Quality Investor

Zeta Global Holdings Corp.

Rank #68Hypergrowth

ZETA · NYSE · Technology

Zeta Global Holdings Corp. (ZETA) — Rank #68 by gross profitability (GP/assets 0.54) · ROE -3.4% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001851003 · all metrics point-in-time as of the filing date.

About

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.

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The company operates Zeta Marketing platform, a single platform designed to enable enterprises to acquire, grow, and retain consumer relationships more efficiently and effectively than alternative solutions. It also provides Zeta Messaging, an email service provider, offering end-to-end AI-powered omnichannel messaging capabilities, as well as integrated data management, enterprise-scale delivery and support, and sophisticated omnichannel orchestration. In addition, the company offers Zeta Consumer Data platform (CDP+), a system of record for all consumer information, delivers a single, actionable view of customers and prospects that include real-time identifiers and signals, as well as other key attributes; and Zeta's DSP helps customers to maximize the power of paid media to engage the right audiences with precision and efficiency, as well as delivers experiences via desktop, inbox, mobile, CTV and social, and others. Further, it operates Athena by Zeta, an interface to Zeta's AI-native infrastructure layer and intends to power all intelligent decisioning, automation, and user interaction; and Zeta Answers that synthesize trillions of behavioral signals into intent-based scores tied to a unique individual. The company has a strategic partnership with Palantir Technologies Inc. for the development of enterprise AI infrastructure layer that connects operational intelligence, customer intelligence, and marketing execution.

The company was incorporated in 2007 and is headquartered in New York, New York.

Industry
Software - Infrastructure
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

ZETA+308.9% · +32.5% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$7.88B

P/E (annual)

P/S (annual)

6.0

P/B

8.5

P/OCF (annual)

39.6

Shareholder Yield

-18.7%

Employees

3,300

Industry

Software - Infrastructure

Exchange

NYSE

Signal Flags

2 green1 yellow
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Quality Profile

Profitability

1/1 pass
GP / assets
0.54
Return on equity
-3.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.58
Current ratio
2.38×
Net cash
$112.47M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
13.6%

Growth

1/2 pass
Revenue growth
29.7%
Piotroski F-Score
5 / 9
Share dilution
18.7%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

16.2%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 18.7% — per-share value needs a total required return of 34.9% once share-count change is priced in.

vs. own 6-year median revenue growth: 26.7%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

11.4%

r = 10% (base)

16.2%

r = 12%

20.4%

Net debt / market cap: -1.6%

Note: current FCF margin is 1.9σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $185.1M3Y mean FCF: $121.1M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

3.0xExpensive
1.1xmed 2.4x3.3x

P / B

Price / book value per share

4.9xCheap
4.9xmed 9.2x11.9x

P / GP

Price / gross profit per share

5.0xExpensive
1.8xmed 3.8x5.5x

P / FCF

Price / free cash flow per share

21.3xFair
12.2xmed 23.7x31.0x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.54

Primary signal (Novy-Marx).

81st pctl of 38 SIC 7372 peers

Return on equity

-3.4%

Gross margin

60.6%

30th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

29.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

30.2%

Revenue CAGR (5Y)

28.8%

Earnings CAGR (3Y)

FCF CAGR (3Y)

48.7%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.58

56th pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

2.38×

68th pctl of 38 SIC 7372 peers

Quick ratio

2.24×

Net cash

$112.47M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$185.09M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

6.87

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

13.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth