Ziff Davis (ZD)
Market Price (8/19/2026): $55.23 | Market Cap: $2.0 BilSector: Communication Services | Industry: Advertising
Ziff Davis (ZD)
Market Price (8/19/2026): $55.23Market Cap: $2.0 BilSector: Communication ServicesIndustry: Advertising
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 16% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Megatrend and thematic driversMegatrends include Digital Content & Streaming, Digital Advertising, and Digital Health & Telemedicine. Themes include Gaming Content & Platforms, Show more. | Trading close to highsDist 52W High is -1.5% Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -91% Meaningful short interestShort 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 14% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 3,318x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%, Rev Chg QQuarterly Revenue Change % is -2.7% Key risksZD 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 16% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Digital Advertising, and Digital Health & Telemedicine. Themes include Gaming Content & Platforms, Show more. |
| Trading close to highsDist 52W High is -1.5% |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -91% |
| Meaningful short interestShort 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 14% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 3,318x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%, Rev Chg QQuarterly Revenue Change % is -2.7% |
| Key risksZD 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. |
Qualitative Assessment
AI Analysis | Feedback
Ziff Davis (ZD) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Transformative divestiture of the Connectivity business for $1.2 billion. Ziff Davis completed the sale of its Connectivity division to Accenture on June 17, 2026. This $1.2 billion cash sale significantly exceeded the company's pre-announcement market capitalization and represented approximately 14.5 times the Connectivity division's 2025 adjusted EBITDA less capital expenditures, for a segment that generated $231 million in revenue in fiscal year 2025. The substantial cash infusion and favorable valuation unlocked significant shareholder value and were highlighted by CEO Vivek Shah as a key strategic move.
2. Aggressive share repurchase program. During fiscal Q2 2026 (ended June 30, 2026), Ziff Davis deployed $121.5 million for share repurchases. Overall, the company repurchased 4.5 million shares using over $200 million in 2026, resulting in a nearly 11% reduction in outstanding shares over seven months. This capital allocation strategy significantly boosted Adjusted diluted EPS by 13.2% to $1.03 in fiscal Q2 2026, despite a slight decline in adjusted net income, by reducing the weighted average share count.
Show more
Ziff Davis (ZD) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Transformative divestiture of the Connectivity business for $1.2 billion. Ziff Davis completed the sale of its Connectivity division to Accenture on June 17, 2026. This $1.2 billion cash sale significantly exceeded the company's pre-announcement market capitalization and represented approximately 14.5 times the Connectivity division's 2025 adjusted EBITDA less capital expenditures, for a segment that generated $231 million in revenue in fiscal year 2025. The substantial cash infusion and favorable valuation unlocked significant shareholder value and were highlighted by CEO Vivek Shah as a key strategic move.
2. Aggressive share repurchase program. During fiscal Q2 2026 (ended June 30, 2026), Ziff Davis deployed $121.5 million for share repurchases. Overall, the company repurchased 4.5 million shares using over $200 million in 2026, resulting in a nearly 11% reduction in outstanding shares over seven months. This capital allocation strategy significantly boosted Adjusted diluted EPS by 13.2% to $1.03 in fiscal Q2 2026, despite a slight decline in adjusted net income, by reducing the weighted average share count.
3. Substantial increase in free cash flow and enhanced balance sheet liquidity. The company reported a 100.3% increase in free cash flow from continuing and discontinued operations, reaching $54.0 million in fiscal Q2 2026 compared to $26.9 million in Q2 2025. Net cash provided by operating activities also rose 55.9% to $89.0 million. Largely due to the Connectivity sale, cash and cash equivalents surged to $1.61 billion by June 30, 2026, up from $573.8 million at December 31, 2025, providing Ziff Davis with a strong financial position and significant capital for future strategic deployment.
4. Positive reception to fiscal Q1 2026 earnings results. Ziff Davis reported its fiscal Q1 2026 earnings on May 7, 2026, which fell within the specified period. The company topped earnings estimates, and analysts subsequently raised price targets, citing Q1 revenue and adjusted EBITDA that exceeded expectations. This positive earnings report contributed to optimistic market sentiment at the beginning of the analyzed period.
