Tearsheet

Ziff Davis (ZD)

Market Price (4/7/2026): $42.9 | Market Cap: $1.7 Bil
Sector: Communication Services | Industry: Advertising

Ziff Davis (ZD)

Market Price (4/7/2026): $42.9
Market Cap: $1.7 Bil
Sector: Communication Services
Industry: Advertising

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Attractive yield
FCF Yield is 17%

Megatrend and thematic drivers
Megatrends include Digital Content & Streaming, Digital Advertising, and Digital Health & Telemedicine. Themes include Gaming Content & Platforms, Show more.

Trading close to highs
Dist 52W High is -2.5%

Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -108%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%

Key risks
ZD key risks include [1] technological disruption from AI and search algorithm volatility impacting its content and media properties and [2] a high debt load with substantial near-term maturities that may require refinancing.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
1	Attractive yield FCF Yield is 17%
2	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, Digital Advertising, and Digital Health & Telemedicine. Themes include Gaming Content & Platforms, Show more.
3	Trading close to highs Dist 52W High is -2.5%
4	Weak multi-year price returns 2Y Excs Rtn is -58%, 3Y Excs Rtn is -108%
5	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -1.5%
7	Key risks ZD key risks include [1] technological disruption from AI and search algorithm volatility impacting its content and media properties and [2] a high debt load with substantial near-term maturities that may require refinancing.

Valuation, Metrics & Events

	4/7/26	2025	2024	2023	2022
Share Price CYE	$42.90	$37.58	$63.04	$78.05	$96.78
Market Cap CYE ($ Bil)	1.7	1.6	2.9	3.7	4.6
Total Debt ($ Bil)	0.9	0.9	1.0	1.0	1.2
Total Cash ($ Bil)	0.6	0.4	0.8	0.8	0.9
Enterprise Value ($ Bil)	1.9	2.5	3.9	4.7	5.8
Valuation Ratios
P/S TTM	1.2	1.1	2.1	2.7	3.2
P/EBIT TTM	15.7	13.5	26.1	28.3	10.5
P/E TTM	35.4	20.9	48.4	116.1	10.3
P/FCF TTM	5.8	6.9	16.7	16.0	13.5
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.3	1.2	1.8
P/EBIT TTM (Sector)	1.7	0.9	1.5	1.4	4.7
P/E TTM (Sector)	-0.5	-0.8	-0.5	-0.5	5.6
P/FCF TTM (Sector)	6.4	5.1	6.7	3.7	5.9

	4/7/26	2025	2024
Share Price CYE	$42.90	$37.58	$63.04
Market Cap CYE ($ Bil)	1.7	1.6	2.9
Total Debt ($ Bil)	0.9	0.9	1.0
Total Cash ($ Bil)	0.6	0.4	0.8
Enterprise Value ($ Bil)	1.9	2.5	3.9
Valuation Ratios
P/S TTM	1.2	1.1	2.1
P/EBIT TTM	15.7	13.5	26.1
P/E TTM	35.4	20.9	48.4
P/FCF TTM	5.8	6.9	16.7
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.3
P/EBIT TTM (Sector)	1.7	0.9	1.5
P/E TTM (Sector)	-0.5	-0.8	-0.5
P/FCF TTM (Sector)	6.4	5.1	6.7

	ZD	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	1.5
Rev Chg Q	-1.5%	7.4%
Rev Chg LTM	3.5%	6.8%
Rev Chg 3Y Avg	1.5%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	12.6%	18.6%
CFO/Rev LTM	28.0%	20.7%
Net Inc Mgn	3.3%	12.8%
VALUATION	MODERATE
P/S	1.2	3.2
P/CFO	4.1	15.3
P/FCF	5.8	19.9
P/E	35.4	24.0
STABILITY	GOOD
Debt/Equity	0.52	0.21
Cash/Assets	0.17	0.07

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Metric	Value	Date	Source
Revenue per significant client	Not disclosed	9302025	Link
LTM Subscription ARR	Not disclosed	9302025	Link
Subscription Net Retention Rate	Not disclosed	9302025	Link

Upcoming
5/14/2026	Earnings Release	Rev: $325 Mil (E) EPS: $1.03 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Ziff Davis (ZD) stock has gained about 20% since 12/31/2025 because of the following key factors:

1. Strategic Divestiture of Connectivity Division for $1.2 Billion.

On March 3, 2026, Ziff Davis announced a definitive agreement to sell its Connectivity division to Accenture for $1.2 billion in cash. This transformative deal significantly surpassed Ziff Davis's approximate market capitalization of $1.05 billion the day prior to the announcement, causing the stock price to surge by up to 74% on the announcement day. The Connectivity division represented about 16% of Ziff Davis's total revenues in 2025.

2. Robust and Expanded Share Repurchase Program.

Ziff Davis demonstrated a commitment to returning capital to shareholders through significant share repurchases. In 2025, the company deployed $174 million for share repurchases, including $60.6 million in the fourth quarter, reducing outstanding shares by over 10%. Additionally, on February 22, 2026, Ziff Davis increased its equity buyback authorization by 10,000,000 shares, bringing the total authorization to 25,000,000 shares and extending the program's duration to February 22, 2036.

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Stock Movement Drivers

Fundamental Drivers

The 21.5% change in ZD stock from 12/31/2025 to 4/6/2026 was primarily driven by a 174.6% change in the company's P/E Multiple.

(LTM values as of)	12312025	4062026	Change
Stock Price ($)	35.15	42.70	21.5%
Change Contribution By:
Total Revenues ($ Mil)	1,457	1,451	-0.4%
Net Income Margin (%)	7.6%	3.3%	-57.2%
P/E Multiple	12.8	35.2	174.6%
Shares Outstanding (Mil)	41	39	3.8%
Cumulative Contribution			21.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/6/2026

	Return	Correlation
ZD	21.5%
Market (SPY)	-5.4%	3.8%
Sector (XLC)	-5.1%	15.5%

Fundamental Drivers

The 12.1% change in ZD stock from 9/30/2025 to 4/6/2026 was primarily driven by a 46.5% change in the company's P/E Multiple.

(LTM values as of)	9302025	4062026	Change
Stock Price ($)	38.10	42.70	12.1%
Change Contribution By:
Total Revenues ($ Mil)	1,447	1,451	0.3%
Net Income Margin (%)	4.6%	3.3%	-28.5%
P/E Multiple	24.1	35.2	46.5%
Shares Outstanding (Mil)	42	39	6.8%
Cumulative Contribution			12.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/6/2026

	Return	Correlation
ZD	12.1%
Market (SPY)	-2.9%	11.7%
Sector (XLC)	-5.3%	19.3%

Fundamental Drivers

The 13.6% change in ZD stock from 3/31/2025 to 4/6/2026 was primarily driven by a 38.9% change in the company's P/E Multiple.

