What is Zoom Communications, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Zoom Communications, Inc.'s reported free cash flow gives $187.31 per share. The share price was $89.71 on September 25, 2026, 52% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.0% | 10.0% | $115.27 | +28% |
| Base | 13.0% | 9.0% | $187.31 | +109% |
| Bull | 18.0% | 8.0% | $321.56 | +258% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $241.30 | $258.06 | $278.55 | $304.15 | $337.08 |
| 8.0% | $200.80 | $211.67 | $224.51 | $239.93 | $258.77 |
| 9.0% | $171.31 | $178.74 | $187.31 | $197.32 | $209.14 |
| 10.0% | $148.92 | $154.21 | $160.20 | $167.04 | $174.94 |
| 11.0% | $131.39 | $135.27 | $139.60 | $144.47 | $149.99 |
Where the presets come from
Base: years 1 to 5 grow at Zoom Communications, Inc.'s revenue growth rate over the last 5 fiscal years (12.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions