Travelzoo (TZOO)
Market Price (11/10/2026): $5.33 | Market Cap: $54.4 MilSector: Communication Services | Industry: Interactive Media & Services
Travelzoo (TZOO)
Market Price (11/10/2026): $5.33Market Cap: $54.4 MilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 5.9% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Travel & Leisure Tech, and Online Marketplaces. | Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -99% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 32x, P/EPrice/Earnings or Price/(Net Income) is 117x Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.9% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4% Key risksTZOO key risks include [1] a failure to execute its strategic transition to a paid membership model and [2] intense competition from larger, Show more. |
| Attractive yieldFCF Yield is 5.9% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Travel & Leisure Tech, and Online Marketplaces. |
| Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -99% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 32x, P/EPrice/Earnings or Price/(Net Income) is 117x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4% |
| Key risksTZOO key risks include [1] a failure to execute its strategic transition to a paid membership model and [2] intense competition from larger, Show more. |
Qualitative Assessment
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Travelzoo (TZOO) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Travelzoo reported a significant earnings miss and swung to an operating loss in its fiscal Q3 2026, which ended September 30, 2026. The company posted a net loss of $2.009 million, or $(0.20) per diluted share, a substantial decline from a net income of $0.01 per diluted share in the prior-year period. This reported earnings per share (EPS) of $(0.20) widely missed the Zacks Consensus Estimate of a loss of $(0.09) by $0.11, or -122.22%. Consolidated operating results shifted from a $488,000 income in Q3 2025 to a $2.56 million loss in fiscal Q3 2026. While revenue increased 3% year-over-year to $22.9 million, it still slightly missed analyst expectations of $22.97 million.
2. The company's accelerated strategic shift to a paid membership model resulted in short-term accounting drags due to immediate expensing of marketing costs. Travelzoo is transitioning from its legacy ad-supported models to a paid club membership structure. Under this accounting treatment, member acquisition costs, which averaged $54 per member in fiscal Q3 2026, are expensed immediately. Conversely, the associated subscription fees are recognized ratably over a 12-month period. This timing difference created a near-term earnings drag and contributed significantly to the reported operating loss in fiscal Q3 2026, despite a 65% year-over-year increase in Club Members.
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Travelzoo (TZOO) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Travelzoo reported a significant earnings miss and swung to an operating loss in its fiscal Q3 2026, which ended September 30, 2026. The company posted a net loss of $2.009 million, or $(0.20) per diluted share, a substantial decline from a net income of $0.01 per diluted share in the prior-year period. This reported earnings per share (EPS) of $(0.20) widely missed the Zacks Consensus Estimate of a loss of $(0.09) by $0.11, or -122.22%. Consolidated operating results shifted from a $488,000 income in Q3 2025 to a $2.56 million loss in fiscal Q3 2026. While revenue increased 3% year-over-year to $22.9 million, it still slightly missed analyst expectations of $22.97 million.
2. The company's accelerated strategic shift to a paid membership model resulted in short-term accounting drags due to immediate expensing of marketing costs. Travelzoo is transitioning from its legacy ad-supported models to a paid club membership structure. Under this accounting treatment, member acquisition costs, which averaged $54 per member in fiscal Q3 2026, are expensed immediately. Conversely, the associated subscription fees are recognized ratably over a 12-month period. This timing difference created a near-term earnings drag and contributed significantly to the reported operating loss in fiscal Q3 2026, despite a 65% year-over-year increase in Club Members.
3. Analyst sentiment deteriorated, leading to multiple price target reductions and downgrades. Throughout the period, several investment firms revised their outlooks for Travelzoo. UBS Group set a lower price target of $9.50 on July 29, 2026. Ascendiant Capital Markets reduced its price target from $23.00 to $20.00 on August 20, 2026. Wall Street Zen lowered its rating from "hold" to "sell" on August 22, 2026. Weiss Ratings downgraded the stock from a "sell (d+)" to a "sell (d)" rating on September 29, 2026. Post-Q3 earnings, Litchfield Hills Research further cut its FY2026 EPS forecast from a loss of ($0.07) to a loss of ($0.28) on October 30, 2026. The consensus price target for Travelzoo was also reduced by 10.6% to $17.21, reflecting a more cautious analyst outlook.
