Based on our latest analysis, PINS looks modestly undervalued. The current price is $18.8 versus a composite fair-value midpoint of $21.2 (range $12.2–$30.7), which implies roughly 12.7% upside to the midpoint.

What is PINS's fair value?

Our composite fair-value range for PINS is $12.2–$30.7, with a midpoint of $21.2. The range is triangulated across multiple valuation models (discounted earnings, forward earnings scenarios, peer multiples, and where applicable owner earnings or reverse DCF) and weighted by reliability for PINS's archetype.

Should I buy PINS now?

Our current rating for PINS is Buy with a confidence score of 82/100. PINS is rated Buy at $18.84 versus the reconciled fair value midpoint of $21.23, implying +12.69% upside/downside. Confidence is separately disclosed at 82/100. This is research for educational purposes, not personalized investment advice.

What are the biggest risks for PINS?

The top risks our latest report flags for PINS are: Stagnant User Growth; Ad Budget Consolidation; Partnership Execution Failure. The single biggest risk is The biggest risk is that the bear-case drivers materialize: growth slows, margins compress, or competitive pressure reduces the fair-value range.

What is PINS's rating?

Our current rating for PINS is Buy, issued with a confidence score of 82/100 and a moat score of 6.5/10. The rating reflects the composite fair-value range ($12.2–$30.7) versus the current price of $18.8.

What archetype is PINS?

PINS is classified as a mature compounder stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for PINS.

What does PINS's income statement show?

Our financial-history view of PINS (PINS) covers revenue, gross profit, operating income, and net income across the past five fiscal years, with year-over-year growth and margin context for each line.

Is PINS's revenue growing?

The revenue trajectory is reported in the financial-history section with year-over-year growth rates. Direction and acceleration are summarised inline; the full table sits within the parent financials tab.

How do you read PINS's operating income?

We track operating income alongside operating margin so the reader can separate top-line growth from operating leverage. The numbers analysis subsection flags one-offs, restructuring, and stock-based-compensation effects when material.

What is PINS's net income trend?

Net income is shown together with EPS so dilution and buybacks are visible alongside profit. Where reported net income diverges materially from operating cash flow, the discrepancy is called out in the numbers-analysis subsection.

Direct answer

PINS trades against a final fair-value range of $12.20-$30.66, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs. Fair value range: low $12.2, high $30.7, with mid-point at $21.2.

Stock analysis

PINS fair value $12–$31

By StockMarketAgent.AI team· supervised byPeyman GhaderKourehpaz2026-05-19

분석일: 2026-05-19다음 업데이트: 2026-08-19Methodology v2.4Data cut-off: 2026-05-19Quality gate: passSources: all material sources passed deterministic freshness/provenance gatesReview: automatedArchetype: Mature compounder

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주가

$18.84

▲ +2.39 (+12.69%)

공정 가치

$21

$12–$31

등급

매수

confidence 82/100

상승 여력

+12.7%

upside to fair value

안전 마진

$18.05

MoS level · 15%

시가총액

$10.6B

P/E fwd 8.4

영어 원본으로 대체KO

번역하는 동안 영어 원본을 표시 중

이 리포트는 아직 번역되지 않았습니다. 번역 대기열이 따라잡으면 몇 분 후에 새로고침하세요.

§1 개요

Composite fair value $21 with high case $31.
Implied upside of 12.7% to fair value.
Moat 6.5/10 · confidence 82/100 · Mature compounder.
Trades at a measured discount to fair value with adequate margin of safety.

Fair value

$21

Margin of safety

+11.3%

Confidence

82/100

Moat

6.5/10

Educational analysis only — not financial advice. Always do your own due diligence.

$18.84Price

Low $12.20

Mid $21.23

High $30.66

PINS trades against a final fair-value range of $12.20-$30.66, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.

High-intent visual discovery search behavior
High-intent visual discovery search behavior.
Proprietary, non-social intent data graph
Proprietary, non-social intent data graph.
Cycle upside
Retail ad spend migrating rapidly toward high-intent performance and shoppable formats.