(LTM values as of)	3312025	4062026	Change
Stock Price ($)	37.58	42.70	13.6%
Change Contribution By:
Total Revenues ($ Mil)	1,402	1,451	3.5%
Net Income Margin (%)	4.5%	3.3%	-27.5%
P/E Multiple	25.4	35.2	38.9%
Shares Outstanding (Mil)	43	39	8.9%
Cumulative Contribution			13.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/6/2026

	Return	Correlation
ZD	13.6%
Market (SPY)	16.3%	30.7%
Sector (XLC)	16.9%	30.3%

Fundamental Drivers

The -45.3% change in ZD stock from 3/31/2023 to 4/6/2026 was primarily driven by a -38.6% change in the company's P/E Multiple.

(LTM values as of)	3312023	4062026	Change
Stock Price ($)	78.05	42.70	-45.3%
Change Contribution By:
Total Revenues ($ Mil)	1,391	1,451	4.3%
Net Income Margin (%)	4.6%	3.3%	-28.8%
P/E Multiple	57.4	35.2	-38.6%
Shares Outstanding (Mil)	47	39	20.0%
Cumulative Contribution			-45.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/6/2026

	Return	Correlation
ZD	-45.3%
Market (SPY)	63.3%	36.9%
Sector (XLC)	98.6%	32.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ZD Return	29%	-29%	-15%	-19%	-35%	23%	-50%
Peers Return	-4%	-27%	31%	22%	-27%	-15%	-30%
S&P 500 Return	27%	-19%	24%	23%	16%	-4%	75%
Monthly Win Rates [3]
ZD Win Rate	67%	25%	42%	42%	33%	75%
Peers Win Rate	45%	42%	60%	56%	46%	30%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ZD Max Drawdown	-3%	-38%	-26%	-41%	-46%	-25%
Peers Max Drawdown	-28%	-46%	-13%	-20%	-45%	-23%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DV, TULP, OMC, TTD, MGNI.
[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 4/6/2026 (YTD)

How Low Can It Go

Unique Key	Event	ZD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-56.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	128.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	90.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	183 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-28.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	39.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	212 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-63.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	171.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,569 days	1,480 days

Compare to DV, TULP, OMC, TTD, MGNI

In The Past

Ziff Davis's stock fell -56.2% during the 2022 Inflation Shock from a high on 11/9/2021. A -56.2% loss requires a 128.1% gain to breakeven.

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Asset Allocation

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About Ziff Davis (ZD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Ziff Davis, Inc., together with its subsidiaries, provides internet information and services in the United States, Canada, Ireland, and internationally. It operates in two segments, Digital Media, and Cybersecurity and Martech. The Digital Media segment operates a portfolio of web properties and apps, which include IGN, RetailMeNot, Mashable, PCMag, Humble Bundle, Speedtest, Offers, Black Friday, MedPageToday, Everyday Health, BabyCenter, and What to Expect, among others in the technology, shopping, entertainment, and health and wellness markets. The Cybersecurity and Martech segment offers cloud-based subscription services to consumers and businesses, including cybersecurity, privacy, and marketing technology. The company was formerly known as j2 Global, Inc. and changed its name to Ziff Davis, Inc. in October 2021. Ziff Davis, Inc. was incorporated in 2014 and is headquartered in New York, New York.

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They're like a **digital media conglomerate** similar to **Dotdash Meredith** or **Red Ventures**, operating a diverse portfolio of popular websites such as IGN, RetailMeNot, and PCMag.
Think of them as a unique blend: a **digital publisher** that owns popular websites across tech, shopping, and health (like a modern **Dotdash Meredith**), combined with a business offering cloud-based **cybersecurity and marketing software**.

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Technology & Gaming Media: Provides news, reviews, and content related to technology, computing, and video games through various web properties and apps.
Shopping & Deals Media: Offers information, coupons, and deals to consumers for online and in-store purchases via web properties and apps.
Health & Wellness Media: Delivers health information, news, and advice for consumers and professionals through a portfolio of web properties and apps.
Cybersecurity Services: Offers cloud-based subscription services to consumers and businesses for protection against digital threats.
Privacy Services: Provides cloud-based subscription services to consumers and businesses to enhance online privacy.
Marketing Technology (Martech) Services: Delivers cloud-based subscription tools and platforms for businesses' marketing needs.

AI Analysis | Feedback

Ziff Davis (ZD) sells primarily to individuals through its extensive portfolio of digital media properties, which attract large consumer audiences. These individuals are then monetized through advertising, affiliate marketing, and direct subscriptions. The company also directly serves consumers and businesses through its Cybersecurity and Martech segment.

Given the company's strong focus on serving individual users across its Digital Media segment (e.g., IGN, RetailMeNot, PCMag, MedPageToday) and direct consumer subscriptions in its Cybersecurity and Martech segment, the major customers can be categorized as follows:

Tech, Gaming, and Entertainment Enthusiasts: Individuals seeking news, reviews, deals, and content related to technology, video games, and general entertainment. This includes users of properties like IGN, PCMag, Mashable, Humble Bundle, and Speedtest.
Shoppers and Deal Seekers: Individuals looking for coupons, discounts, product recommendations, and shopping advice. This includes users of properties like RetailMeNot, Offers, and Black Friday.
Health and Wellness Information Seekers: Individuals seeking medical information, health advice, parenting guidance, and wellness content. This includes users of properties like MedPageToday, Everyday Health, BabyCenter, and What to Expect.

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Vivek Shah, President & Chief Executive Officer

Vivek Shah was appointed CEO of Ziff Davis in January 2018. He led the acquisition of Ziff Davis when it was a privately held company and its subsequent sale to J2 Global, which was later renamed Ziff Davis in 2021. Prior to Ziff Davis, he held several management positions at Time Inc., a division of Time Warner, including Digital Group President, News and Sports, and President, Fortune/Money Group. He is credited with creating CNNMoney.com, one of Time Inc.'s most successful digital ventures. In 2010, he acquired Ziff Davis in partnership with Great Hill Partners, a Boston-based private equity firm, indicating a pattern of managing companies backed by private equity firms.

Bret Richter, Chief Financial Officer

Bret Richter was appointed Chief Financial Officer of Ziff Davis, effective January 3, 2022, and brings 30 years of finance experience to the role. He previously served as Executive Vice President, Chief Financial Officer, and Treasurer of MSG Networks Inc. Before MSG Networks, he was Executive Vice President, Corporate Finance and Development, at Cablevision Systems Corporation, where he oversaw financial strategy, corporate financial planning, business planning, and mergers and acquisitions. Richter also served as President of The Richter Consulting Group, Inc., a privately held advisory firm providing consulting services to early-stage media companies. Earlier in his career, he was Senior Vice President of Finance at NTL Incorporated (a predecessor of Virgin Media) and a member of the media investment banking advisory team at Salomon Brothers Inc.