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Stock Movement Drivers
Fundamental Drivers
The -26.3% change in TZOO stock from 7/31/2026 to 11/9/2026 was primarily driven by a -88.2% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.23 | 5.33 | -26.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 93 | 92 | -0.8% |
| Net Income Margin (%) | 4.3% | 0.5% | -88.2% |
| P/E Multiple | 19.5 | 116.8 | 497.5% |
| Shares Outstanding (Mil) | 11 | 10 | 5.0% |
| Cumulative Contribution | -26.3% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| TZOO | -26.3% | |
| Market (SPY) | 0.8% | 52.3% |
| Sector (XLC) | -0.8% | 40.8% |
Fundamental Drivers
The -45.6% change in TZOO stock from 4/30/2026 to 11/9/2026 was primarily driven by a -90.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.79 | 5.33 | -45.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 92 | 92 | 0.5% |
| Net Income Margin (%) | 5.1% | 0.5% | -90.0% |
| P/E Multiple | 20.8 | 116.8 | 462.3% |
| Shares Outstanding (Mil) | 10 | 10 | -3.4% |
| Cumulative Contribution | -45.6% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| TZOO | -45.6% | |
| Market (SPY) | 5.0% | 22.9% |
| Sector (XLC) | -7.6% | 18.7% |
Fundamental Drivers
The -36.7% change in TZOO stock from 10/31/2025 to 11/9/2026 was primarily driven by a -95.9% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.42 | 5.33 | -36.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88 | 92 | 4.9% |
| Net Income Margin (%) | 12.5% | 0.5% | -95.9% |
| P/E Multiple | 8.5 | 116.8 | 1265.8% |
| Shares Outstanding (Mil) | 11 | 10 | 7.9% |
| Cumulative Contribution | -36.7% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| TZOO | -36.7% | |
| Market (SPY) | 11.3% | 27.5% |
| Sector (XLC) | -5.6% | 21.6% |
Fundamental Drivers
The -24.2% change in TZOO stock from 10/31/2023 to 11/9/2026 was primarily driven by a -95.9% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.03 | 5.33 | -24.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 77 | 92 | 19.4% |
| Net Income Margin (%) | 12.4% | 0.5% | -95.9% |
| P/E Multiple | 11.2 | 116.8 | 938.1% |
| Shares Outstanding (Mil) | 15 | 10 | 48.0% |
| Cumulative Contribution | -24.2% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| TZOO | -24.2% | |
| Market (SPY) | 86.2% | 29.5% |
| Sector (XLC) | 71.2% | 26.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TZOO Return | -0% | -53% | 114% | 109% | -64% | -25% | -44% |
| Peers Return | -0% | -41% | 55% | 7% | 26% | -22% | -5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| TZOO Win Rate | 42% | 42% | 58% | 50% | 25% | 45% | |
| Peers Win Rate | 46% | 37% | 56% | 54% | 46% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| TZOO Max Drawdown | -50% | -60% | -51% | -33% | -72% | -59% | |
| Peers Max Drawdown | -44% | -56% | -38% | -41% | -39% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKNG, EXPE, TRIP, GRPN. See TZOO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | TZOO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.0% | -9.5% |
| % Gain to Breakeven | 53.7% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.4% | -24.5% |
| % Gain to Breakeven | 124.4% | 32.4% |
| Time to Breakeven | 249 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.7% | -33.7% |
| % Gain to Breakeven | 241.3% | 50.9% |
| Time to Breakeven | 308 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.9% | -19.2% |
| % Gain to Breakeven | 63.7% | 23.8% |
| Time to Breakeven | 81 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.6% | -3.7% |
| % Gain to Breakeven | 55.3% | 3.9% |
| Time to Breakeven | 411 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.2% | -12.2% |
| % Gain to Breakeven | 31.9% | 13.9% |
| Time to Breakeven | 163 days | 62 days |
In The Past
Travelzoo's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | TZOO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.0% | -9.5% |
| % Gain to Breakeven | 53.7% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.4% | -24.5% |
| % Gain to Breakeven | 124.4% | 32.4% |
| Time to Breakeven | 249 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.7% | -33.7% |
| % Gain to Breakeven | 241.3% | 50.9% |
| Time to Breakeven | 308 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.9% | -19.2% |
| % Gain to Breakeven | 63.7% | 23.8% |
| Time to Breakeven | 81 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.6% | -3.7% |
| % Gain to Breakeven | 55.3% | 3.9% |
