Zeta Global (ZETA)


Market Price (11/11/2026): $35.1 | Market Cap: $8.8 BilSector: Information Technology | Industry: Systems Software

Zeta Global (ZETA)


Market Price (11/11/2026): $35.1
Market Cap: $8.8 Bil
Sector: Information Technology
Industry: Systems Software

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

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%

Megatrend and thematic drivers
Megatrends include Digital Advertising, Artificial Intelligence, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is -4.5%

Weak multi-year price returns
2Y Excs Rtn is -9.7%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 641x, P/EPrice/Earnings or Price/(Net Income) is 220x

Stock price has recently run up significantly
6M Rtn6 month market price return is 116%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 65%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8%

Key risks
ZETA key risks include [1] an ongoing class action lawsuit alleging financial manipulation through "round trip transactions" and [2] claims of using "predatory consent farms" for user data collection.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Megatrend and thematic drivers
Megatrends include Digital Advertising, Artificial Intelligence, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more.
3 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is -4.5%
4 Weak multi-year price returns
2Y Excs Rtn is -9.7%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 641x, P/EPrice/Earnings or Price/(Net Income) is 220x
6 Stock price has recently run up significantly
6M Rtn6 month market price return is 116%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 65%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8%
10 Key risks
ZETA key risks include [1] an ongoing class action lawsuit alleging financial manipulation through "round trip transactions" and [2] claims of using "predatory consent farms" for user data collection.

ZETA in ETFs

Weight = ZETA's share of each fund

VTI0.01%
ITOT0.01%
IWM0.23%
VB0.09%
IWO0.49%
IGV0.25%
VTWO0.24%
VBK0.19%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/10/2026

Nov 10: up 8.2% the day after its Nov 9 earnings report (S&P 500 down 0.4%)
The stock rose after the company reported Q3 earnings of $0.38 per share and revenue of $493M, both topping estimates. This reflects Q3 revenue up 46%, net income up 1153%, and diluted EPS up 800% year-over-year.

Up 96.1% since its Jun 25 low (S&P 500 up 2.1%)
The significant rally was primarily driven by the company consistently beating analyst expectations for earnings. Key gains occurred on August 5, following Q2 earnings beating estimates, and on November 10, driven by the Q3 earnings beat.

Show more
Prices as of 11/10/2026

Nov 10: up 8.2% the day after its Nov 9 earnings report (S&P 500 down 0.4%)
The stock rose after the company reported Q3 earnings of $0.38 per share and revenue of $493M, both topping estimates. This reflects Q3 revenue up 46%, net income up 1153%, and diluted EPS up 800% year-over-year.

Up 96.1% since its Jun 25 low (S&P 500 up 2.1%)
The significant rally was primarily driven by the company consistently beating analyst expectations for earnings. Key gains occurred on August 5, following Q2 earnings beating estimates, and on November 10, driven by the Q3 earnings beat.

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Stock Movement Drivers

Fundamental Drivers

The 62.4% change in ZETA stock from 7/31/2026 to 11/10/2026 was primarily driven by a 41.5% change in the company's P/S Multiple.
(LTM values as of)731202611102026Change
Stock Price ($)21.6035.0762.4%
Change Contribution By: 
Total Revenues ($ Mil)1,4371,72620.2%
P/S Multiple3.65.141.5%
Shares Outstanding (Mil)239250-4.5%
Cumulative Contribution62.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/10/2026
ReturnCorrelation
ZETA62.4% 
Market (SPY)0.4%49.6%
Sector (XLK)-3.7%47.3%

Fundamental Drivers

The 90.4% change in ZETA stock from 4/30/2026 to 11/10/2026 was primarily driven by a 55.9% change in the company's P/S Multiple.
(LTM values as of)430202611102026Change
Stock Price ($)18.4235.0790.4%
Change Contribution By: 
Total Revenues ($ Mil)1,3051,72632.3%
P/S Multiple3.35.155.9%
Shares Outstanding (Mil)231250-7.7%
Cumulative Contribution90.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/10/2026
ReturnCorrelation
ZETA90.4% 
Market (SPY)4.6%32.7%
Sector (XLK)6.0%25.0%

