Information Technology · Systems Software · US stock · price as of 22 Oct 2026
Key indicators
Price
$253.63
52-week range
$105.00 – $308.40
Market cap
$40.5B
P/E (trailing)
35.1×
EV / EBITDA
86.4×
Free-cash-flow yield
2.6%
Dividend yield
–
Revenue (last 12 months)
$5.6B
Revenue growth (3y a year)
9.8%
Operating margin
5.2%
Return on invested capital
3.6%
Net debt / EBITDA
-3.7×
Fair value
Fair value (average of valid models)$245.29 middle half of models $204 – $257
Versus priceFair−3% to fair value
P/E multiple
$469.88
P/B multiple
$190.61
P/S multiple
$268.54
EV/EBITDA multiple
$224.82
EV/EBIT multiple
$235.09
EV/revenue multiple
$263.41
10-year DCF, EBITDA exit
$152.71
5-year DCF, EBITDA exit
$209.03
10-year DCF, revenue exit
$201.70
5-year DCF, revenue exit
$237.15
Model uncertainty
High
X-Ray Score
43/ 100 · Medium confidence · ahead of 27% of sector peers
Valuation37
Growth59
Profitability13
Financial health70
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Twilio provides a cloud communications platform that lets developers add messaging, voice, video and email to their applications through software interfaces. It also owns Segment, a customer data platform, and SendGrid, an email service. Customers range from start-ups to large enterprises and software companies that use Twilio to contact their own customers. The business is organised around communications and data and applications offerings.
Much of Twilio's revenue comes from usage-based fees, charged per message, call or email, together with some subscriptions. Revenue is $5.6 billion over the last twelve months, growing at 9.8% a year across three years. The operating margin is 5.2%, and the business earns a profit of 4% on the capital invested in it. The company has net debt of -3.7 times EBITDA, meaning it holds more cash than debt, and it pays no dividend.
StocksXray gives Twilio Inc an X-Ray Score of 43 out of 100 (medium confidence), ahead of 27% of the S&P 500 stocks in its sector. Its strongest lens is financial health (70) and its weakest is profitability (13).
Our fair value (the average of the valid models) is $245.29 (range $203.53 to $256.85). At $253.63 the stock trades 3% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Twilio Inc (TWLO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$263.34
$48.96
$75.87
$108.08
$142.24
$253.63
Market cap
$45.9B
$9.0B
$13.9B
$17.9B
$22.7B
$40.5B
P/E
–
–
–
–
677.3×
35.1×
EV / revenue
14.6×
1.5×
2.6×
3.7×
4.2×
7.0×
EV / EBITDA
–
–
–
108.6×
60.2×
86.4×
Price / free cash flow
–
–
33.5×
25.0×
22.7×
38.2×
Free-cash-flow yield
−0.2%
−2.8%
3.0%
4.0%
4.4%
2.6%
Price / book
4.2×
0.8×
1.4×
2.3×
2.9×
4.5×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 4 Good · ● 5 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.8%Bad
Risk models
Altman Z score4.8×Average
Piotroski F-Score6 of 9Average
Growth
Revenue growth (3y)9.8%Average
Growth consistency100%Good
Balance sheet
Current ratio4.6×Good
Net debt / EBITDA-3.7×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield0.7%Bad
Profitability
Return on invested capital3.6%Bad
Operating margin5.2%Bad
Gross profitability25.0%Average
XStocksXray
Twilio Inc (TWLO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,842
3,826
4,154
4,458
5,067
5,572
Gross profit
1,391
1,814
2,044
2,278
2,479
2,705
Operating income
-916
-1,205
-877
-54
158
290
Net income
-950
-1,256
-1,015
-109
34
1,149
Diluted EPS ($)
-5.45
-6.86
-5.54
-0.66
0.21
7.22
Free cash flow
-104
-254
415
716
1,003
1,061
Gross margin
48.9%
47.4%
49.2%
51.1%
48.9%
48.5%
Operating margin
−32.2%
−31.5%
−21.1%
−1.2%
3.1%
5.2%
Net margin
−33.4%
−32.8%
−24.4%
−2.4%
0.7%
20.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,999
12,564
11,610
9,865
9,771
10,839
Cash
1,479
652
656
421
682
823
Total debt
986
987
989
991
992
993
Equity
11,031
10,559
9,733
7,953
7,822
8,978
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