| Time to Breakeven | 411 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.2% | -12.2% |
| % Gain to Breakeven | 31.9% | 13.9% |
| Time to Breakeven | 163 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.6% | -6.8% |
| % Gain to Breakeven | 154.1% | 7.3% |
| Time to Breakeven | 841 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -39.5% | -15.4% |
| % Gain to Breakeven | 65.2% | 18.2% |
| Time to Breakeven | 57 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.4% | -53.4% |
| % Gain to Breakeven | 276.6% | 114.4% |
| Time to Breakeven | 252 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -38.7% | -8.6% |
| % Gain to Breakeven | 63.3% | 9.5% |
| Time to Breakeven | 1161 days | 47 days |
In The Past
Travelzoo's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Travelzoo (TZOO)
Travelzoo (NASDAQ: TZOO) is an internet media company specializing in curating and publishing travel, entertainment, and local deals for its extensive member base. Operating across North America, Europe, and the Asia Pacific, Travelzoo acts as an intermediary, connecting consumers with discounted experiences and services from various businesses through its digital platforms.
The company's core products and services revolve around its digital distribution channels. These include its main Travelzoo Website and dedicated iPhone and Android mobile applications. Key to its engagement strategy are its popular email publications: the "Travelzoo Top 20" email newsletter, which highlights top weekly deals, and the "Newsflash" email alert service for time-sensitive offers. Furthermore, Travelzoo features Local Deals and Getaway listings, allowing members to directly purchase vouchers for experiences ranging from spa treatments and restaurant meals to hotel stays and vacation packages. Its reach is also amplified through the Travelzoo Network, a collection of partner websites that feature Travelzoo's published deals.
Travelzoo serves a diverse range of businesses looking to promote their offerings to a targeted audience. Its primary customers, or partners, include major players in the travel industry such as airlines, hotels, cruise lines, vacation packagers, tour operators, and car rental companies. Beyond travel, the company also partners with local businesses and entertainment providers, including theater and performing arts groups, restaurants, spas, and various activity companies, enabling them to attract new customers and drive bookings through its powerful media platforms.
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Here are 1-3 brief analogies for Travelzoo:
- Like Groupon, but specialized in curating and publishing premium travel, entertainment, and local experiences.
- An Expedia or Booking.com, but focused on finding and publishing deeply discounted travel and entertainment deals rather than general bookings.
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- Travelzoo Website and Apps: Digital platforms where members can discover and access travel, entertainment, and local deals.
- Travelzoo Top 20 email newsletter: A weekly email publication highlighting a curated selection of the best travel and entertainment deals.
- Newsflash email alert service: An email notification service providing members with urgent or time-sensitive deal alerts.
- Travelzoo Network: A network of third-party websites that publish and distribute travel deals sourced by Travelzoo.
- Local Deals and Getaway listings: A service enabling members to purchase vouchers for deals offered by local businesses like spas, hotels, and restaurants.
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Travelzoo (TZOO) primarily serves other businesses (B2B) that wish to promote their travel, entertainment, and local deals to Travelzoo's audience of individual consumers. Its major customers fall into the following categories:
- Travel Providers: This includes airlines, hotels, cruise lines, vacation packagers, tour operators, destinations, car rental companies, and travel agents.
- Entertainment & Local Businesses: This category encompasses theater and performing arts groups, restaurants, spas, and various activity companies.
The provided background information specifies these categories of customers rather than individual named companies. Therefore, specific public company names and their symbols cannot be identified from the given description.
