Five9 forward revenue valuation

Assumptions as of 2026-09-11

USD

Updated Sep 11, 2026 · Revised 3 times

Five9 forward revenue valuation

Forward EV/revenue valuation reviewed after Five9's Q2 2026 earnings release, 10-Q, supplemental metrics, and earnings-call materials. The model keeps the $1.266B FY2026 revenue-guide midpoint, 9% FY2027 growth, and 1.8x FY2027E EV/revenue multiple because the new transcript evidence points to healthy AI and subscription momentum but also indicates part of the Q2 AI strength was pulled forward from backlog timing. Balance-sheet anchors remain tied to June 30, 2026 and market inputs are refreshed to September 11, 2026.

as of 2026-09-11

Fair value

$31.31

Upside/downside

-14.0%

FY2027E revenue

$1,380

Implied enterprise value

$2,484

Current EV/FY2026 revenue (x)

1.93

FY2025 OCF yield

9.6%

Growth plus EBITDA margin

32.6%

Balance sheet

Cash and marketable investments ($M)

$654.1

Convertible senior notes ($M)

$737.3

Finance lease liabilities ($M)

$11.6

Market

Current market cap ($M)

$2,347

Current FIVN price

$36.40

Latest FIVN quote · updated Oct 9, 2026 2:00 PM MDT

Multiple

FY2027E EV/revenue multiple

1.8

Profitability

FY2025 operating cash flow ($M)

$226.2

Q2 2026 adjusted EBITDA margin

22.4%

Revenue

FY2025 revenue ($M)

$1,149.1

FY2026 revenue guide midpoint ($M)

$1,266.0

FY2027 revenue growth

9.0%

Share count

Diluted shares ($M)

76.3

Sources

September 11 Modeledge reference share price $30.66. The share quote changes market-relative outputs, not operating forecasts or intrinsic fair value. (accessed 2026-09-11)
September 11 conference describes AI annualized revenue above $150M, growth 78%, and continued subscription/seat demand. The five-year $100M-TCV contract was already reported in Q2; it is not $100M incremental ARR. No new quantitative guidance warrants changing $1.266B FY2026 revenue, 9% FY2027 growth or 1.8x EV/revenue. Provider market cap is $2,347.451872M with September 11 00:00Z timestamp; preserve its explicit provider basis rather than replacing it with modeled shares times price. — modeledge.ai (accessed 2026-09-11)
Five9 reported Q2 2026 revenue of $312.4M, adjusted EBITDA of $70.1M, Q2 subscription revenue growth of 14%, Q2 operating cash flow of $42.1M, and raised FY2026 revenue guidance to $1.260B-$1.272B. — investors.five9.com (accessed 2026-08-11)
Five9's Q2 2026 10-Q, filed August 6, 2026, confirms $617.8M six-month revenue, $105.998M six-month operating cash flow, $654.1M cash plus marketable securities, and $737.3M long-term convertible notes at June 30, 2026. — investors.five9.com (accessed 2026-08-11)
Supplemental metrics show Q2 2026 revenue mix of 83% subscription, 11% telecom, and 6% professional services, with LTM subscription DBRR of 107% and subscription-plus-telecom DBRR of 106%. — storage.googleapis.com (accessed 2026-08-11)
Five9's investor events page lists the Q2 2026 investor presentation, supplemental metrics, and earnings webcast replay made available for the August 6, 2026 results event. — investors.five9.com (accessed 2026-08-11)

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