Show less
Stock Movement Drivers
Fundamental Drivers
The 20.4% change in ZD stock from 4/30/2026 to 8/18/2026 was primarily driven by a 1272.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.76 | 55.09 | 20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,338 | 1,325 | -1.0% |
| Net Income Margin (%) | 3.5% | 48.6% | 1272.5% |
| P/E Multiple | 37.8 | 3.1 | -91.8% |
| Shares Outstanding (Mil) | 39 | 36 | 7.4% |
| Cumulative Contribution | 20.4% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ZD | 20.4% | |
| Market (SPY) | 6.8% | 15.4% |
| Sector (XLC) | -5.2% | 29.5% |
Fundamental Drivers
The 44.1% change in ZD stock from 1/31/2026 to 8/18/2026 was primarily driven by a 487.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.22 | 55.09 | 44.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,344 | 1,325 | -1.4% |
| Net Income Margin (%) | 8.3% | 48.6% | 487.8% |
| P/E Multiple | 14.0 | 3.1 | -77.7% |
| Shares Outstanding (Mil) | 41 | 36 | 11.5% |
| Cumulative Contribution | 44.1% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ZD | 44.1% | |
| Market (SPY) | 11.2% | 7.4% |
| Sector (XLC) | -7.7% | 17.9% |
Fundamental Drivers
The 77.0% change in ZD stock from 7/31/2025 to 8/18/2026 was primarily driven by a 761.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.12 | 55.09 | 77.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,360 | 1,325 | -2.6% |
| Net Income Margin (%) | 5.6% | 48.6% | 761.7% |
| P/E Multiple | 17.3 | 3.1 | -82.0% |
| Shares Outstanding (Mil) | 43 | 36 | 17.0% |
| Cumulative Contribution | 77.0% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ZD | 77.0% | |
| Market (SPY) | 22.4% | 14.1% |
| Sector (XLC) | 3.9% | 19.3% |
Fundamental Drivers
The -24.0% change in ZD stock from 7/31/2023 to 8/18/2026 was primarily driven by a -97.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.52 | 55.09 | -24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,383 | 1,325 | -4.2% |
| Net Income Margin (%) | 2.3% | 48.6% | 2026.4% |
| P/E Multiple | 107.9 | 3.1 | -97.1% |
| Shares Outstanding (Mil) | 47 | 36 | 29.2% |
| Cumulative Contribution | -24.0% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| ZD | -24.0% | |
| Market (SPY) | 73.6% | 34.8% |
| Sector (XLC) | 65.7% | 31.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ZD Return | 29% | -29% | -15% | -19% | -35% | 55% | -37% |
| Peers Return | 113% | -16% | 34% | 21% | 25% | -17% | 201% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ZD Win Rate | 67% | 25% | 42% | 42% | 33% | 75% | |
| Peers Win Rate | 54% | 46% | 46% | 52% | 54% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ZD Max Drawdown | -20% | -40% | -38% | -44% | -47% | -34% | |
| Peers Max Drawdown | -36% | -46% | -41% | -38% | -44% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GSAT, TDS, CALX, CCOI, LFTO.
[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 8/18/2026 (YTD)
How Low Can It Go
| Event | ZD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.5% | -18.8% |
| % Gain to Breakeven | 73.9% | 23.1% |
| Time to Breakeven | 425 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.8% | -7.8% |
| % Gain to Breakeven | 17.3% | 8.5% |
| Time to Breakeven | 20 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.2% | -33.7% |
| % Gain to Breakeven | 54.4% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.8% | -19.2% |
| % Gain to Breakeven | 20.2% | 23.8% |
| Time to Breakeven | 51 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.2% | -12.2% |
| % Gain to Breakeven | 28.5% | 13.9% |
| Time to Breakeven | 246 days | 62 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -12.3% | -15.4% |
| % Gain to Breakeven | 14.0% | 18.2% |
| Time to Breakeven | 20 days | 125 days |
In The Past
Ziff Davis's stock fell -42.5% during the 2025 US Tariff Shock. Such a loss loss requires a 73.9% 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.
| Event | ZD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.5% | -18.8% |
| % Gain to Breakeven | 73.9% | 23.1% |
| Time to Breakeven | 425 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.2% | -33.7% |
| % Gain to Breakeven | 54.4% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.2% | -12.2% |
| % Gain to Breakeven | 28.5% | 13.9% |
| Time to Breakeven | 246 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 60.9% | 114.4% |
| Time to Breakeven | 133 days | 1085 days |
In The Past
Ziff Davis's stock fell -42.5% during the 2025 US Tariff Shock. Such a loss loss requires a 73.9% 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 Ziff Davis (ZD)
Ziff Davis (ZD) is a global internet information and services company operating through two main segments: Digital Media, and Cybersecurity and Martech. The company leverages a diverse portfolio of digital assets to deliver content and services, while also providing critical software solutions. This structure enables Ziff Davis to engage a wide audience through its popular web properties and offer specialized technology services to both individual users and enterprises.