Yael Prough, President, Gaming & Entertainment

As President of Ziff Davis' Gaming and Entertainment division, Yael Prough oversees brands such as IGN, Humble Bundle, Gamer Network, MapGenie, HowLongToBeat, and 1TwentyFour. Prior to this role, she served as General Manager of IGN Entertainment.

Steve Horowitz, President, Technology & Shopping

Steve Horowitz serves as President of Ziff Davis' Technology & Shopping Division, overseeing the businesses within this group. He previously held the position of Senior Vice President, General Manager at Bankrate Inc.

Joey Fortuna, Chief Technology Officer

Joey Fortuna is responsible for corporate IT initiatives, policies, and practices, and facilitates cross-company technology efforts at Ziff Davis. He served as CTO of Ziff Davis starting in 2011, helping to orchestrate its acquisition by J2 Global. In 2018, he became CTO of J2 Global, Inc. (now Ziff Davis, Inc.), marking the first time the company had a CTO in its 23-year history.

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The key risks to Ziff Davis (ZD) primarily stem from the dynamic nature of the digital media and technology industries in which it operates. These risks are:

Intense Competition, Rapid Technological Changes, and Evolving Consumer Preferences

Ziff Davis operates within a highly competitive digital media and internet landscape, where numerous players vie for audience attention and advertising revenue. The company faces significant threats from rapid technological advancements, including the rise of generative artificial intelligence (AI), which could disrupt existing content creation and distribution models and potentially infringe on intellectual property rights. Shifts in consumer behavior and preferences also necessitate continuous innovation and adaptation in Ziff Davis's content strategy and revenue model.
Volatility in Advertising Revenue and Susceptibility to Economic Downturns

A significant portion of Ziff Davis's revenue, particularly from its Digital Media segment, is derived from advertising, which is inherently susceptible to economic fluctuations. Economic instability can lead to reduced advertising spending, directly impacting the company's financial performance. This reliance on advertising revenue makes Ziff Davis vulnerable to market shifts and macroeconomic headwinds.
Operational and Integration Risks from Acquisitions

Ziff Davis's growth strategy heavily relies on active mergers and acquisitions (M&A). While strategic acquisitions can be beneficial, the integration of acquired companies introduces operational risks, including potential disruptions to existing operations and adverse effects on operating results if not managed effectively. The company's dependence on frequent "tuck-in" acquisitions also raises questions about the sustainability of its growth, distinguishing between organic momentum and portfolio additions.

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The rise of generative AI and advanced AI assistants that directly answer user queries, summarize information, provide reviews, and find deals, potentially reducing the need for users to visit Ziff Davis's portfolio of web properties and apps in its Digital Media segment (e.g., IGN, PCMag, RetailMeNot, MedPageToday). This could lead to a significant decline in traffic and advertising revenue for these properties.

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Here are the addressable market sizes for Ziff Davis's main products and services:

Digital Media Segment:
- Digital Advertising: The global digital ad spending market size reached US$690 billion in 2025.
- Digital Content Creation: The global digital content creation market size is projected to reach approximately USD 36.38 billion in 2025.
- Digital Coupons: The global digital coupons market size is estimated to grow to USD 9.72 billion in 2025.
- Digital Health (for MedPageToday and Everyday Health): The global digital health market size was estimated at USD 330.4 billion in 2025.
- Online Parenting Information (for BabyCenter and What to Expect): The global online parenting education market size was approximately USD 954.87 million in 2025. The global parenting app market size was valued at USD 1.94 billion in 2025.
- Gaming Content (for IGN and Humble Bundle): The global video game market size was valued at USD 239.92 billion in 2025.
- Internet Speed Testing (for Speedtest): The global internet speed test market size is estimated at USD 0.4 billion in 2026.
Cybersecurity and Martech Segment:
- Cybersecurity: The global cybersecurity market size reached USD 326.2 billion in 2025.
- Privacy Software: The global privacy management software market size was valued at USD 5.37 billion in 2025.
- Marketing Technology (Martech): The global marketing technology (MarTech) market size was valued at USD 557.94 billion in 2025.

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Here are 3-5 expected drivers of future revenue growth for Ziff Davis (ZD) over the next 2-3 years:

Ziff Davis anticipates future revenue growth to be driven by several strategic initiatives and performance in key segments:

Strategic Acquisitions and M&A Program: Ziff Davis has a systematic and repeatable acquisition program, actively pursuing inorganic growth opportunities. The company completed seven acquisitions in 2025, investing $68.7 million, and expects to remain an active and disciplined acquirer in 2026 to add capabilities to its businesses in an accretive manner. This strategy is viewed as a means to redeploy free cash flow to generate more free cash flow.
Growth in High-Performing Digital Media Segments and Turnaround Efforts: The company expects continued growth from its Health & Wellness segment, which achieved 13% top-line growth and 18% adjusted EBITDA growth in Q3 2025. This segment is projected to grow at a low to mid-single-digit rate for the full year 2026, driven by pharma commercialization and applications like Lose It. While the Tech & Shopping segment has faced headwinds from reduced web search referrals impacting affiliate commerce, Ziff Davis is actively working to turn it around, and the exit from the Games Publishing business eliminates a prior drag on revenue. Furthermore, overall advertising and performance marketing, as well as subscription and licensing revenues within its Digital Media portfolio, have shown strong performance, with advertising increasing by 15.5% in Q2 2025 and subscriptions climbing by 5%.
Expansion and Innovation within the Cybersecurity & Martech Segment: This segment has returned to growth and is anticipated to achieve low to mid-single-digit revenue growth in 2026. Performance is strengthened by strong results from consumer VPN and cloud backup services. The company is also enhancing this segment through acquisitions, such as Semantic Labs, and by integrating AI-driven innovations to develop new products and services.
Leveraging Artificial Intelligence (AI) to Enhance Products and Develop New Offerings: Ziff Davis is actively integrating AI across its portfolio to improve operational efficiency and enhance existing products. The launch of new AI-powered products, such as Halo and Imagine for ad targeting and insights, is expected to create new revenue streams and optimize current business models across its various digital properties.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

Ziff Davis deployed approximately $185.2 million for share repurchases in 2024.
In 2025, the company strategically used $174 million for share repurchases, believing its share price did not fully reflect intrinsic value.
As of Q2 2025, Ziff Davis had an authorization to buy back 4.4 million shares, representing 14.5% of shares outstanding.

Share Issuance

Ziff Davis's weighted average shares outstanding decreased from 46.078 million in 2023 to 42.848 million in 2024, and further to 41.6 million in 2025.

Outbound Investments

On March 3, 2026, Ziff Davis entered into a definitive agreement to sell its Connectivity division to Accenture for $1.2 billion in cash. This division generated approximately $231 million in revenue in 2025.
The company deployed an average of over $300 million per year on acquisitions from 2012 through the end of 2021.
Ziff Davis deployed approximately $225.4 million for current and prior year acquisitions in 2024.

