# Five9, Inc. (FIVN)

> Source: Nexqual · https://nexqual.com/FIVN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Five9, Inc. (FIVN), nexqual.com/FIVN" · informational, not investment advice.

**Price:** USD 35.1 (-0.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.29 · day 34.94–36.19 · 52w 13.29–40 · market cap $2.62B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.20B, net income $59.5M (4.9% margin), free cash flow $209M (SEC filings).
- Valuation: P/E 44.1x (avg 44.8x at the last 1 fiscal year-ends), EV/EBITDA 22.0x, net debt $83.2M.
- 1 of 80 tracked superinvestors hold FIVN (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $4.8M; 5 not under a Rule 10b5-1 plan ($1.3M); 0 by opportunistic insiders, 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +52.5% vs S&P 500 +14.9%; 5Y -78.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.8, revenue estimate $319M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $610M | $779M | $910M | $1.04B | $1.15B | $1.20B |
| Gross profit | $338M | $411M | $478M | $564M | $633M | — |
| Operating income | -$56.3M | -$87.6M | -$98.6M | -$51.3M | $28.9M | $56.3M |
| Net income | -$53.0M | -$94.7M | -$81.8M | -$12.8M | $39.4M | $59.5M |
| EPS (diluted) | -$0.79 | -$1.35 | -$1.13 | -$0.17 | $0.45 | — |
| Free cash flow | -$13.2M | $36.6M | $97.6M | $101M | $201M | $209M |
| Gross margin | 55.5% | 52.8% | 52.5% | 54.2% | 55.1% | — |
| Operating margin | -9.2% | -11.2% | -10.8% | -4.9% | 2.5% | 4.7% |
| Net margin | -8.7% | -12.2% | -9.0% | -1.2% | 3.4% | 4.9% |
| Revenue growth | +40.2% | +27.8% | +16.9% | +14.4% | +10.3% | — |
| Cash + short-term investments | $470M | $614M | $730M | $1.01B | $697M | — |
| Total debt | $769M | $738M | $742M | $732M | $735M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 44.1x · P/S 2.2x · EV/EBITDA 22.0x · EV/Sales 2.3x · P/FCF 12.5x · P/B 3.3x · FCF yield 7.97% · Earnings yield 2.27% · Net debt $83.2M · EV $2.71B
P/E at fiscal year-ends: Dec 2025 44.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FIVN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.5M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | Dignan Andy | President | 6,986 | $245K | 2.9% | Yes (adopted September 2, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-04…2026-09-08 | Lee Bryan M | Chief Financial Officer | 20,618 | $687K | 6.7% | Yes (adopted September 3, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-04…2026-09-08 | Meriweather Tiffany N. | Chief Admin. & Legal Officer | 18,523 | $608K | 6.8% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-04…2026-09-08 | Dignan Andy | President | 13,320 | $439K | 5.2% | Yes (adopted September 2, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-03…2026-09-08 | Mansharamani Leena | SVP, Chief Accounting Officer | 6,617 | $221K | 11.2% | Yes (adopted June 4, 2026) | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-08-28 | Dignan Andy | President | 17,767 | $622K | 6.4% | Yes (adopted September 2, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-04…2026-06-05 | Lee Bryan M | Chief Financial Officer | 18,131 | $449K | 5.5% | Yes (adopted September 3, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04…2026-06-05 | Dignan Andy | President | 11,276 | $278K | 3.9% | Yes (adopted September 2, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-04 | Meriweather Tiffany N. | Chief Admin. & Legal Officer | 9,526 | $236K | 3.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | Kozanian Panos | EVP, Product Engineering | 5,869 | $146K | 3.5% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-04 | Tuckness Matthew E. | Chief Revenue Officer | 8,645 | $214K | 3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | Mansharamani Leena | SVP, Chief Accounting Officer | 2,556 | $63K | 4.2% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-05-13…2026-05-14 | Meriweather Tiffany N. | Chief Admin. & Legal Officer | 29,817 | $628K | 9.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | UBS | Target raised | Buy | $36 → $48 |
| 2026-10-13 | Barclays | Target raised | Overweight | $34 → $40 |
| 2026-09-21 | Cantor Fitzgerald | Target raised | Overweight | $34 → $40 |
| 2026-09-16 | FBN Securities | Initiated | Outperform | $40 |
| 2026-08-31 | Truist Securities | Target raised | Buy | $35 → $40 |
| 2026-08-25 | Wells Fargo | Target raised | Equal-Weight | $24 → $32 |
| 2026-08-24 | Canaccord Genuity | Target raised | Buy | $33 → $39 |
| 2026-08-10 | DA Davidson | Target raised | Neutral | $22 → $28 |
| 2026-08-10 | Baird | Target raised | Neutral | $22 → $30 |
| 2026-08-10 | Barclays | Target raised | Overweight | $25 → $34 |
| 2026-08-07 | UBS | Target raised | Buy | $25 → $36 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $25 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +52.5% | -78.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +52.7% | -26.3% |
| Volatility (annualized) | 67.8% | 57.5% |
| Max drawdown | -44.1% (Nov 2025→Apr 2026) | -91.6% (Oct 2021→Apr 2026) |

## Peers (Software - Infrastructure)
PAY (Paymentus Holdings, Inc.) USD 34.07 +3.06% · DLO (DLocal Limited) USD 14.84 -2.05% · BLSH (Bullish) USD 29.19 -1.95% · TENB (Tenable Holdings, Inc.) USD 42 +3.27% · BB (BlackBerry Limited) USD 8.59 -8.71% · RELY (Remitly Global, Inc.) USD 25.32 -0.39%

## More
Full page: https://nexqual.com/FIVN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FIVN's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1288847/000128884726000023/fivn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Microsoft (MSFT) | "We also offer integrations into UC partners such as Microsoft Teams, Nextiva, RingCentral, Zoom Video Communications, or Zoom, and others." |
| Partner | Oracle (ORCL) | "We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;" |
| Partner | Salesforce (CRM) | "We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;" |
| Partner | ServiceNow (NOW) | "We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;" |
| Partner | Zendesk | "We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;" |
| Partner | Accenture (ACN) | "WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture PLC, Deloitte Consul…" |
| Partner | IBM (IBM) | "WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture PLC, Deloitte Consul…" |
| Partner | Kyndryl Holdings, Inc. (KD) | "WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture PLC, Deloitte Consul…" |
| Partner | AT&T (T) | "WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture PLC, Deloitte Consul…" |
| Competitor | Cisco (CSCO) | "We currently compete with large legacy vendors that offer on-premises contact center systems, such as Avaya Inc., or Avaya, and Cisco Systems, Inc., or Cisco." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $275.8M | 88.3% | +9.7% |
| International | $36.7M | 11.7% | +15.0% |
| Total revenue | $312.4M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Five9 provides guidance based on current market conditions and expectations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.80 | $0.83 | -4.3% | $319.0M | 21 |
| Next quarter (ends 2026-12-31) | $0.99 | $0.97 | +2.5% | $330.8M | 21 |
| Current fiscal year (ends 2026-12-31) | $3.26 | $3.25 | +0.3% | $1.27B | 21 |
| Next fiscal year (ends 2027-12-31) | $3.84 | $3.78 | +1.7% | $1.39B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±18.5%; last 8 reports averaged ±12.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 82.3% | ±18.5% |
| 2026-12-18 | 56 | 76.6% | ±24.1% |
| 2027-01-15 | 84 | 69.8% | ±26.8% |
| 2027-04-16 | 175 | 70.5% | ±38.6% |