# ZoomInfo Technologies (GTM.US)

Canonical: https://gigainvestors.com/s/GTM

Analysis as of: 2026-10-16T07:33:21.420Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.08 per share; close as of 2026-10-15.

Estimated value: low $5.68 per share, central $6.40 per share, high $7.37 per share. Buy at or below the central value $6.40 per share. Valuation as of 2026-10-16T07:33:21.420Z; scenarios are not confidence intervals.

Expected annual return: 14.7% at the stated quote. About 14.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 1.66×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.18×

- FY2019: 0.18×

- FY2020: 0.08×

- FY2021: 0.15×

- FY2022: 0.16×

- FY2023: 0.21×

- FY2024: 0.08×

- FY2025: 0.18×

- LTM to Jun 2026: -0.34×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.5%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 82.8%

- Recent gross margin (lower of latest and 3-year median): 83.9%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 35.1%

- FY2019: >100%

- FY2020: 2.3%

- FY2021: 7.6%

- FY2022: 8.5%

- FY2023: 13.7%

- FY2024: 7.2%

- FY2025: 10.2%

- LTM to Jun 2026: -29.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.43×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $629M

- Net income, five-year total: $441M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.39×

- FY2022: 1.93×

- FY2023: 1.50×

- FY2024: 1.60×

- FY2025: 1.10×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 35.1% vs 10.2%

- Per-share earnings: -0.20 to 0.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 12.2%

- Diluted shares, 5-year annual growth: 12.2%

- Per-share value change: $0.47

- Per-share value, starting three-year median: -$0.20

- Per-share value, ending three-year median: $0.27

- Buybacks concentrated in cheaper years (correlation): 0.66

- Average buyback yield: 6.4%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 35.1%

- ROIC, last three-year median: 10.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.20

- FY2019: -$0.54

- FY2020: -$0.05

- FY2021: $0.29

- FY2022: $0.16

- FY2023: $0.27

- FY2024: $0.08

- FY2025: $0.38

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 25.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.75×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.27×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -12.3%

- FY2019: -7.8%

- FY2020: -7.7%

- FY2021: -2.7%

- FY2022: -5.0%

- FY2023: -4.8%

- FY2024: -5.3%

- FY2025: -5.3%

## Holders

## Price story

Down 94% since Oct 2021 · "ZoomInfo Technologies (GTM) Is Down 6.5% After Goodwill Hit, Copilot Tie-Up And Guidance Hike" (finance.yahoo.com, Aug 2026) · sales +0.7%

Story as of 2026-10-16T09:59:55.395Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.3% a year for ten years

- 2026-02-10: ZoomInfo targets 1% annual revenue growth for 2026 while intensifying AI-driven upmarket strategy ([seekingalpha.com](https://seekingalpha.com/news/4549253-zoominfo-targets-1-percent-annual-revenue-growth-for-2026-while-intensifying-ai-driven?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-12: ZoomInfo forecasts FY 2026 revenue $1.185B-$1.205B amid 20% workforce reduction ([seekingalpha.com](https://seekingalpha.com/news/4590949-zoominfo-forecasts-fy-2026-revenue-1_185b-1_205b-amid-20-percent-workforce-reduction?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-06: ZoomInfo outlines $1.207B-$1.217B FY 2026 revenue outlook while rolling out hybrid consumption pricing ([seekingalpha.com](https://seekingalpha.com/news/4627324-zoominfo-outlines-1_207b-1_217b-fy-2026-revenue-outlook-while-rolling-out-hybrid-consumption?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +0.7%; source https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm; observed 2026-02-12.

- FY2018: $144M 

- FY2019: $293M 

- FY2020: $476M 

- FY2021: $747M 

- FY2022: $1.1B 

- FY2023: $1.2B 

- FY2024: $1.2B 

- FY2025: $1.2B 

- FY2026: $1.3B 

### Gross margin · FY2026

gross margin 83.9%; source https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm; observed 2026-02-12.

- FY2018: 73.8% 

- FY2019: 76.6% 

- FY2020: 77.4% 

- FY2021: 81.7% 

- FY2022: 82.8% 

- FY2023: 85.6% 

- FY2024: 84.4% 

- FY2025: 84.0% 

- FY2026: 83.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm (filed 2026-02-12); FY2025: revenue 1249500000; grossProfit 1049900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GTM.US: ZoomInfo Technologies Inc., together with its subsidiaries, provides go-to-market intelligence and engagement platform for sales, marketing, operations, and recruiting professionals in the United States and internationally. The company's cloud-based platform provides workflow tools and information on organizations and professionals to help users identify target customers and decision makers, obtain continually updated predictive lead and company scoring, monitor buying signals and other attributes of target companies, craft messages, engage through automated sales tools, and track progress through the deal cycle. Its paid products include ZoomInfo Copilot, ZoomInfo Sales, ZoomInfo Marketing, ZoomInfo Operations, and ZoomInfo Talent, as well as ZoomInfo Lite. The company serves global enterprises, mid-market companies, and down to small businesses that operate in various industry, including software, business services, manufacturing, telecommunications, financial services, media and internet, transportation, education, hospitality, insurance, and real estate. ZoomInfo Technologies Inc. was founded in 2007 and is headquartered in Vancouver, Washington.

