11-12-2017: VMware, Inc. (VMW): Cloud Computing Dominant Player

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Recommendation

VMware, Inc.

Cloud computing is the delivery of comuting services -- servers, storage, databases, networking software, and analystics over the Internet. Coimpanies offering these computing services are called "cloud providers" and typically charge for cloud computing services based upon usage, similar to how you're billed for water or electricity at home. You are probably using cloud computing now even if you don't realize it. Things one can do on cloud include: create new apps and services, store backup and recover data, host websites and blogs, stream audio and video, deliver software on demand, analyze data patterns and make predictions. Benefits include reduced cost of buying software, speed, global scale, productivity, performance, and reliability. A customer may rent IT infrastructure including servers and virtual machines. Public clouds are owned and operated by a third party cloud service provider, while private clouds are used exclusively by a single business. Some companies pay a third-party service to host their private cloud. Companies like Microsoft, Amazon, and VMware offer cloud computing to businesses. Cloud computing offers the abilitiy to trade capital expense for variable expense, benefit from massive economies of scale, eliminate guessing on future infrastructure needs, and increasing speed and agility. Also cloud allows to go global in minutes and the elimination of spending money on data centers.

Zenith's first impression of the company's website was not a good one. We favor legacy software and equipment, and backward compatible systems. While large businesses need the added security against hackers, we think programmers should consider all users, not just continual "upgraders". The company's site is entirely designed to sell software and services, and is not designed well at all for investors. Lack of concern for investors is underscored by CEO's use of streaming videos, not shareholder letters, and lack of any sort of glitzy annual reports.

At the same time, this company has an extremely strong Zenith Index, suggesting good financial fundamentals.

Despite our disappointment with website exhibits for shareholder concern, the company does have a very excellent Management Discussion section, from which we learn the company is heavily linked with various partnership, cost-sharing, and financial agreements with Dell Coirporation to the extent that we conclude the fortunes of the two companies are closely linked. In fact, Michael Dell is Chairman of the Board. Dell picked up EMC Corporation and its influence is expanding rapidly.

The company has a very dominant position in the cloud computing software industry. That industry group is very strong of late. An international presence helps expansion possibilities. There appears to be a lot of technical support and influence coming from employees from India in the company. Our buy recommendation is based on a strong Decision Matrix, with very bullish stock chart and speculation of a way to go toward improved earnings, which have been fairly consistent. But the company pays no dividend and some executives are over-compensated. Institutions are net acquirers, even in this late bull market.

Almost all domestic stocks are over-valued at this point in time, but VMware appears to be one of the lesser over-valued among them. Watch out though as some of the hi-tech stocks in this late bull market are starting to take big hits in the past week or so, suggesting the possibility of another "tech wreck." VMware seems less vulnerable with a hefty steady cash flow.



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Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

VMware, Inc. 
VMware, Inc. (VMW)                                        Exchange: NYSE
3401 Hillview Avenue
Palo Alto, CA 94304              Sector: Technology
United States                    Industry:Technical & System Software

VMware, Inc. provides virtualization and cloud infrastructure solutions
in the United States and internationally. Its virtualization
infrastructure solutions includes a suite of products and services
designed to deliver a software-defined data center(SDDC), run on
industry-standard desktop computers, servers, and mobile devices; and
supports a range of operating system and application environments, as
well as networking and storage infrastructures. The company offers
VMware vSphere, a data center platform, which enables users to deploy
hypervisor, a layer of software that resides between the operating
system and system hardware to enable compute virtualization; storage and
availability products that provide data storage and protection options;
network and security products; and management and automation products to
manage and automate overarching IT processes involved in provisioning IT
services and resources to users from initial infrastructure deployment
to retirement. It also provides SDDC suites, including VMware vCloud
suite, vSphere with Operations Management, and VMware vRealize suite for
building and managing a cloud infrastructure for use with the vSphere
platform. In addition, the company offers Cloud Foundation, a SDDC
delivery independent platform that can be deployed on-premises or run
as-a-service. Further, it provides hybrid cloud computing solutions,
such as VMware vCloud Air Network and vCloud Air; and end-user computing
solutions that enable customers to securely deliver access to
applications and data for their end users from various devices. The
company sells its products through distributors, resellers, system
vendors, and systems integrators. VMware, Inc. has a strategic alliance
with Amazon Web Services to build and deliver an integrated hybrid
solution; and a collaboration with Trend Micro Incorporated. The company
was incorporated in 1998 and is headquartered in Palo Alto, California.
VMware, Inc. is a subsidiary of Dell Technologies Inc.


