Zoom Communications SOTP FCF Yield Valuation

Zoom Video Communications Inc. (ZM)
By@hypertonx
Assumptions as of 2026-06-15
USD
Updated Jun 23, 2026
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Zoom Communications SOTP FCF Yield Valuation

Sum-of-the-parts valuation for Zoom Communications as of June 15, 2026. The operating business is valued by capitalizing FY2027 free cash flow guidance after an estimated after-tax interest-income haircut, so cash and marketable securities are not double counted. Non-operating assets are then added separately: cash and marketable securities, the Anthropic preferred stock stake calculated from Anthropic total equity value multiplied by Zoom's inferred ownership percentage, and other strategic investments at carrying value. The model assumes no debt adjustment and gives no credit for future share repurchases.

as of 2026-06-15

Fair value
$120.50
Upside/downside
14.9%
Operating business value ($M)
25,083
Interest-adjusted FCF ($M)
1,505
Anthropic total valuation ($M)
965,000
Zoom Anthropic stake %
0.333%
Anthropic stake value ($M)
3,217
Target FCF yield
6.0%

Anthropic stake

965,000$M
0.333%

Market

$104.83$/share
Latest ZM quote · updated Aug 24, 2026 2:00 PM MDT

Non-operating assets

7,721$M
610$M

Operating business

215$M
1,720$M
6.0%

Share count

304M shares

Sources

  1. ZM Hawk last price was $85.9656 on 2026-06-23 after refresh. (accessed 2026-06-23)
  2. Zoom FY2027 guidance after Q1: revenue $5.080-$5.090B, non-GAAP operating income $2.065-$2.075B, free cash flow $1.700-$1.740B, and about 304M diluted shares. (accessed 2026-06-15)
  3. As of April 30, 2026, Zoom had $890.9M cash and $6.830B marketable securities, or $7.721B total. (accessed 2026-06-15)
  4. Zoom's privately held equity and debt securities totaled $1.876B at April 30, 2026, including $1.267B related to Anthropic preferred stock. (accessed 2026-06-15)
  5. Zoom's Anthropic stake percentage is inferred as $1.2669B divided by Anthropic's $380B February 2026 financing valuation, or about 0.333%. (accessed 2026-06-15)
  6. Anthropic announced a $65B Series H at a $965B post-money valuation on May 28, 2026. — anthropic.com (accessed 2026-06-15)

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