### Why customers stay

Margins ranged from 84% to 85.6% during 2023–25; it earns 8.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 85.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 84.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 84%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 9-year return on capital observations [[2018,0.3508180300500835],[2019,1.5708846153846154],[2020,0.022767808591625884],[2021,0.07611692314662612],[2022,0.08481407258962369],[2023,0.13704501137471564],[2024,0.07246058542868179],[2025,0.10156109380408446],[2026,-0.2958053342570142]]; median 0.08481407258962369. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 8 years; bought back USD 411.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 16800000; owner earnings 24900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 23600000; owner earnings 162500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 28900000; owner earnings 122100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 26500000; owner earnings 161400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 68300000; owner earnings 46500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 76600000; owner earnings 136400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2018,93400000],[2019,16500000],[2020,9900000],[2021,19900000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 411100000 USD.

### Are managers owners

Insiders own 13.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GTM.US SharesStats.PercentInsiders = 13.242999999999999 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 5.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate -0.08723740617600323. Price 4.08; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-06: $51.03 per share

- 2020-07: $40.87 per share

- 2020-08: $38.82 per share

- 2020-09: $42.99 per share

- 2020-10: $37.99 per share

- 2020-11: $51.25 per share

- 2020-12: $48.23 per share

- 2021-01: $48.01 per share

- 2021-02: $52.42 per share

- 2021-03: $48.90 per share

- 2021-04: $51.86 per share

- 2021-05: $43.83 per share

- 2021-06: $52.17 per share

- 2021-07: $53.75 per share

- 2021-08: $65.19 per share

- 2021-09: $61.19 per share

- 2021-10: $67.22 per share

- 2021-11: $61.70 per share

- 2021-12: $64.20 per share

- 2022-01: $52.86 per share

- 2022-02: $54.69 per share

- 2022-03: $59.74 per share

- 2022-04: $47.40 per share

- 2022-05: $40.39 per share

- 2022-06: $33.24 per share

- 2022-07: $37.89 per share

- 2022-08: $45.42 per share

- 2022-09: $41.66 per share

- 2022-10: $44.53 per share

- 2022-11: $28.60 per share

- 2022-12: $30.11 per share

- 2023-01: $28.23 per share

- 2023-02: $24.17 per share

- 2023-03: $24.71 per share

- 2023-04: $21.91 per share

- 2023-05: $24.73 per share

- 2023-06: $25.39 per share

- 2023-07: $25.57 per share

- 2023-08: $18.02 per share

- 2023-09: $16.40 per share

- 2023-10: $12.96 per share

- 2023-11: $14.37 per share

- 2023-12: $18.49 per share

- 2024-01: $16.04 per share

- 2024-02: $16.76 per share

- 2024-03: $16.03 per share

- 2024-04: $15.86 per share

- 2024-05: $12.28 per share

- 2024-06: $12.77 per share

- 2024-07: $11.36 per share

- 2024-08: $9.89 per share

- 2024-09: $10.32 per share

- 2024-10: $11.05 per share

- 2024-11: $10.94 per share

- 2024-12: $10.51 per share

- 2025-01: $10.29 per share

- 2025-02: $11.66 per share

- 2025-03: $10.00 per share

- 2025-04: $8.56 per share

- 2025-05: $9.55 per share

- 2025-06: $10.12 per share

- 2025-07: $10.83 per share

- 2025-08: $10.90 per share

- 2025-09: $10.91 per share

- 2025-10: $11.22 per share

- 2025-11: $9.92 per share

- 2025-12: $10.17 per share

- 2026-01: $8.05 per share

- 2026-02: $6.21 per share

- 2026-03: $5.98 per share

- 2026-04: $6.25 per share

- 2026-05: $3.33 per share

- 2026-06: $2.93 per share

- 2026-07: $3.30 per share

- 2026-08: $4.24 per share

- 2026-09: $3.79 per share

- 2026-10: $4.08 per share

## Annual estimated value (USD per share)

- FY2022: low $2.85 per share, central $3.07 per share, high $3.35 per share

- FY2023: low $5.06 per share, central $5.58 per share, high $6.28 per share

- FY2024: low $4.39 per share, central $4.96 per share, high $5.70 per share

- FY2025: low $5.17 per share, central $5.81 per share, high $6.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1794515/000179451526000012/zi-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.