# Pinterest (PINS.US)

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

Analysis as of: 2026-10-16T07:31:12.214Z. Financial observations: FY2016–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: $22.71 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 2.57×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.29×

- FY2018: -0.10×

- FY2019: -1.22×

- FY2020: -0.08×

- FY2021: 0.13×

- FY2022: -0.04×

- FY2023: -0.04×

- FY2024: 0.05×

- FY2025: 0.08×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -13.0%

- ROIC, second-lowest year: -28.8%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 76.6%

- Recent gross margin (lower of latest and 3-year median): 79.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: -9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -28.8%

- FY2018: -15.2%

- FY2019: -210.7%

- FY2020: -17.1%

- FY2021: 41.9%

- FY2022: -11.3%

- FY2023: -14.8%

- FY2024: 7.7%

- FY2025: 12.3%

- LTM to Jun 2026: 9.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.5B

- Net income, five-year total: $2.5B

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, final three-year average: 21.7%

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

- FY2021: 1.06×

- FY2022: 0.82×

- FY2023: 0.62×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: -0.29 to 0.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: 2.9%

- Per-share value change: $0.90

- Per-share value, starting three-year median: -$0.29

- Per-share value, ending three-year median: $0.61

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 3.4%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: $599M

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.29

- FY2018: -$0.14

- FY2019: -$3.24

- FY2020: -$0.22

- FY2021: $0.46

- FY2022: -$0.14

- FY2023: -$0.05

- FY2024: $2.67

- FY2025: $0.61

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -15.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 68.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.08×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.2%

- FY2018: -0.2%

- FY2019: -56.9%

- FY2020: -6.0%

- FY2021: -12.3%

- FY2022: -14.6%

- FY2023: -18.0%

- FY2024: 16.8%

- FY2025: -15.7%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Oct 2021 · "Pinterest expects slower quarterly revenue growth as ad competition heats up" (finance.yahoo.com, Aug 2026) · sales +7.9%

Story as of 2026-10-16T09:59:24.250Z; price observation 2026-10-15.

- 2025-05-09: Pinterest (NYSE:PINS) Posts Robust Q1 Earnings Growth; Projects Up to 15% Revenue Rise ([finance.yahoo.com](https://finance.yahoo.com/news/pinterest-nyse-pins-posts-robust-174638655.html))

- 2025-06-10: PINS Q1 Earnings Call: AI-Driven Product Enhancements Support User Growth and Advertiser Adoption ([finance.yahoo.com](https://finance.yahoo.com/news/pins-q1-earnings-call-ai-110844826.html))

- 2025-11-05: Pinterest shares tumble on stiff ad competition, tariff-driven pressures ([finance.yahoo.com](https://finance.yahoo.com/news/pinterest-shares-tumble-stiff-ad-104712853.html))

- 2026-01-28: Pinterest to cut up to 15% of its workforce as focus on AI intensifies ([finance.yahoo.com](https://finance.yahoo.com/news/pinterest-cut-15-workforce-focus-110000386.html))

- 2026-02-13: Pinterest plunges as tariffs weigh on large customers' ad spending ([finance.yahoo.com](https://finance.yahoo.com/news/pinterest-plunges-tariffs-weigh-large-135342137.html))

- 2026-08-04: Pinterest expects slower quarterly revenue growth as ad competition heats up ([finance.yahoo.com](https://finance.yahoo.com/media-advertising/articles/pinterest-expects-slower-quarterly-revenue-200832530.html))

### Sales · FY2025–2026

sales +7.9%; source https://www.sec.gov/Archives/edgar/data/1506293/000150629326000021/pins-20251231.htm; observed 2026-02-12.

- FY2017: $473M 

- FY2018: $756M 

- FY2019: $1.1B 

- FY2020: $1.7B 

- FY2021: $2.6B 

- FY2022: $2.8B 

- FY2023: $3.1B 

- FY2024: $3.6B 

- FY2025: $4.2B 

- FY2026: $4.6B 

### Gross margin · FY2026

gross margin 79.5%; source https://www.sec.gov/Archives/edgar/data/1506293/000150629326000021/pins-20251231.htm; observed 2026-02-12.

- FY2017: 62.2% 

- FY2018: 68.0% 

- FY2019: 68.6% 

- FY2020: 73.5% 

- FY2021: 79.5% 

- FY2022: 75.8% 

- FY2023: 77.5% 

- FY2024: 79.4% 

- FY2025: 80.1% 

- FY2026: 79.5% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are USD 4.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1506293/000150629326000021/pins-20251231.htm (filed 2026-02-12); FY2025: revenue 4221767000; grossProfit 3380246000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 77.5% to 80.1% during 2023–25; it lost 13% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 77.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 79.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1506293/000150629326000021/pins-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 80.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,-0.28791220579376237],[2018,-0.15232931540361228],[2019,-2.1074304120345118],[2020,-0.1712103390956941],[2021,0.4186404492137474],[2022,-0.11295839831472604],[2023,-0.14750303442681645],[2024,0.07737901849820578],[2025,0.12256901269282823],[2026,0.09547095311856206]]; median -0.13023071637077124. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.7% of cash earnings on expansion; paid no dividends in 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 9031000; cash acquisitions 36914000; owner earnings 334907000. Growth capex plus acquisitions / owner earnings = 0.11022164362046777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 3340000; upkeep 21266000; cash acquisitions 0; owner earnings 1862106000. Growth capex plus acquisitions / owner earnings = 0.0017936680296395586.