Fundamental Drivers

The 94.9% change in ZETA stock from 10/31/2025 to 11/10/2026 was primarily driven by a 50.1% change in the company's P/S Multiple.
(LTM values as of)1031202511102026Change
Stock Price ($)17.9935.0794.9%
Change Contribution By: 
Total Revenues ($ Mil)1,1561,72649.4%
P/S Multiple3.45.150.1%
Shares Outstanding (Mil)217250-13.0%
Cumulative Contribution94.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/10/2026
ReturnCorrelation
ZETA94.9% 
Market (SPY)10.9%44.1%
Sector (XLK)12.8%36.4%

Fundamental Drivers

The 349.6% change in ZETA stock from 10/31/2023 to 11/10/2026 was primarily driven by a 176.5% change in the company's P/S Multiple.
(LTM values as of)1031202311102026Change
Stock Price ($)7.8035.07349.6%
Change Contribution By: 
Total Revenues ($ Mil)6571,726162.8%
P/S Multiple1.85.1176.5%
Shares Outstanding (Mil)155250-38.1%
Cumulative Contribution349.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/10/2026
ReturnCorrelation
ZETA349.6% 
Market (SPY)85.5%43.4%
Sector (XLK)109.6%37.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ZETA Return-5%-3%8%104%13%72%294%
Peers Return23%-67%96%140%35%-14%120%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
ZETA Win Rate57%50%58%75%67%55% 
Peers Win Rate53%27%65%62%47%38% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
ZETA Max Drawdown--68%-34%-53%-55%-40% 
Peers Max Drawdown-40%-72%-38%-42%-60%-60% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HUBS, BRZE, TTD, APP, APPS.
[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 11/10/2026 (YTD)

How Low Can It Go

EventZETAS&P 500
2025 US Tariff Shock
  % Loss-52.3%-18.8%
  % Gain to Breakeven109.4%23.1%
  Time to Breakeven260 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.7%-9.5%
  % Gain to Breakeven21.6%10.5%
  Time to Breakeven57 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.0%-6.7%
  % Gain to Breakeven20.6%7.1%
  Time to Breakeven190 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.7%-24.5%
  % Gain to Breakeven102.8%32.4%
  Time to Breakeven133 days427 days

Compare to HUBS, BRZE, TTD, APP, APPS

In The Past

Zeta Global's stock fell -52.3% during the 2025 US Tariff Shock. Such a loss loss requires a 109.4% 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.

EventZETAS&P 500
2025 US Tariff Shock
  % Loss-52.3%-18.8%
  % Gain to Breakeven109.4%23.1%
  Time to Breakeven260 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.7%-24.5%
  % Gain to Breakeven102.8%32.4%
  Time to Breakeven133 days427 days

Compare to HUBS, BRZE, TTD, APP, APPS

In The Past

Zeta Global's stock fell -52.3% during the 2025 US Tariff Shock. Such a loss loss requires a 109.4% 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 Zeta Global (ZETA)

Zeta Global (ZETA) operates a comprehensive, data-driven cloud platform that provides enterprises with advanced consumer intelligence and marketing automation software. At its core, the company analyzes billions of structured and unstructured data points, leveraging sophisticated machine learning algorithms and an extensive opted-in data set to predict consumer intent and behavior. Its main offerings include the Zeta Marketing Platform (ZMP), which facilitates omnichannel marketing based on these predictions, and a powerful Consumer Data Platform (CDP) designed to ingest and distill disparate data into a single, unified view of each consumer, detailing their identity, profile, behaviors, and purchase intent.

In addition to its core platforms, Zeta Global offers product suites such as Opportunity Explorer and CDP+, which assist enterprises in consolidating and organizing multiple databases and data feeds according to specific needs and performance metrics. The company primarily serves a broad range of enterprises, helping them enhance their marketing effectiveness and customer engagement across both the United States and international markets. Essentially, Zeta Global empowers businesses to understand their customers more deeply and automate personalized marketing campaigns.

AI Analysis | Feedback

Here are 1-3 brief analogies for Zeta Global:

  • Adobe Experience Cloud for predicting consumer intent.

  • Salesforce Marketing Cloud for AI-driven consumer intelligence.

AI Analysis | Feedback

  • Zeta Marketing Platform: Analyzes data to predict consumer intent and provides marketing automation software for omnichannel marketing.
  • Consumer Data Platform (CDP): Ingests and analyzes disparate data to generate a single, comprehensive view of a consumer.
  • Opportunity Explorer: A product suite designed to help enterprises identify and explore various business opportunities.
  • CDP+: A product suite that consolidates and organizes multiple internal and external data feeds based on specific needs and performance metrics.

