Does Zoom Communications, Inc. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores Zoom Communications, Inc. (ZM) 69.2 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 98, returns on capital 24, balance-sheet safety 100, capital allocation 44.

Is ZM trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $36.52 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $94.47, that is 159% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has ZM's Moat Score changed over time?

The record logs 28 readings since Jul 17, 2026; the latest reads 69.2 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Zoom Communications, Inc.

ZM · Technology · $29.0B mkt cap · FY2026 filings · as of Oct 15, 2026 · Narrow moat ·

On the watchlist

Narrow moat

The five investor questions

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $4.1B to $4.9B, increasing; diluted EPS 4.50 to 6.18, increasing.

Median gross margin 76.2% over 9y, very stable.

Median ROIC 8.2%, above the 12% hurdle in 29% of years.

100

Net cash position — no leverage risk.

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

159% above value if growth stopped today

: $1.0B
: $36.52
: $59.17
: $94.47
: 159% above value if growth stopped today

What today’s price assumes: owner earnings growing ~21%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 240% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 15, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

10 years of fundamentals

The business, in plain English

Zoom Communications, Inc. booked $4.9B of revenue in FY2026 in the Technology sector and kept 77.0% of it as gross profit — a high-margin business by that measure. After every other cost, 39.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $151M (FY2018) to $4.9B (FY2026) — about 54.3% a year compounded over 8 years.

It earned 10.3% on invested capital in the latest filed year, FY2026. Across the full 7-year measurable filed record, median ROIC was 8.2%. Over the v3 recent window (7 measurable filed years), median ROIC was 8.2%. The Returns on Capital filter above scores it 24/100.

ZM's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Returns on Capital the weakest (24/100), which is how ZM lands at 69/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$4.9B FY2026

Revenue kept after cost of goods77.0% FY2026

Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$2.0B FY2026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Zoom Communications, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$4.9B	100%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Cost of revenue	$1.1B	23%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
	$3.7B	77%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
	$1.1B	23%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Income before tax	$2.4B	50%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Income tax	$522M	11%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
	$1.9B	39%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set

Embed this chart

Flagship explainer

What Zoom Communications, Inc. owns — and owes

Zoom Communications, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$12.0B	100%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Cash and equivalents	$1.3B	11%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Stockholders’ equity	$9.8B	82%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What drives Zoom Communications, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$1.9B	FY2026	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Income before tax	$2.4B	FY2026	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Operating income	$1.1B	FY2026	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
	$4.9B	FY2026	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Ending assets	$12.0B	FY2026	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Beginning assets	$11.0B	FY2025	10-K · FY 2025Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
	$9.8B	FY2026	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
	$8.9B	FY2025	10-K · FY 2025Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

Source:

10-K · filed Feb 27, 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set

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Flagship explainer

Where Zoom Communications, Inc.'s cash went

Zoom Communications, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$2.0B	100%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026
Depreciation and amortization	$133M	7%	10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001585521-26-000030 · filed Feb 27, 2026

· event Jan 31, 2026 · retrieved Oct 15, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Zoom Communications, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 15, 2026

