Detailed financial statements for Five9, Inc. (FIVN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Five9, Inc. is a global provider of cloud-based contact center software, operating both within the United States and abroad. The company's core offering is a virtual contact center cloud platform, which integrates a comprehensive set of applications designed to facilitate a wide array of contact center operations, spanning customer service, sales initiatives, and marketing efforts.
Analysis Summary
Five9, Inc. reported revenue of $1.15B in the most recent fiscal year, growing at a 5-year CAGR of 21.4%.
Trailing-twelve-month margins: gross margin 54.7%, operating margin 4.9%, net margin 4.9%. Free cash flow grew at 40.4% CAGR over 5 years.
At the current price of $34.08, FIVN trades at a P/E of 45.59 and an ROE of 7.49%. Market capitalisation stands at $2.6B.
Balance sheet quality for FIVN: current ratio of 4.1, net debt of $150.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $201.2M represents 511% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162.1M | $200.2M | $257.7M | $328.0M | $434.9M | $609.6M | $778.8M | $910.5M | $1.04B | $1.15B |
| Cost of Revenue | $66.9M | $83.1M | $104.0M | $134.5M | $180.3M | $271.1M | $367.5M | $432.7M | $477.5M | $521.1M |
| Gross Profit | $95.2M | $117.1M | $153.6M | $193.5M | $254.6M | $338.5M | $411.3M | $477.8M | $564.4M | $628.0M |
| Research & Development | $23.9M | $27.1M | $34.2M | $45.2M | $68.7M | $106.9M | $141.8M | $156.6M | $166.2M | $152.3M |
| Selling, General & Admin | $77.8M | $95.7M | $112.4M | $145.0M | $198.2M | $287.8M | $357.1M | $419.8M | $431.6M | $448.4M |
| Operating Expenses | $101.7M | $122.8M | $146.6M | $190.2M | $266.9M | $394.7M | $498.9M | $576.4M | $615.7M | $595.4M |
| Operating Income | -$6.5M | -$5.7M | $7.0M | $3.3M | -$12.3M | -$56.2M | -$87.6M | -$98.6M | -$51.3M | $32.6M |
| EBITDA | $822000 | $3.1M | $20.6M | $28.5M | $14.5M | -$8.8M | -$38.1M | -$23.3M | $55.0M | $163.9M |
| Interest Expense | $4.2M | $3.5M | $10.2M | $13.8M | $28.3M | $8.0M | $7.5M | $7.6M | $14.8M | $14.1M |
| Pre-tax Income | -$11.8M | -$8.7M | $79000 | -$4.4M | -$44.6M | -$64.3M | -$90.3M | -$79.4M | -$12.8M | $44.9M |
| Income Tax | $54000 | $268000 | $300000 | $104000 | -$2.5M | -$11.3M | $4.4M | $2.3M | $40000 | $5.5M |
| Net Income | -$11.9M | -$9.0M | -$221000 | -$4.6M | -$42.1M | -$53.0M | -$94.7M | -$81.8M | -$12.8M | $39.4M |
| EPS | $-0.23 | $-0.16 | $-0.00 | $-0.08 | $-0.66 | $-0.79 | $-1.35 | $-1.13 | $-0.17 | $0.51 |
| EPS (Diluted) | $-0.23 | $-0.16 | $-0.00 | $-0.08 | $-0.66 | $-0.79 | $-1.35 | $-1.13 | $-0.17 | $0.46 |
| Shares Outstanding (Diluted) | $52.3M | $54.9M | $58.1M | $60.4M | $64.2M | $67.5M | $69.9M | $72.0M | $74.5M | $87.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $285.8M | $300.3M | $305.3M | $312.4M |
| Gross Profit | $157.3M | $164.0M | $170.5M | $166.7M |
| Operating Income | $16.0M | $22.0M | $18.5M | $2.0M |
| EBITDA | $42.6M | $70.5M | $46.9M | $45.6M |
| Net Income | $18.0M | $19.7M | $18.4M | $3.4M |
| EPS | $0.23 | $0.25 | $0.24 | $0.04 |