The Digital Media segment houses numerous well-known web properties and applications that cater to distinct consumer markets. These include technology-focused sites like IGN and PCMag, shopping platforms such as RetailMeNot and Offers, entertainment sites like Mashable, and health and wellness resources including Everyday Health and BabyCenter. Through these platforms, Ziff Davis primarily serves consumers by providing information, reviews, deals, and health content, generating revenue from advertising, e-commerce commissions, and subscriptions.
Complementing its media operations, the Cybersecurity and Martech segment offers cloud-based subscription services. These services provide essential tools for online security, privacy protection, and marketing technology. The primary customers for this segment are both consumers seeking to safeguard their digital lives and businesses looking for robust cybersecurity solutions, enhanced privacy controls, and effective marketing technology to manage and grow their operations.
AI Analysis | Feedback
- 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**.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Peer Outperformance in Advertising
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Publishing | 5 | 23.4% | 3.2% | 40.3% | NYT 41% · NWSA 41% · SCHL 40% |
| Wireless Telecommunication Services | 3 | -1.7% | 40.4% | 35.6% | ECHO 279% · TMUS 36% · SHEN -59% |
| Integrated Telecommunication Services | 22 | -11.1% | 7.3% | -12.5% | IQST 1861% · GSAT 349% · AD 148% |
| Movies & Entertainment | 23 | 10.8% | 87.4% | -18.6% | IMAX 270% · CNK 168% · SPHR 167% |
| Alternative Carriers | 4 | 44.6% | 18.9% | -38.1% | IRDM 35% · UNIT -36% · LUMN -40% |
| Advertising ← | 18 | -6.4% | -8.1% | -54.6% | APP 358% · EVC 74% · OMC 45% |
| Broadcasting | 14 | 1.8% | -5.9% | -63.5% | FOXA 103% · NXST 54% · WBD 3% |
| Interactive Media & Services | 31 | -29.3% | -36.3% | -65.8% | GOOGL 156% · AREN 91% · META 54% |
| Interactive Home Entertainment | 8 | -37.3% | -41.8% | -88.4% | TTWO 49% · RBLX -54% · PINS -56% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.66 |
| Mkt Cap | 2.6 |
| Rev LTM | 1,034 |
| Op Inc LTM | 37 |
| FCF LTM | 135 |
| FCF 3Y Avg | 99 |
| CFO LTM | 173 |
| CFO 3Y Avg | 360 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 0.4% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | 65.5% |
| Op Inc Chg 3Y Avg | -38.0% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | 0.1% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 19.8% |
| CFO/Rev 3Y Avg | 26.9% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 8.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health & Wellness | 402 | 362 | 362 | 336 | |
| Technology & Shopping | 357 | 362 | 331 | 385 | |
| Cybersecurity and Martech | 278 | 284 | 291 | 313 | 349 |
| Connectivity | 231 | 214 | 212 | 191 | |
| Gaming & Entertainment | 184 | 180 | 169 | 166 | |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Digital Media | 1,069 | ||||
| Elimination of inter-segment revenues | -1 | ||||
| Total | 1,451 | 1,402 | 1,364 | 1,391 | 1,417 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health & Wellness | 89 | 67 | 64 | 66 | |
| Connectivity | 76 | 79 | 71 | 78 | |
| Gaming & Entertainment | 53 | 54 | 57 | 53 | |
| Cybersecurity and Martech | 29 | 55 | 43 | 51 | 10 |
| Technology & Shopping | 9 | -71 | -50 | 4 | |
| Corporate | -73 | -71 | -52 | -54 | -60 |
| Digital Media | 217 | ||||
| Total | 183 | 114 | 133 | 199 | 167 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Cloud Services | 2,043 | 2,088 | 1,467 | 1,047 | 1,079 |
| Cybersecurity and Martech | 1,089 | 906 | |||
| Corporate | 638 | 104 | 478 | 58 | 57 |
| Assets of discontinued operations | 568 | ||||
| Digital Media | 1,561 | 1,456 | 1,317 | ||
| Total | 3,770 | 3,665 | 3,506 | 2,561 | 2,453 |
Price Behavior
| Market Price | $55.09 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 07/23/1999 | |
| Distance from 52W High | -1.5% | |
| 50 Days | 200 Days | |
| DMA Price | $50.87 | $41.47 |
| DMA Trend | up | up |
| Distance from DMA | 8.3% | 32.8% |
| 3M | 1YR | |
| Volatility | 38.6% | 63.7% |
| Downside Capture | 54.67 | 53.51 |
| Upside Capture | 164.63 | 87.76 |