Last Trade: 120.43                           52-Week Range: 121.49 -  74.85
Employees: 18,905                            Avg.Volume:   1,749,193 Shares

Corporate Governance:
Pllar scores are Audit: 1; Board: 4; Shareholder Rights: 10; Compensation: 4.
         (A lower number means less governance risk.)

EPS:  2.78    Dividend Amount: $%203.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  43.39              Forward P/E (est.):  21.76
                                           Target Price: 117.43

Qrtly Stock Price Growth (yoy):  56.77%               Beta:   0.86
Qrtly S&P Index   Growth (yoy):   0.00%        Short Ratio:  17.50%
    Qrtly Revenue Growth (yoy):  19.52%         Shares Out:  102880000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  20.99                    Debt/Equity:  17.44%
    Price/Book Value:   5.74        Operating Profit Margin:  21.22%
         Price/Sales:   6.85                  Profit Margin:  16.72%
         Market Cap:  48,568,000,000       Return on Equity:  14.81%
    Enterprise Value:  41,900,000,000      Return on Assets:   5.81%

    Operating Cash Flow:  2,380,000,000
         Free Cash Flow:  1,680,000,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                              7,093,000   6,571,000   6,035,000
  Cost of Revenue                            1,053,000   1,018,000     917,000
  Gross Profit                               6,040,000   5,553,000   5,118,000

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          3,098,000   3,056,000   2,852,000
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     1,439,000   1,197,000   1,027,000

Income from Continuing Operations:
  Total Other Income/Expenses Net               60,000      42,000      45,000
  Earnings Before Interest & Taxes           1,499,000   1,239,000   1,072,000
  Interest Expense                              26,000      26,000      24,000
  Income Before Taxes                        1,473,000   1,213,000   1,048,000
  Income Tax Expense                           287,000     216,000     162,000
  Minority Interest                                  0       4,000       5,000

Net Income from Continuing Op.s              1,186,000     997,000     886,000

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                 1,186,000     997,000     886,000
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            1,186,000     997,000     886,000




Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                             1,186,000       997,000       886,000

Operating Activities:
  Depreciation                             345,000       335,000       345,000
  Adjustments to Net Income                633,000       449,000       358,000
  Changes in Accounts Recv'bls            -224,000      -114,000      -267,000
  Changes in Liabilities                   656,000       200,000       928,000
  Changes in Investories                         0             0             0
  Changes in other Oper'g Acts            -215,000        32,000       -70,000

Total Cash Flow f Operations             2,381,000     1,899,000     2,180,000

Investing Activities:
  Capital Exenditures                     -153,000      -333,000      -352,000
  Investments                             -239,000       -40,000    -1,185,000
  Other Cash Flows fr Investing            -73,000        37,000    -1,248,000

Total Cash Flows from Investing           -465,000      -336,000    -2,785,000

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock             -1,470,000      -995,000      -529,000
  Net Borrowings                                 0             0     1,050,000
  Other Cash Flows fr Financing           -164,000      -174,000    -1,248,000

Total Cash Flows from Financing         -1,619,000    -1,141,000       371,000

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.               297,000       422,000      -234,000




Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                 2,790,000     2,493,000     2,071,000
  Short Term Investments                  5,195,000     5,016,000     5,004,000
  Net Receivables                         1,988,000     1,707,000     1,569,000
  Inventory                                       0             0             0
  Other Current Assets                      362,000       144,000       238,000
  Total Current Assets                   20,725,000     4,344,000     3,878,000

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                1,049,000     1,128,000     1,035,000
  Goodwill                                4,032,000     3,993,000     3,964,000
  Intangible Assets                         517,000       616,000       748,000
  Accumulated Amortization                        0             0             0
  Other Assets                              248,000       193,000       174,000
  Deferred LT Asset Charges                 462,000       456,000       413,000

Total Assets                             16,643,000    15,746,000    15,216,000

Current Liabilities:
  Accounts Payable                        1,023,000       884,000     1,014,000
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities               3,531,000     3,245,000     2,982,000
  Total Current Liabilities               4,554,000     4,129,000      3,996,000

  Long Term Debt                          1,023,000       884,000     1,014,000
  Other Liabilities                               0             0             0
  Deferred LT Liab. Charges               3,531,000     3,245,000     2,982,000
  Minority Interest                               0         4,000         5,000
  Negative Goodwill                               0         4,000         5,000