| EPS (Diluted) | $0.21 | $0.23 | $0.21 | $0.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $58.1M | $68.9M | $81.9M | $78.0M | $220.4M | $90.9M | $180.5M | $143.2M | $362.5M | $232.1M |
| Short-term Investments | 0 | 0 | $209.9M | $242.0M | $383.2M | $379.0M | $433.7M | $587.1M | $643.4M | $464.8M |
| Receivables | $13.9M | $19.0M | $25.1M | $38.5M | $50.0M | $86.3M | $90.9M | $101.5M | $122.4M | $135.1M |
| Inventory | 0 | $2.4M | $14.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $75.0M | $92.8M | $334.0M | $381.3M | $689.1M | $617.2M | $778.7M | $924.1M | $1.25B | $871.0M |
| Property, Plant & Equipment | $14.7M | $19.9M | $25.9M | $41.9M | $60.2M | $126.5M | $145.3M | $152.0M | $203.0M | $225.2M |
| Goodwill | $11.8M | $11.8M | $11.8M | $11.8M | $165.4M | $165.4M | $165.4M | $227.4M | $365.4M | $366.3M |
| Intangible Assets | $1.5M | $1.1M | $631000 | $15.5M | $51.7M | $39.9M | $28.2M | $38.3M | $65.6M | $51.2M |
| Total Assets | $105.2M | $128.2M | $394.7M | $482.4M | $1.06B | $1.19B | $1.24B | $1.49B | $2.05B | $1.79B |
| Accounts Payable | $3.4M | $4.3M | $7.0M | $10.2M | $17.1M | $20.5M | $23.6M | $24.4M | $26.3M | $30.0M |
| Short-term Debt | $742000 | $336000 | 0 | 0 | 0 | 0 | $169000 | 0 | $433.5M | $21.4M |
| Total Current Liabilities | $34.1M | $39.5M | $48.0M | $66.0M | $103.6M | $157.6M | $150.8M | $167.2M | $641.7M | $213.0M |
| Long-term Debt | $32.9M | $32.6M | $196.8M | $209.6M | $643.3M | $768.6M | $738.4M | $742.1M | $731.9M | $777.6M |
| Total Liabilities | $74.9M | $81.4M | $251.9M | $285.9M | $784.6M | $981.8M | $934.5M | $956.5M | $1.43B | $1.00B |
| Retained Earnings | -$166.3M | -$175.4M | -$151.5M | -$156.0M | -$198.2M | -$228.4M | -$323.1M | -$404.9M | -$417.6M | -$378.2M |
| Total Equity | $30.3M | $46.8M | $142.7M | $196.5M | $279.2M | $211.1M | $310.0M | $538.1M | $622.2M | $785.8M |
| Total Debt | $45.8M | $46.7M | $207.9M | $223.3M | $653.2M | $825.5M | $790.6M | $793.9M | $1.23B | $847.2M |
| Net Debt | -$12.3M | -$22.2M | -$83.9M | -$96.6M | $49.7M | $355.7M | $176.3M | $63.6M | $227.2M | $150.3M |
| Working Capital | $40.9M | $53.3M | $286.0M | $315.3M | $585.6M | $459.7M | $627.9M | $756.8M | $606.9M | $658.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $193.4M | $232.1M | $273.0M | $187.3M |
| Total Assets | $1.77B | $1.79B | $1.87B | $1.83B |
| Total Liabilities | $993.1M | $1.00B | $1.04B | $1.05B |
| Total Equity | $775.3M | $785.8M | $829.6M | $784.8M |
| Total Debt | $798.0M | $847.2M | $800.3M | $805.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$11.9M | -$9.0M | -$221000 | -$4.6M | -$42.1M | -$53.0M | -$94.7M | -$81.8M | -$12.8M | $39.4M |
| Depreciation & Amortization | $8.4M | $8.3M | $10.3M | $19.1M | $30.8M | $47.4M | $44.7M | $48.5M | $52.9M | $61.8M |
| Stock-based Compensation | $9.6M | $15.3M | $28.5M | $42.1M | $64.7M | $108.8M | $172.5M | $206.3M | $166.3M | $148.1M |
| Change in Working Capital | $2.4M | -$1.2M | -$7.1M | -$28.7M | -$35.9M | -$110.6M | -$87.5M | -$106.5M | -$127.1M | -$130.5M |
| Operating Cash Flow | $6.8M | $11.1M | $38.6M | $51.2M | $67.3M | $29.0M | $88.9M | $128.8M | $143.2M | $226.2M |