Capital Expenditures

Capital expenditures were $109 million in 2023, $107 million in 2024, and projected to be $119 million in 2025.
The company anticipates that existing cash, cash from operations, and its revolving credit facility will cover anticipated needs for capital expenditures for at least the next 12 months, as of November 2024.

Interactive Breakdown

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Better Bets vs. Ziff Davis (ZD)

INDUSTRY: Advertising

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZD: 1.5% | 1.1x)

OMC (6.6% | 1.0x)

Omnicom

STGW (2.9% | 0.6x)

Stagwell

NEXN (3.0% | 1.1x)

Nexxen International

EVC (15.0% | 0.6x)

Entravision Communications

SWAG (26.9% | 0.3x)

Stran

Higher Rev Chg LTM (Value for ZD: 3.5%)

TTD (18.5%)

Trade Desk

DV (13.9%)

DoubleVerify

OMC (10.1%)

Omnicom

MGNI (6.9%)

Magnite

CCO (6.6%)

Clear Channel Outdoor

Higher Rev Chg 3Y Avg (Value for ZD: 1.5%)

TTD (22.5%)

Trade Desk

DV (18.4%)

DoubleVerify

MGNI (7.4%)

Magnite

OMC (6.6%)

Omnicom

STGW (2.9%)

Stagwell

Higher Op Mgn LTM (Value for ZD: 12.6%)

TTD (20.3%)

Trade Desk

CCO (19.4%)

Clear Channel Outdoor

MGNI (13.7%)

Magnite

TSQ (13.1%)

Townsquare Media

Higher CFO/Rev LTM (Value for ZD: 28.0%)

TTD (34.3%)

Trade Desk

MGNI (33.1%)

Magnite

NEXN (30.2%)

Nexxen International

DV (28.2%)

DoubleVerify

Higher FCF/Rev LTM (Value for ZD: 19.8%)

TTD (27.0%)

Trade Desk

DV (23.1%)

DoubleVerify

NEXN (22.0%)

Nexxen International

MGNI (21.3%)

Magnite

Higher Total Yield (Value for ZD: 2.8%)

ACCS (13.1%)

ACCESS Newswire

MGNI (8.3%)

Magnite

NEXN (6.3%)

Nexxen International

TTD (4.2%)

Trade Desk

DV (3.1%)

DoubleVerify

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZD: 1.5% | 1.1x)

TU (3.7% | 1.0x)

TELUS

RCI (12.5% | 0.9x)

Rogers Communications

OMC (6.6% | 1.0x)

Omnicom

LBTYA (6.8% | 0.9x)

Liberty Global

CNK (8.8% | 1.1x)

Cinemark

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZD: 1.5% | 9.1x)

FOXA (5.1% | 8.1x)

Fox

TU (3.7% | 7.4x)

TELUS

RCI (12.5% | 3.7x)

Rogers Communications

MTCH (3.0% | 8.4x)

Match

UNIT (31.6% | 5.5x)

Uniti

Higher Rev Chg LTM (Value for ZD: 3.5%)

META (22.2%)

Meta Platforms

NFLX (15.9%)

Netflix

GOOGL (15.1%)

Alphabet

SPOT (9.7%)

Spotify Technology

TMUS (8.5%)

T-Mobile US

Higher Rev Chg 3Y Avg (Value for ZD: 1.5%)

META (19.9%)

Meta Platforms

NFLX (12.7%)

Netflix

GOOGL (12.5%)

Alphabet

DIS (4.3%)

Walt Disney

TMUS (3.6%)

T-Mobile US

Higher Op Mgn LTM (Value for ZD: 12.6%)

META (41.4%)

Meta Platforms

GOOGL (32.0%)

Alphabet

NFLX (29.5%)

Netflix

VZ (21.2%)

Verizon Communications

TMUS (21.0%)

T-Mobile US

Higher CFO/Rev LTM (Value for ZD: 28.0%)

META (57.6%)

Meta Platforms

GOOGL (40.9%)

Alphabet

EA (34.5%)

Electronic Arts

T (32.1%)

AT&T

TMUS (31.7%)

T-Mobile US

Higher FCF/Rev LTM (Value for ZD: 19.8%)

EA (31.5%)

Electronic Arts

RBLX (27.7%)

Roblox

TRI (27.0%)

Thomson Reuters

META (22.9%)

Meta Platforms

NFLX (20.9%)

Netflix

Higher Total Yield (Value for ZD: 2.8%)

VZ (13.8%)

Verizon Communications

T (10.9%)

AT&T

TMUS (6.9%)

T-Mobile US

META (4.5%)

Meta Platforms

GOOGL (3.9%)

Alphabet

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZD: 1.5% | 1.1x)

UNH (11.4% | 0.6x)

UnitedHealth

DELL (4.4% | 1.0x)

Dell Technologies

MCK (13.3% | 0.3x)

McKesson

CVS (7.7% | 0.2x)

CVS Health

CI (15.3% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZD: 1.5% | 9.1x)

BMY (1.5% | 8.8x)

Bristol-Myers Squibb

CVS (7.7% | 9.0x)

CVS Health

B (16.0% | 8.5x)

Barrick Mining

APO (66.8% | 7.6x)

Apollo Global Management

DAL (7.9% | 7.4x)

Delta Air Lines

Higher Rev Chg LTM (Value for ZD: 3.5%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (16.7%)

Microsoft

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for ZD: 1.5%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for ZD: 12.6%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

LLY (45.6%)

Eli Lilly

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

Higher CFO/Rev LTM (Value for ZD: 28.0%)

V (59.1%)

Visa

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for ZD: 19.8%)

V (55.4%)

Visa

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

Higher Total Yield (Value for ZD: 2.8%)

BRK-B (6.5%)

Berkshire Hathaway

MSFT (5.2%)

Microsoft

AAPL (3.5%)

Apple

AMZN (3.4%)

Amazon.com

WMT (2.9%)

Walmart

Best Bets in Communication Services

What You Pay

P/EBIT (Value for ZD: 15.6x)

FWONA (20.6x)

Liberty Media

IRDM (14.7x)

Iridium Communications

META (16.6x)

Meta Platforms

TTD (18.1x)

Trade Desk

MTCH (8.4x)

Match

CARG (13.5x)

CarGurus

T (5.9x)

AT&T

TMUS (12.2x)

T-Mobile US

TKO (19.1x)

TKO

SIRI (5.2x)

Sirius XM

P/E (Value for ZD: 35.2x)

FWONA (37.0x)

Liberty Media

IRDM (30.0x)

Iridium Communications

META (23.9x)

Meta Platforms

TTD (24.0x)

Trade Desk

MTCH (12.2x)

Match

CARG (21.2x)

CarGurus

T (9.2x)

AT&T

TMUS (20.1x)

T-Mobile US

TKO (79.0x)

TKO

SIRI (9.8x)