AI Analysis | Feedback

Zeta Global (symbol: ZETA) sells primarily to other companies (B2B), providing its omnichannel data-driven cloud platform for consumer intelligence and marketing automation software to enterprises.

While specific major customer names are not publicly disclosed due to client confidentiality and Zeta Global's diversified customer base (its SEC filings confirm no single customer accounts for more than 10% of its revenue for the years ended December 31, 2022, 2021, and 2020), their clientele typically consists of large organizations across various sectors that rely heavily on consumer data and sophisticated marketing strategies. These often include companies in industries such as:

  • Financial Services (e.g., banks, insurance providers, credit card companies)
  • Retail and E-commerce (large brick-and-mortar retailers, online brands)
  • Telecommunications (e.g., mobile carriers, internet service providers)
  • Automotive (manufacturers and dealerships)
  • Media and Entertainment (publishers, streaming services)

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  • Microsoft Corporation (MSFT)
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David A. Steinberg, Co-Founder, Chairman & CEO

David A. Steinberg co-founded Zeta Global in 2007 and has served as its Chairman and CEO. A serial entrepreneur with over 30 years of experience, he has founded seven companies, sold four, and taken two public. Prior to Zeta, he founded and was CEO of InPhonic, an online seller of wireless phones and services which went public, and Sterling Cellular, where he sold off its retail and telemarketing operations. He also serves as Chairman of CAIVIS Acquisition Corp. While a direct pattern of managing private equity-backed companies isn't explicitly stated as a core strategy, Zeta Global did raise $125 million from Blackstone's GSO Capital Partners in 2015 to fund acquisitions.

Christopher Greiner, Chief Financial Officer

Christopher Greiner joined Zeta Global as Chief Financial Officer in 2020, bringing over 20 years of experience in the technology industry. Before his role at Zeta, he served as CFO of LivePerson Inc. from 2018 to 2020. He also spent five years at Inovalon, a cloud-based healthcare and life sciences analytics company, where he initially served as Chief Product and Operations Officer before becoming CFO. Earlier in his career, Mr. Greiner held various executive roles at IBM from 1999 to 2012 and at Computer Sciences Corporation (CSC) from 2012 to 2013.

Steven Gerber, President

Steven Gerber has been a leader at Zeta Global since 2009 and currently serves as President, overseeing the company's day-to-day management, including product development, business development, customer success, and operations. He possesses over 20 years of experience in data-driven digital technology. Previously, Mr. Gerber was a Senior Vice President at Tranzact LLC and held management positions at Bain & Company and Digitas LLC. He also served as President & COO of Active Response Group, which was subsequently sold and integrated into Caivis Acquisition Corp.

Christian Monberg, Chief Technology Officer and Head of Product

Christian Monberg has been a Zeta leader since 2017. He is responsible for overseeing the product and technical vision, with a primary focus on developing and acquiring key AI, data, and identity assets for the Zeta Marketing Platform. Prior to joining Zeta, Mr. Monberg co-founded Boomtrain, an AI-powered marketing platform that was acquired by Zeta Global.

Steve Vine, EVP of Mergers and Acquisitions and General Counsel

Steve Vine is the Executive Vice President of Mergers and Acquisitions and General Counsel at Zeta Global. Before his tenure at Zeta, he was the Senior Vice President of Corporate Development and General Counsel at PulsePoint, where he was instrumental in leading multiple acquisitions and transforming the company into a prominent Content Marketing platform.

AI Analysis | Feedback

The key risks to Zeta Global's business operations are primarily centered around intense market competition, evolving data privacy and regulatory landscapes, and the impact of macroeconomic conditions on marketing spending.

  1. Intense Competition: Zeta Global operates in a highly competitive digital marketing technology sector. The company faces significant competition from well-established and well-funded players such as Adobe and Salesforce, which possess extensive resources and broad product portfolios. Additionally, the emergence of innovative new startups in the marketing technology space could further disrupt the market and challenge Zeta's ability to maintain and expand its market share and growth rate.
  2. Data Privacy, Security, and Regulatory Challenges: As a data-driven platform that analyzes billions of data points, Zeta Global is continuously exposed to scrutiny and potential risks related to data collection, privacy, and security. Evolving global regulations concerning data protection and privacy, as well as the use of AI technologies, pose significant compliance challenges for the company. Non-compliance with these regulations could result in substantial fines, legal action, and significant damage to Zeta's reputation.
  3. Macroeconomic Conditions: Zeta Global's revenue is susceptible to broader economic downturns or uncertainties. During periods of economic slowdown, companies often reduce their marketing and advertising budgets, directly impacting the demand for Zeta's consumer intelligence and marketing automation software. This reliance on client marketing expenditures exposes the company to cyclical constraints, potentially leading to reduced revenue predictability.

