Z Squared
ZSQR on Nasdaq. Finance services. Market value $212m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -658 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.74.
Profit per $100 you pay: $-11.13.
Quality score: 16 of 100. Price score: 31 of 100. Our list needs 70 on quality and 60 on price.
$4.36 a share, 107% above its 1-year low
Over the past year the price has ranged from $2.11 to $21.41.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $75,000 | $0 | $0 | $0 | $1m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.03bn | 0.04bn | 0.01bn | 0.05bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 106.5% a year
- Buying back its own sharesNo, 936% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $14 million, after a profit of $3 million a year ago.
- 13% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $0 |
| December 2024 | $0 |
| March 2025 | $62,874 |
| June 2025 | -$62,874 |
| September 2025 | $237,441 |
| December 2025 | $862,049 |
| March 2026 | $113,771 |
| June 2026 | $1m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$3m |
| March 2025 | -$3m |
| June 2025 | $3m |
| September 2025 | -$3m |
| December 2025 | Not reported |
| March 2026 | -$30 |
| June 2026 | -$14m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 44 funds in all.
Largest holders overall
- BlackRock$27mNew
- Vanguard Capital Management$18mNew
- Geode Capital Management$8mNew
- Northern Trust$4mNew
- Vanguard Portfolio Management$3mNew
- Vanguard Fiduciary Trust$1mNew
- Nuveen$1mNew
- Charles Schwab Investment Management$1mNew
- Bank of New York Mellon$969,160New
- United Capital Financial Advisors$910,536New
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Total Stock Market Index Fund Investor Shares-23-2671505Passive investor5.0%Since 31 December 2025
- Vanguard Total Stock Market Index Fund Investor SharesPassive investorSold down below 5%Since 31 March 2026
- Vanguard Capital ManagementPassive investorSold down below 5%Since 30 June 2026
- BSG Series CM, LLCInsider or founderSold down below 5%Since 30 April 2026
What they said
Item 4 of the Original Statement is hereby amended and restated in its entirety as follows: On April 30, 2026 (the "Distribution Date"), the Reporting Person completed a pro rata distribution of all 41,521,276 shares of Common Stock then held by it (the "Distributed Shares") to…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Total Stock Market Index Fund Investor Shares-23-2671505 Passive investor | 5.0% | 31 December 2025 | |
Vanguard Total Stock Market Index Fund Investor Shares Passive investor | Sold down below 5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | Sold down below 5% | 30 June 2026 | |
BSG Series CM, LLC Insider or founder | Sold down below 5% | 30 April 2026 | What they saidItem 4 of the Original Statement is hereby amended and restated in its entirety as follows: On April 30, 2026 (the "Distribution Date"), the Reporting Person completed a pro rata distribution of all 41,521,276 shares of Common Stock then held by it (the "Distributed Shares") to… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $7,840 of shares on the open market.
- Schadel Christopher RyanChief Marketing OfficerBought
- Date
- 18 August 2026
- Shares
- 1,000
- Price
- $3.92
- Value
- $3,920
- Schadel Christopher RyanChief Marketing OfficerBought
- Date
- 18 August 2026
- Shares
- 1,000
- Price
- $3.92
- Value
- $3,920
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 August 2026 | Schadel Christopher Ryan Chief Marketing Officer | Bought | 1,000 | $3.92 | $3,920 |
| 18 August 2026 | Schadel Christopher Ryan Chief Marketing Officer | Bought | 1,000 | $3.92 | $3,920 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
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
Your first deep dive is free.
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.