It's safe to say that Zoom Video Communications' (ZM -1.48%) financials have defied gravity -- at least in comparison to what analysts initially thought Zoom was capable of when the tech company first went public just over two years ago. The company has consistently demolished analyst estimates, solidifying its place as a high-growth, software-as-a-service cash cow.

This blockbuster performance continued into Zoom's most recent quarter, the company revealed in its fiscal first-quarter update this week. Its results during the period were nothing short of astounding, despite facing an incredibly tough year-ago comparison, when Zoom started benefiting from virtual workplace collaboration as people all around the world began quarantining at home.

All of this begs the question: With the stock still down significantly from an all-time high of about $589 last year, is it time to buy?

A person on a Zoom video call with colleagues.

Image source: Zoom Video Communications.

Incredible momentum

Zoom's revenue soared 191% year over year to $956.2 million in its first quarter of fiscal 2022. This is particularly impressive because, unlike traditional calendar quarters, Zoom's fiscal first quarter ends on April 30, so a large portion of the quarter was up against a comparison when work-from-home trends really took off amid the pandemic.

Last year, Zoom's fiscal first-quarter revenue surged 169% year over year to $328.2 million. This was a huge acceleration from its pre-COVID fiscal fourth-quarter revenue growth rate of 78%.

Few people (if anyone at all) would have guessed that, after Zoom's quarterly revenue growth rate accelerated from 78% in the fourth quarter of fiscal 2020 to 169% in the first quarter of fiscal 2021, the company would be able to deliver 191% growth one year later in the first quarter of fiscal 2022, when Zoom was up against its tough comparison.

Fueling Zoom's first quarter of fiscal 2022 was a 160% year-over-year increase in customers contributing more than $100,000 of revenue. In total, the company had 497,000 customers with more than 10 employees -- up 87% year over year.

An impressive outlook

Perhaps even more startling is the fact that Zoom is guiding for fiscal second-quarter revenue to be between $985 million and $990 million -- far above the $664 million of revenue Zoom posted in its second quarter of fiscal 2021, when revenue had risen an astronomical 355% year over year.

Sure, the 50%-or-so growth rate Zoom's fiscal Q2 implies would be a notable slowdown from its 191% fiscal first-quarter year-over-year revenue growth rate. But it's quite impressive when investors realize the comparison Zoom is up against.

Zoom's full-year revenue outlook is notable, too. The company expects total fiscal 2022 revenue to be as high as $3.99 billion, up from its $2.65 billion of revenue in fiscal 2021. 

A cash cow

While Zoom's growth alone makes the stock interesting, it would be a shame to leave out one more important insight about this company -- which arguably makes this stock worth a spot in your portfolio when considered alongside its top-line and customer momentum: Zoom's rapid growth paired with its lucrative business model has helped the company accumulate a massive pile of cash. The video-collaboration specialist now has $4.7 billion of cash, cash equivalents, and marketable securities. Even more, Zoom generated a whopping $454 million of free cash flow in fiscal Q1 alone.

With undeniable momentum and a war chest of cash, Zoom stock looks like a buy at a sub-$100 billion market capitalization. Sure, there's no telling where the stock goes in the near term. Further, unforeseen challenges could arise over the long haul or competition could prove to be more formidable than expected. But given the stock's conservative valuation relative to its fundamentals, these risks may be worth embracing for investors willing to start a small position in the stock and hold it for the long haul.