Final Trades' segment, providing a snapshot of their recent market activity without indicating a specific directional catalyst or significant market-moving event for either company.
- 2/25/2026NEGATIVEZoom Gives Weaker Profit Outlook in Push to Expand Product Suite
Zoom Communications Inc. recently disappointed analysts by issuing a profit outlook that fell short of market estimates. This downward revision points to higher operating costs, particularly as the company aggressively pushes its expanded suite of products. For investors, this implies potential pressure on profit margins in the short to medium term, despite efforts to diversify its offerings. The news could foster caution in the market, prompting a re-evaluation of the company's future growth and profitability prospects within a competitive landscape.
via Markets Gazette