ON24 (ONTF) AI Stock Analysis

• Market Cap: $338.00M
• Dividend Yield: N/A
• Average Volume (3M): 209.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: -6.23%
• EPS Growth: 28.57%
• Country: US
• Employees: 437
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.03
• Shares Outstanding: 42,462,680
• 10 Day Avg. Volume: 189,621
• 30 Day Avg. Volume: 209,460
• PEG Ratio: 0.49
• Price to Book (P/B): 1.69
• Price to Sales (P/S): 1.82
• P/FCF Ratio: 105.17
• Enterprise Value/Market Cap: 0.21
• Enterprise Value/Revenue: 0.50
• Enterprise Value/Gross Profit: 0.67
• Enterprise Value/Ebitda: -2.68
• 1Y Price Target: $8.10
• Price Target Upside: 48.62% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $6.00 ▲(10.09% Upside)

The score is held back primarily by weak financial performance (declining revenue and ongoing losses) despite strong gross margins and improving free cash flow. Technicals are supportive but carry near-term overbought risk (very high RSI). Earnings call guidance and the signed all-cash acquisition agreement add meaningful support, while valuation remains constrained by negative earnings and no stated dividend yield.

Positive Factors

Strong Gross Margin

High gross margins indicate efficient cost management and pricing power, supporting long-term profitability even amidst revenue challenges.

AI Product Expansion

Growing AI product adoption enhances ON24's value proposition, driving future revenue growth and strengthening competitive positioning.

Low Leverage

A low leverage ratio provides financial flexibility and reduces risk, allowing ON24 to invest in growth opportunities without significant debt burden.

Negative Factors

Declining Revenue

Continued revenue decline suggests challenges in market demand or competitive pressures, potentially impacting long-term growth prospects.

Ongoing Losses

Persistent losses indicate operational inefficiencies and challenges in achieving profitability, which could strain resources and limit strategic initiatives.

ARR Performance Below Expectations

Underperformance in ARR growth can signal difficulties in customer acquisition or retention, affecting future revenue stability and expansion.

ON24 Business Overview & Revenue Model

Company Description

ON24 (ONTF) is a leading digital engagement platform that specializes in providing businesses with tools to create and manage webinars, virtual events, and other digital experiences. The company primarily operates within the technology sector, focusing on solutions that enhance customer engagement, lead generation, and data analytics for marketing and sales teams. ON24's core products include its webinar platform, digital experience solutions, and analytics tools that help organizations connect with their audiences and drive meaningful interactions.

How the Company Makes Money

ON24 generates revenue primarily through subscription-based models, where clients pay for access to its webinar and digital engagement platforms. The company offers various pricing tiers based on the features and volume of usage, which can include options for large-scale events and additional analytics capabilities. Key revenue streams include subscription fees from existing customers and new client acquisitions. Additionally, ON24 may engage in partnerships with other technology and marketing firms, enhancing its service offerings and expanding its customer base, which in turn contributes to its earnings. The company also benefits from upselling and cross-selling opportunities within its existing client accounts.

ON24 Financial Statement Overview

Summary

ON24 is facing financial challenges with declining revenues and persistent losses. Despite a strong gross profit margin and low leverage, the negative net profit margin and return on equity highlight profitability issues. Cash flow improvements are a positive sign, but operational inefficiencies need addressing for sustainable growth.

Income Statement

ON24's income statement reveals a challenging financial situation. The company has experienced declining revenues over the past few years, with a negative revenue growth rate of -1.20% in the TTM period. Gross profit margins remain relatively strong at around 74%, but the net profit margin is negative, indicating ongoing losses. The EBIT and EBITDA margins are also negative, reflecting operational inefficiencies and challenges in achieving profitability.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio of 0.0136 in the TTM period, indicating low leverage and a conservative capital structure. However, the return on equity is negative, suggesting that the company is not generating sufficient returns on shareholders' equity. The equity ratio is stable, but the company's overall financial health is impacted by its inability to generate profits.

