ZoomInfo - owner earnings less net debt (TRA and DTA both excluded)

ZoomInfo Technologies Inc. (GTM)

By@anthropopithecus

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

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ZoomInfo - owner earnings less net debt (TRA and DTA both excluded)

as of 2026-07-19

Fair value per share

$2.80

Upside to market

-8.7%

Net debt

1,144

Justified multiple of owner earnings

7.3

Cash and short-term investments

179.90$M

Annual relative growth decay

15.0%

Discount rate

10.0%

Entry growth

2.9%

FCF margin

31.2%

GAAP gross margin

87.0%

Market price

$3.07

FY2025 revenue

1,249.50$M

SBC as pct of revenue

9.3%

Shares outstanding

300.00M

Terminal multiple cap

18.00

Total debt

1,324.00$M

Total multiple cap

45.00

Owner earnings and debt bridge ($M)

	FY2025
Revenue	1,250
FCF margin	31.2%
less SBC pct	9.3%
= Owner margin	21.9%
= Owner earnings	273
Justified multiple	7.3
= Enterprise value	1,985
less net debt	1,144
= Equity value	841
memo - net debt / owner earnings	4.2

Sources

— sec.gov

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