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Holger Bartel, Global Chief Executive Officer
Holger Bartel has served as Travelzoo's Global Chief Executive Officer since January 2016, and previously held the CEO position from October 2008 to June 2010. He joined Travelzoo in 1999 as Vice-President of Sales and Marketing and was Executive Vice President from September 1999 to November 2007. Prior to his tenure at Travelzoo, Mr. Bartel was an Engagement Manager at McKinsey & Company, a global management consulting firm, from 1995 to 1998, and a research fellow at Harvard Business School from 1992 to 1994. He holds a Ph.D. in Economics and an MBA in finance and accounting from the University of St. Gallen, Switzerland. He is the brother of Travelzoo founder, Ralph Bartel.
Christina Sindoni Ciocca, Chairman of the Board, Chief Membership Officer and General Counsel
Christina Sindoni Ciocca has served as the Chairman of Travelzoo's Board since December 2022. She assumed the roles of Chief Membership Officer and General Counsel for Travelzoo in January 2026, and has been the CEO of Jack's Flight Club, a Travelzoo segment, since June 2019. Her prior roles at Travelzoo include General Counsel and Head of Global Functions since April 2022, General Counsel since June 2019, and Counsel since April 2018. Before joining Travelzoo, Ms. Ciocca worked as an attorney at Sidley Austin LLP, specializing in mergers & acquisitions in Chicago and New York from September 2014 to March 2018. She earned her juris doctor degree from the University of Notre Dame Law School and a Bachelor of Science in Economics from the Wharton School of the University of Pennsylvania. Earlier in her career, she worked in digital marketing, including for American Express.
Lijun Qi, Chief Accounting Officer
Lijun Qi holds the position of Chief Accounting Officer and was designated as the principal accounting officer for Travelzoo effective March 31, 2023. She has served as the company's Finance Director since December 2016. Before her time at Travelzoo, Ms. Qi was the Director of Financial Reporting and Technical Accounting at IvenSense Inc. from September 2014, and a Senior Manager of Financial Reporting, Technical Accounting, and SOX Compliance at Meru Networks Inc. from October 2010. She is a Certified Public Accountant and holds a Master of Science in accounting from Widener University and a Bachelor of Arts from Shenyang University.
Ralph Bartel, Founder and Chief Talent Officer
Ralph Bartel founded Travelzoo in May 1998. He previously served as CEO from 1998 to September 2008 and as Chairman of the Board from May 2017 to December 2022. Mr. Bartel's current role is Chief Talent Officer. He is a professionally trained journalist and holds multiple advanced degrees, including a Ph.D. in communications from the University of Mainz, a master's degree in journalism from the University of Eichstaett, and a Ph.D. in Economics and an MBA in finance and accounting from the University of St. Gallen. He launched Travelzoo from his parents' home in Hamburg, Germany, initially building a subscriber base by offering shares of the company's stock. As of December 2025, he held approximately 33.5% of Travelzoo's common shares outstanding, and his trust is the controlling shareholder of Azzurro, Travelzoo's largest stockholder.
James Clarke, General Manager, UK
James Clarke was appointed as Travelzoo's General Manager for the UK, effective December 3, 2018. Prior to joining Travelzoo, Mr. Clarke spent 12 years at Fleetway, a London-based travel company, where he served as CEO starting in 2015. At Fleetway, he led various functions including E-commerce, operations, and business development. He holds a bachelor's degree in Tourism Management. Mr. Clarke has also served as a Code of Conduct committee member for ABTA, the UK's largest travel association.
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Here are the key risks to Travelzoo's business:
- Transition to a Paid Membership Model and Execution Risk: Travelzoo is undergoing a significant strategic shift from a primarily advertising-based model to a paid membership subscription service. This transition carries substantial execution risk, including the challenge of converting existing free members to paying subscribers, retaining these paying members, and continuously demonstrating sufficient exclusive value to justify the membership fee. The success of this pivot is critical for the company's future revenue stability and profitability, with potential for increased costs exceeding revenue if not executed effectively.
- Intense Competition and Maintaining Market Relevance: Travelzoo operates in a highly competitive online travel and deals market. The company faces significant competition from larger online travel agencies (OTAs) such as Expedia, major search engines like Google, and other deal aggregators and platforms. The ability to attract and retain both members and advertisers is continually challenged by rival offerings, evolving consumer behaviors (e.g., favoring mobile platforms, social media, and super-app ecosystems), and technological advancements. Failure to differentiate its offerings and adapt to these market dynamics could limit its growth and impact its ability to secure exclusive deals.