Sirius XM

What You Get

Rev Chg 3Y Avg (Value for ZD: 1.5%)

FWONA (21.3%)

Liberty Media

IRDM (6.6%)

Iridium Communications

META (19.9%)

Meta Platforms

TTD (22.5%)

Trade Desk

MTCH (3.0%)

Match

CARG (-10.0%)

CarGurus

T (1.3%)

AT&T

TMUS (3.6%)

T-Mobile US

TKO (77.1%)

TKO

SIRI (-1.7%)

Sirius XM

Rev Chg LTM (Value for ZD: 3.5%)

FWONA (22.7%)

Liberty Media

IRDM (4.9%)

Iridium Communications

META (22.2%)

Meta Platforms

TTD (18.5%)

Trade Desk

MTCH (0.2%)

Match

CARG (13.7%)

CarGurus

T (2.7%)

AT&T

TMUS (8.5%)

T-Mobile US

TKO (-3.1%)

TKO

SIRI (-1.6%)

Sirius XM

Rev Chg Q (Value for ZD: -1.5%)

FWONA (37.9%)

Liberty Media

IRDM (0.0%)

Iridium Communications

META (23.8%)

Meta Platforms

TTD (14.3%)

Trade Desk

MTCH (2.1%)

Match

CARG (58.2%)

CarGurus

T (3.6%)

AT&T

TMUS (11.3%)

T-Mobile US

TKO (11.9%)

TKO

SIRI (0.2%)

Sirius XM

FCF/Rev 3Y Avg (Value for ZD: 18.5%)

FWONA (36.7%)

Liberty Media

IRDM (33.9%)

Iridium Communications

META (29.5%)

Meta Platforms

TTD (26.9%)

Trade Desk

MTCH (26.5%)

Match

CARG (20.5%)

CarGurus

T (15.8%)

AT&T

TMUS (13.2%)

T-Mobile US

TKO (13.1%)

TKO

SIRI (13.1%)

Sirius XM

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Ziff Davis Stock (+48%): $1.2B Asset Sale to Accenture Unlocks Major Value	03/04/2026
2	Ziff Davis Earnings Notes	12/16/2025
3	Is Ziff Davis Stock Built to Withstand a Pullback?	10/17/2025
4	Why Ziff Davis Stock Moved: ZD Stock Has Lost 68% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)	08/08/2025
5	ZD Dip Buy Analysis	07/10/2025
6	Ziff Davis (ZD) Valuation Ratios Comparison	05/15/2025
7	Ziff Davis Total Shareholder Return (TSR): -19.1% in 2024 and -21.2% 3-yr compounded annual returns (below peer average)	03/07/2025
8	Ziff Davis Stock Shares Rally 22% In A Month, Should You Buy The Stock?	02/28/2025
9	Ziff Davis (ZD) Operating Cash Flow Comparison	02/17/2025
10	Ziff Davis (ZD) Net Income Comparison	02/16/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ZD.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
META_3272026_Dip_Buyer_ValueBuy	03272026	META	Meta Platforms	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.8%	8.8%	0.0%
CARG_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	CARG	CarGurus	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	1.2%	1.2%	-8.3%
YELP_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02132026	YELP	Yelp	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	17.9%	17.9%	-5.7%
TRIP_2132026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02132026	TRIP	Tripadvisor	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.9%	10.9%	-3.9%
OMC_2062026_Dip_Buyer_FCFYield	02062026	OMC	Omnicom	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.9%	8.9%	-3.7%
ZD_4302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	04302025	ZD	Ziff Davis	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	14.2%	42.1%	-10.2%
ZD_12312022_Dip_Buyer_FCFYield	12312022	ZD	Ziff Davis	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-11.4%	-15.1%	-26.3%
ZD_4302022_Dip_Buyer_FCFYield	04302022	ZD	Ziff Davis	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-11.1%	-17.2%	-22.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SLNO	Soleno Therapeutics	2.8	32.3%	12.9%
AEHR	Aehr Test Systems	1.6	17.7%	158.3%
PLTK	Playtika	1.2	16.8%	-19.0%
ENVX	Enovix	1.2	13.6%	-21.3%
AMC	AMC Entertainment	0.6	12.5%	-19.2%
CAR	Avis Budget	7.5	11.6%	65.7%
PLUG	Plug Power	3.6	11.6%	36.5%
DSGN	Design Therapeutics	0.7	11.6%	33.6%
CODI	Compass Diversified	0.7	11.2%	99.0%
BOOT	Boot Barn	4.5	10.3%	-15.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-26.2%	-55.3%
AXTI	AXT	1.9	-20.5%	156.8%
GTN-A	Gray Media	1.0	-9.7%	-12.8%
FIGS	FIGS	2.2	-8.6%	18.0%
GBX	Greenbrier Companies	1.5	-8.3%	4.1%
AESI	Atlas Energy Solutions	1.4	-8.1%	18.5%
RYAM	Rayonier Advanced Materials	0.7	-8.0%	65.9%
QDEL	QuidelOrtho	1.1	-7.9%	-44.4%
SOC	Sable Offshore	1.7	-7.7%	57.2%
SION	Sionna Therapeutics	1.7	-7.7%	-9.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
APLS	Apellis Pharmaceuticals	5.1	139.4%	61.7%
SLNO	Soleno Therapeutics	2.8	73.9%	12.9%
AEHR	Aehr Test Systems	1.6	60.4%	158.3%
FLY	Firefly Aerospace	5.6	47.0%	55.8%
CAR	Avis Budget	7.5	43.2%	65.7%
CODI	Compass Diversified	0.7	43.0%	99.0%
FNMA	Federal National Mortgage Association Fannie Mae	40.5	41.9%	-35.7%
TH	Target Hospitality	1.4	41.7%	70.0%
SGML	Sigma Lithium	1.6	38.7%	10.0%
FMCC	Federal Home Loan Mortgage	19.5	37.7%	-40.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-49.3%	-55.3%
AXTI	AXT	1.9	-30.7%	156.8%
TE	T1 Energy	0.7	-29.7%	-39.4%
ORIC	ORIC Pharmaceuticals	0.9	-26.1%	8.9%
SOC	Sable Offshore	1.7	-23.1%	57.2%
CRK	Comstock Resources	5.6	-17.4%	-16.5%
FRMI	Fermi	3.0	-17.0%	-35.9%
GTN-A	Gray Media	1.0	-16.9%	-12.8%
PHR	Phreesia	0.5	-16.7%	-45.9%
BTU	Peabody Energy	4.0	-16.4%	11.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SATL	Satellogic	0.9	120.3%	277.0%
CAR	Avis Budget	7.5	119.1%	65.7%
APLS	Apellis Pharmaceuticals	5.1	101.6%	61.7%
LWLG	Lightwave Logic	1.1	79.3%	142.9%
TH	Target Hospitality	1.4	72.2%	70.0%
CBIO	Crescent Biopharma	0.6	71.1%	63.4%
FLY	Firefly Aerospace	5.6	71.0%	55.8%
ORKA	Oruka Therapeutics	3.1	69.9%	86.0%
DAWN	Day One Biopharmaceuticals	2.2	67.9%	130.3%
KODK	Eastman Kodak	1.1	66.5%	35.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-51.9%	-55.3%
WVE	WAVE Life Sciences	1.3	-46.3%	-58.3%
BUR	Burford Capital	1.0	-45.8%	-49.8%
ADMA	ADMA Biologics	2.2	-40.9%	-49.1%
TE	T1 Energy	0.7	-40.5%	-39.4%
LMRI	Lumexa Imaging	0.8	-40.4%	-51.7%
FRMI	Fermi	3.0	-40.2%	-35.9%
BOBS	Bobs Discount Furniture	1.5	-37.6%	-32.9%
MAZE	Maze Therapeutics	1.3	-36.0%	-30.0%
ORIC	ORIC Pharmaceuticals	0.9	-35.7%	8.9%

