Zoom Communications, Inc. (ZM) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 17, 2026
Zoom Communications, Inc. (ZM)
A forensic read on Zoom Communications, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
18.4
Distress distance
Clean
Earnings quality
3
Forensic signals
8.0
P / E (ttm)
19.4%
ROE
$26.8B
Market cap
4.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Zoom Communications, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 18.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+11.8%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +11.8% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 25% against -1% in cost of sales. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 1% of net operating assets, against an accruals ratio of 11.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
10.1%
FY2026
Return on invested capital.Return on invested capital is 10.1% in the latest fiscal year, against 20% in FY2022, having run between 3.0% and 19.5% across FY2022–FY2026 with no direction held — within 0.1 points of the ~10% cost of capital we hold this sector to, so the capital deployed to date has been roughly value-neutral. The capital base behind it grew +77% across FY2022–FY2026, from $4.9B to $8.7B, while the return fell 9.4 points, so the dollars added over that window earned less than the 20% the older base was already earning.
+0.3%/yr
FY2023–FY2026
Share count.Diluted share count changed +1% over the last 3 years to FY2026 (+0.3%/yr). Roughly flat — buybacks ($1.6B) are about offsetting stock comp ($761M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$4.87B
Revenue Growth YoY+4.4%
Revenue CAGR (3yr)+3.5%
Net Margin39.0%
Free Cash Flow$1.92B
Return on Equity19.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Zoom Communications, Inc.'s actual 10-K/10-Q/8-K filings?