| Capital Expenditure | -$1.1M | -$2.6M | -$9.3M | -$19.2M | -$30.4M | -$42.2M | -$56.2M | -$31.2M | -$64.6M | -$25.0M |
| Acquisitions | 0 | 0 | -$312000 | -$13.9M | -$165.4M | 0 | -$2.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$260000 | 0 | 0 | 0 | 0 | 0 | 0 | -$50.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $5.7M | $8.5M | $29.4M | $32.0M | $36.9M | -$13.2M | $32.7M | $97.6M | $78.6M | $201.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $59.2M | $83.6M | $63.9M | $42.1M |
| Capital Expenditure | -$10.5M | -$16.3M | -$5.3M | -$17.6M |
| Free Cash Flow | $48.7M | $67.3M | $58.7M | $24.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $33.3M | $33.6M | $32.7M | $33.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +23.5% | +28.7% | +27.3% | +32.6% | +40.2% | +27.8% | +16.9% | +14.4% | +10.3% | |
| Net Income Growth (YoY) | +24.4% | +97.5% | -1959.7% | -825.5% | -25.8% | -78.6% | +13.6% | +84.4% | +408.1% | |
| EPS Growth (YoY) | +30.4% | +97.6% | -1884.2% | -775.3% | -19.7% | -70.9% | +16.3% | +85.0% | +400.0% | |
| Shares Change (YoY) | +5.0% | +5.7% | +4.0% | +6.3% | +5.2% | +3.6% | +3.0% | +3.4% | +16.8% | |
| FCF Growth (YoY) | +48.2% | +247.2% | +9.0% | +15.3% | -135.8% | +347.3% | +198.5% | -19.5% | +156.2% | |
| Gross Margin | 58.7% | 58.5% | 59.6% | 59.0% | 58.5% | 55.5% | 52.8% | 52.5% | 54.2% | 54.7% |
| Operating Margin | -4.0% | -2.9% | 2.7% | 1.0% | -2.8% | -9.2% | -11.2% | -10.8% | -4.9% | 2.8% |
| EBITDA Margin | 0.5% | 1.5% | 8.0% | 8.7% | 3.3% | -1.4% | -4.9% | -2.6% | 5.3% | 14.3% |
| Net Margin | -7.3% | -4.5% | -0.1% | -1.4% | -9.7% | -8.7% | -12.2% | -9.0% | -1.2% | 3.4% |
| FCF Margin | 3.5% | 4.2% | 11.4% | 9.8% | 8.5% | -2.2% | 4.2% | 10.7% | 7.5% | 17.5% |
| Effective Tax Rate | -0.5% | -3.1% | 379.7% | -2.3% | 5.5% | 17.6% | -4.9% | -2.9% | -0.3% | 12.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.11 | $0.15 | $0.51 | $0.53 | $0.57 | $-0.20 | $0.47 | $1.35 | $1.05 | $2.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $52.3M | $54.9M | $58.1M | $60.4M | $64.2M | $67.5M | $69.9M | $72.0M | $74.5M | $77.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 7.49% |
| Return on Invested Capital | 3.22% |
| Return on Assets | 3.25% |
| Gross Margin | 54.70% |
| Operating Margin | 4.86% |
| Net Margin | 4.94% |
Financial Health
| Debt / Equity | 1.03 |
| Current Ratio | 4.15 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.78 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -61.70 | -155.50 | -11505.26 | -869.76 | -264.24 | -173.82 | -50.27 | -69.64 | -239.06 | 39.31 |
| P/B | 24.49 | 29.19 | 17.79 | 20.15 | 40.08 | 43.91 | 15.31 | 10.54 | 4.87 | 1.98 |
| P/S | 4.58 | 6.83 | 9.85 | 12.07 | 25.73 | 15.21 | 6.09 | 6.23 | 2.91 | 1.35 |
| Gross Margin | 58.7% | 58.5% | 59.6% | 59.0% | 58.5% | 55.5% | 52.8% | 52.5% | 54.2% | 54.7% |
| Operating Margin | -4.0% | -2.9% | 2.7% | 1.0% | -2.8% | -9.2% | -11.2% | -10.8% | -4.9% | 2.8% |
| Net Margin | -7.3% | -4.5% | -0.1% | -1.4% | -9.7% | -8.7% | -12.2% | -9.0% | -1.2% | 3.4% |
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Explore sector: Technology · Software - Application
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