Peer Comparisons

Peers to compare with:

Financials

	ZD	DV	TULP	OMC	TTD	MGNI	Median
Name	Ziff Dav.	DoubleVe.	Bloomia	Omnicom	Trade De.	Magnite
Mkt Price	42.70	10.06	3.93	75.96	22.21	12.16	17.19
Mkt Cap	1.7	1.6	-	17.8	10.7	1.7	1.7
Rev LTM	1,451	748	48	17,272	2,896	714	1,100
Op Inc LTM	183	79	-1	478	589	98	140
FCF LTM	288	173	-4	2,788	783	152	230
FCF 3Y Avg	261	136	-3	1,908	653	172	217
CFO LTM	407	211	-3	2,938	993	236	322
CFO 3Y Avg	372	164	-2	2,031	777	229	301

Growth & Margins

	ZD	DV	TULP	OMC	TTD	MGNI	Median
Name	Ziff Dav.	DoubleVe.	Bloomia	Omnicom	Trade De.	Magnite
Rev Chg LTM	3.5%	13.9%	26.3%	10.1%	18.5%	6.9%	12.0%
Rev Chg 3Y Avg	1.5%	18.4%	-	6.6%	22.5%	7.4%	7.4%
Rev Chg Q	-1.5%	7.9%	8.8%	27.9%	14.3%	5.9%	8.3%
QoQ Delta Rev Chg LTM	-0.4%	2.0%	1.2%	7.5%	3.8%	1.6%	1.8%
Op Mgn LTM	12.6%	10.6%	-3.0%	2.8%	20.3%	13.7%	11.6%
Op Mgn 3Y Avg	13.6%	12.7%	-	10.5%	16.0%	-0.8%	12.7%
QoQ Delta Op Mgn LTM	0.6%	-0.3%	3.4%	-10.6%	1.4%	1.5%	1.0%
CFO/Rev LTM	28.0%	28.2%	-7.2%	17.0%	34.3%	33.1%	28.1%
CFO/Rev 3Y Avg	26.5%	24.5%	-	12.6%	31.8%	34.3%	26.5%
FCF/Rev LTM	19.8%	23.1%	-8.1%	16.1%	27.0%	21.3%	20.6%
FCF/Rev 3Y Avg	18.5%	20.4%	-	11.8%	26.9%	26.0%	20.4%

Valuation

	ZD	DV	TULP	OMC	TTD	MGNI	Median
Name	Ziff Dav.	DoubleVe.	Bloomia	Omnicom	Trade De.	Magnite
Mkt Cap	1.7	1.6	-	17.8	10.7	1.7	1.7
P/S	1.1	2.2	-	1.0	3.7	2.4	2.2
P/EBIT	15.6	19.2	-	32.8	18.1	19.5	19.2
P/E	35.2	32.0	-	-326.1	24.0	12.1	24.0
P/CFO	4.1	7.7	-	6.0	10.7	7.4	7.4
Total Yield	2.8%	3.1%	-	2.8%	4.2%	8.3%	3.1%
Dividend Yield	0.0%	0.0%	-	3.1%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	13.4%	5.0%	-	10.7%	2.3%	9.5%	9.5%
D/E	0.5	0.1	-	0.6	0.0	0.4	0.4
Net D/E	0.2	-0.1	-	0.2	-0.1	0.0	0.0

Returns

	ZD	DV	TULP	OMC	TTD	MGNI	Median
Name	Ziff Dav.	DoubleVe.	Bloomia	Omnicom	Trade De.	Magnite
1M Rtn	0.9%	-8.6%	1.8%	-9.7%	-24.1%	-13.1%	-9.1%
3M Rtn	26.3%	-9.7%	10.7%	-2.1%	-44.6%	-27.5%	-5.9%
6M Rtn	8.0%	-11.1%	10.7%	-1.3%	-58.2%	-36.9%	-6.2%
12M Rtn	27.5%	-19.2%	10.7%	8.8%	-52.0%	33.9%	9.7%
3Y Rtn	-44.3%	-67.4%	10.7%	-9.6%	-63.5%	33.8%	-27.0%
1M Excs Rtn	1.0%	-4.7%	5.3%	-6.3%	-22.2%	-10.9%	-5.5%
3M Excs Rtn	29.2%	-3.8%	14.3%	-2.1%	-37.5%	-20.7%	-2.9%
6M Excs Rtn	11.7%	-9.7%	12.2%	2.4%	-54.8%	-38.0%	-3.7%
12M Excs Rtn	-6.1%	-41.5%	-5.9%	-17.2%	-77.1%	-10.9%	-14.1%
3Y Excs Rtn	-107.9%	-129.4%	-53.4%	-71.2%	-127.0%	-31.7%	-89.5%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/24/2026	2/24/2026	2/25/2025	2/26/2024	3/1/2023	3/15/2022	3/1/2021
Key Financials
Total Revenue	1,451	1,451	1,402	1,364	1,391	1,417	1,159
EBITDA	335	335	319	332	398	682	363
Operating Income	183	183	199	189	226	200	138
Net Income	47	47	63	42	64	497	151
EPS	1.12	1.16	1.42	0.89	1.36	10.81	3.24
Growth Rates
Total Revenue Growth	3.5%	3.5%	2.8%	-1.9%	-1.8%	22.3%	10.3%
EBITDA Growth	5.1%	5.1%	-3.9%	-16.7%	-41.6%	87.6%	15.8%
Operating Income Growth	-8.0%	-8.0%	5.0%	-16.3%	13.2%	44.5%	56.8%
Net Income Growth	-24.9%	-24.9%	51.9%	-34.9%	-87.2%	229.7%	-31.1%
Margins
EBITDA Margin	23.1%	23.1%	22.8%	24.3%	28.6%	48.1%	31.3%
Operating Income Margin	12.6%	12.6%	14.2%	13.9%	16.3%	14.1%	11.9%
Net Income Margin	3.3%	3.3%	4.5%	3.0%	4.6%	35.1%	13.0%
Cash & Debt
Total Cash	607	607	506	765	711	924	177
Total Debt	866	866	864	1,001	999	1,091	1,682
Net Debt / (Cash)	259	259	358	237	288	167	1,505
Cash Flows
Net Cash from Operations	407	407	390	320	336	517	480
Free Cash from Operations	288	288	284	211	230	403	384
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	174	174	185	109	78	78	276