AI Analysis | Feedback

The deprecation of third-party cookies by major web browsers, particularly Google Chrome, represents a clear emerging threat. This fundamental shift in the digital advertising and marketing ecosystem directly challenges the traditional methods of data collection, user tracking, and audience targeting that platforms like Zeta Global leverage for their consumer intelligence and marketing automation software. As cross-site tracking becomes increasingly restricted, Zeta's ability to analyze disparate data points and predict consumer intent across the web may be significantly impacted, requiring substantial adaptation of its data acquisition and modeling strategies.

AI Analysis | Feedback

Zeta Global (ZETA) operates within several significant addressable markets for its main products and services, including marketing automation software, customer data platforms (CDP), consumer intelligence platforms, and broader omnichannel marketing platforms.

Marketing Automation Software

The global marketing automation software market was valued at USD 11.42 billion in 2024 and is projected to reach USD 28.48 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.10% during the forecast period. North America is a dominant region in this market, holding approximately 40% of the global market share.

Customer Data Platforms (CDP)

The global customer data platform (CDP) market size was estimated at USD 8.26 billion in 2025 and is projected to reach USD 58.41 billion by 2033, growing at a CAGR of 27.8% from 2026 to 2033. North America held the largest revenue share of 37.6% in the global CDP market in 2025.

Consumer Intelligence Platforms

The global customer intelligence platform market size was estimated at USD 3,092.7 million in 2024 and is projected to reach USD 13,812.8 million by 2030, growing at a CAGR of 29.2% from 2025 to 2030. North America was the largest revenue-generating market in 2024, accounting for 35.5% of the global market.

Omnichannel Automated Marketing Platforms

The global omnichannel automated marketing platform market was valued at USD 47.02 billion in 2025 and is projected to experience a robust Compound Annual Growth Rate (CAGR) of 11.5% from 2025 to 2033. North America accounts for approximately 40% of the global market share in this segment.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Zeta Global (ZETA) over the next 2-3 years:
  • AI Advancements and New Product Launches (Athena): Zeta Global is strategically investing in artificial intelligence and machine learning to drive future revenue. The company's AI platform, Athena, is expected to be a significant catalyst for growth, enhancing customer engagement and return on investment for clients by bringing generative AI capabilities to campaign optimization and automating marketing actions. Athena is planned for general availability to all customers by the end of Q1 2026.
  • Growth in Scaled and Super-Scaled Customers: Zeta Global consistently emphasizes the expansion of its customer base, particularly those defined as "scaled customers" (spending over $100,000 annually) and "super-scaled customers" (spending over $1 million annually). The company has demonstrated a consistent increase in both the number of these high-value customers and their average revenue per user (ARPU).
  • Expansion of Platform Use Cases and Customer Lifetime Value ("OneZeta"): A key driver is increasing the adoption of multiple use cases among existing clients through initiatives like "OneZeta." Customers who utilize more of Zeta's integrated platform services tend to spend significantly more, with multi-use case clients spending over three times the annual revenue of single-use case customers. This strategy focuses on deepening customer relationships and increasing their lifetime value.
  • Strategic Acquisitions and Market Consolidation: Zeta Global has historically leveraged strategic acquisitions to expand its offerings and market presence. The integration of acquisitions, such as LiveIntent in 2025, has expanded Zeta's identity graph and presence in areas like email and retail media. The company aims to position itself as a consolidator in the fragmented marketing landscape.
  • Geographic Expansion: While a majority of its sales are currently driven by the United States, Zeta Global is increasing investment in international markets, specifically EMEA and APAC, where digital transformation budgets are growing. This regional expansion aims to capture higher demand for marketing automation and personalized marketing at scale.

AI Analysis | Feedback

Share Repurchases

  • Zeta Global's board of directors authorized a new stock repurchase program of up to $200 million in August 2025, which also included provisions for withholding shares to satisfy tax requirements upon vesting of restricted stock awards.
  • For the full year 2025, Zeta Global repurchased 7.9 million shares for $120 million, including 1.9 million shares for $35 million in the fourth quarter of 2025.
  • In October to December 2024, the company completed two buyback tranches, repurchasing over 1.5 million shares for $30.77 million.