- Sensitivity to Macroeconomic Conditions and Travel Industry Disruptions: Travelzoo's business is highly susceptible to broader macroeconomic factors, including economic recessions, inflation, and geopolitical events, which can significantly influence consumer discretionary spending on travel and entertainment. Any disruptions to the global travel industry, such as new waves of pandemics or other unforeseen events, could reduce demand for travel services and subsequently impact advertising expenditures from their partners and member engagement, thereby negatively affecting Travelzoo's financial performance.
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The increasing integration and dominance of major tech platforms, particularly Google, in travel search, deal aggregation, and direct booking represents a clear emerging threat to Travelzoo. Google's expansive travel products (such as Google Flights, Google Hotels, and Google Travel) are continuously improving to directly surface deals, provide comprehensive comparison tools, and facilitate bookings directly within their ecosystem. This trend reduces the necessity for consumers to visit specialized third-party deal aggregators like Travelzoo, as a significant portion of travel planning and deal discovery is absorbed by these powerful, integrated platforms.
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Travelzoo (symbol: TZOO) operates in the addressable markets of online travel, entertainment, and local deals across North America, Europe, and Asia Pacific.
North America
- Online Travel Market: The North America online travel market was valued at USD 166.1 billion in 2025 and is projected to reach USD 370.1 billion by 2034. Another source indicates the market size was USD 258.03 billion in 2025 and is estimated to grow to USD 449.45 billion by 2031.
- Online Entertainment Market: The North America online entertainment market was valued at approximately USD 49.93 billion in 2025, representing 44.86% of the global market.
- Online Event Ticketing Market: North America is the largest market for online event ticketing. The global online event ticketing market is projected to be USD 64.68 billion in 2025. Based on a 36.2% share in 2022, the North America market for online event ticketing can be estimated at approximately USD 23.41 billion in 2025.
Europe
- Online Travel Market: The Europe online travel market was valued at USD 108.37 billion in 2025, is estimated to reach USD 117.70 billion in 2026, and is projected to reach USD 227.90 billion by 2034. Other estimations place the market at USD 156.8 billion in 2025, projected to reach USD 352.0 billion by 2034.
Asia Pacific
- Online Travel Market: The Asia Pacific online travel agencies market generated a revenue of USD 157,804.5 million in 2024 and is expected to reach USD 275,157.7 million by 2030. The online travel booking service market in Asia Pacific was valued at USD 140,232.4 million in 2021 and is projected to reach USD 324,143.4 million by 2030.
Global
- Online Entertainment Market: The global online entertainment market size was valued at USD 111.3 billion in 2025 and is projected to grow to USD 340.83 billion by 2034.
- Online Event Ticketing Market: The global online event ticketing market will grow from USD 64.68 billion in 2025 to USD 96.25 billion by 2031.
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Travelzoo (NASDAQ: TZOO) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on several key drivers, primarily centered around its paid Club Membership model.
- Growth in Paid Club Memberships: Travelzoo is heavily investing in acquiring new Club Members, with the expectation that recurring membership fees will become a more stable and predictable revenue stream and a significantly larger share of total revenue. Management aims for membership fees to constitute approximately 25% of total revenue in 2026. The company is actively working to convert its existing "Legacy Members" to paid Club Members, which is expected to drive continued revenue growth as these fees are recognized ratably over the 12-month subscription period.
- Expansion of Club Member Benefits and Exclusive Offers: To enhance the value proposition for its Club Members and foster retention while attracting new affluent travel enthusiasts, Travelzoo is continually expanding its exclusive offers and member benefits. Recent additions include complimentary airport lounge access and a 24/7 Travel Enthusiast Hotline. The company also plans to introduce new offerings like curated "culinary journeys" in the coming months.
