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US video conferencing and collaboration software company, also expanding into AI-powered workplace and contact center tools.
US video conferencing and collaboration software company, also expanding into AI-powered workplace and contact center tools.
Sells subscriptions per user, with small customers buying online with a card and larger organizations through direct sales, and the original meetings product still brings in the most. The pandemic surge gave way to slower growth, so it is trying to widen into phone, contact-center and workplace tools that can be bundled to existing accounts.
Moat: narrow (brand, network effects, switching costs). Became the default video brand during the pandemic, but faces intense competition from bundled Teams/Meet.
Headquarters: San Jose, California, US · Founded: 2011 · Employees: 7,438
Size Zoom Communications (ZM) is a United States Information Technology company (Packaged Software) with a market value of $26.2B, the 409th largest of 3,117 United States companies the cockpit tracks. Shares closed at $89.88 on 6 Nov 2026.
Performance Over six months the shares fell 17.7%, against +15.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +23.8%); the operating margin is 23.7% (peer median 7.4%).
Valuation It trades at 14.7× forward earnings against a peer median of 27.1× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.9 points above its cost of capital (9.9% WACC).
Backlog Backlog (remaining performance obligations) was $4.54B at 31 Jul 2026, up 14% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.99B | $4.87B | $4.67B | $4.53B | $4.39B |
| Revenue growth | — | +4% | +3% | +3% | — |
| Gross profit | $3.86B | $3.75B | $3.25B | $3.19B | $3.03B |
| EBITDA | $1.32B | $1.26B | $1.22B | $973M | $587M |
| Net income | $3.26B | $1.90B | $1.01B | $637M | $104M |
| Free cash flow | $1.93B | $1.92B | $1.81B | $1.47B | $1.19B |
| Capital expenditure | $75.1M | $65.5M | $137M | $127M | $115M |
| Total debt | $60.3M | $58.5M | $64.4M | $73.0M | $96.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zoom Communications ZM | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| RingCentral RNG | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.1% | -2.1% | 10th lowest of 21 |
| 6-month return | -17.7% | +15.5% | 3rd lowest of 19 |
| Distance from 52-week high | -21.7% | -31.3% | 9th highest of 21 |
| Revenue growth (TTM) | +5.0% | +23.8% | 3rd lowest of 21 |
| Operating margin | 23.7% | 7.4% | 8th highest of 21 |
| Forward P/E | 14.7× | 27.1× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 5.8% | 27.9% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +12.9% | +23.5% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -7.1 pp | +1.3 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | +12.9 pp | -4.6 pp | 3rd highest of 20 |
| EV / EBITDA | 14.5× | 18.1× | 4th cheapest of 13 |
| Net debt / EBITDA | -5.5× | -0.2× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% | +28.4% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
Zoom Communications reported $4.54B of remaining performance obligations at 31 Jul 2026, up 14% from a year earlier and up 6% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 1.19.