Total Liabilities                         8,284,000     5,996,000     7,635,000

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                4,000         4,000         4,000
  Retained Earnings                       6,381,000     5,195,000     4,198,000
  Treasury Stock                                  0             0             0
  Capital Surplus                         1,721,000     2,728,000     3,380,000
  Other Stockhohlder Equity                  -9,000        -8,000        -1,000
  Total Stockholder Equity                8,097,000     7,919,000     7,581,000

Net Tangible Assets                       3,548,000     3,310,000     2,869,000



VMware, Inc. (VMW)                          [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.6453          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.2868
Price/Sales Ratio < 2.3?   0.3358          Inventory/Sales < 5%?      1.0000
Sales < $1 Billion?        0.1410          Operating Margin < 7.5%?   0.3534

Balance Sheet Tests:
Debt/Equity < 0.40?        2.2936          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         2.2755          Working Capital >= 1.5?    0.3340
Leverage Ratio < 20%?      3.0000          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0000
Share Equity Increase:     2.0671          Market Cap.< 1.5 Billion?  0.0309
                                           Intangibles < 3% Assets?   0.1098
Income Tests:
Profit Margin < 7.5%?      2.2293          EPS Annual Growth > 10%?   0.0841
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?      0.1121
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.4399
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          1.5356          % Held by Insiders < 5%?   0.1733
Beta > 1.25?               0.6880          % Held by Institut. < 50?  0.5790
50 Da MA > 200 Da MA?      0.3632          % Held by Institut. > 30?  2.8783
52-Wk Change vs. S&P 500:  2.9083          Short Ratio > 5?           3.0000
Price/Book Value < 3?      0.5229          Short % of Float > 20?     1.7755
Return on Assets > 17%?    0.3418          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.4167          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.2871
                                           Cash Flow / Assets > 10%?  2.6828

VMW    VMware, Inc.                        Overall Zenith Index:      1.5080


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Financial Statements

VMWARE INC  (VMW)                           INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                        4,605,046,784   5,207,000,064   6,034,999,808   6,570,999,808   7,093,000,192   7,093,000,192
Cost of revenue                                  721,323,008     730,000,000     917,000,000   1,018,000,000   1,053,000,000   1,053,000,000
Gross profit                                   3,883,724,032   4,477,000,192   5,118,000,128   5,552,999,936   6,040,000,000   6,040,000,000


Operating expenses
Research and development                         999,214,016   1,082,000,000   1,239,000,064   1,300,000,000   1,503,000,064   1,503,000,064
Sales, General and administrative              2,012,567,040   2,233,999,872   2,836,000,000   3,032,999,936   3,046,000,128   3,046,000,128
Restructuring, merger and acquisition                      0               0      16,000,000               0      52,000,000      52,000,000
Other operating expenses                                   0      68,000,000               0      23,000,000               0               0
Total operating expenses                       3,011,781,120   3,384,000,000   4,091,000,064   4,355,999,744   4,600,999,936   4,600,999,936

Operating income                                 871,942,976   1,092,999,936   1,027,000,000   1,196,999,936   1,439,000,064   1,439,000,064
Interest Expense                                   4,654,000       4,000,000      24,000,000      26,000,000      26,000,000      26,000,000
Other income (expense)                            25,825,000      58,000,000      45,000,000      42,000,000      60,000,000      60,000,000
Income before taxes                              893,113,984   1,147,000,064   1,048,000,000   1,212,999,936   1,472,999,936   1,472,999,936
Provision for income taxes                       147,412,000     133,000,000     162,000,000     216,000,000     287,000,000     287,000,000
Net income from continuing operations            745,702,016   1,014,000,000     886,000,000     997,000,000   1,186,000,000   1,186,000,000
Net income                                       745,702,016   1,014,000,000     886,000,000     997,000,000   1,186,000,000   1,186,000,000
Net income available to common shareholders      745,702,016   1,014,000,000     886,000,000     997,000,000   1,186,000,000   1,186,000,000

Earnings per share
Basic                                                   1.75            2.36            2.06            2.35            2.82            2.82 
Diluted                                                 1.72            2.34            2.04            2.34            2.78            2.78 

Weighted average shares outstanding
Basic                                            426,657,984     429,092,992     430,355,008     424,003,008     420,520,000     420,520,000
Diluted                                          433,974,016     433,415,008     434,512,992     426,547,008     423,993,984     423,993,984

