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Stock

Five9

FIVN
55
Software - Application · Technology
Also trades as: 0TMV.L GBP 0.35 (-0.48%)
Price
$35.10
-0.19 (-0.54%)
pre-market:$36.06+2.74%
Market Cap
$2.62B
Exchange
NASDAQ
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Exceptional
18/20
Cash Flow
Exceptional
9/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

52 of 95 counted points = Winston Score 55. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+28.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 67.5M (2021) → 87.0M (2025)

§Winston Score History

The full picture

Five9 makes software that helps companies run their customer service call centers. Instead of buying expensive hardware, businesses use Five9's cloud-based platform to manage phone calls, chats, emails, and text messages with their customers. Its main customers are mid-sized and large businesses across industries like healthcare, retail, and financial services.

Five9 earns money through subscriptions, charging customers a recurring fee based on how many agents use the platform and how many calls are handled. The company operates primarily in the United States but has been expanding internationally. Its competitive position comes from deep integrations with tools like Salesforce and a platform built specifically for complex, high-volume contact centers — making it harder for customers to switch once they are set up. The key growth driver is the ongoing shift from older, on-premise call center systems to cloud-based software, though Five9 faces stiff competition from larger rivals like Genesys, NICE, and Amazon Connect.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+163.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$152M/ year

↓ Declining (-8% vs prior year)

13.3% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$655M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Five9 is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
53.4%
Healthy — 53.4% gross margin
Profit after running costs
Operating Margin
0.6%
Thin — 0.6% operating margin
Return on the money invested
ROCE
3.7%
Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+8.9%
Steady sales growth (+8.9% YoY)
Profit growth
EPS YoY
+572.6%
Earnings growing fast (+572.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
418%
Turns 418% of profit into real cash
Spare cash per sale
FCF Margin
16.5%
Converts sales into free cash efficiently (16.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.03
Elevated debt (1.03)
Covers its interest
Interest Cover
4.57x
Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
46.2x
Expensive — P/E 46.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+38.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (46.2 → 8.0)

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Dividends

Not applicable for this business.
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