Discounted Cash Flow

Zoom Communications, Inc.

ZM · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2018 $151.5m $-3.8m $9.7m -2.5% $-0.05
2019 $330.5m (118.2%) $7.6m (298.4%) $22.9m (136.4%) 2.3% (190.9%) $0.09 (283.5%)
2020 $622.7m (88.4%) $25.3m (233.7%) $113.8m (397.0%) 4.1% (77.1%) $0.11 (20.7%)
2021 $2.7b (325.8%) $672.3m (2556.9%) $1.4b (1122.4%) 25.4% (523.9%) $2.37 (2086.9%)
2022 $4.1b (54.6%) $1.4b (104.6%) $1.5b (5.9%) 33.6% (32.3%) $4.64 (96.0%)
2023 $4.4b (7.1%) $103.7m (-92.5%) $103.7m (-93.0%) 2.4% (-93.0%) $0.35 (-92.5%)
2024 $4.5b (3.1%) $637.5m (514.7%) $1.5b (1319.2%) 14.1% (496.4%) $2.12 (506.1%)
2025 $4.7b (3.1%) $1.0b (58.5%) $1.8b (22.9%) 21.7% (53.8%) $3.28 (54.8%)
2026 $4.9b (4.4%) $1.9b (88.1%) $1.9b (6.4%) 39.0% (80.2%) $6.32 (92.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model