Five9 Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Nothing here is rotten at the core: $723.9 million in cash and marketable investments against $736.4 million of convertible notes, a 44.5 percent equity ratio, $226.2 million of operating cash flow in 2025 and more than 3,000 customers, none of them above 10 percent of revenue. What is missing for green is proof that the business model survives the company's own technology: growth has fallen from 40.2 to 10.3 percent, net revenue retention from 108 to 105 percent, and the first profit came from $58.2 million less stock-based compensation and two reduction-in-force plans rather than from more demand. The decisive operating question is written in the company's own annual report — whether selling AI replaces the licenses AI costs — and it is unanswered. This is not an existential issue; a net debt free company with $226 million of annual cash flow does not fail over it. Hence yellow: proven numbers, open future. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Five9 is not a broken company — 2025 delivered the first profit after 13 years of losses, operating cash flow reached $226.2 million, and the balance sheet is net debt free. Against that stands growth that has quartered in four years, retention that has slipped from 108 to 105 percent, and a profit built on costs removed rather than revenue added. Above it all sits the sentence from the company's own annual report: the AI Five9 sells shrinks the license revenue Five9 lives on. Buying here is not a bet on the cost brake but on selling more AI than AI takes away in seats. Not investment advice.
The earnings turn
After 13 years of losses from 2012 through 2024, 2025 finally showed a profit: $39.4 million, against minus $12.8 million the year before. Operating income swung from minus $51.3 million to plus $28.9 million. The first quarter of 2026 confirmed the trend with $18.4 million in net income after $0.6 million in the prior-year quarter.
Cash flow and balance sheet
Operating cash flow rose to $226.2 million in 2025 after $143.2 million (2024) and $128.8 million (2023); the first quarter of 2026 brought $63.9 million after $48.4 million. As of March 31, 2026, $723.9 million in cash and marketable investments stood against a single financial liability of $736.4 million — roughly $12.5 million of net debt.
Growth
Revenue growth has fallen for four straight years: 40.2 percent (2021), 27.8 (2022), 16.9 (2023), 14.4 (2024), 10.3 percent (2025) and 9.2 percent in the first quarter of 2026. Net revenue retention on existing customers slipped from 108 to 105 percent; the filing cites, among other things, the loss of a single large customer ramp from 2024.
Where the profit came from
The 2025 profit came from the cost side, not from more revenue. Stock-based compensation fell from $206.3 million (2023) through $166.3 million (2024) to $148.1 million, and two reduction-in-force plans cut roughly 6 percent of staff in 2024 and roughly 4 percent in 2025. That is disciplined work — but each of those levers can only be pulled once.
Its own AI as the risk
The 2025 annual report states in its risk factors that AI will handle a growing share of contact center interactions, slow the growth of interactions handled by live agents and reduce license revenue from the installed base — and that it is open whether selling its own AI solutions offsets that. For a model billed per seat, this is not a footnote.
Capital allocation
Since October 2025 the board has authorized $350.0 million of buybacks — close to a quarter of a company worth roughly $1.5 billion (data as of July 24, 2026). The March 2026 purchases were made at an average of $17.28. Against that stand $148.1 million of annual stock-based compensation and $747.5 million coming due in 2029.
Worth Noting
Five9 reached our research list through our in-house stock scanner: the stock sits in the U.S. selection of the "Fundamental Rank (A / A+)" list, which ranks companies by the quality of their numbers (as of July 26, 2026; the page currently lists 38 U.S. hits, and the lists are recomputed daily). On the same date FIVN appeared in eleven lists at once, among them turnaround candidates, EPS acceleration and the free-cash-flow ranking.
Currency of the data: this analysis evaluates the annual report 10-K for 2025 (filed February 20, 2026), the quarterly report 10-Q as of March 31, 2026 (filed April 30, 2026), and every filing submitted afterwards — in particular the 8-K reports dated May 5, 2026 (accelerated repurchase of $90.0 million), May 20, 2026 (annual meeting results: board declassification, removal of supermajority voting requirements, election of Amit Mathradas and Sagar Gupta), May 27, 2026 (amended and restated charter filed in Delaware plus matching bylaws) and June 22, 2026 (change in product engineering leadership), plus the Form S-8 dated June 8, 2026. The next quarterly report was expected on July 30, 2026; it is not part of this analysis.
