Zoom (ZM) — owner earnings plus net cash, FY2026 basis

Zoom Video Communications Inc. (ZM)

By@anthropopithecus

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

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Zoom (ZM) — owner earnings plus net cash, FY2026 basis

as of 2026-07-19

Fair value per share

$57.67

Upside vs market

-36.7%

Operating business per share

$31.17

Net cash per share

$26.50

Justified multiple of owner earnings

7.91

Relative growth decay per year

15.0%

Discount rate

10.0%

Entry growth

4.4%

Reported FCF margin

39.5%

Gross margin (reported FY26)

77.0%

Net cash and securities ($M)

7,817$M

Market price

$91.13

FY26 revenue ($M)

4,869$M

SBC as pct of revenue

15.6%

Diluted shares (M)

295M

Terminal multiple cap

18.00

Total multiple cap

45.00

Owner-earnings and cash bridge ($M)

	FY2026
Revenue	4,869
x Reported FCF margin	39.5%
- SBC charged in full	761
= Owner earnings	1,163
x Justified multiple	7.91
= Operating enterprise value	9,195
+ Net cash and securities	7,817
= Equity value	17,012
Market EV for comparison	19,066
Market multiple of owner earnings	16.39

Sources

— modeledge.ai

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