ON24 (ONTF)
NYSE:ONTF
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ON24
(NYSE:ONTF)
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Rating:66Neutral
Price Target:
$8.50
▲(55.96% Upside)
Action:ReiteratedDate:03/28/26
The score is driven by the high-impact M&A privatization process (approved deal and regulatory progress) and supportive technical trend, tempered by weak financial performance (shrinking revenue and ongoing losses) and limited valuation support given the negative P/E and no dividend yield.
Positive Factors
High gross margins
Sustained mid-70% gross margins point to strong unit economics in ON24's cloud webinar platform. Durable high gross margins provide pricing power and the capacity to fund product development or marketing, cushioning operating leverage and supporting long-term margin recovery if revenue stabilizes.
Negative Factors
Multi-year revenue decline
A sustained revenue drop of ~32% since 2021 materially erodes scale and market traction. Shrinking subscription revenue undermines pricing leverage, makes it harder to cover fixed costs, constrains R&D and sales investment, and is a structural headwind unless product-market fit and customer expansion improve.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained mid-70% gross margins point to strong unit economics in ON24's cloud webinar platform. Durable high gross margins provide pricing power and the capacity to fund product development or marketing, cushioning operating leverage and supporting long-term margin recovery if revenue stabilizes.
Read all positive factors
ON24 (ONTF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$348.25M
Dividend YieldN/A
Average Volume (3M)209.46K
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth-6.23%
EPS Growth28.57%
CountryUS
Employees437
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.05
Shares Outstanding42,993,702
10 Day Avg. Volume189,621
30 Day Avg. Volume209,460
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)2.42
Price to Sales (P/S)2.43
P/FCF Ratio85.15
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit3.05
Enterprise Value/Ebitda-13.51
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.13
Revenue Forecast (FY)$134.90M
ON24 Business Overview & Revenue Model
Company Description
ON24, Inc. provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 E...
How the Company Makes Money
ON24 primarily makes money by selling subscription access to its cloud-based digital engagement platform. The core revenue stream is recurring subscription revenue (typically contracted for a term) from customers that pay for platform usage and fe...
ON24 Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
ON24 demonstrated strong financial performance and strategic growth through partnerships and AI product expansion. However, there were challenges in ARR performance and pressures in specific verticals like life sciences. The company's positive cash flow and focus on operational efficiency highlight a strong outlook for future growth.Positive Updates
Strong Q3 Financial Performance
ON24 delivered a strong Q3 with revenue and profitability above guidance. Total revenue was $34.6 million and ARR ended at $124.5 million.
Negative Updates
Q3 ARR Performance Below Expectations
Q3 ARR was impacted by slower new growth bookings and deal slippage, particularly in the life sciences vertical.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Q3 Financial Performance
ON24 delivered a strong Q3 with revenue and profitability above guidance. Total revenue was $34.6 million and ARR ended at $124.5 million.
