Zoom Communications, Inc. (ZM)
割安ファンダメンタル
85
株価
$93.14
時価総額
$26.36B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
スイッチングコスト · 狭いOnce 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.
需要を左右する要因
中程度の景気循環性Demand 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.
主なリスク
- 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.
顧客集中度
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.
強気材料
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.
弱気材料
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 2026年8月18日
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.
貸借対照表と流動性
売上高
$4.99B
直近12か月（2026/7/31まで）
純利益
$3.26B
直近12か月（2026/7/31まで）
フリーキャッシュフロー
$1.92B
自己資本合計
$9.81B
負債合計
$2.15B
流動比率
3.83
利払い倍率
-
負債/EBITDA
0.05
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$189.13
現在株価
$93.14
安全マージン
+50.8%
適正価値レンジ
$122.93 - $255.33
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
8.42
ROE
19.4%
P/B レシオ
2.11
P/FCF
12.41
粗利益率
77.3%
ROIC
8.2%
収益性レーダー
価値創造（経済的モート）
ROIC
8.2%
WACC
10.2%
ROIC − WACC
-2.1 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（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
不合格（4）
- Price CAGR 4.39%
- DCF valuation (Unknown)
- Earnings Surprise avg 1.2%
- Earnings Quality (OCF/NI) 0.61
データなし（2）
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-スコア
財務健全性が高い
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
6
取締役会リスク
8
報酬リスク
5
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
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