____________________________________________________________________________________________________________________________________________


VMWARE INC  (VMW)                           BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Short-term investments                         3,021,511,936   3,870,000,128   5,004,000,256   5,016,000,000   5,194,999,808
Total cash                                     4,630,834,176   6,175,000,064   7,074,999,808   7,509,000,192   7,984,999,936

Receivables                                    1,150,905,984   1,220,000,000   1,520,000,000   1,632,999,936   1,856,000,000
Deferred income taxes                            179,430,000     190,000,000     248,000,000               0               0
Other current assets                             158,868,992      96,000,000     287,000,000     218,000,000     494,000,000
Total current assets                           6,120,038,912   7,680,999,936   9,130,000,384   9,360,000,000  10,334,999,552

Non-current assets

Property, plant and equipment
Gross property, plant and equipment            1,239,026,048   1,532,999,936   1,844,000,000   2,102,000,000   2,215,000,064
Accumulated Depreciation                        -574,356,992    -688,000,000    -809,000,000    -974,000,000  -1,166,000,000
Net property, plant and equipment                664,668,992     845,000,000   1,035,000,000   1,128,000,000   1,049,000,000

Goodwill                                       2,848,130,048   3,027,000,064   3,964,000,000   3,992,999,936   4,032,000,000
Intangible assets                                731,852,032     607,000,000     748,000,000     616,000,000     517,000,000
Deferred income taxes                            103,001,000      60,000,000     165,000,000     456,000,000     462,000,000
Other long-term assets                           128,701,000     107,000,000     174,000,000     193,000,000     248,000,000
Total non-current assets                       4,476,353,024   4,646,000,128   6,086,000,128   6,385,999,872   6,307,999,744

Total assets                                  10,596,391,936  12,327,000,064  15,216,000,000  15,745,999,872  16,643,000,320 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Accounts payable                                  89,562,000     109,000,000     203,000,000     138,000,000     125,000,000
Accrued liabilities                              674,745,984     608,000,000     522,000,000     746,000,000     722,000,000
Deferred revenues                              2,195,926,016   2,558,000,128   2,982,000,128   3,244,999,936   3,531,000,064
Other current liabilities                                  0      18,000,000     289,000,000               0     176,000,000
Total current liabilities                      2,960,233,984   3,292,999,936   3,996,000,000   4,128,999,936   4,553,999,872

Non-current liabilities
Long-term debt                                   450,000,000     450,000,000   1,500,000,000   1,500,000,000   1,500,000,000
Deferred revenues                              1,264,638,976   1,534,000,000   1,851,000,064   1,831,000,064   2,092,999,936
Minority interest                                          0               0       5,000,000       4,000,000               0
Other long-term liabilities                      181,538,000     234,000,000     283,000,000     363,000,000     399,000,000
Total non-current liabilities                  1,896,177,024   2,217,999,872   3,639,000,064   3,697,999,872   3,992,000,000

Total liabilities                              4,856,411,136   5,511,000,064   7,634,999,808   7,826,999,808   8,545,999,872 

Stockholders' equity

Common stock                                       4,287,000       4,000,000       4,000,000       4,000,000       4,000,000
Additional paid-in capital                     3,431,709,952   3,496,000,000   3,380,000,000   2,728,000,000   1,720,999,936
Retained earnings                              2,298,308,096   3,312,000,000   4,198,000,128   5,194,999,808   6,381,000,192
Accumulated other comprehensive income             5,676,000       4,000,000      -1,000,000      -8,000,000      -9,000,000
Total stockholders' equity                     5,739,980,800   6,816,000,000   7,581,000,192   7,919,000,064   8,096,999,936
Total liabilities and stockholders' equity    10,596,391,936  12,327,000,064  15,216,000,000  15,745,999,872  16,643,000,320

____________________________________________________________________________________________________________________________________________


