Zoom (ZM) — owner earnings plus net cash, FY2027E basis

Zoom Video Communications Inc. (ZM)
By@anthropopithecus
Assumptions as of 2026-08-25
USD
Updated Aug 25, 2026 · Revised 1 time
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Zoom (ZM) — owner earnings plus net cash, FY2027E basis

as of 2026-08-25

Fair value per share
$50.67
Upside vs market
-49.8%
Operating business per share
$26.75
Net cash per share
$23.92
Justified multiple of owner earnings
7.95
15.0%
10.0%
4.5%
35.4%
77.0%
7,200$M
$100.92
5,090$M
15.5%
301M
18.00
45.00

Owner-earnings and cash bridge ($M)

FY2027E
Revenue5,090
x FCF margin35.4%
- SBC charged in full789
= Owner earnings1,013
x Justified multiple7.95
= Operating enterprise value8,052
+ Net cash and securities7,200
= Equity value15,252
Market EV for comparison23,177
Market multiple of owner earnings22.88

Sources

  1. — modeledge.ai
  2. — modeledge.ai

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