- Geographic Growth and Expansion of Jack's Flight Club: Travelzoo anticipates continued revenue growth from its key geographic segments, North America and Europe. Additionally, Jack's Flight Club, a 60%-owned subscription service, is a notable growth driver, having expanded its team and marketing efforts, leading to increased premium subscribers and revenue. There is a specific focus on further penetration of the Canadian and US markets for Jack's Flight Club.
- Development and Monetization of New Initiatives: The company is exploring new revenue streams through initiatives such as Travelzoo META, with the first metaverse travel experiences expected to be available in Q2 2026 as a benefit of Club Membership. Licensing revenue, particularly from regions like Australia and Japan, is also expected to increase and contribute to future growth.
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Share Repurchases
- Travelzoo's board of directors authorized a new share repurchase program for up to 1,000,000 shares of its outstanding common stock on March 5, 2026.
- The company repurchased $12.964 million in shares in 2025, $18.929 million in 2024, and $16.781 million in 2023.
- From 2023 to 2025, Travelzoo repurchased a total of $51 million of its shares.
Share Issuance
- Travelzoo's shares outstanding have generally decreased over the last few years, indicating share repurchases rather than significant issuances. Shares outstanding were 10.987 million as of March 2026 and at the end of 2025, down from 11.83 million in 2024 and 13.87 million in 2023.
Outbound Investments
- Travelzoo acquired 60% of Jack's Flight Club on January 13, 2020, which has since become one of its operating segments.
- The company is investing in newer lines such as Travelzoo META metaverse experiences, which it plans to bundle as a club benefit in 2026.
Capital Expenditures
- Net cash used in investing activities was $65,000 in 2025, compared to $177,000 in 2024.
- Capital expenditures in the last 12 months were approximately -$65,000.
- Travelzoo invested $15,000 in capital expenditures in Q3 2025.
Peer Outperformance in Interactive Media & Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TZOO | Travelzoo | 6.1% | 116.8x | -28.9% | -33.0% | -49.4% | — |
| CARG | CarGurus | 4.0% | 16.7x | 3.6% | 81.0% | -4.0% | +45pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -5.2% | 20.2% | 48.0% | ECHO 275% · TMUS 48% |
| Publishing | 6 | 28.2% | 17.0% | 10.1% | NYT 56% · NWSA 17% · WLY 12% |
| Integrated Telecommunication Services | 21 | -10.5% | 18.1% | -22.0% | GSAT 229% · AD 104% · TDS 98% |
| Movies & Entertainment | 22 | 18.4% | 52.7% | -28.0% | IMAX 140% · FWONA 97% · CNK 92% |
| Broadcasting | 14 | -10.9% | -16.2% | -67.8% | FOXA 78% · NXST 40% · SIRI -38% |
| Interactive Media & Services ← | 33 | -35.4% | -38.3% | -69.2% | GOOGL 95% · META 93% · CARG -4% |
| Advertising | 18 | -32.5% | -12.3% | -69.7% | APP 296% · OMC 53% · MGNI 22% |
| Interactive Home Entertainment | 8 | -43.6% | -60.5% | -73.1% | TTWO 11% · RBLX -53% · PINS -59% |
| Alternative Carriers | 4 | -45.6% | 11.9% | -73.5% | IRDM 13% · LUMN -66% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.90 |
| Mkt Cap | 0.8 |
| Rev LTM | 1,832 |
| Op Inc LTM | 51 |
| FCF LTM | 30 |
| FCF 3Y Avg | 100 |
| CFO LTM | 44 |
| CFO 3Y Avg | 168 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.9% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | -1.3% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | 2.7% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 2.8% |
| Op Mgn 3Y Avg | 13.0% |
| QoQ Delta Op Mgn LTM | -1.5% |
| CFO/Rev LTM | 8.9% |
| CFO/Rev 3Y Avg | 13.0% |
| FCF/Rev LTM | 6.0% |
| FCF/Rev 3Y Avg | 12.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Travelzoo North America | 60 | 55 | 56 | 48 | |
