ZM
Zoom Video Communications Inc
NASDAQ: ZM · TECHNOLOGY · SOFTWARE - APPLICATION
$107.12
-3.41% today
Updated 2026-06-05
Market cap
$27.47B
P/E ratio
13.80
P/S ratio
5.57x
EPS (TTM)
$6.79
Dividend yield
—
52W range
$69 – $115
Volume
4.8M
Zoom Video Communications Inc (ZM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed ZM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$107.12
Today
Analyst consensus
$97.57
-8.92% · 12M
2030 Base
$186.07
+73.70% future
NPV today
$119.91
@ 10% WACC
27 analysts:
14 Buy12 Hold2 Sell
Management guidance
Zoom raised FY2027 guidance on May 21, 2026 earnings call, signaling confidence in AI-driven monetization. CEO Eric Yuan has emphasized AI Companion and workflow automation as core growth drivers through 2027+, with specific focus on enterprise upsell and seat expansion. No specific 2030 revenue target disclosed, but management indicated 'multi-year' growth runway from AI adoption and international expansion.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
ZM · Zoom Video Communications Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$89.83
NPV today: $57.89
Base case (2030)
$186.07
NPV today: $119.91
Bull case (2030)
$282.31
NPV today: $181.93
WallStSmart.com
ZM financial forecast · Research-backed projections
| Metric | 2026 | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|
| Revenue | $4.9B | $5.7B | $6.2B | $6.7B | $7.3B |
| Revenue growth | 4.4% | 8.6% | 8.8% | 8.7% | 8.9% |
| Net margin | — | 32.4% | 33.6% | 34.7% | 35.8% |
| EPS | $1.42 | $6.52 | $7.15 | $7.85 | $8.62 |
| Diluted shares | — | 283M | 290M | 297M | 304M |
| Net debt | — | $-1.87B | $-2.94B | $-4.10B | $-5.37B |
| P/S multiple | — | 7.0x | 7.0x | 6.0x | 7.0x |
| Implied price (base) | — | $147.35 | $159.23 | $149.37 | $186.07 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $7.3B | $7.3B | $7.3B |
| P/S multiple | 3.0x | 7.0x | 11.0x |
| Diluted shares | 304M | 304M | 304M |
| Net debt | $-5.37B | $-5.37B | $-5.37B |
| Implied P/E † | 10x | 22x | 33x |
| 2030 Price | $89.83 | $186.07 | $282.31 |
| NPV @ 10% | $57.89 | $119.91 | $181.93 |
† Implied P/E: Multiples remain elevated across all three scenarios because ZM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $186.07 base case
ZM catalysts and risks
Growth catalysts
+ AI Companion 3.0 and agentic AI monetization driving enterprise ARPU expansion (general availability Q4 2025)
+ Strategic partnership with Oracle for customer experience integration expanding TAM into CRM/customer service vertical
+ Zoom Workplace adoption and seat consolidation in enterprise segment (Q1 2027 enterprise revenue +6.1% YoY)
+ International expansion and emerging market penetration (currently underpenetrated vs. US)
+ Platform bundling and vertical-specific solutions (healthcare, education, frontline worker verticals)
Key risks
- Intense competition from Microsoft Teams (bundled in M365), Google Meet, and cloud incumbents compressing pricing power
- Slowing growth trajectory: 5Y CAGR of 12.9% and recent YoY growth of 4.36% (FY2026) and 4.98% (TTM) indicate decelerating core video conferencing TAM
- AI monetization execution risk: unclear if AI Companion features command sufficient premium pricing or adoption velocity to offset video conferencing commoditization
- Enterprise customer concentration and deal size pressure: reliance on large accounts creates revenue volatility
- Regulatory headwinds: data privacy, encryption scrutiny, and international compliance costs (prior $150M settlement)
- Market saturation in core video conferencing: growth must come from ARPU expansion and adjacent markets, not new users
Methodology · Zoom Video Communications Inc 2030 stock forecast model
Zoom Video Communications Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 27 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (15% cumulative for ZM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-5.37B by 2030) |
| 3. Time value | NPV calculated using 10% WACC (CAPM: beta 1.003) |
| 4. Multiple framework | P/S compresses with scale: bear 3.0x / base 7.0x / bull 11.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 21, 2026.
ZM price target FAQ
What is the ZM price target for 2030?
WallStSmart's Zoom Video Communications Inc 2030 base case is $186.07 per share, with a bull case of $282.31 and bear case of $89.83. The NPV of the base case discounted to today at 10% WACC is $119.91.
How is the Zoom Video Communications Inc 2030 stock forecast calculated?
The ZM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the ZM price target account for dilution?
Zoom Video Communications Inc is projected to grow diluted share count from 265M to 304M by 2030 (a 15% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 15%.
What is the analyst consensus on ZM stock?
27 analysts cover ZM with an average 12-month price target of $97.57. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.