Value Investor
Start free

Zeta Global Holdings

ZETA on NYSE. Prepackaged software. Market value $3.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.8%low

For every $100 of what the whole company costs, it produced $2.78 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
290.2×full

You pay 290.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
-33.7%five-year median

Each dollar kept in the business earns -34 cents a year. Above 10 is good.

Quality score: 60 of 100. Price score: 15 of 100. Our list needs 70 on quality and 60 on price.

$32.95 a share, 129% above its 1-year low

Over the past year the price has ranged from $14.36 to $34.80.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.1
0.1
0.2
0.2
202220232024202512 monthsto Jun '26
Revenue
$591m$729m$1.0bn$1.3bn
Operating margin
-43.8%-23.0%-6.8%0.4%
Debt to equity
1.441.020.290.24
Shares outstanding
0.14bn0.16bn0.19bn0.22bn

Health checks

  • Free cash flow positive4 of 4 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)3 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.24× equity
  • Revenue growth, five yearsStrong, 30.2% a year
  • Buying back its own sharesNo, 59% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $443 million last quarter, up 44% on a year ago.
  • Profit: $8 million, after a loss of $13 million a year ago.
  • It keeps 2 cents of each $1 of sales as operating profit, after losing 2 cents a year earlier.
  • Spare cash over the past 12 months: $202 million, up from $119 million.
  • 18% more shares than a year ago. Each share owns a bit less of the company.
  • It has $112 million more cash than debt, down from $169 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$268m
December 2024$315m
March 2025$264m
June 2025$308m
September 2025$337m
December 2025$395m
March 2026$396m
June 2026$443m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$17m
December 2024$15m
March 2025-$22m
June 2025-$13m
September 2025-$4m
December 2025$7m
March 2026-$13m
June 2026$8m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 417 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • David A. Steinberg
    Passive investor
    at least 10.3%−0.9 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • BlackRock, Inc.
    Passive investor
    6.9%
    Since 31 March 2025
  • 5.9%
    Since 31 March 2026
  • 5.3%
    Since 30 June 2026
  • Jeffrey L. Feinberg
    Passive investor
    5.1%
    Since 27 February 2025
  • Contour Asset Management LP
    Passive investor
    at least 2.3%−2.9 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • Feinberg, Jeff
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $400,402.

  • Silberblatt Jeanine
    Director
    Sold
    Date
    12 June 2026
    Shares
    7,500
    Price
    $19.89
    Value
    $149,175
  • Silberblatt Jeanine
    Director
    Sold
    Date
    12 December 2025
    Shares
    12,990
    Price
    $19.34
    Value
    $251,227

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It isn't cheap on profits: 290.2× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.