Valuation figures are dated and evergreen: the market value of roughly $1.5 billion carries a data cut-off of July 24, 2026, and rests on 76.6 million shares. Cross-check against the last price documented in a filing: 76,563,988 shares (April 27, 2026) times $17.28 (the average repurchase price in March 2026) gives about $1.32 billion — a deviation of roughly 11 percent. The initial delivery of roughly 3.1 million shares from the May 5, 2026, repurchase is not reflected. Analyses are evergreen; daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FIVN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 13.60 $ to 34.60 $ · Last price: 34.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Five9 Inc FIVN | 2.6 | 52.9 | 17.4 | 55.1 | 6.1 | 10.3 | 33.0 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 61.8 | 39.6 | 72.6 | 10.4 | 15.1 | 33.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 162 | -7 | -12 | -0.23 | 7 | 30 | 105 |
| 2017 | 200 | -6 | -9 | -0.16 | 11 | 47 | 128 |
| 2018 | 258 | 7 | 0 | 0.00 | 39 | 143 | 395 |
| 2019 | 328 | 3 | -5 | -0.08 | 51 | 196 | 482 |
| 2020 | 435 | -12 | -42 | -0.66 | 67 | 279 | 1,064 |
| 2021 | 610 | -56 | -53 | -0.79 | 29 | 211 | 1,193 |
| 2022 | 779 | -88 | -95 | -1.35 | 89 | 310 | 1,244 |
| 2023 | 910 | -99 | -82 | -1.13 | 129 | 538 | 1,495 |
| 2024 | 1,042 | -51 | -13 | -0.17 | 143 | 622 | 2,051 |
| 2025 | 1,149 | 33 | 39 | 0.45 | 226 | 786 | 1,790 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.13 | – | 279 | 16.60 | 4.20 | 50 | 33 |
| 2025: Q1 | 0.01 | – | 280 | 13.20 | 0.20 | 48 | 35 |
| 2025: Q2 | 0.01 | – | 283 | 12.40 | 0.40 | 35 | 22 |
| 2025: Q3 | 0.21 | – | 286 | 8.20 | 6.30 | 59 | 49 |
| 2025: Q4 | 0.23 | 73.40 | 300 | 7.80 | 6.60 | 84 | 67 |
| 2026: Q1 | 0.21 | 3,206.80 | 305 | 9.20 | 6.00 | 64 | 59 |
| 2026: Q2 | 0.04 | 300.00 | 312 | 10.30 | 1.10 | 42 | 25 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.26 | 3.19 – 3.40 | 1,267 | 10.1% | 20 |
| 12/31/2027 | 3.84 | 3.52 – 4.40 | 1,392 | 17.8% | 20 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 1.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $199.1M |
|---|---|
| Market cap | $2.61B |
| Free cash flow in year ten | $240.4M |
| Terminal value as a share of market value | 48.6% |
For comparison: over the past five years free cash flow grew by 40.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Five9 verkauft KI als eigenes Produkt — die Genius-AI-Suite mit agentischen KI-Assistenten ist im Geschäftsbericht 2025 als Kern der Plattform beschrieben; zugleich benennt derselbe Bericht KI als Risiko für die eigenen Lizenzerlöse.
View the full file — quotes, sources, reviewed filings
„We have become an established leader in the AI-powered CX market with more than 3,000 customers. Our Genius AI suite is a comprehensive portfolio of AI solutions that uses Generative AI to power agentic CX."
Wir sind im Markt für KI-gestützte Kundenerlebnisse mit mehr als 3.000 Kunden zu einem etablierten Anbieter geworden. Unsere Genius-AI-Suite ist ein umfassendes Portfolio von KI-Lösungen, das generative KI nutzt, um agentische Kundenerlebnisse zu ermöglichen.
