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Emerald Expositions Events
(NYSE:EEX)
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Rating:63Neutral
Price Target:
$5.50
▲(16.03% Upside)
Action:Reiterated
Date:06/25/26
The score is driven primarily by solid operating metrics and consistently positive free cash flow, alongside a transaction-backed corporate catalyst (Apollo all-cash acquisition). These positives are moderated by continued net losses and a debt-heavy balance sheet, while technicals are modestly supportive and valuation is constrained by the negative P/E.
Positive Factors
Strong free cash flow generation
Consistent positive free cash flow (TTM ~$57.1M) shows the core events business generates real cash after investments. That durable cash generation supports debt service, funds working capital and reinvestment in events and digital initiatives, reducing reliance on external financing.
Negative Factors
High leverage burden
A debt-to-equity ratio around 1.5 indicates a capital structure with significant leverage. That constrains financial flexibility, raises interest expense exposure, and limits ability to invest opportunistically or absorb shocks, making long-term strategy sensitive to credit market access.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent positive free cash flow (TTM ~$57.1M) shows the core events business generates real cash after investments. That durable cash generation supports debt service, funds working capital and reinvestment in events and digital initiatives, reducing reliance on external financing.
Read all positive factors
Emerald Expositions Events Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across the company’s business lines — for example trade shows, conferences, sponsorships, and ancillary services — showing which activities drive top-line results. High concentration in a single segment signals greater exposure to industry cycles, event cancellations, or geography-specific risks, while growth in higher-margin or recurring services points to better long-term profitability and resilience. Watch shifts over time to see if management is diversifying revenue, gaining pricing power, or remaining dependent on seasonal, macro-sensitive event income.
Breaks down revenue across the company’s business lines — for example trade shows, conferences, sponsorships, and ancillary services — showing which activities drive top-line results. High concentration in a single segment signals greater exposure to industry cycles, event cancellations, or geography-specific risks, while growth in higher-margin or recurring services points to better long-term profitability and resilience. Watch shifts over time to see if management is diversifying revenue, gaining pricing power, or remaining dependent on seasonal, macro-sensitive event income.
Data provided by:
The Fly
The FlyEmerald Expositions Events (EEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$997.46M
Dividend Yield1.29%
Average Volume (3M)107.72K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth14.04%
EPS Growth-1310.49%
CountryUS
Employees697
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.20
Shares Outstanding197,909,470
10 Day Avg. Volume229,492
30 Day Avg. Volume107,722
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)2.62
Price to Sales (P/S)1.92
P/FCF Ratio21.46
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue2.93
Enterprise Value/Gross Profit5.20
Enterprise Value/Ebitda33.18
Forecast
1Y Price Target
$5.03Price Target Upside6.12% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.2
Revenue Forecast (FY)$493.00M
Emerald Expositions Events Business Overview & Revenue Model
Company Description
Emerald Holding, Inc. specializes in orchestrating business-to-business (B2B) industry exhibitions across the United States. These events span a diverse array of sectors, including retail, architecture and construction, technology, industrial equi...
How the Company Makes Money
EEX primarily generates revenue from producing and operating B2B trade shows and conferences. Its main revenue stream is exhibitor-related income, where businesses pay to participate in events—typically through booth/space rental and fees for exhi...
Emerald Expositions Events Earnings Call Summary
Earnings Call Date:Mar 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call presents a generally positive operational and financial trajectory: strong full-year revenue (+16.2%) and adjusted EBITDA (+25%), clear portfolio repositioning via targeted acquisitions, solid liquidity and leverage below target, affirmative 2026 guidance, and promising automation/AI initiatives. Near-term concerns include a sharp increase in SG&A driven by contingent consideration and integration/transaction costs, lower reported free cash flow affected by acquisition timing and refinancing fees, and a content segment that remains weak. Management provided visibility into 2026 (high percent of revenue contracted) and expects materially higher free cash flow next year, which, together with deleveraging and continued M&A discipline, supports confidence in the outlook.Positive Updates
Strong Revenue Growth
Full year 2025 revenue of $463.4M, up 16.2% year-over-year; Q4 2025 revenue $132.7M versus $106.8M in prior year quarter. Reported organic revenue +1.1% for FY2025 and +0.3% in Q4; pro forma organic growth assuming 2025 acquisitions were owned in 2024: +4.8% FY and +5.3% Q4.
Negative Updates
Large SG&A Increase Driven by Contingent Considerations and One-Time Costs
Q4 SG&A rose to $88.7M from $34.6M a ~156% increase; full year SG&A $241.2M versus $170.4M prior year (≈ +41.6%). The increases were primarily due to contingent consideration remeasurement (reflecting strong performance/outlook of acquired businesses), transaction and integration costs.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full year 2025 revenue of $463.4M, up 16.2% year-over-year; Q4 2025 revenue $132.7M versus $106.8M in prior year quarter. Reported organic revenue +1.1% for FY2025 and +0.3% in Q4; pro forma organic growth assuming 2025 acquisitions were owned in 2024: +4.8% FY and +5.3% Q4.