Cash Flow

Cash flow analysis indicates some positive trends, with a significant improvement in free cash flow growth of 44.07% in the TTM period. However, the operating cash flow to net income ratio is low, suggesting limited cash generation from operations relative to net losses. The free cash flow to net income ratio is positive, indicating some ability to generate cash despite net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	141.35M	148.08M	163.71M	190.87M	203.61M	156.94M
Gross Profit	105.35M	110.07M	117.44M	138.09M	156.25M	123.61M
EBITDA	-26.20M	-36.66M	-45.34M	-49.69M	-19.48M	24.89M
Net Income	-31.23M	-42.16M	-51.79M	-58.21M	-24.26M	20.75M
Balance Sheet
Total Assets	224.79M	250.95M	280.30M	425.47M	480.49M	156.72M
Cash, Cash Equivalents and Short-Term Investments	175.17M	182.74M	198.71M	328.12M	382.56M	61.24M
Total Debt	1.37M	3.39M	5.39M	9.24M	7.41M	28.09M
Total Liabilities	80.46M	91.54M	100.08M	117.51M	125.40M	146.52M
Stockholders Equity	144.32M	159.41M	180.22M	307.96M	355.09M	10.20M
Cash Flow
Free Cash Flow	6.60M	2.56M	-14.38M	-24.16M	1.63M	36.51M
Operating Cash Flow	9.50M	4.81M	-12.20M	-20.46M	5.19M	37.54M
Investing Cash Flow	48.52M	-19.45M	162.31M	-88.98M	-219.19M	970.00K
Financing Cash Flow	-21.40M	-23.27M	-124.18M	-28.62M	320.51M	804.00K

ON24 Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONTF, the sentiment is Positive. The current price of 5.45 is below the 20-day moving average (MA) of 6.60, below the 50-day MA of 5.95, and below the 200-day MA of 5.46, indicating a bullish trend. The MACD of 0.62 indicates Negative momentum. The RSI at 81.92 is Negative, neither overbought nor oversold. The STOCH value of 94.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ONTF.

ON24 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OPFI	67 Neutral	$881.76M	-13.47	9.19%	―	9.63%	-112.71%
EB	64 Neutral	$437.85M	-20.31	-11.81%	―	-11.54%	-54.32%
SMRT	62 Neutral	$348.13M	-5.12	-25.48%	―	-24.30%	-181.62%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ONTF	59 Neutral	$338.00M	-10.77	-20.20%	―	-6.23%	28.57%
LAW	54 Neutral	$469.94M	-7.39	-41.00%	―	6.33%	-66.34%
NRDY	46 Neutral	$187.33M	-3.09	-120.79%	―	-9.86%	0.87%

ON24 Corporate Events

ON24 to Be Acquired by Cvent in All-Cash Deal

On December 29, 2025, ON24, Inc. agreed to be acquired by Cvent-affiliated entity Cvent Atlanta, LLC, under a definitive merger agreement that will see ON24 merge with a Cvent subsidiary and become a wholly owned unit of the buyer. The all-cash deal values ON24 at $8.10 per share and includes detailed treatment for stock options, restricted stock units and employee stock purchase plan rights, effectively cashing out vested awards and converting unvested equity into restricted cash awards that mirror prior vesting terms. The transaction, backed by committed equity financing from Blackstone-affiliated funds and supported by major shareholders holding about 39% of ON24’s stock, is subject to customary conditions including antitrust and foreign investment clearances, a minimum cash balance of $107 million by the earlier of June 30, 2026 or closing, and approval by a majority of shareholders. The agreement includes no-shop and termination-fee provisions for both sides, underscoring the board’s commitment to the deal and signaling a significant strategic shift for ON24 as it prepares to transition from a public company to private ownership under the Cvent and Blackstone umbrella, with material implications for existing shareholders and equity-compensated employees.

The most recent analyst rating on (ONTF) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on ON24 stock, see the ONTF Stock Forecast page.

ON24 to be acquired by Cvent in cash deal

On December 30, 2025, ON24 announced that it had entered into a definitive agreement to be acquired by Cvent in an all-cash transaction valuing the intelligent engagement platform provider at approximately $400 million. Under the terms of the deal, Cvent affiliates Cvent Atlanta and Summit Sub Corp. will acquire all outstanding ON24 shares for $8.10 per share in cash, representing a premium of about 62% to the company’s November 10, 2025 closing price and 51% to its 90-day volume-weighted average price. The ON24 board unanimously approved the merger, which is expected to close in the first half of 2026, subject to shareholder and regulatory approvals, after which ON24 will be taken private. The combination is intended to create a more comprehensive suite of digital and in-person event and engagement technologies for enterprise marketers and event professionals, potentially strengthening both companies’ positions in the fast-evolving events and marketing technology market and delivering an immediate cash exit at a substantial premium for ON24 shareholders.

The most recent analyst rating on (ONTF) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on ON24 stock, see the ONTF Stock Forecast page.

ON24 Reports Q3 2025 Financial Results and Strategic Progress

ON24 announced its financial results for the third quarter of 2025, reporting a total revenue of $34.6 million and a significant improvement in operating and net losses compared to the previous year. The company highlighted its strategic progress in AI-driven initiatives, collaboration with LinkedIn for event marketing, and achieving positive cash flows for the seventh consecutive quarter, reinforcing its leadership in the industry.

The most recent analyst rating on (ONTF) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on ON24 stock, see the ONTF Stock Forecast page.