Zeta Global Holdings Corp (ZETA)
NYSE:ZETA
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Zeta Global Holdings Corp
(NYSE:ZETA)
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Rating:69Neutral
Price Target:
$16.00
▼(-11.01% Downside)
Action:DowngradedDate:02/25/26
Score is driven primarily by improving fundamentals (strong growth, de-risked balance sheet, and robust rising free cash flow) and a notably upbeat earnings call with raised 2026 guidance and a path to GAAP profitability. Offsetting these positives are currently weak technical momentum and valuation headwinds implied by a negative P/E and no dividend support.
Positive Factors
Balance sheet strength
Elimination of reported debt and a material equity increase materially lower financial risk and increase strategic optionality. This durable improvement supports M&A, product investment, buybacks, and shields the business from refinancing stress over the next several quarters.
Negative Factors
Customer concentration
Heavy reliance on super-scaled accounts concentrates renewal, upsell and churn risk; a single large client loss or budget pullback could materially impact revenue and cash flow. This structural concentration elevates volatility and bargaining pressure over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Elimination of reported debt and a material equity increase materially lower financial risk and increase strategic optionality. This durable improvement supports M&A, product investment, buybacks, and shields the business from refinancing stress over the next several quarters.
Read all positive factors
Zeta Global Holdings Corp (ZETA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.24B
Dividend YieldN/A
Average Volume (3M)6.41M
Price to Earnings (P/E)―
Beta (1Y)2.28
Revenue Growth35.87%
EPS Growth85.20%
CountryUS
Employees2,191
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.28
Shares Outstanding220,485,170
10 Day Avg. Volume6,319,406
30 Day Avg. Volume6,406,108
Financial Highlights & Ratios
PEG Ratio2.27
Price to Book (P/B)5.63
Price to Sales (P/S)3.47
P/FCF Ratio24.46
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue3.27
Enterprise Value/Gross Profit5.40
Enterprise Value/Ebitda107.61
Forecast
1Y Price Target
$29.18Price Target Upside62.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)0.94
Revenue Forecast (FY)$1.76B
Zeta Global Holdings Corp Business Overview & Revenue Model
Company Description
Zeta Global Holdings Corp. operates an omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software in the United States and internationally. Its Zeta Marketing Platform analyzes bil...
How the Company Makes Money
Zeta primarily makes money by selling access to its software platform and related services that enable clients to plan, execute, and measure marketing campaigns. Revenue is generated from (1) subscription/software fees for use of its platform capa...
Zeta Global Holdings Corp Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Zeta Global Holdings Corp is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Zeta Global Holdings Corp is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyZeta Global Holdings Corp Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based growth and profitability momentum: record revenue acceleration, margin expansion, positive GAAP earnings, robust free cash flow generation and an upgraded 2026 outlook. Strategic initiatives (Athena, OpenAI partnership, SuperGraph data moat, One Zeta cross-sell and Marigold acquisition) show meaningful traction and upside potential. Challenges include higher cost of revenue driven by channel mix (social/CTV), working capital headwinds from agency payment cycles, customer concentration risk in super-scaled accounts, and conservative near-term assumptions for Athena and political revenue which temper but do not negate the overall progress. On balance, the positive operational and financial developments significantly outweigh the highlighted headwinds.Positive Updates
Record Quarter Revenue and Acceleration
Q4 revenue of $395 million, up 28% year-over-year (ex acquisition and political candidate), an acceleration from Q3; full year 2025 revenue of $1.305 billion, up 30% year-over-year (27% ex LiveIntent, Marigold and political candidate). Exceeded midpoint of initial 2025 guidance by $65 million (5%).
Negative Updates
Increase in Cost of Revenue and Channel Pressure
GAAP cost of revenue in Q4 was 40.4%, up 50 basis points year-over-year and 100 basis points sequentially, driven by strong sequential growth in social and connected TV which have below-average gross margins relative to the corporate mix.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarter Revenue and Acceleration
Q4 revenue of $395 million, up 28% year-over-year (ex acquisition and political candidate), an acceleration from Q3; full year 2025 revenue of $1.305 billion, up 30% year-over-year (27% ex LiveIntent, Marigold and political candidate). Exceeded midpoint of initial 2025 guidance by $65 million (5%).
