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ZYBERNO

Stock Report

Updated Jun 2, 2026

JAMF HOLDING CORP. (JAMF)

Technology • NASDAQ

$13.05

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

31.0/100

WEAK BUSINESS

JAMF HOLDING CORP. (JAMF) scores 31/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full JAMF quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-36.6%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full JAMF valuation analysis · → View full JAMF Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-5.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.05x)

Operating Margin (Operational Efficiency):CRITICAL (-5.0%)

Return on Capital (Capital Efficiency):CRITICAL (-10.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

JAMF HOLDING CORP. (JAMF) stock report — Zyberno Score 31/100 (WEAK BUSINESS), Margin of Safety -100.0%, -37% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, JAMF HOLDING CORP. (JAMF) trades at $13.05 against an estimated intrinsic value per share of $2.02 — a -100.0% Margin of Safety based on Owner Earnings of $40.86M TTM, projected at -8.0% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -36.6% annually.

Over the trailing twelve months, JAMF generated $40.86M in Owner Earnings. Capital was deployed as follows: $35.36M returned via share buybacks, $10.30M invested in capital expenditures. Reinvestment rate: 119.0%. Owner Earnings have declined at 8.0% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:13.05

Market Cap:$1.73B

Valuation Multiples (3)

P/B Ratio:2.20x

P/S Ratio:2.51x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$1.21B

Ev Ebitda Ratio:25.06x

Pfcf Ratio:42.45x

B. Profitability Assessment

Return Metrics (5)

ROE:

-5.5%

📊 Click to view full JAMF ROE analysis →

ROA:-2.2%

Roic:

-10.0%

📊 Click to view full JAMF ROIC analysis →

Reinvestment Rate:119.0%

Fundamental Growth Rate (g):-11.9%

Margin Analysis (3)

Operating Margin Ttm:-5.0%

Net Margin Ttm:-6.0%

Ebitda Margin:7.0%

TTM Performance (3)

Gross Margin Ttm:76.8%

Operating Margin Ttm:-5.0%

Net Margin Ttm:-6.0%

Yield Metrics (3)

Earnings Yield:-$2.38

Owner Earnings Yield:$2.36

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.50

📊 Click to view full JAMF Earnings Surprise analysis →

EPS Surprise vs Expected:72.6%

Latest Earnings Filed:2025-11-10

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):15.2%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-4.0%

Operating Cash Flow Growth Rate (Linear):19.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.87x

Quick Ratio:0.87x

Cash Ratio:0.61x

Leverage Analysis (3)

Debt To Equity Ttm:0.05x

Debt-to-Equity Ratio:0.05x

Debt To Ebitda:0.43x

Coverage Ratios (2)

Interest Coverage Ratio:-18.39x

Times Interest Earned:-18.39

Capital Structure (4)

Working Capital:-116,597,000.00

Cash And Cash Equivalents:547,194,000.00

Long Term Debt:$14.65M

Net Debt:-$526.54M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $690.59M

Linear Growth: 15.2%

📊 Click to view full JAMF Revenue analysis & methodology →

Cost Of Revenue Ttm:$160.08M

Profitability Breakdown (2)

Gross profit TTM: $530.51M

Linear Growth: 16.3%

📊 Click to view full JAMF Gross Profit analysis & methodology →

-$34.71M

Bottom Line Performance (3)

-$41.29M

Income Before Tax:-$39.72M

Ebitda Ttm:48,188,000.00

Operating Expenses (5)

Operating Expenses:565,223,000.00

R And D Expense:147,251,000.00

Sga Expense:137,357,000.00

Income Tax Expense:$3.98M

Interest Expense:3,757,000.00

Expense Ratios (3)

R And D To Revenue Percentage:80.2%

Sga To Revenue Percentage:74.9%

Ebitda Margin:7.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.14B

Current Assets:$777.21M

Ppe Net:17,929,000.00

Goodwill:1,057,686,000.00

Intangible Assets:$186.13M

Liability Structure (4)

Total Liabilities:1,352,455,000.00

Current Liabilities:893,809,000.00

Long Term Debt:$14.65M

Short Term Debt:$6.01M

Equity & Capital (3)

Equity:$786.72M

Retained Earnings:-$547.46M

Common Stock:500,000,000.00

Working Capital Items (3)

Accounts Receivable:154,680,000.00

Inventory:0.00

Accounts Payable:101,375,000.00

Special Items (2)

Contract Liabilities:440,494,000.00

Stock Based Compensation:21,938,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $51.16M

Linear Growth: 19.7%

Free cash flow TTM: $40.86M

Linear Growth: -4.0%

📊 Click to view full JAMF Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$6.04M

Capital Expenditures Ttm:10,303,000.00

Financing Activities (3)

Financing Cash Flow:-$3.60M

Dividends Paid Ttm:0.00

Stock Repurchase:35,357,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:82,900,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.31

-$0.31

Earnings Per Share Ttm:-$0.31

Revenue & Cash Per Share (3)

Sales Per Share Ttm:5.20

Operating Cash Flow Per Share:$0.23

Fcf Per Share Ttm:0.31

Book Value & Capital (2)

Book Value Per Share:$5.92

Cash Per Share:4.12

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.37x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:4.46x

Days Sales Outstanding Ttm:81.75

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:231.15

Cash Conversion Cycle:-1,148.39

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $40.86M

Linear Growth: -8.0%

📊 Click to view full JAMF Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.31

Owner Earnings Yield:$2.36

Growth Assessment (1)

Owner Earnings Growth Rate:-$7.95

Damodaran Growth Analysis (2)

Reinvestment Rate:119.0%

Fundamental Growth Rate (g):-11.9%

Intrinsic Value Models (1)

Intrinsic Value:

$268.22M

📊 Click to view full JAMF DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full JAMF valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

-36.6%

📊 Click to view full JAMF expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):15.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-4.0%

Operating Cash Flow Growth Rate (Linear):19.7%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):16.3%

Book Value Growth Rate (Linear):0.5%

Owner Earnings Growth Rate:-$7.95

C. Company Profile & Context

Corporate Information (6)

Symbol:JAMF

Company Name:JAMF HOLDING CORP.

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:132.90M

Shares Outstanding Basic:132.90M

Shares Outstanding Diluted:132.90M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-02 08:58:48 UTC

Data Timestamp:2026-06-02T08:58:48.466859