Flagship explainer

What Zoom Communications, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 15, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale69.2 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 15, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
McGarry Kimberly JChief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	8,692	$97.5565	$847,961	346	Oct 13, 2026	1 filed lot Table I · Class A Common Stock: 8,692 shares at $97.5565 · code F · owned after 346 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000149 · filed Oct 13, 2026
Chang MichelleChief Financial Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	8,489	$99.4629	$844,341	See lot detail	Oct 12, 2026	2 filed lots Table I · Class A Common Stock: 2,742 shares at $98.6696 · code S · owned after 46,185 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000147 · filed Oct 13, 2026 Table I · Class A Common Stock: 5,747 shares at $99.8414 · code S · owned after 40,438 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000147 · filed Oct 13, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,645	$99.2642	$758,875	See lot detail	Oct 12, 2026	2 filed lots Table I · Class A Common Stock: 2,346 shares at $98.6309 · code S · owned after 157,112 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000145 · filed Oct 13, 2026 Table I · Class A Common Stock: 5,299 shares at $99.5446 · code S · owned after 151,813 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000145 · filed Oct 13, 2026
McGarry Kimberly JChief Accounting Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event	3,121	—Exercise or conversion of derivative security (M)	—	10,421	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 3,121 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,421 · Paired event: 3,121 Restricted Stock Units → 3,121 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000149 · filed Oct 13, 2026
McGarry Kimberly JChief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	1,383	$94.67	$130,929	9,038	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 1,383 shares at $94.67 · code F · owned after 9,038 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000149 · filed Oct 13, 2026
McGarry Kimberly JChief Accounting Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	3,121	—Exercise or conversion of derivative security (M)	—	34,337	Oct 9, 2026	1 filed lot Table II · Restricted Stock Units: 3,121 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 34,337 · Paired event: 3,121 Restricted Stock Units → 3,121 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000149 · filed Oct 13, 2026
Chang MichelleChief Financial Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event	22,218	—Exercise or conversion of derivative security (M)	—	57,670	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 22,218 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 57,670 · Paired event: 22,218 Restricted Stock Units → 22,218 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000147 · filed Oct 13, 2026
Chang MichelleChief Financial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	8,743	$94.67	$827,700	48,927	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 8,743 shares at $94.67 · code F · owned after 48,927 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000147 · filed Oct 13, 2026
Chang MichelleChief Financial Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	22,218	—Exercise or conversion of derivative security (M)	—	177,738	Oct 9, 2026	1 filed lot Table II · Restricted Stock Units: 22,218 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 177,738 · Paired event: 22,218 Restricted Stock Units → 22,218 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000147 · filed Oct 13, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event	20,752	—Exercise or conversion of derivative security (M)	—	170,017	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 20,752 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 170,017 · Paired event: 20,752 Restricted Stock Units → 20,752 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000145 · filed Oct 13, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	10,559	$94.67	$999,621	159,458	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 10,559 shares at $94.67 · code F · owned after 159,458 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000145 · filed Oct 13, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	20,752	—Exercise or conversion of derivative security (M)	—	124,510	Oct 9, 2026	1 filed lot Table II · Restricted Stock Units: 20,752 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 124,510 · Paired event: 20,752 Restricted Stock Units → 20,752 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000145 · filed Oct 13, 2026
Yuan Eric S.Director, Chief Executive Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event	46,823	$94.67	$4,432,733	69,821	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 46,823 shares at $94.67 · code M · owned after 69,821 · Paired event: 46,823 Restricted Stock Units → 46,823 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000143 · filed Oct 13, 2026
Yuan Eric S.Director, Chief Executive Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	23,824	$85.68	$2,041,240	45,997	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 23,824 shares at $85.68 · code F · owned after 45,997 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000143 · filed Oct 13, 2026
Yuan Eric S.Director, Chief Executive Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	46,823	—Exercise or conversion of derivative security (M)	—	467,943	Oct 9, 2026	1 filed lot Table II · Restricted Stock Units: 46,823 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 467,943 · Paired event: 46,823 Restricted Stock Units → 46,823 Class A Common Stock · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000143 · filed Oct 13, 2026
McMaster Herbert RaymondDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	3,000	$94.7067	$284,120	8,479	Oct 8, 2026	1 filed lot Table I · Class A Common Stock: 3,000 shares at $94.7067 · code S · owned after 8,479 · FORM 4 · filed Oct 13, 2026Filing detailsAccession 0001585521-26-000141 · filed Oct 13, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	35,098	Oct 6, 2026	1 filed lot Table I · Class A Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 35,098 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,100	$94.0742	$1,138,298	See lot detail	Oct 6, 2026	2 filed lots Table I · Class A Common Stock: 11,896 shares at $94.0653 · code S · owned after 23,202 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026 Table I · Class A Common Stock: 204 shares at $94.5935 · code S · owned after 22,998 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	20,643,685	Oct 6, 2026	1 filed lot Table II · Class B Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 20,643,685 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	35,098	Oct 5, 2026	1 filed lot Table I · Class A Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 35,098 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,100	$93.7441	$1,134,303	See lot detail	Oct 5, 2026	2 filed lots Table I · Class A Common Stock: 11,512 shares at $93.7206 · code S · owned after 23,586 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026 Table I · Class A Common Stock: 588 shares at $94.2032 · code S · owned after 22,998 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	20,655,785	Oct 5, 2026	1 filed lot Table II · Class B Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 20,655,785 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000139 · filed Oct 7, 2026