Read all positive updates
Company Guidance
Zeta raised 2026 guidance, increasing the revenue midpoint by $25M to $1.755B (35% YoY; 21% YoY excluding Marigold and political candidate revenue), assuming at least $190M from Marigold and $15M of political candidate revenue ($7M in Q3, $8M in Q4); Q1 midpoint revenue is $370M (up $8M vs prior, +40% YoY; +22% ex Marigold/political). The adjusted EBITDA midpoint was raised $6M to $391M (+40% YoY), implying a 22.3% margin (up ~92 bps vs 2025), with Q1 adjusted EBITDA midpoint $61.5M (+32% YoY; 16.6% margin). Free cash flow midpoint was increased $7M to $231M (+40% YoY), representing a 59% conversion of adjusted EBITDA. Management expects positive GAAP net income for full-year 2026, included minimal Athena-driven revenue in the guide, maintained a conservative 2–5 point cushion and quarter-to-quarter linearity, and raised its 2028 targets to $2.3B revenue (CAGR 23%), $573M adjusted EBITDA (25% margin) and $371M free cash flow (65% conversion).Zeta Global Holdings Corp Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
76
Positive
Cash Flow
85
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.30B | 1.01B | 728.72M | 590.96M | 458.34M |
| Gross Profit | 791.08M | 550.10M | 403.09M | 323.62M | 237.70M |
| EBITDA | 39.32M | -11.70M | -124.36M | -221.55M | -197.21M |
| Net Income | -31.51M | -69.77M | -187.48M | -279.24M | -249.56M |
Balance Sheet | |||||
| Total Assets | 1.50B | 1.13B | 564.78M | 480.01M | 402.07M |
| Cash, Cash Equivalents and Short-Term Investments | 319.76M | 366.16M | 131.73M | 121.11M | 103.86M |
| Total Debt | 197.08M | 196.29M | 184.15M | 183.95M | 183.61M |
| Total Liabilities | 698.93M | 454.36M | 384.26M | 351.98M | 311.59M |
| Stockholders Equity | 804.59M | 676.80M | 180.52M | 128.03M | 90.49M |
Cash Flow | |||||
| Free Cash Flow | 185.09M | 92.09M | 54.55M | 39.25M | 17.54M |
| Operating Cash Flow | 198.90M | 133.86M | 90.52M | 78.49M | 44.29M |
| Investing Cash Flow | -124.21M | -97.59M | -54.22M | -48.45M | -46.85M |
| Financing Cash Flow | -120.82M | 197.92M | -25.65M | -12.63M | 55.73M |
Zeta Global Holdings Corp Technical Analysis
Positive
17.98
Price Trends
16.74
Positive
18.26
Negative
18.26
Negative
Market Momentum
-0.06
Negative
60.55
Neutral
87.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZETA, the sentiment is Positive. The current price of 17.98 is above the 20-day moving average (MA) of 16.09, above the 50-day MA of 16.74, and below the 200-day MA of 18.26, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 60.55 is Neutral, neither overbought nor oversold. The STOCH value of 87.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ZETA.
Zeta Global Holdings Corp Risk Analysis
Zeta Global Holdings Corp disclosed 42 risk factors in its most recent earnings report. Zeta Global Holdings Corp 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
Zeta Global Holdings Corp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $163.92B | 27.05 | 12.37% | 0.63% | 8.41% | 22.92% | |
69 Neutral | $4.24B | -143.66 | -4.43% | ― | 35.87% | 85.20% | |
66 Neutral | $11.53B | 458.50 | 2.30% | ― | 19.21% | 75.32% | |
66 Neutral | $1.88B | 26.41 | 7.96% | ― | 1.47% | 1077.70% | |
64 Neutral | $1.35B | 69.87 | 3.93% | ― | 6.48% | 168.94% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $335.33M | -15.25 | -22.88% | ― | 13.09% | 32.34% |
* Technology Sector Average
ZETA
Zeta Global Holdings Corp
17.98
6.96
63.16%
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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.