Zoom Communications, Inc.

ZM · Technology · $28.0B mkt cap · FY2026 filings · Narrow moat

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Narrow moat

The four filters

Pricing power98

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

Returns on capital29

Median ROIC 8.2%, above the 9% hurdle in 43% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

54% above value

Owner earnings (normalized): $1.0B
Est. intrinsic value / share: $59.17
Recent price: $91.12
Discount to value: 54% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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