| Correlation (SPY) | 25.8% | 13.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.62 | 0.48 | 0.21 | 0.31 | 0.68 | 1.13 |
| Up Beta | -1.74 | -0.73 | -1.21 | -0.22 | 0.40 | 1.14 |
| Down Beta | -1.03 | 1.06 | 0.95 | 0.76 | 1.45 | 1.33 |
| Up Capture | -7% | 123% | 65% | 70% | 76% | 68% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 24 | 34 | 64 | 125 | 364 |
| Down Capture | -29% | 10% | 3% | 19% | 33% | 105% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 19 | 28 | 61 | 126 | 385 |
[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 | 51.6% | 63.6% | 0.86 | - |
| Sector ETF (XLC) | 0.1% | 15.1% | -0.20 | 20.4% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 13.5% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | -10.0% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -1.7% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 13.2% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 16.9% |
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 | -14.1% | 45.0% | -0.21 | - |
| Sector ETF (XLC) | 7.0% | 20.9% | 0.25 | 42.0% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 44.0% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | -1.9% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 6.7% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 40.0% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 23.3% |
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 | -0.2% | 38.1% | 0.10 | - |
| Sector ETF (XLC) | 9.1% | 22.2% | 0.46 | 45.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.9% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | -1.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 12.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 41.2% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 0.8% | 2.8% | |
| 5/8/2026 | 2.1% | -1.2% | 13.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 15 |
| # Negative | 12 | 10 | 9 |
| Median Positive | 2.7% | 4.6% | 10.8% |
| Median Negative | -3.4% | -4.9% | -5.7% |
| Max Positive | 14.8% | 19.4% | 48.3% |
| Max Negative | -10.3% | -17.7% | -17.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 0.8% | 2.8% | |
| 5/8/2026 | 2.1% | -1.2% | 13.0% |
| 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% |
| 5/9/2024 | -3.6% | 4.3% | 2.4% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 15 |
| # Negative | 12 | 10 | 9 |
| Median Positive | 2.7% | 4.6% | 10.8% |
| Median Negative | -3.4% | -4.9% | -5.7% |
| Max Positive | 14.8% | 19.4% | 48.3% |
| Max Negative | -10.3% | -17.7% | -17.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tansley, Lori A | Chief Accounting Officer | Direct | Sell | 8132026 | 54.76 | 1,400 | 76,664 | 42,001 | Form |
| 2 | Rossen, Jeremy | EVP/General Counsel | Direct | Sell | 8112026 | 54.93 | 3,819 | 209,778 | 584,620 | Form |
| 3 | Richter, Bret | Chief Financial Officer | Direct | Sell | 6112026 | 46.88 | 18,000 | 843,840 | 1,370,959 | Form |
| 4 | McDonald, Kirk P | Direct | Sell | 6082026 | 46.65 | 1,075 | 50,150 | 628,295 | Form | |
| 5 | Rossen, Jeremy | EVP/General Counsel | Direct | Sell | 6052026 | 47.00 | 8,000 | 376,000 | 679,714 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tansley, Lori A | Chief Accounting Officer | Direct | Sell | 8132026 | 54.76 | 1,400 | 76,664 | 42,001 | Form |
| 2 | Rossen, Jeremy | EVP/General Counsel | Direct | Sell | 8112026 | 54.93 | 3,819 | 209,778 | 584,620 | Form |
| 3 | Richter, Bret | Chief Financial Officer | Direct | Sell | 6112026 | 46.88 | 18,000 | 843,840 | 1,370,959 | Form |
| 4 | McDonald, Kirk P | Direct | Sell | 6082026 | 46.65 | 1,075 | 50,150 | 628,295 | Form | |
| 5 | Rossen, Jeremy | EVP/General Counsel | Direct | Sell | 6052026 | 47.00 | 8,000 | 376,000 | 679,714 | Form |
| 6 | Barsten, Jana | Direct | Sell | 6032026 | 45.00 | 3,347 | 150,615 | 563,085 | Form | |
| 7 | Kretzmer, W Brian | Direct | Sell | 6032026 | 44.51 | 1,968 | 87,596 | 1,002,054 | Form | |
| 8 | Rossen, Jeremy | EVP/General Counsel | Direct | Sell | 5292026 | 45.75 | 4,347 | 198,875 | 1,027,636 | Form |
| 9 | Fay, Sarah Ann | Direct | Buy | 9152025 | 36.89 | 1,354 | 49,949 | 871,305 | Form |
Investor Activity (13F)
Updated Aug 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.