| Travelzoo Europe | 26 | 24 | 24 | 19 | |
| Jack's Flight Club | 5 | 5 | 4 | 3 | 3 |
| New Initiatives | 0 | 0 | 0 | 0 | |
| Local | 5 | ||||
| Travel | 54 | ||||
| Total | 92 | 84 | 84 | 71 | 63 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2015 |
|---|---|---|---|---|---|
| Travelzoo North America | 9 | 16 | 15 | 10 | |
| Jack's Flight Club | 0 | 0 | -0 | 0 | |
| New Initiatives | -0 | -1 | -1 | -1 | |
| Travelzoo Europe | -2 | 3 | 1 | -2 | |
| Asia Pacific | -2 | ||||
| Europe | 4 | ||||
| North America | 6 | ||||
| Total | 7 | 18 | 16 | 8 | 7 |
| $ Mil | 2023 | 2022 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Travelzoo North America | 97 | 98 | |||
| Travelzoo Europe | 23 | 19 | |||
| Jack's Flight Club | 19 | 19 | |||
| New Initiatives | 4 | 0 | |||
| Elimination | -87 | -69 | -63 | -24 | -31 |
| Asia Pacific | 6 | ||||
| Europe | 54 | 41 | 50 | ||
| North America | 72 | 74 | 96 | ||
| Total | 55 | 67 | 69 | 90 | 115 |
Price Behavior
| Market Price | $5.33 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 08/28/2002 | |
| Distance from 52W High | -56.0% | |
| 50 Days | 200 Days | |
| DMA Price | $5.47 | $7.42 |
| DMA Trend | down | down |
| Distance from DMA | -2.5% | -28.2% |
| 3M | 1YR | |
| Volatility | 37.4% | 60.5% |
| Downside Capture | 163.08 | 119.87 |
| Upside Capture | -2.00 | 59.41 |
| Correlation (S&P 500) | 41.0% | 24.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | 0.87 | 1.03 | 0.57 | 1.14 | 1.15 |
| Up Beta | 4.38 | 2.06 | 1.46 | 1.06 | 1.78 | 1.12 |
| Down Beta | 0.40 | 0.19 | 0.02 | -0.25 | 0.74 | 1.15 |
| Up Capture | -31% | 12% | 31% | -12% | 62% | 88% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 14 | 23 | 56 | 111 | 365 |
| Down Capture | 66% | 177% | 213% | 147% | 126% | 108% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 27 | 39 | 66 | 134 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TZOO | |
|---|---|---|---|---|
| TZOO | -29.0% | 60.5% | -0.33 | - |
| Sector ETF (XLC) | -3.6% | 16.8% | -0.40 | 20.6% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 26.5% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 0.5% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -13.2% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 23.6% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TZOO | |
|---|---|---|---|---|
| TZOO | -12.9% | 64.0% | 0.04 | - |
| Sector ETF (XLC) | 7.0% | 21.1% | 0.24 | 29.8% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 28.7% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 3.6% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 2.6% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 22.4% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TZOO | |
|---|---|---|---|---|
| TZOO | -6.9% | 67.5% | 0.19 | - |
| Sector ETF (XLC) | 8.8% | 22.1% | 0.43 | 31.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 32.2% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 1.8% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 11.7% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 28.5% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | -1.4% | 1.0% | |
| 7/28/2026 | -1.5% | -0.9% | -10.4% |
| 4/23/2026 | 26.6% | 30.0% | 26.7% |
| 2/19/2026 | 6.9% | 30.7% | 23.4% |
| 10/28/2025 | -2.2% | -10.6% | -14.9% |
| 7/23/2025 | -11.2% | -19.1% | -24.1% |
| 4/29/2025 | -14.0% | -13.5% | -16.9% |
| 2/25/2025 | 10.4% | 5.3% | 1.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 6.7% | 7.7% | 19.1% |
| Median Negative | -1.5% | -3.4% | -12.9% |
| Max Positive | 26.6% | 30.7% | 43.2% |
| Max Negative | -14.0% | -19.1% | -24.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | -1.4% | 1.0% | |
| 7/28/2026 | -1.5% | -0.9% | -10.4% |
| 4/23/2026 | 26.6% | 30.0% | 26.7% |
| 2/19/2026 | 6.9% | 30.7% | 23.4% |
| 10/28/2025 | -2.2% | -10.6% | -14.9% |
| 7/23/2025 | -11.2% | -19.1% | -24.1% |