Share Issuance

  • As part of the acquisition of Marigold's enterprise software business in November 2025, Zeta Global issued 5,329,070 new shares of Class A common stock.

Outbound Investments

  • Zeta Global completed the acquisition of Marigold's enterprise software business in November 2025 for an aggregate consideration of up to $325 million.
  • The consideration for the Marigold acquisition included $100 million in cash, 5,329,070 newly issued shares of Class A common stock, and seller notes totaling up to $125 million, which could be paid in cash or additional shares at Zeta's discretion.
  • This acquisition was strategic, expanding Zeta's global footprint and enhancing its AI-powered offerings across loyalty, omnichannel engagement, and personalization, while increasing its presence among Fortune 500 brands.

Capital Expenditures

  • Zeta Global's capital expenditures coverage averaged 6.7x from fiscal years ending December 2020 to 2024.
  • Capital expenditures coverage saw fluctuations, decreasing in 2021 (4.7x) and 2022 (3.5x), then increasing in 2023 (4.4x) and 2024 (5.2x).
  • The company's capital expenditures are primarily financed through cash generated from operations and borrowings under credit facilities, with an estimated $8.2 million in capital expenditures in Q4 2025.

Better Bets vs. Zeta Global (ZETA)

Peer Outperformance in Systems Software

ZETA has outperformed 94% of its 70 Systems Software peers over 5Y. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that ZETA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
92%
of 86 industry peers · 76.3% return
3Y
94%
of 72 industry peers · 325.6% return
5Y
94%
of 70 industry peers · 254.2% return
No Systems Software peer with a comparable growth profile has beaten ZETA by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is ZETA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 8.7%105.3%182.1% FLEX 481% · TTMI 407% · JBL 298%
Technology Distributors 9 52.0%61.1%61.1% AVT 145% · SNX 122% · CNXN 79%
Semiconductor Materials & Equipment 28 37.5%48.1%42.4% AXTI 350% · KLAC 297% · LRCX 286%
Communications Equipment 36 6.5%99.5%38.9% AAOI 740% · LITE 541% · ANET 467%
Electronic Components 24 18.4%82.4%33.7% CLS 1885% · BELFA 1079% · APH 306%
Electronic Equipment & Instruments 27 -4.5%31.5%0.9% PI 135% · OSIS 106% · MIR 64%
Semiconductors 55 11.2%41.5%-4.2% MU 912% · AVGO 561% · NVDA 476%
Technology Hardware, Storage & Peripherals 21 9.7%81.0%-11.6% WDC 603% · DELL 551% · SMCI 534%
IT Consulting & Other Services 30 -14.4%0.2%-23.1% APLD 307% · IBM 145% · GIB -5%
Internet Services & Infrastructure 6 -8.9%41.0%-25.0% GDDY 59% · VRSN 37% · AKAM -24%
Application Software 126 -12.6%-11.4%-54.8% PLTR 650% · FROG 178% · AGYS 151%
Systems Software ← 71 -9.6%12.4%-59.8% ZETA 254% · CRWD 221% · CVLT 151%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ZETAHUBSBRZETTDAPPAPPSMedian
NameZeta Glo.HubSpot Braze Trade De.AppLovin Digital . 
Mkt Price35.10196.9946.2415.37395.657.2140.67
Mkt Cap8.89.75.17.2132.00.98.0
Rev LTM1,7263,5878342,9877,6096392,357
Op Inc LTM88195-1115185,91876142
FCF LTM236677808474,90324457
FCF 3Y Avg152533396813,3292342
CFO LTM274907931,1154,90355591
CFO 3Y Avg190708548763,33430449

