Zoom Communications, Inc. (ZM)
UnterbewertetFundamental
85
Kurs
$93.14
Marktkapitalisierung
$26.36B
Teil 1 · Was das Unternehmen wert ist
Übersicht
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.
Wie das Geld verdient wird
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.
Umsatz nach 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.
Wettbewerbsvorteil
Wechselkosten · SchmalOnce 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.
Was die Nachfrage antreibt
Mäßig zyklischDemand 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.
Wichtigste Risiken
- 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.
Kundenkonzentration
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.
Die Argumente dafür
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.
Die Argumente dagegen
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. August 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.
Bilanz & Liquidität
Umsatz
$4.99B
Letzte 12 Monate (bis 31.7.2026)
Nettogewinn
$3.26B
Letzte 12 Monate (bis 31.7.2026)
Freier Cashflow
$1.92B
Gesamtes Eigenkapital
$9.81B
Gesamtverbindlichkeiten
$2.15B
Current Ratio
3.83
Zinsdeckungsgrad
-
Schulden/EBITDA
0.05
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$189.13
Aktueller Kurs
$93.14
Sicherheitsmarge
+50.8%
Innerer-Wert-Spanne
$122.93 - $255.33
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
8.42
ROE
19.4%
P/B-Verhältnis
2.11
P/FCF
12.41
Bruttomarge
77.3%
ROIC
8.2%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
8.2%
WACC
10.2%
ROIC − WACC
-2.1 pp
Der ROIC liegt unter den Kapitalkosten: Das Unternehmen vernichtet für jeden investierten Dollar Wert.
Fundamentalanalyse-Kriterien
Bestanden (21)
- EPS shows upward trend
- ROIC 8.2%
- Gross Margin 77.3%
- P/FCF 12.41
- P/B Ratio 2.11
- Debt/Equity ratio
- Operating Margin 23.7%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- ROE 32.3%
- Revenue Growth 5Y 12.9%
- Analyst Consensus 62% Buy
- PEG Ratio 0.36
- Share Dilution -2.3%
- Net Margin Trend 65.2% vs 25.0%
- Piotroski F-Score 7/9
Nicht bestanden (4)
- Price CAGR 4.39%
- DCF valuation (Unknown)
- Earnings Surprise avg 1.2%
- Earnings Quality (OCF/NI) 0.61
Nicht verfügbar (2)
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Mittel: Gewisse Differenz zwischen Gewinn und Cashflow
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| 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 | - |
Prüfungsrisiko
6
Vorstandsrisiko
8
Vergütungsrisiko
5
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-27
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-26
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-02
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for ZM, sourced from Markets Gazette.
- 8/26/2026NEGATIVEEcco perché le azioni di Zoom Video crollano dopo il report sugli utili
Zoom Video Communications Inc. shares experienced a significant downturn, falling nearly 15% from their yearly high to a low of $95. This decline followed the release of mixed quarterly earnings. While the company reported a 4.9% year-over-year revenue increase to $1.27 billion for the June quarter, indicating continued growth amidst intense competition from rivals like Google, Microsoft, and Cisco, the market reacted negatively. Investors appear concerned about the sustainability of growth or other unstated factors within the report, leading to a sharp sell-off.
- 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