MeritValue

ZoomInfo Technologies Inc.

GTMdata completeness 100%8 fiscal years on file
The thesis, from the filings

ZoomInfo Technologies Inc. earns about 3% on invested capital, below its ~9% cost of capital, and has bought back 20% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $3.43 and $32.22 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$747.2M1$1.1B2$1.24B3$1.21B3$1.25B3
Net income$116.8M4$63.2M5$107.3M6$29.1M6$124.2M6
Operating cash flow$299.4M7$417M8$434.9M9$369.4M9$465.4M9
Capital expenditure$23.6M10$28.9M11$26.5M12$64.9M12$76.1M12
Free cash flow (derived)$275.8M7$388.1M8$408.4M9$304.5M9$389.3M9
Total debt$2.47B13$2.47B14$2.46B15$2.46B16$2.65B16
Cash & equivalents$308.3M17$418M18$447.1M19$139.9M19$175.9M19
Diluted shares403.3M403.4M397.5M362.2M324.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$46.56
your share of equity
Profit it earned you last year
$3.83
Free cash flow it threw off
$12.01
Debt you’d be carrying
$81.72

10 shares is a claim on $46.56 of net worth that earned you $3.83 and generated $12.01 of cash last year, against $81.72 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 3%FY22 3%FY23 5%FY24 1%FY25 3%

It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−20% shares · 5y

Share count is down 20% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $3.43 and $32.22 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$32.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth12.2%
  • fcfBase$389.3M
DCF · Growth Exit 5Y
$21.11
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth12.2%
  • fcfBase$389.3M
Earnings Power Value
$3.43
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$107.3M
  • growthAssumed0.0%
Graham Number
$6.31
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years12.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $21.11
The three cases
Bear0.0%$9.54
Base12.2%$21.11
Bull17.2%$27.47

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 12.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001794515-24-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001794515-25-000045 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001794515-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001794515-24-000016 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001794515-25-000045 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001794515-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001794515-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001794515-25-000045 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001794515-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001794515-24-000016 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001794515-25-000045 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001794515-26-000012 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001794515-23-000034 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001794515-24-000016 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001794515-25-000045 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001794515-26-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001794515-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001794515-25-000045 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001794515-26-000012 (CashAndCashEquivalentsAtCarryingValue)