10-K · 2026-02-20 · View SEC filing
„AI solutions will likely perform an increasing proportion of contact center interactions, particularly for customer self-service, slowing the growth of interactions handled by live agents."
KI-Lösungen werden voraussichtlich einen wachsenden Anteil der Kontakte im Kundenservice übernehmen, insbesondere in der Selbstbedienung, und dadurch das Wachstum der von menschlichen Mitarbeitern bearbeiteten Kontakte bremsen.
10-K · 2026-02-20 · View SEC filing
Filings Reviewed: 10-K 2026-02-20 · 10-Q 2026-04-30 · 8-K 2026-05-05 · 8-K 2026-06-22 · 8-K 2026-02-20 · 8-K 2025-11-12
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.8%
- More than 10% revenue growth is expected for the coming year 10.2%
- Share count grows by less than 3% a year 7.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 27.8%
- Gross margin at 40% or higher and without meaningful erosion 54.7%
- Goodwill from acquisitions does not grow faster than revenue 20.5%
- Net debt below twice EBITDA 0.9 x EBITDA
- Operating cash flow covers the profits of the last three years 553 m
- Return on capital at 15% or higher, or up versus two years ago 2.1%
- Insiders hold at least 10% or are net buyers 2.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 24.3%
- Exp. sales growth 3Y > 5% 10.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 191.1%
- Net debt < 4x EBIT 4.6x
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 10.7%
- ROCE > 15% 2.1%
- Expected return > 10% 213.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Mansharamani Leena | SVP, Chief Accounting Officer | Other | 630 | 0.00 | – |
| Sep 8, 2026 | Lee Bryan M | Chief Financial Officer | Sell | 1,310 | 32.60 | 42,706 |
| Sep 8, 2026 | Dignan Andy | President | Sell | 2,746 | 31.57 | 86,691 |
| Sep 8, 2026 | Meriweather Tiffany N. | Chief Admin. & Legal Officer | Sell | 5,114 | 31.55 | 161,347 |
| Sep 8, 2026 | Mansharamani Leena | SVP, Chief Accounting Officer | Sell | 1,253 | 31.53 | 39,507 |
| Sep 4, 2026 | Lee Bryan M | Chief Financial Officer | Sell | 4,995 | 33.45 | 167,083 |
| Sep 4, 2026 | Lee Bryan M | Chief Financial Officer | Sell | 7,813 | 33.52 | 261,892 |
| Sep 4, 2026 | Lee Bryan M | Chief Financial Officer | Sell | 6,500 | 33.05 | 214,825 |
| Sep 4, 2026 | Dignan Andy | President | Sell | 3,295 | 33.45 | 110,218 |
| Sep 4, 2026 | Dignan Andy | President | Sell | 4,379 | 33.51 | 146,740 |
The company
About the Company
Five9, Inc. bietet zusammen mit seinen Tochtergesellschaften intelligente Cloud-Software für Contact Center in den USA und international an.
- Employees
- 2,910
- Headquarters
- San Ramon, CA
- Address
- 3001 Bishop Drive, 94583 San Ramon, United States
- Phone
- 925 201 2000
- Website
- five9.com
- IPO Date
- 04/04/2014
- ISIN
- US3383071012
Management
| Name | Title | Birth Year |
|---|---|---|
| Andy Dignan | President | 1978 |
| Bryan Lee | CFO & Treasurer | 1979 |
| Tiffany N. Meriweather | Chief Administrative and Legal Officer & Secretary | 1984 |
| Amit Mathradas | CEO & Director | 1975 |
| Leena Mansharamani | Chief Accounting Officer & Corporate Controller | 1968 |
| Niranjan Vijayaragavan | Chief Technology Officer | – |
| Tony Righetti | Senior Vice President of Investor Relations | – |
| Jay H. Lee | Chief Marketing & Growth Officer | – |
| Rob Hornish | Chief Sales Officer | – |
| Ajay Awatramani | Chief Product Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Five9, Inc. (FIVN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.