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/24/2026	11/7/2025	8/7/2025	5/9/2025	2/25/2025	11/8/2024	8/8/2024	5/9/2024	2/26/2024	11/9/2023	8/4/2023	5/10/2023
Key Financials Quarterly
Total Revenue	407	364	352	329	413	354	321	314	390	341	326	307
Ebitda	85	73	90	88	141	19	89	70	148	33	91	60
Operating Income	86	28	33	35	79	56	29	36	81	44	39	26
Net Income	0	-4	26	24	64	-49	37	11	63	-31	17	-8
EPS	0.01	-0.09	0.63	0.57	1.51	-1.11	0.81	0.23	1.39	-0.67	0.36	-0.16
Key Financials TTM
Total Revenue TTM	1,451	1,457	1,447	1,416	1,402	1,379	1,366	1,371	1,364	1,371	1,372	1,383
Ebitda TTM	335	392	338	338	319	326	340	342	332	340	411	359
Operating Income TTM	183	176	203	198	199	201	189	199	189	202	215	222
Net Income TTM	47	111	66	77	63	62	80	60	42	46	95	32
Growth Rates Quarterly
Total Revenue Growth	-1.5%	2.9%	9.8%	4.5%	5.9%	3.7%	-1.6%	2.4%	-1.7%	-0.3%	-3.4%	-2.5%
EBITDA Growth	-40.0%	275.8%	0.7%	26.4%	-4.7%	-41.1%	-2.2%	16.1%	-4.9%	-68.3%	132.5%	-39.8%
Operating Income Growth	9.6%	-49.2%	17.2%	-2.0%	-2.7%	28.6%	-26.5%	36.3%	-13.6%	-22.8%	-15.2%	-13.9%
Net Income Growth	-99.4%	92.6%	-28.6%	128.1%	1.0%	-56.8%	121.3%	239.3%	-6.0%	-270.3%	135.9%	-131.1%
Margins Quarterly
EBITDA Margin	20.8%	20.1%	25.5%	26.8%	34.1%	5.5%	27.8%	22.2%	37.9%	9.7%	27.9%	19.5%
Operating Income Margin	21.2%	7.8%	9.5%	10.7%	19.0%	15.8%	8.9%	11.4%	20.7%	12.8%	11.9%	8.6%
Net Income Margin	0.1%	-1.0%	7.5%	7.4%	15.5%	-13.7%	11.5%	3.4%	16.3%	-9.1%	5.1%	-2.5%
Cash & Debt
Total Cash	607	503	457	431	506	386	687	751	765	690	715	761
Total Debt	866	866	865	865	864	864	1,002	1,002	1,001	1,001	1,000	1,000
Net Debt / (Cash)	259	363	408	434	358	478	315	251	237	310	285	239
Cash Flows Quarterly
FCF from Operations	191	138	57	21	158	106	51	76	92	73	40	115
Cash Flows TTM
FCF from Operations TTM	407	374	342	335	390	324	291	280	320	271	299	335
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	61	44	34	35	1	96	84	4	1	45	60	3
Return on Invested Capital (ROIC) Quarterly
ROIC	51.0%	14.5%	13.2%	11.1%	33.4%	25.0%	12.8%	12.8%	42.0%	25.3%	17.3%	17.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	18.6%	15.8%	13.7%	13.6%	14.4%	12.8%	18.0%	19.9%	20.1%	17.7%	22.6%	17.9%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2021
Health & Wellness	362
Technology & Shopping	331
Cybersecurity and Martech	291	313
Connectivity	212
Gaming & Entertainment	169
Corporate	0	0	0
Digital Media		1,079	711
Elimination of inter-segment revenues		-1	-0
Cloud Services			662
Total	1,364	1,391	1,372

Operating Income by Segment

$ Mil	2025	2024	2021
Connectivity	71
Health & Wellness	64
Gaming & Entertainment	57
Cybersecurity and Martech	43	50
Technology & Shopping	-50
Corporate	-52	-50	-48
Digital Media		199	77
Cloud Services			248
Total	133	199	277

Price Behavior

Price Behavior

Market Price	$42.70
Market Cap ($ Bil)	1.7
First Trading Date	07/23/1999
Distance from 52W High	-2.5%
	50 Days	200 Days
DMA Price	$37.24	$35.46
DMA Trend	up	up
Distance from DMA	14.7%	20.4%
	3M	1YR
Volatility	110.0%	70.7%
Downside Capture	-0.07	0.44
Upside Capture	142.40	79.45
Correlation (SPY)	3.7%	28.6%

ZD Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.76	0.19	0.35	0.75	1.15	1.23
Up Beta	0.39	1.57	1.69	1.28	1.31	1.27
Down Beta	1.32	0.63	0.05	1.23	1.46	1.33
Up Capture	244%	45%	110%	66%	72%	80%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	12	19	30	56	120	359
Down Capture	-434%	-26%	-11%	42%	86%	108%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	10	23	33	70	130	389

[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 ZD
ZD	12.3%	71.2%	0.42	-
Sector ETF (XLC)	16.5%	18.3%	0.69	30.2%
Equity (SPY)	15.3%	19.0%	0.64	30.5%
Gold (GLD)	49.6%	28.0%	1.44	-9.2%
Commodities (DBC)	15.5%	17.7%	0.74	14.1%
Real Estate (VNQ)	3.1%	16.5%	0.01	26.3%
Bitcoin (BTCUSD)	-19.0%	44.0%	-0.35	21.8%

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 ZD
ZD	-16.0%	44.5%	-0.26	-
Sector ETF (XLC)	9.9%	20.7%	0.39	42.3%
Equity (SPY)	11.7%	17.0%	0.53	44.7%
Gold (GLD)	21.8%	17.8%	1.01	-1.3%
Commodities (DBC)	11.6%	18.8%	0.50	9.8%
Real Estate (VNQ)	3.4%	18.8%	0.09	40.7%
Bitcoin (BTCUSD)	3.0%	56.5%	0.27	21.8%