Read all positive updates
Company Guidance
Emerald issued full-year 2026 guidance of $490.0–$495.0 million in revenue and $137.5–$142.5 million in adjusted EBITDA (midpoint implying roughly +6% revenue and +10% adjusted EBITDA year-over-year), and management said it has sold over 70% of the year's revenue; CFO David Doft expects free cash flow of about $85–$90 million (high incremental flow-through from EBITDA, subject to one-time acquisition/integration spend). For context, FY2025 revenue was $463.4 million and adjusted EBITDA was $127.1 million (FY revenue +16.2% and adj. EBITDA +25% year-over-year), reported organic revenue +1.1% (pro forma including Generis, This is Beyond and Insurtech +4.8%), Q4 revenue was $132.7 million with Q4 adjusted EBITDA $36.3 million, and FY free cash flow was $34.3 million (impacted by ~$30.0 million of operating cash that would have been included had 2025 acquisitions been owned all year plus $6.5 million of refinancing fees, a ~$36.6 million headwind to reported FCF). Balance sheet and capital-allocation metrics cited alongside the guidance include $100.9 million of cash, $210.4 million total liquidity (including $110 million revolver), net debt to covenant EBITDA of 2.86x (below the sub-3.0x target), full-year share repurchases of 4,058,604 shares at an average $4.32 (Q4 repurchases 282,386 shares at $4.56), $24.6 million remaining repurchase capacity, and a quarterly dividend of $0.015 per share.Emerald Expositions Events Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
41
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 471.10M | 463.40M | 398.80M | 382.80M | 325.90M | 145.50M |
| Gross Profit | 265.20M | 263.70M | 223.00M | 200.20M | 149.90M | 40.80M |
| EBITDA | 41.60M | 58.20M | 83.60M | 85.40M | 245.40M | -14.20M |
| Net Income | -38.80M | -30.70M | 2.20M | -8.20M | 70.60M | -79.70M |
Balance Sheet | ||||||
| Total Assets | 1.24B | 1.21B | 1.05B | 1.05B | 1.10B | 1.06B |
| Cash, Cash Equivalents and Short-Term Investments | 121.10M | 7.20M | 194.80M | 204.20M | 239.10M | 231.20M |
| Total Debt | 507.80M | 512.30M | 412.20M | 415.80M | 429.20M | 534.60M |
| Total Liabilities | 905.20M | 874.00M | 662.80M | 649.30M | 1.13B | 1.18B |
| Stockholders Equity | 338.40M | 338.80M | 385.90M | 404.60M | -33.10M | -121.00M |
Cash Flow | ||||||
| Free Cash Flow | 57.10M | 41.40M | 45.50M | 37.70M | 172.90M | 88.50M |
| Operating Cash Flow | 58.30M | 42.60M | 46.80M | 38.30M | 174.70M | 90.00M |
| Investing Cash Flow | -183.60M | -203.20M | -25.00M | -21.00M | -47.90M | -131.90M |
| Financing Cash Flow | -29.10M | 67.10M | -31.20M | -52.20M | -118.90M | -22.20M |
Emerald Expositions Events Technical Analysis
Positive
4.74
Price Trends
4.92
Positive
4.71
Positive
4.59
Positive
Market Momentum
0.03
Positive
59.29
Neutral
68.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EEX, the sentiment is Positive. The current price of 4.74 is below the 20-day moving average (MA) of 5.01, below the 50-day MA of 4.92, and above the 200-day MA of 4.59, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 59.29 is Neutral, neither overbought nor oversold. The STOCH value of 68.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EEX.
Emerald Expositions Events Risk Analysis
Emerald Expositions Events disclosed 40 risk factors in its most recent earnings report. Emerald Expositions Events reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Emerald Expositions Events Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $750.24M | 11.43 | 23.85% | ― | 14.75% | ― | |
65 Neutral | $1.05B | 10.22 | 15.49% | 5.41% | 0.55% | 82.53% | |
65 Neutral | $873.71M | 7.67 | 10.17% | ― | -0.43% | -15.84% | |
63 Neutral | $997.46M | -26.01 | -10.81% | 1.29% | 14.04% | -1310.49% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $1.84B | 99.80 | 2.52% | ― | 4.48% | 868.83% | |
50 Neutral | $1.23B | -5.92 | 5.99% | ― | -12.49% | 38.34% |
* Communication Services Sector Average
EEX
Emerald Expositions Events
5.02
>-0.01
-0.06%
CCO
Clear Channel Outdoor
2.41
1.18
95.93%
DLX
Deluxe
24.62
8.47
52.48%
STGW
Stagwell
7.58
3.02
66.23%
QNST
Quinstreet
15.32
-1.02
-6.24%
CRTO
Criteo SA
18.47
-6.00
-24.52%
Emerald Expositions Events Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Apollo Names Paul Miller to Lead Emerald-Questex Merger
Positive
Jun 24, 2026
On June 24, 2026, Apollo announced that Paul Miller, the current CEO of Questex, will lead the combined Emerald and Questex business as chief executive once Apollo-managed funds complete their previously disclosed acquisitions. Following the trans...
Executive/Board ChangesShareholder Meetings
Emerald Expositions Stockholders Back Directors and Governance Measures
Positive
May 26, 2026
On May 21, 2026, Emerald Holding, Inc. held its Annual Meeting of Stockholders, where shareholders re‑elected Michael Alicea, David Levin and Emmanuelle Skala as Class III directors to serve until the 2029 annual meeting. A quorum was achiev...
Business Operations and StrategyDelistings and Listing ChangesDividendsM&A TransactionsPrivate Placements and Financing
Emerald Expositions to Be Acquired by Apollo Funds
Positive
May 11, 2026
Emerald Holding, Inc., a major U.S. B2B events organizer, has agreed to be acquired by funds managed by Apollo Global Management, which will combine Emerald with Questex to form a scaled North American B2B experiential events and media platform sp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.