Five9, Inc. (FIVN) Stock

Five9, Inc. (FIVN) is a Technology stock trading at $32.28 (as of 2026-08-20), with a market capitalization of $2.41B and a trailing P/E of 40.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Five9, Inc. provides cloud software for contact centers, offering a virtual contact center platform with applications to support customer service, sales, and marketing. Its offerings help manage interactions across multiple channels (including voice, video, chat, email, and social/media and web interactions) and include capabilities such as speech recognition and natural language processing, serving organizations internationally.

Understand Five9, Inc.: how it makes money

Five9 provides a virtual cloud contact center platform (software plus APIs) used for customer service, sales, and marketing across channels like voice, video, chat, email, web, social, click-to-call, callback, and mobile, and it earns revenue primarily from subscription and other recurring usage (plus a smaller professional services component).

The profit model is driven by recurring revenue and customer expansion, because recurring revenue mix is 92% and last twelve months dollar-based retention is 105%, with subscription dollar-based retention at 107%.

Business quality (Mixed): Five9s operating engine appears centered on recurring contact center cloud revenue, with retention above 100% suggesting net expansion, so investors should track retention and the recurring mix.

Valuation: Trades at 29× trailing earnings · $1B market cap.

Bull case

Retention indicates net customer expansion: Last Twelve Months Dollar-Based Retention Rate is 105%, and Last Twelve Months Subscription Dollar-Based Revenue Retention Rate is 107%.
Revenue base is heavily recurring: Recurring Revenue Mix is 92%, and Subscription Revenue Mix is 81%, supporting a recurring software economics profile.
Enterprise is the dominant customer base: Enterprise Business Share of Last Twelve Months Revenue is 91%.
AI is contributing within enterprise subscription revenue: Artificial Intelligence Revenue is 11% of enterprise subscription revenue, and Artificial Intelligence and Automation Portfolio Share is 8%.

Bear case

Execution risk if retention weakens: Retention metrics are above 100% (105% last twelve months and 107% subscription), and a decline from these levels would directly pressure the customer value growth implied by the model.
Not all revenue is recurring subscription: Telecom Usage Revenue Mix is 12% and Professional Services Revenue Mix is 7%, so only part of revenue comes from subscription.
Profitability is modest: Operating margin is 6.1% (gross margin is 55.9%), so cost and demand swings could have outsized effects on earnings power.

Valuation — source: SEC EDGAR (first-party)
Price	$32.28
Market Cap	$2.41B
P/E Ratio	40.6
EV / EBITDA	17.5
Price / Book	3.07
Price / Sales	2.00
FCF Yield	8.7%
DCF Value (model)	$31.88
DCF Upside vs Price	-1.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.15B
Net Margin	3.4%
Revenue Growth (YoY)	10.3%
EPS Growth (YoY)	100.0%
FCF Growth (YoY)	-22.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.38 (grey)

Valuation vs Sector & Industry
Stock P/E	40.6
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	19.6%
vs Industry	35.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($201.25M)
Institutional Holders Tracked	10
Congressional Trades (recent)	8

Company
Sector	Technology
Industry	Business Services
CEO	Amit Mathradas
Employees	3,073
Country	US
IPO Date	2014-04-04

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.