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 ZD
ZD	-1.3%	37.8%	0.07	-
Sector ETF (XLC)	9.2%	22.4%	0.49	46.4%
Equity (SPY)	14.0%	17.9%	0.67	49.1%
Gold (GLD)	14.0%	15.9%	0.73	-2.1%
Commodities (DBC)	8.4%	17.6%	0.39	14.9%
Real Estate (VNQ)	5.1%	20.7%	0.21	41.6%
Bitcoin (BTCUSD)	65.9%	66.9%	1.05	14.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	4.0 Mil
Short Interest: % Change Since 2282026	-29.9%
Average Daily Volume	2.3 Mil
Days-to-Cover Short Interest	1.8 days
Basic Shares Quantity	39.1 Mil
Short % of Basic Shares	10.4%

Returns Analyses

	Title
0	Is Ziff Davis Stock Built to Withstand a Pullback?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/24/2026	-10.3%	-5.2%	48.3%
11/7/2025	-1.1%	-6.9%	11.0%
8/7/2025	-2.7%	-3.9%	2.2%
5/9/2025	12.3%	5.4%	10.8%
2/25/2025	-9.5%	-17.7%	-12.1%
11/8/2024	4.1%	-2.7%	3.7%
8/8/2024	0.8%	5.6%	15.9%
2/22/2024	1.2%	2.2%	-6.7%
...
SUMMARY STATS
# Positive	11	13	13
# Negative	12	10	10
Median Positive	2.9%	5.4%	10.8%
Median Negative	-3.8%	-6.0%	-5.4%
Max Positive	14.8%	19.4%	48.3%
Max Negative	-11.3%	-17.7%	-17.2%

	Forward Returns
2/24/2026	-10.3%	-5.2%	48.3%
11/7/2025	-1.1%	-6.9%	11.0%
8/7/2025	-2.7%	-3.9%	2.2%
5/9/2025	12.3%	5.4%	10.8%
2/25/2025	-9.5%	-17.7%	-12.1%
11/8/2024	4.1%	-2.7%	3.7%
8/8/2024	0.8%	5.6%	15.9%
2/22/2024	1.2%	2.2%	-6.7%
11/9/2023	-0.8%	8.2%	3.7%
8/4/2023	-4.3%	-7.0%	-5.7%
5/10/2023	-2.7%	-1.6%	0.6%
2/16/2023	-7.7%	-8.2%	-16.6%
11/9/2022	6.5%	9.6%	5.7%
8/9/2022	2.3%	9.3%	-4.8%
5/10/2022	-6.2%	0.6%	-5.2%
2/15/2022	6.8%	0.7%	-1.6%
11/4/2021	-2.6%	1.0%	-17.2%
8/5/2021	-3.3%	-4.5%	-4.6%
5/10/2021	2.6%	4.6%	6.6%
2/12/2021	2.9%	1.2%	13.1%
11/3/2020	2.7%	10.4%	24.0%
8/10/2020	14.8%	19.4%	18.8%
5/11/2020	-11.3%	-9.1%	-0.3%
SUMMARY STATS
# Positive	11	13	13
# Negative	12	10	10
Median Positive	2.9%	5.4%	10.8%
Median Negative	-3.8%	-6.0%	-5.4%
Max Positive	14.8%	19.4%	48.3%
Max Negative	-11.3%	-17.7%	-17.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/24/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/25/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	02/26/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/10/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/09/2022	10-Q
03/31/2022	05/10/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/24/2026

null

Prior: Q3 2025 Earnings Reported 11/7/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue	1.44 Bil	1.47 Bil	1.50 Bil	0		Affirmed	Guidance: 1.47 Bil for 2025
2025 Adjusted EBITDA	505.00 Mil	523.50 Mil	542.00 Mil	0		Affirmed	Guidance: 523.50 Mil for 2025
2025 Adjusted diluted EPS	6.64	6.96	7.28	0		Affirmed	Guidance: 6.96 for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Fay, Sarah Ann		Direct	Buy	9152025	36.89	1,354	49,949	871,305	Form
2	Kretzmer, W Brian		Direct	Buy	3062025	38.33	653	25,029	497,063	Form
3	Shah, Vivek	Chief Executive Officer	See footnote.	Buy	3062025	39.56	12,636	499,880	11,158,412	Form
4	Richter, Bret	Chief Financial Officer	Direct	Buy	3052025	39.21	2,500	98,025	640,652	Form
5	Barsten, Jana		Direct	Buy	3052025	38.08	1,000	38,080	165,534	Form

ZD Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing ZD?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ZD Makes & Who Pays

TTM figures based on

ZD Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Ziff Davis (ZD)

Market Price (4/7/2026): $42.9 | Market Cap: $1.7 BilSector: Communication Services | Industry: Advertising

Ziff Davis (ZD)

Market Price (4/7/2026): $42.9Market Cap: $1.7 BilSector: Communication ServicesIndustry: Advertising

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Ziff Davis (ZD)

Intense Competition, Rapid Technological Changes, and Evolving Consumer Preferences

Volatility in Advertising Revenue and Susceptibility to Economic Downturns

Operational and Integration Risks from Acquisitions

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Ziff Davis (ZD)

INDUSTRY: Advertising

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZD: 1.5% | 1.1x)

Higher Rev Chg LTM (Value for ZD: 3.5%)

Higher Rev Chg 3Y Avg (Value for ZD: 1.5%)

Higher Op Mgn LTM (Value for ZD: 12.6%)

Higher CFO/Rev LTM (Value for ZD: 28.0%)

Higher FCF/Rev LTM (Value for ZD: 19.8%)

Higher Total Yield (Value for ZD: 2.8%)

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZD: 1.5% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZD: 1.5% | 9.1x)

Higher Rev Chg LTM (Value for ZD: 3.5%)

Higher Rev Chg 3Y Avg (Value for ZD: 1.5%)

Higher Op Mgn LTM (Value for ZD: 12.6%)

Higher CFO/Rev LTM (Value for ZD: 28.0%)

Higher FCF/Rev LTM (Value for ZD: 19.8%)

Higher Total Yield (Value for ZD: 2.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZD: 1.5% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZD: 1.5% | 9.1x)

Higher Rev Chg LTM (Value for ZD: 3.5%)

Higher Rev Chg 3Y Avg (Value for ZD: 1.5%)

Higher Op Mgn LTM (Value for ZD: 12.6%)

Higher CFO/Rev LTM (Value for ZD: 28.0%)

Higher FCF/Rev LTM (Value for ZD: 19.8%)

Higher Total Yield (Value for ZD: 2.8%)

Best Bets in Communication Services

P/EBIT (Value for ZD: 15.6x)

P/E (Value for ZD: 35.2x)

Rev Chg 3Y Avg (Value for ZD: 1.5%)

Rev Chg LTM (Value for ZD: 3.5%)

Rev Chg Q (Value for ZD: -1.5%)

FCF/Rev 3Y Avg (Value for ZD: 18.5%)

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Market Price (4/7/2026): $42.9 | Market Cap: $1.7 Bil
Sector: Communication Services | Industry: Advertising

Market Price (4/7/2026): $42.9
Market Cap: $1.7 Bil
Sector: Communication Services
Industry: Advertising