ON24 (ONTF) AI Stock Analysis

• Market Cap: $337.30M
• Dividend Yield: N/A
• Average Volume (3M): 209.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: -6.23%
• EPS Growth: 28.57%
• Country: US
• Employees: 437
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.05
• Shares Outstanding: 42,588,417
• 10 Day Avg. Volume: 189,621
• 30 Day Avg. Volume: 209,460
• PEG Ratio: 0.36
• Price to Book (P/B): 2.42
• Price to Sales (P/S): 2.43
• P/FCF Ratio: 85.15
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 2.22
• Enterprise Value/Gross Profit: 2.97
• Enterprise Value/Ebitda: -11.79
• 1Y Price Target: $8.10
• Price Target Upside: 48.62% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): $133.85M

• Rating: 66 Neutral
• Price Target: $8.50 ▲(55.96% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weak financial performance (shrinking revenue and continued net losses), partially offset by a solid technical uptrend. Earnings-call tone and guidance are moderately supportive, while the pending all-cash acquisition and regulatory progress add a notable positive backdrop; valuation remains constrained by negative earnings and no dividend.

Positive Factors

High gross margins

Sustained mid-70% gross margins indicate robust unit economics and pricing power for ON24's cloud engagement products. High gross margins provide durable headroom to absorb sales and R&D spend, supporting eventual path to profitability if revenue stabilizes or grows.

Enterprise recurring ARR

A large proportion of ARR from enterprise customers and multiyear contracts creates sticky, predictable recurring revenue. High average ARR per account supports upsell potential and reduces churn sensitivity, improving long-term revenue visibility and customer lifetime value.

Conservative balance sheet

Very low leverage reduces financial risk and gives the company flexibility to fund operations or strategic moves without large interest burdens. Combined with improving operating cash flow, this conservatism supports durability through cycles and potential investment in product or customer success.

Negative Factors

Multi-year revenue decline

A sustained contraction in top line over multiple years weakens scale economics, limits leverage on fixed costs, and makes sustaining R&D and go-to-market investments harder. Prolonged revenue shrinkage raises execution risk for returning to consistent growth.

Persistent losses and equity erosion

Ongoing net losses have materially reduced shareholders' equity and produced negative returns on capital. Equity erosion constrains the company’s ability to self-fund growth, heightens sensitivity to cash flow swings, and limits strategic optionality absent external financing or a strategic transaction.

ARR softness and vertical concentration risk

Deal slippage and underperformance in key verticals (life sciences) signal concentration and demand risk. Reliance on a few sectors or large deals can cause ARR volatility and complicate visibility into sustainable recurring revenue growth across quarters.

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 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Breakouts, a live breakout room experience that facilitates networking, collaboration and interactivity between users; ON24 Go Live, a live, interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; ON24 Virtual Confrence, a live and large scale virtual event experience; ON24 Engagement Hub, a rich multimedia content experience; and ON24 Target, a personalized and curated rich multimedia content experience, as well as solutions; ON24 Intelligence, an analytics backbone that captures first-person data to power the insights, benchmarking, reporting, and artificial intelligence and machine learning engine; and ON24 Connect, an ecosystem of third-party application integrations. It also offers professional services, such as experience management, monitoring, premium support, and implementation and other services. The company sells its products through direct sales. It serves technology, financial services, healthcare, industrial and manufacturing, professional services, and business-to-business information service industries. The company was formerly known as NewsDirect, Inc. and changed its name to ON24, Inc. in December 1998. The company was incorporated in 1998 and is headquartered in San Francisco, California.

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

Mixed fundamentals: multi-year revenue contraction and persistent net losses weigh heavily, despite strong/stable gross margins, very low leverage, and recently positive (but modest and less durable) operating/free cash flow.

Income Statement

Revenue has been shrinking for several years (2022–2025), falling from $203.6M (2021) to $139.3M (2025), which weighs on the growth outlook. Profitability is also weak: net results have been consistently negative from 2021–2025, though losses narrowed in 2025 versus 2024 (net loss improved from -$42.2M to -$28.9M). A clear positive is that gross profit remains strong and stable (mid‑70% range), suggesting the core unit economics are healthy, but operating costs are still too high relative to the current revenue base.

Balance Sheet

The balance sheet looks conservative with very low leverage in recent years: debt-to-equity is ~0.02–0.04 from 2021–2025, indicating limited balance-sheet risk. However, equity and total assets have declined meaningfully since 2022 (equity down from ~$308.0M to ~$139.4M by 2025), consistent with ongoing losses and potential balance-sheet erosion over time. Returns on equity are negative throughout 2021–2025, reinforcing that the company has not been converting its capital base into profits.

Cash Flow

Cash generation improved versus the prior two years: operating cash flow turned positive in 2024 and 2025, and free cash flow was positive in both years (2025 free cash flow ~$4.0M). That said, free cash flow fell sharply in 2025 versus 2024 (down ~40%), and cash conversion is not consistently strong across the period (notably negative operating and free cash flow in 2022–2023). Overall, the recent positive cash flow is encouraging, but durability is still a key watch item.

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	-35.77M	-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

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

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 7.94, below the 50-day MA of 7.49, and below the 200-day MA of 5.96, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 67.64 is Neutral, neither overbought nor oversold. The STOCH value of 31.54 is Neutral, 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	$785.04M	-12.12	9.19%	―	9.63%	-112.71%
ONTF	66 Neutral	$337.30M	-10.85	-20.20%	―	-6.23%	28.57%
EB	64 Neutral	$443.92M	―	-5.81%	―	-11.54%	-54.32%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SMRT	51 Neutral	$298.94M	-4.56	-25.48%	―	-24.30%	-181.62%
NRDY	44 Neutral	$167.31M	―	-120.79%	―	-9.86%	0.87%
LAW	43 Neutral	$203.72M	-2.75	-41.00%	―	6.33%	-66.34%

ON24 Corporate Events

ON24 Clears Key Antitrust Hurdle in Cvent Acquisition

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 removes a key antitrust hurdle, but the deal still requires approval from ON24 stockholders and remaining regulatory bodies before it can close.

ON24 has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission and plans to mail a definitive proxy to shareholders ahead of a special meeting on the transaction. The company highlighted that directors and executives may solicit proxies and directed investors to SEC filings for details on their interests and on risks that could delay, alter or prevent completion of the merger.

The most recent analyst rating on (ONTF) stock is a Hold with a $8.50 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 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.