Read all positive updates
Company Guidance
During ON24's Third Quarter 2025 Earnings Conference Call, the company provided guidance suggesting a strong performance in Q4, buoyed by a significant partnership with LinkedIn and an expansion of AI offerings. ON24 reported a total ARR of $124.5 million in Q3, with expectations for improved ARR performance in Q4. The average core ARR per customer exceeded $80,000, with multiyear contract ARR at an all-time high. They highlighted their focus on regulated industries, with financial services and professional services sectors growing mid-single digits year-over-year. The company's AI-driven products, such as AI Translate and AI Propel Plus, are gaining traction, with nearly 20% of customers paying for AI solutions. ON24 is also using AI internally to improve operational efficiency, aiming to reduce sales and marketing expenses from the low forties to the mid-thirties in the next year and further to the low thirties in two years. The company is targeting adjusted EBITDA positivity in Q4 and for the full year 2025, with a forecasted total revenue of $138.6 million to $139.2 million for the year.ON24 Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 139.31M | 148.08M | 163.71M | 190.87M | 203.61M |
| Gross Profit | 103.97M | 110.07M | 117.44M | 138.09M | 156.25M |
| EBITDA | -23.45M | -36.66M | -45.34M | -49.69M | -19.48M |
| Net Income | -28.85M | -42.16M | -51.79M | -58.21M | -24.26M |
Balance Sheet | |||||
| Total Assets | 228.36M | 250.95M | 280.30M | 425.47M | 480.49M |
| Cash, Cash Equivalents and Short-Term Investments | 167.53M | 182.74M | 198.71M | 328.12M | 382.56M |
| Total Debt | 5.57M | 3.39M | 5.39M | 9.24M | 7.41M |
| Total Liabilities | 88.91M | 91.54M | 100.08M | 117.51M | 125.40M |
| Stockholders Equity | 139.45M | 159.41M | 180.22M | 307.96M | 355.09M |
Cash Flow | |||||
| Free Cash Flow | 3.97M | 2.56M | -14.38M | -24.16M | 1.63M |
| Operating Cash Flow | 7.45M | 4.81M | -12.20M | -20.46M | 5.19M |
| Investing Cash Flow | 34.82M | -19.45M | 162.31M | -88.98M | -219.19M |
| Financing Cash Flow | -20.39M | -23.27M | -124.18M | -28.62M | 320.51M |
ON24 Technical Analysis
Positive
5.45
Price Trends
8.00
Positive
7.18
Positive
6.29
Positive
Market Momentum
0.04
Positive
69.73
Neutral
81.90
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 8.07, below the 50-day MA of 8.00, and below the 200-day MA of 6.29, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 69.73 is Neutral, neither overbought nor oversold. The STOCH value of 81.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ONTF.
ON24 Risk Analysis
ON24 disclosed 63 risk factors in its most recent earnings report. ON24 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
ON24 Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $669.93M | 10.53 | 73.23% | ― | 9.63% | -112.71% | |
66 Neutral | $348.25M | -11.71 | -19.64% | ― | -6.23% | 28.57% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $274.88M | ― | -25.34% | ― | -24.30% | -181.62% | |
47 Neutral | $158.42M | -3.46 | -145.86% | ― | -9.86% | 0.87% | |
46 Neutral | $230.52M | -10.79 | -32.94% | ― | 6.33% | -66.34% |
* Technology Sector Average
ONTF
ON24
8.10
3.42
73.08%
OPFI
OppFi
7.87
-0.46
-5.52%
NRDY
Nerdy
0.84
-0.54
-39.13%
SMRT
SmartRent
1.43
0.62
76.54%
LAW
CS Disco
3.64
0.12
3.41%
ON24 Corporate Events
M&A TransactionsShareholder Meetings
ON24 Shareholders Approve Merger, Moving Toward Privatization
Positive
Mar 27, 2026
ON24, Inc. reported that on March 26, 2026, it held a special meeting of stockholders where approximately 87% of the 42,653,591 outstanding common shares were present or represented by proxy, constituting a quorum. Stockholders were asked to vote ...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
ON24 Issues Supplemental Disclosures Amid Merger Litigation
Neutral
Mar 19, 2026
ON24, Inc. disclosed that, following its December 29, 2025 agreement to be acquired by Cvent Atlanta, LLC via a merger that would take ON24 private as a wholly owned subsidiary, it has faced stockholder litigation and demand letters in New York ch...
M&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
ON24 Clears Key Antitrust Hurdle in Cvent Acquisition
Positive
Feb 19, 2026
On February 13, 2026, ON24, Inc. said it received early termination of the Hart-Scott-Rodino antitrust waiting period from the U.S. Federal Trade Commission for its previously announced acquisition by an affiliate of Cvent, Inc. The clearance remo...
Business Operations and StrategyM&A Transactions
ON24 to Be Acquired by Cvent in All-Cash Deal
Positive
Dec 30, 2025
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 de...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
ON24 to be acquired by Cvent in cash deal
Positive
Dec 30, 2025
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...
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.