Subotovsky SantiagoDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	2,637	$93.7411	$247,195	See lot detail	Oct 5, 2026	2 filed lots Table I · Class A Common Stock: 2,525 shares at $93.7191 · code S · owned after 121,898 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000137 · filed Oct 7, 2026 Table I · Class A Common Stock: 112 shares at $94.2375 · code S · owned after 121,786 · FORM 4 · filed Oct 7, 2026Filing detailsAccession 0001585521-26-000137 · filed Oct 7, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	2,590	$95.8073	$248,141	See lot detail	Sep 10, 2026	2 filed lots Table I · Class A Common Stock: 2,384 shares at $95.7585 · code S · owned after 149,471 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0001585521-26-000135 · filed Sep 11, 2026 Table I · Class A Common Stock: 206 shares at $96.372 · code S · owned after 149,265 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0001585521-26-000135 · filed Sep 11, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock	7,031	—Exercise or conversion of derivative security (M)	—	155,434	Sep 9, 2026	1 filed lot Table I · Class A Common Stock: 7,031 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 155,434 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0001585521-26-000135 · filed Sep 11, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	3,579	$96.44	$345,159	151,855	Sep 9, 2026	1 filed lot Table I · Class A Common Stock: 3,579 shares at $96.44 · code F · owned after 151,855 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0001585521-26-000135 · filed Sep 11, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units	7,031	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 9, 2026	2 filed lots Table II · Restricted Stock Units: 4,224 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0001585521-26-000135 · filed Sep 11, 2026 Table II · Restricted Stock Units: 2,807 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0001585521-26-000135 · filed Sep 11, 2026
Subotovsky SantiagoDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	2,637	$96.6267	$254,805	See lot detail	Sep 8, 2026	2 filed lots Table I · Class A Common Stock: 1,792 shares at $96.4766 · code S · owned after 125,268 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001585521-26-000133 · filed Sep 10, 2026 Table I · Class A Common Stock: 845 shares at $96.9451 · code S · owned after 124,423 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001585521-26-000133 · filed Sep 10, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	35,098	Sep 2, 2026	1 filed lot Table I · Class A Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 35,098 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026
Yuan Eric S.Director, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,100	$95.8225	$1,159,452	See lot detail	Sep 2, 2026	2 filed lots Table I · Class A Common Stock: 10,329 shares at $95.7011 · code S · owned after 24,769 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026 Table I · Class A Common Stock: 1,771 shares at $96.5306 · code S · owned after 22,998 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	20,667,885	Sep 2, 2026	1 filed lot Table II · Class B Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 20,667,885 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	35,098	Sep 1, 2026	1 filed lot Table I · Class A Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 35,098 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026
Yuan Eric S.Director, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,100	$95.3398	$1,153,611	See lot detail	Sep 1, 2026	2 filed lots Table I · Class A Common Stock: 10,727 shares at $95.2696 · code S · owned after 24,371 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026 Table I · Class A Common Stock: 1,373 shares at $95.8881 · code S · owned after 22,998 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	20,679,985	Sep 1, 2026	1 filed lot Table II · Class B Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 20,679,985 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001585521-26-000131 · filed Sep 3, 2026
Epstein JeffDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	2,233	—Grant, award, or other acquisition (A)	—	2,233	Aug 31, 2026	1 filed lot Table II · Restricted Stock Units: 2,233 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,233 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001585521-26-000130 · filed Sep 2, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	20,692,085	Aug 6, 2026	1 filed lot Table II · Class B Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 20,692,085 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	35,098	Aug 6, 2026	1 filed lot Table I · Class A Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 35,098 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,100	$100.1964	$1,212,376	See lot detail	Aug 6, 2026	3 filed lots Table I · Class A Common Stock: 355 shares at $98.864 · code S · owned after 34,743 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026 Table I · Class A Common Stock: 8,786 shares at $100.0308 · code S · owned after 25,957 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026 Table I · Class A Common Stock: 2,959 shares at $100.8478 · code S · owned after 22,998 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	35,098	Aug 5, 2026	1 filed lot Table I · Class A Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 35,098 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,100	$100.1717	$1,212,078	See lot detail	Aug 5, 2026	4 filed lots Table I · Class A Common Stock: 7,111 shares at $99.7572 · code S · owned after 27,987 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026 Table I · Class A Common Stock: 4,167 shares at $100.5899 · code S · owned after 23,820 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026 Table I · Class A Common Stock: 754 shares at $101.5826 · code S · owned after 23,066 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026 Table I · Class A Common Stock: 68 shares at $102.2466 · code S · owned after 22,998 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026
Yuan Eric S.Director, Chief Executive Officer	Conversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event	12,100	—Conversion of derivative security (C)	—	20,704,185	Aug 5, 2026	1 filed lot Table II · Class B Common Stock: 12,100 shares at — (Conversion of derivative security (C)) · code C · owned after 20,704,185 · Paired event: 12,100 Class B Common Stock → 12,100 Class A Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0001585521-26-000113 · filed Aug 7, 2026
Subotovsky SantiagoDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,911	$101.3335	$801,650	See lot detail	Aug 4, 2026	6 filed lots Table I · Class A Common Stock: 40 shares at $97.23 · code S · owned after 134,931 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0001585521-26-000111 · filed Aug 6, 2026 Table I · Class A Common Stock: 72 shares at $98.7061 · code S · owned after 134,859 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0001585521-26-000111 · filed Aug 6, 2026 Table I · Class A Common Stock: 256 shares at $99.7037 · code S · owned after 134,603 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0001585521-26-000111 · filed Aug 6, 2026 Table I · Class A Common Stock: 2,660 shares at $100.8409 · code S · owned after 131,943 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0001585521-26-000111 · filed Aug 6, 2026 Table I · Class A Common Stock: 4,863 shares at $101.7579 · code S · owned after 127,080 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0001585521-26-000111 · filed Aug 6, 2026 Table I · Class A Common Stock: 20 shares at $102.195 · code S · owned after 127,060 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0001585521-26-000111 · filed Aug 6, 2026
Sankarlingam VelchamyPres. of Engineering & Product	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,644	$91.9792	$703,089	148,403	Jul 15, 2026	1 filed lot Table I · Class A Common Stock: 7,644 shares at $91.9792 · code S · owned after 148,403 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0001585521-26-000115 · filed Aug 14, 2026