§2 베어 케이스

In a severe macro ad recession, Pinterest's asset-light nature protects core cash flow, but ARPU compression would stall GAAP profitability. Aggressive share repurchases provide a floor against multiple collapse.

이 논제가 무너지는 경로

Stagnant User Growth

· Medium

MAU declines in core North American markets structurally limit absolute impression volume.

FV impact

Severe

Ad Budget Consolidation

· High

Advertisers retreat to dominant performance networks, stranding Pinterest as experimental spend.

FV impact

High

Partnership Execution Failure

· Low

Amazon integration fails to drive modeled yield improvements, capping ARPU ceilings.

FV impact

Moderate

모니터링할 조기 경보 신호
지표	현재	트리거 임계값
ARPU growth decelerates below 10% year-over-year despite partnerships.	Monitor	Deterioration versus the report thesis
Operating margin expansion falls short of 200 bps annualized over 24 months.	Monitor	Deterioration versus the report thesis
Next twelve months (NTM) EPS fails to maintain the $2.23 trajectory.	Monitor	Deterioration versus the report thesis
Stock-based compensation materially outpaces free cash flow generation.	Monitor	Deterioration versus the report thesis
Active user base declines sequentially in high-value demographics.	Monitor	Deterioration versus the report thesis

§3 재무 이력

손익계산서 — 최근 6기
항목	T−0	T−1	T−2	T−3	T−4	CAGR
기간	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
매출	—	$2.80B	$3.06B	$3.65B	$4.22B	+10.8%
매출총이익	—	$2.12B	$2.37B	$2.90B	$3.38B	+12.3%
영업이익	—	$-101.7M	$-125.7M	$179.8M	$319.9M	—
순이익	—	$-96.0M	$-35.6M	$1.86B	$416.9M	—
EPS (희석)	$0.46	$-0.14	$-0.05	$2.67	—	+55.2%
EBITDA	—	$-55.2M	$-104.2M	$201.1M	$345.0M	—
R&D	—	$949.0M	$1.07B	$1.24B	$1.43B	+10.7%
판관비	—	$1.28B	$1.42B	$1.48B	$1.63B	+6.3%

품질 점수

OCF / 순이익

3.08×

>1은 이익의 질이 높음을 의미

회계 품질 게이트

Fail

섹터 조정 게이트

ROIC

5.1%

투하자본수익률

섹션 3

Numbers analysis

현금 흐름

Cash-flow quality is reflected in the OCF / net income, accounting-quality, and ROIC rows above.

자본 배분

Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.

개인 구독자 — §4부터11개 섹션 더

전체 분석 읽기 — 11개 섹션 더.

Competitive moat, industry cycle, peer comparison, intrinsic valuation, sensitivity, scenarios, earnings decision tree, position management, investor perspectives, scorecard, and final recommendation.

모든 커버 종목에 대한 전체 보고서

24개월 등급 아카이브

관심 목록 브리핑 + 등급 변경 알림

모든 언어로 PDF + DOCX 내보내기

무료 체험 시작

언제든지 취소 가능.

INCOME STATEMENT FAQ

PINS income statement questions

Our financial-history view of PINS (PINS) covers revenue, gross profit, operating income, and net income across the past five fiscal years, with year-over-year growth and margin context for each line.

FAQ

PINS — frequently asked questions

Based on our latest analysis, PINS looks modestly undervalued. The current price is $18.8 versus a composite fair-value midpoint of $21.2 (range $12.2–$30.7), which implies roughly 12.7% upside to the midpoint.

Related coverage

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Same archetype: mature-compounder

품질 점수

전체 분석 읽기 — 11개 섹션 더.

What does PINS's income statement show?

Is PINS's revenue growing?

How do you read PINS's operating income?

What is PINS's net income trend?

Is PINS overvalued?

What is PINS's fair value?

Should I buy PINS now?

What are the biggest risks for PINS?

What is PINS's rating?

What archetype is PINS?

Names readers of PINS also follow