Growth & Margins

ZETAHUBSBRZETTDAPPAPPSMedian
NameZeta Glo.HubSpot Braze Trade De.AppLovin Digital . 
Rev Chg LTM41.0%20.1%27.4%7.0%57.8%21.6%24.5%
Rev Chg 3Y Avg35.6%20.4%26.9%18.0%51.8%3.8%23.6%
Rev Chg Q46.1%17.1%26.2%-0.5%55.5%27.3%26.7%
QoQ Delta Rev Chg LTM9.9%4.0%6.0%-0.1%11.4%6.4%6.2%
Op Inc Chg LTM1,038.4%513.1%16.3%-1.9%68.9%434.6%251.8%
Op Inc Chg 3Y Avg396.5%189.5%9.4%59.7%181.6%-2.5%120.7%
Op Mgn LTM5.1%5.4%-13.4%17.3%77.8%11.8%8.6%
Op Mgn 3Y Avg-1.9%0.3%-19.7%17.5%76.2%-1.4%-0.5%
QoQ Delta Op Mgn LTM1.7%1.5%3.4%-2.3%0.3%1.5%1.5%
CFO/Rev LTM15.9%25.3%11.1%37.3%64.4%8.7%20.6%
CFO/Rev 3Y Avg14.5%23.1%7.6%32.1%72.1%5.1%18.8%
FCF/Rev LTM13.7%18.9%9.6%28.4%64.4%3.8%16.3%
FCF/Rev 3Y Avg11.3%17.4%5.2%25.0%71.9%-0.0%14.4%

Valuation

ZETAHUBSBRZETTDAPPAPPSMedian
NameZeta Glo.HubSpot Braze Trade De.AppLovin Digital . 
Mkt Cap8.89.75.17.2132.00.98.0
P/S5.12.76.22.417.31.43.9
P/Op Inc99.649.9-46.213.922.311.618.1
P/EBIT641.140.3-46.214.821.511.518.1
P/E220.745.7-45.521.926.3-266.724.1
P/CFO32.010.755.56.526.915.821.4
Total Yield0.5%2.2%-2.2%4.6%3.8%-0.4%1.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg2.5%3.4%1.4%38.0%3.5%-2.2%3.0%
D/E0.00.00.00.10.00.40.0
Net D/E-0.0-0.1-0.1-0.10.00.3-0.0

Returns

ZETAHUBSBRZETTDAPPAPPSMedian
NameZeta Glo.HubSpot Braze Trade De.AppLovin Digital . 
1M Rtn6.1%-13.7%59.1%27.2%42.8%-30.9%16.7%
3M Rtn20.4%-10.7%63.9%13.3%24.2%-44.7%16.9%
6M Rtn116.0%9.7%140.1%-27.3%-19.4%86.3%48.0%
12M Rtn76.5%-49.0%64.2%-64.5%-39.3%21.8%-8.7%
3Y Rtn326.0%-54.1%-0.1%-76.0%803.5%51.8%25.8%
1M Excs Rtn8.0%-8.5%62.4%32.0%49.4%-28.5%20.0%
3M Excs Rtn25.5%-3.7%69.6%16.5%32.8%-39.4%21.0%
6M Excs Rtn114.0%7.7%138.1%-29.3%-21.4%84.3%46.0%
12M Excs Rtn67.7%-62.8%53.0%-76.4%-48.4%8.2%-20.1%
3Y Excs Rtn242.1%-126.6%-74.3%-153.6%834.3%-35.8%-55.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,3051,006729591458
Total1,3051,006729591458


Price Behavior

Price Behavior
Market Price$35.07 
Market Cap ($ Bil)8.8 
First Trading Date06/10/2021 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$31.80$22.87
DMA Trendupup
Distance from DMA10.3%53.3%
 3M1YR
Volatility50.9%63.5%
Downside Capture152.04238.39
Upside Capture243.67267.66
Correlation (S&P 500)54.9%45.8%
ZETA Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.411.742.291.382.221.96
Up Beta-6.250.632.61-0.190.921.63
Down Beta3.893.424.022.142.352.09
Up Capture242%153%304%266%721%2313%
Bmk +ve Days12182862130427
Stock +ve Days14213462130406
Down Capture212%124%61%94%160%112%
Bmk -ve Days10253664121325
Stock -ve Days8223064119339

[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 ZETA
ZETA80.2%63.5%1.17-
Sector ETF (XLK)17.8%28.5%0.5637.0%
Equity (SPY)12.7%13.7%0.6245.0%
Gold (GLD)0.3%28.9%0.0015.2%
Commodities (DBC)34.5%21.3%1.28-4.9%
Real Estate (VNQ)11.7%14.2%0.539.7%
Bitcoin (BTCUSD)-27.7%43.5%-0.6331.0%

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 ZETA
ZETA32.1%70.4%0.70-
Sector ETF (XLK)16.6%26.5%0.5742.8%
Equity (SPY)11.6%17.3%0.5045.6%
Gold (GLD)17.2%19.1%0.727.9%
Commodities (DBC)7.4%19.6%0.265.3%
Real Estate (VNQ)1.4%18.9%-0.0429.6%
Bitcoin (BTCUSD)3.4%51.5%0.2525.8%