Source-event as of Oct 13, 2026. Retrieved Oct 15, 2026.

Track record

How Zoom Communications, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ZM on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 3 years ZM rated Wide-moat (2020, 2021 and 2022), the median forward total return that followed — measured only after each year’s filings were public — was:

1 year −49% vs the S&P 500’s 24% (price basis) · median over 3 years
3 years −56% vs the S&P 500’s 28% (price basis) · median over 3 years
5 years −77% vs the S&P 500’s 85% (price basis) · median over 1 year

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Technology context

#120 of 751 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#118MGRC McGRATH RENTCORP69.6 out of 100, Narrow moatNarrow moat
#119HSTM HEALTHSTREAM INC69.3 out of 100, Narrow moatNarrow moat
#121CRM Salesforce, Inc.68.9 out of 100, Narrow moatNarrow moat
#122PLAB PHOTRONICS, INC.68.5 out of 100, Narrow moatNarrow moat

Compare ZM with its nearest peers →All Technology companies on the Index →

Common questions about ZM

Does Zoom Communications, Inc. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores Zoom Communications, Inc. (ZM) 69.2 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 98, returns on capital 24, balance-sheet safety 100, capital allocation 44.
Is ZM trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $36.52 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $94.47, that is 159% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has ZM's Moat Score changed over time?: The record logs 28 readings since Jul 17, 2026; the latest reads 69.2 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ZM. See the disclaimer.