| 4/29/2025 | -14.0% | -13.5% | -16.9% |
| 2/25/2025 | 10.4% | 5.3% | 1.7% |
| 10/23/2024 | 2.9% | 18.6% | 30.9% |
| 7/25/2024 | 7.5% | 9.0% | 27.8% |
| 4/24/2024 | -0.9% | -0.9% | -9.1% |
| 2/28/2024 | 5.9% | -0.4% | 14.1% |
| 10/24/2023 | 8.0% | 7.7% | 43.2% |
| 7/27/2023 | 5.7% | 7.2% | -1.7% |
| 4/27/2023 | 6.7% | 7.2% | 26.4% |
| 10/27/2022 | 2.4% | 3.0% | 11.1% |
| 7/27/2022 | -7.6% | -5.8% | 2.7% |
| 4/27/2022 | -0.1% | 13.9% | 0.7% |
| 11/1/2021 | -0.7% | 7.5% | -10.8% |
| 7/22/2021 | 6.6% | -0.1% | -19.6% |
| 4/22/2021 | 4.5% | 11.5% | 14.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 12 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 6.7% | 7.7% | 19.1% |
| Median Negative | -1.5% | -3.4% | -12.9% |
| Max Positive | 26.6% | 30.7% | 43.2% |
| Max Negative | -14.0% | -19.1% | -24.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/19/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/19/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 06/25/2020 | 10-Q |
| 12/31/2019 | 03/20/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue Growth | Reported | |||||||
Prior: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue Growth | Reported | |||||||
| 2026 Licensing Revenue | Reported | |||||||
Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | Reported | |||||||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue Growth | Reported | |||||||
Insider Activity
Updated 9/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bartel, Holger | Global Chief Executive Officer | Direct | Buy | 2242026 | 5.43 | 40,000 | 217,200 | 1,086,000 | Form |
| 2 | Bartel, Holger | Global Chief Executive Officer | Direct | Buy | 2242026 | 5.49 | 100,000 | 549,000 | 878,400 | Form |
| 3 | Bartel, Holger | Global Chief Executive Officer | Direct | Buy | 2242026 | 5.18 | 60,000 | 310,800 | 310,800 | Form |
| 4 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12292025 | 6.97 | 40,000 | 278,800 | 25,528,991 | Form | |
| 5 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12292025 | 7.01 | 20,000 | 140,200 | 25,955,899 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bartel, Holger | Global Chief Executive Officer | Direct | Buy | 2242026 | 5.43 | 40,000 | 217,200 | 1,086,000 | Form |
| 2 | Bartel, Holger | Global Chief Executive Officer | Direct | Buy | 2242026 | 5.49 | 100,000 | 549,000 | 878,400 | Form |
| 3 | Bartel, Holger | Global Chief Executive Officer | Direct | Buy | 2242026 | 5.18 | 60,000 | 310,800 | 310,800 | Form |
| 4 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12292025 | 6.97 | 40,000 | 278,800 | 25,528,991 | Form | |
| 5 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12292025 | 7.01 | 20,000 | 140,200 | 25,955,899 | Form | |
| 6 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12292025 | 7.08 | 22,500 | 159,300 | 26,356,688 | Form | |
| 7 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12152025 | 7.56 | 15,000 | 113,400 | 28,313,682 | Form | |
| 8 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12152025 | 7.09 | 5,000 | 35,450 | 26,659,790 | Form | |
| 9 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12032025 | 7.00 | 7,500 | 52,500 | 26,356,372 | Form | |
| 10 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 12012025 | 7.01 | 5,000 | 35,050 | 26,446,599 | Form | |
| 11 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 11132025 | 7.53 | 5,000 | 37,650 | 28,446,051 | Form | |
| 12 | Azzurro, Capital Inc | Shares sold were directly owned by Azzurro Capital Inc. | Sell | 11062025 | 7.75 | 10,000 | 77,500 | 29,315,894 | Form |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Media & Services Resources |
| Social Media Today |
| Search Engine Land |
| Nieman Journalism Lab |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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