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 ZETA
ZETA14.9%71.1%0.67-
Sector ETF (XLK)22.9%25.3%0.8341.0%
Equity (SPY)15.2%18.0%0.7143.7%
Gold (GLD)11.7%16.6%0.587.7%
Commodities (DBC)7.5%18.1%0.336.3%
Real Estate (VNQ)5.9%20.7%0.2427.2%
Bitcoin (BTCUSD)59.5%66.3%0.9924.9%

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

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity16.7 Mil
Short Interest: % Change Since 101520264.0%
Average Daily Volume5.0 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity249.8 Mil
Short % of Basic Shares6.7%

Earnings Returns History

Updated 11/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/9/20268.2%  
8/4/202611.6%20.2%25.5%
4/30/20261.0%-6.2%36.9%
2/24/20265.1%6.2%-3.7%
11/4/202519.4%18.6%14.1%
8/5/202527.5%16.8%17.7%
5/1/20251.4%-1.3%-4.2%
2/25/2025-13.7%-18.2%-26.7%
...
SUMMARY STATS   
# Positive151013
# Negative7118
Median Positive11.6%14.8%14.1%
Median Negative-9.2%-6.2%-9.3%
Max Positive27.5%21.4%36.9%
Max Negative-23.2%-46.7%-41.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/9/20268.2%  
8/4/202611.6%20.2%25.5%
4/30/20261.0%-6.2%36.9%
2/24/20265.1%6.2%-3.7%
11/4/202519.4%18.6%14.1%
8/5/202527.5%16.8%17.7%
5/1/20251.4%-1.3%-4.2%
2/25/2025-13.7%-18.2%-26.7%
11/12/2024-23.2%-46.7%-41.4%
7/31/202412.0%5.3%21.1%
5/6/202418.3%21.4%27.2%
2/27/2024-1.5%-6.6%1.6%
11/1/20234.8%8.8%9.2%
8/2/202313.6%-5.4%-2.8%
5/4/2023-9.2%-9.7%-3.8%
2/23/202318.1%15.6%13.1%
11/1/2022-3.7%-1.1%4.9%
8/3/20227.7%14.0%1.1%
5/10/2022-10.1%-4.3%-16.3%
2/23/202218.0%9.0%8.4%
11/9/20210.0%-7.7%-14.5%
8/10/2021-7.3%-2.4%14.9%
SUMMARY STATS   
# Positive151013
# Negative7118
Median Positive11.6%14.8%14.1%
Median Negative-9.2%-6.2%-9.3%
Max Positive27.5%21.4%36.9%
Max Negative-23.2%-46.7%-41.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/09/202610-Q
06/30/202608/05/202610-Q
03/31/202605/01/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/02/202510-Q
12/31/202402/26/202510-K
09/30/202411/12/202410-Q
06/30/202408/01/202410-Q
03/31/202405/07/202410-Q
12/31/202302/28/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/09/202610-Q
06/30/202608/05/202610-Q
03/31/202605/01/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/02/202510-Q
12/31/202402/26/202510-K
09/30/202411/12/202410-Q
06/30/202408/01/202410-Q
03/31/202405/07/202410-Q
12/31/202302/28/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/02/202210-Q
06/30/202208/04/202210-Q
03/31/202205/11/202210-Q
12/31/202102/25/202210-K
09/30/202111/10/202110-Q
06/30/202108/11/202110-Q
03/31/202106/14/2021424B4

