Quality Investor

Pinterest, Inc.

Rank #30Capital Return

PINS · NYSE · Communication Services

Pinterest, Inc. (PINS) — Rank #30 by gross profitability (GP/assets 0.71) · ROE 14.4% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001506293 · all metrics point-in-time as of the filing date.

About

Pinterest, Inc. operates as a visual search and discovery platform in the United States, Canada, Europe, and internationally.

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The company's platform allows people to find ideas, such as recipes, home and style inspiration, and others; and to search, save, and shop the ideas. It also provides various advertising products to help advertisers meet users; and ad auction that allows to serve ads to users at relevant moments while optimizing business outcomes for advertisers. The company was formerly known as Cold Brew Labs Inc. and changed its name to Pinterest, Inc. in April 2012. Pinterest, Inc.

was incorporated in 2008 and is headquartered in San Francisco, California.

Industry
Internet Content & Information
Sector
Communication Services
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

PINS-66.3% · -19.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$10.59B

P/E (annual)

31.0

P/S (annual)

2.5

P/B

3.7

P/OCF (annual)

8.2

Shareholder Yield

1.5%

Employees

5,116

Industry

Internet Content & Information

Exchange

NYSE

Signal Flags

2 green1 yellow
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.71
Return on equity
14.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.64
Current ratio
3.81×
Net cash
$1.27B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
20.9%

Growth

2/2 pass
Revenue growth
15.8%
Piotroski F-Score
6 / 9
Share dilution
-1.5%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-1.3%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -1.5% — per-share value needs a total required return of -2.8% once share-count change is priced in.

vs. own 6-year median revenue growth: 17.6%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-5.1%

r = 10% (base)

-1.3%

r = 12%

1.9%

Net debt / market cap: -9.8%

Base FCF: $1.3B

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

30.4xFair
12.6xmed 30.4x53.3x

P / S

Price / revenue per share

3.0xCheap
3.0xmed 6.5x9.0x

P / B

Price / book value per share

2.7xCheap
2.7xmed 5.6x8.9x

P / GP

Price / gross profit per share

3.8xCheap
3.8xmed 8.2x11.6x

P / FCF

Price / free cash flow per share

10.2xCheap
10.2xmed 25.0x45.4x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.71

Primary signal (Novy-Marx).

2nd of 14 SIC 7370 peers

Return on equity

14.4%

Gross margin

80.1%

4th of 14 SIC 7370 peers

Revenue growth (YoY)

15.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

14.6%

Revenue CAGR (5Y)

20.1%

Earnings CAGR (3Y)

FCF CAGR (3Y)

41.7%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.64

8th of 13 SIC 7370 peers (best = lowest)

Current ratio

3.81×

5th of 14 SIC 7370 peers

Quick ratio

3.62×

Net cash

$1.27B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$1.25B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.00

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

20.9%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Startup
Op. Leverage
Capital Return