VMWARE INC  (VMW)                           Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                       745,702,016   1,014,000,000     886,000,000     997,000,000   1,186,000,000   1,186,000,000
Depreciation & amortization                      354,868,000     337,000,000     345,000,000     335,000,000     345,000,000     345,000,000
Investment/asset impairment charges                        0               0               0       5,000,000      14,000,000      14,000,000
Investments losses (gains)                                 0               0      -6,000,000      -3,000,000               0               0
Deferred income taxes                                      0      56,000,000    -128,000,000     -31,000,000      -8,000,000      -8,000,000
Stock based compensation                         425,995,008     454,000,000     529,000,000     504,000,000     636,000,000     636,000,000
Accounts receivable                             -267,639,008     -71,000,000    -267,000,000    -114,000,000    -224,000,000    -224,000,000
Accounts payable                                  23,692,000      30,000,000      69,000,000     -35,000,000      -9,000,000      -9,000,000
Accrued liabilities                               21,997,000       1,000,000     135,000,000       1,000,000     187,000,000     187,000,000
Income taxes payable                              64,448,000      19,000,000      77,000,000      13,000,000     -15,000,000     -15,000,000
Other working capital                            664,244,992     774,000,000     577,000,000     253,000,000     278,000,000     278,000,000
Other non-cash items                            -135,784,000     -79,000,000     -37,000,000     -26,000,000      -9,000,000      -9,000,000
Net cash provided by operating activities      1,897,523,968   2,535,000,064   2,180,000,000   1,899,000,064   2,380,999,936   2,380,999,936

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -234,458,000    -345,000,000    -352,000,000    -333,000,000    -153,000,000    -153,000,000
Acquisitions, net                             -1,344,214,016    -252,000,000  -1,159,000,064     -38,000,000     -74,000,000     -74,000,000
Purchases of investments                      -3,188,684,032  -3,180,999,936  -3,988,999,936  -3,336,999,936  -3,774,000,128  -3,774,000,128
Sales/Maturities of investments                2,782,287,872   2,316,000,000   2,804,000,000   3,296,999,936   3,534,000,128   3,534,000,128
Sales of intangibles                                       0               0               0               0       1,000,000       1,000,000
Other investing activities                       -49,552,000     -10,000,000     -89,000,000      75,000,000       1,000,000       1,000,000
Net cash used for investing activities        -2,034,620,032  -1,472,000,000  -2,784,999,936    -336,000,000    -465,000,000    -465,000,000

Cash Flows From Financing Activities
Debt issued                                                0               0   1,050,000,000               0               0               0
Common stock issued                              253,159,008     197,000,000     164,000,000     126,000,000     109,000,000     109,000,000
Common stock repurchased                        -600,636,032    -508,000,000    -862,000,000  -1,299,000,064  -1,739,000,064  -1,739,000,064
Excess tax benefit from stock based compe        138,139,008      70,000,000      36,000,000      28,000,000      15,000,000      15,000,000
Other financing activities                                 0    -126,000,000     -17,000,000       4,000,000      -4,000,000      -4,000,000
Net cash provided by (used for) financing       -209,338,000    -367,000,000     371,000,000  -1,140,999,936  -1,619,000,064  -1,619,000,064

Net change in cash                              -346,433,984     696,000,000    -234,000,000     422,000,000     297,000,000     297,000,000
Cash at beginning of period                    1,955,756,032   1,608,999,936   2,304,999,936   2,071,000,064   2,492,999,936   2,492,999,936
Cash at end of period                          1,609,321,984   2,304,999,936   2,071,000,064   2,492,999,936   2,790,000,128   2,790,000,128

Free Cash Flow
Operating cash flow                            1,897,523,968   2,535,000,064   2,180,000,000   1,899,000,064   2,380,999,936   2,380,999,936
Capital expenditure                             -234,458,000    -345,000,000    -352,000,000    -333,000,000    -153,000,000    -153,000,000
Free cash flow                                 1,663,065,984   2,190,000,128   1,828,000,000   1,566,000,000   2,228,000,000   2,228,000,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (VMW)       VMware Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     1.72    2.34    2.04    2.34    2.80
Average Price During Year:    95.05   78.99   94.14   81.27   62.55

                P/E Ratio:    55.26   33.76   46.15   34.73   22.34

 Average 5-Year P/E Ratio  =  38.45
             Current Price =  122.15

Previous 5 Quarter Earnings:   0.62    0.75    1.06    0.56    0.81

           Current Annualized (Last Four Quarters) Earnings =  2.43
                                                           ________
                                 Average PE / Current PE =     0.76
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for VMWARE INC.:
Symbol? VMW
Total Months Available:  28
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  92.35   74.85     98.00   85.45    121.49   88.00

RANGE   = 121.49  TO   74.85            Close = 120.97
CHANNEL =  92.35  TO   88.00           Degree =   1
Volatility =   3.60%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Tangible Book Value + 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
Moving Average - 1
Right Time Study + 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 11
Place 250 shares of VMware, Inc.(VMW) on the Active List.