Recent Forward Guidance

Updated 11/10/2026

Latest: Q3 2026 Earnings Reported 11/9/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 RevenueReported521.00 Mil523.00 Mil525.00 Mil3.0% RaisedGuidance: 470.50 Mil for Q3 2026
Q4 2026 Revenue GrowthReported32.0%32.5%33.0%   
Q4 2026 Revenue Growth Excluding M&A and Political Candidate RevenueReported22.0%23.0%24.0%   
Q4 2026 Adjusted EBITDAReported135.20 Mil135.75 Mil136.30 Mil3.0% RaisedGuidance: 115.50 Mil for Q3 2026
Q4 2026 Adjusted EBITDA GrowthReported42.0%42.5%43.0%   
Q4 2026 Adjusted EBITDA MarginReported25.7%25.95%26.2%   
2026 RevenueReported1.85 Bil1.85 Bil1.86 Bil2.0% RaisedGuidance: 1.82 Bil for 2026
2026 Revenue GrowthReported 42.0%    
2026 Revenue Growth Excluding M&A and Political Candidate RevenueReported 27.0%    
2026 Adjusted EBITDAReported414.10 Mil414.65 Mil415.20 Mil2.3% RaisedGuidance: 405.20 Mil for 2026
2026 Adjusted EBITDA GrowthReported 49.0%    
2026 Adjusted EBITDA MarginReported22.3%22.35%22.4%   
2026 GAAP EPSReported0.220.230.24130.0% RaisedGuidance: 0.1 for 2026
2026 Free Cash FlowReported270.60 Mil271.10 Mil271.60 Mil6.2% RaisedGuidance: 255.30 Mil for 2026
2026 Free Cash Flow GrowthReported64.0%64.5%65.0%   
2026 Free Cash Flow MarginReported14.6%14.65%14.7%   


Prior: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported469.00 Mil470.50 Mil472.00 Mil   
Q3 2026 Adjusted EBITDAReported115.00 Mil115.50 Mil116.00 Mil   
2026 RevenueReported1.81 Bil1.82 Bil1.82 Bil1.8% RaisedGuidance: 1.79 Bil for 2026
2026 Adjusted EBITDAReported404.10 Mil405.20 Mil406.30 Mil2.0% RaisedGuidance: 397.30 Mil for 2026
2026 GAAP EPSReported0.090.10.11   
2026 Free Cash FlowReported254.80 Mil255.30 Mil255.80 Mil8.6% RaisedGuidance: 235.00 Mil for 2026

Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported419.00 Mil420.50 Mil422.00 Mil  Raised
Q2 2026 Adjusted EBITDAReported86.20 Mil86.55 Mil86.90 Mil  Raised
2026 RevenueReported1.78 Bil1.79 Bil1.79 Bil1.7% RaisedGuidance: 1.76 Bil for 2026
2026 Adjusted EBITDAReported396.20 Mil397.30 Mil398.40 Mil1.6% RaisedGuidance: 391.00 Mil for 2026
2026 Free Cash FlowReported234.50 Mil235.00 Mil235.50 Mil1.6% RaisedGuidance: 231.20 Mil for 2026

Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported369.00 Mil370.00 Mil371.00 Mil  RaisedGuidance: 364.50 Mil for Q4 2025
Q1 2026 Adjusted EBITDAReported61.20 Mil61.50 Mil61.80 Mil  RaisedGuidance: 90.10 Mil for Q4 2025
2026 RevenueReported1.75 Bil1.76 Bil1.76 Bil  RaisedGuidance: 1.54 Bil for 2026
2026 Adjusted EBITDAReported389.90 Mil391.00 Mil392.10 Mil  RaisedGuidance: 354.00 Mil for 2026
2026 Free Cash FlowReported230.70 Mil231.20 Mil231.70 Mil  RaisedGuidance: 209.00 Mil for 2026
2028 RevenueReported 2.30 Bil    
2028 Adjusted EBITDAReported 573.00 Mil    
2028 Free Cash FlowReported 371.00 Mil    

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Silberblatt, Jeanine DirectSell612202619.897,500149,1751,001,462Form
2Silberblatt, Jeanine DirectSell1212202519.3412,990251,1851,118,634Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Silberblatt, Jeanine DirectSell612202619.897,500149,1751,001,462Form
2Silberblatt, Jeanine DirectSell1212202519.3412,990251,1851,118,634Form

Investor Activity (13F)

Updated Nov 11, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenvale Capital LLP$165.6 Mil18.2%12ADD +48.1%13F
BWCP, LP$71.8 Mil11.0%27ADD +41.6%13F
Ophir Asset Management Pty Ltd$7.9 Mil0.9%34TRIM -52.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenvale Capital LLP$165.6 Mil18.2%12ADD +48.1%13F
BWCP, LP$71.8 Mil11.0%27ADD +41.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
O'Neil Global Advisors, Inc.$12.5 Mil4.3%45ExitedDec 31, 202513F
Ophir Asset Management Pty Ltd$7.9 Mil0.9%34TRIM -52.8%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenvale Capital LLP$165.6 Mil18.2%12ADD +48.1%13F
BWCP, LP$71.8 Mil11.0%27ADD +41.6%13F
Ophir Asset Management Pty Ltd$7.9 Mil0.9%34TRIM -52.8%13F
Core Cache Last Updated: 11/10/2026