Zoom Communications, Inc. (ZM)
被低估基本面
85
价格
$93.14
市值
$26.36B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
转换成本 · 狭窄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.
需求驱动因素
中度周期性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.
主要风险
- 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.
客户集中度
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.
看多理由
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.
看空理由
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
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资产负债表与流动性
营收
$4.99B
最近12个月（截至2026/7/31）
净利润
$3.26B
最近12个月（截至2026/7/31）
自由现金流
$1.92B
股东权益合计
$9.81B
负债合计
$2.15B
流动比率
3.83
利息覆盖率
-
债务/EBITDA
0.05
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$189.13
当前价格
$93.14
安全边际
+50.8%
公允价值区间
$122.93 - $255.33
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
8.42
ROE
19.4%
市净率（P/B）
2.11
P/FCF
12.41
毛利率
77.3%
ROIC
8.2%
盈利能力雷达图
价值创造（经济护城河）
ROIC
8.2%
WACC
10.2%
ROIC − WACC
-2.1 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（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
未通过（4）
- Price CAGR 4.39%
- DCF valuation (Unknown)
- Earnings Surprise avg 1.2%
- Earnings Quality (OCF/NI) 0.61
不可用（2）
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-评分
财务状况强健
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
6
董事会风险
8
薪酬风险
5
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
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