- Source: https://www.sec.gov/Archives/edgar/data/1506293/000150629326000021/pins-20251231.htm (filed 2026-02-12); FY2025: growth capex 7224000; upkeep 25151000; owner earnings 416855000. Growth capex / owner earnings = 0.017329766945340705.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[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/1506293/000150629326000021/pins-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 927013000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PINS.US SharesStats.PercentInsiders = 1.3010000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Closing price 22.71 USD; reporting-to-trading FX 1; FY2025 annual sales per share 6.138332380981461; price multiple 3.699701904439539. FY2025 cash earnings/share 0.6060956335757105. Closing-price date 2026-10-15.

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

- 2019-04: $30.98 per share

- 2019-05: $24.92 per share

- 2019-06: $27.22 per share

- 2019-07: $28.99 per share

- 2019-08: $34.42 per share

- 2019-09: $26.45 per share

- 2019-10: $25.14 per share

- 2019-11: $19.48 per share

- 2019-12: $18.64 per share

- 2020-01: $22.03 per share

- 2020-02: $19.50 per share

- 2020-03: $15.44 per share

- 2020-04: $20.66 per share

- 2020-05: $20.29 per share

- 2020-06: $22.17 per share

- 2020-07: $34.29 per share

- 2020-08: $36.79 per share

- 2020-09: $41.51 per share

- 2020-10: $58.95 per share

- 2020-11: $70.02 per share

- 2020-12: $65.90 per share

- 2021-01: $68.51 per share

- 2021-02: $80.58 per share

- 2021-03: $74.03 per share

- 2021-04: $66.37 per share

- 2021-05: $65.30 per share

- 2021-06: $78.95 per share

- 2021-07: $58.90 per share

- 2021-08: $55.57 per share

- 2021-09: $50.95 per share

- 2021-10: $44.64 per share

- 2021-11: $40.06 per share

- 2021-12: $36.35 per share

- 2022-01: $29.56 per share

- 2022-02: $26.75 per share

- 2022-03: $24.61 per share

- 2022-04: $20.52 per share

- 2022-05: $19.65 per share

- 2022-06: $18.16 per share

- 2022-07: $19.48 per share

- 2022-08: $23.04 per share

- 2022-09: $23.30 per share

- 2022-10: $24.60 per share

- 2022-11: $25.42 per share

- 2022-12: $24.28 per share

- 2023-01: $26.29 per share

- 2023-02: $25.11 per share

- 2023-03: $27.27 per share

- 2023-04: $23.00 per share

- 2023-05: $23.94 per share

- 2023-06: $27.34 per share

- 2023-07: $28.99 per share

- 2023-08: $27.49 per share

- 2023-09: $27.03 per share

- 2023-10: $29.88 per share

- 2023-11: $34.07 per share

- 2023-12: $37.04 per share

- 2024-01: $37.47 per share

- 2024-02: $36.70 per share

- 2024-03: $34.67 per share

- 2024-04: $33.45 per share

- 2024-05: $41.49 per share

- 2024-06: $44.07 per share

- 2024-07: $31.95 per share

- 2024-08: $32.04 per share

- 2024-09: $32.37 per share

- 2024-10: $31.79 per share

- 2024-11: $30.32 per share

- 2024-12: $29.00 per share

- 2025-01: $32.96 per share

- 2025-02: $36.98 per share

- 2025-03: $31.00 per share

- 2025-04: $25.32 per share

- 2025-05: $31.11 per share

- 2025-06: $35.86 per share

- 2025-07: $38.60 per share

- 2025-08: $36.63 per share

- 2025-09: $32.17 per share

- 2025-10: $33.10 per share

- 2025-11: $26.12 per share

- 2025-12: $25.89 per share

- 2026-01: $22.13 per share

- 2026-02: $17.13 per share

- 2026-03: $18.34 per share

- 2026-04: $19.66 per share

- 2026-05: $20.05 per share

- 2026-06: $21.03 per share

- 2026-07: $24.01 per share

- 2026-08: $21.71 per share

- 2026-09: $18.89 per share

- 2026-10: $22.71 per share

## Annual estimated value (USD 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/1506293/000150629326000021/pins-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.