Ziff Davis, Inc. (ZD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.84	$1.03	+22.6%	—	$286.7M	—
Q1 26	$0.77	$0.73	-5.2%	—	$267.6M	—
Q3 25	$1.78	$1.76	-1.1%	—	$363.7M	—
Q2 25	$1.19	$1.24	+4.2%	—	$352.2M	—
Q1 25	$1.25	$1.14	-8.8%	—	$328.6M	—
Q4 24	$2.63	$2.58	-1.9%	—	$412.8M	—
Q3 24	$1.51	$1.64	+8.6%	—	$353.6M	—
Q2 24	$1.26	$1.18	-6.3%	—	$320.8M	—
Q1 24	$1.15	$1.27	+10.4%	—	$314.5M	—
Q4 23	$2.31	$2.33	+0.9%	—	$389.9M	—
Q3 23	$1.53	$1.5	-2.0%	—	$341M	—
Q2 23	$1.22	$1.27	+4.1%	—	$326M	—
Q1 23	$1.06	$1.1	+3.8%	—	$307.1M	—
Q4 22	$2.36	$2.26	-4.2%	—	$396.7M	—
Q3 22	$1.53	$1.58	+3.3%	—	$341.9M	—
Q2 22	$1.41	$1.58	+12.1%	—	$337.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.16	—	—	$1.5B	—
FY24	—	$1.42	—	—	$1.4B	—
FY23	—	$0.89	—	—	$1.4B	—
FY22	—	$1.36	—	—	$1.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$874.3M	$1.1B	$1.2B	$1.1B	$1.2B	$1.4B	$1.4B	$1.4B	$1.4B	$1.5B
YoY change	+21.3%	+27.9%	+8%	-13%	+10.3%	+22.3%	-1.82%	-1.94%	+2.76%	+3.54%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	874.3M	1.1B	1.2B	1.1B	1.2B	1.4B	1.4B	1.4B	1.4B	1.5B
Cost of revenue	147.1M	172.3M	201.1M	187.3M	178.4M	188.1M	195.6M	197.3M	200.3M	206.6M
Gross profit	727.2M	945.5M	1B	863.1M	980.4M	1.2B	1.2B	1.2B	1.2B	1.2B
Gross margin	83.2%	84.6%	83.3%	82.2%	84.6%	86.7%	85.9%	85.5%	85.7%	85.8%
Research & development	38M	46M	48.4M	44.7M	57.1M	78.9M	74.1M	68.9M	67.4M	62M
Selling, general & administrative	446.5M	653.8M	713.6M	730.3M	784.9M	949.8M	895M	908.4M	723.2M	—
Operating expenses	484.6M	699.8M	761.9M	774.9M	842.1M	1B	969.1M	977.3M	790.5M	62M
Operating income	242.6M	245.7M	244.3M	88.2M	138.3M	200M	226.3M	189.5M	198.9M	183.1M
Operating margin	27.7%	22%	20.2%	8.4%	11.9%	14.1%	16.3%	13.9%	14.2%	12.6%
Non-operating income, net	10.2M	22M	-4.7M	-6.5M	-3.8M	223.4M	-61.3M	-94.5M	-91.7M	-76.4M
Pretax income	211.4M	200M	177.6M	54.8M	78.3M	351.4M	131.2M	75M	93.2M	80.7M
Income tax	59M	60.5M	44.8M	13.8M	38.4M	-14.2M	58M	24.1M	41.4M	25.4M
Net income	152.4M	139.4M	128.7M	218.8M	150.7M	496.7M	63.8M	41.5M	63M	47.4M
Net margin	17.4%	12.5%	10.7%	20.8%	13%	35.1%	4.58%	3.04%	4.5%	3.26%
EBITDA	374.9M	429.8M	426.8M	317.9M	367.1M	459.6M	468.1M	417M	415.8M	405.9M
EPS	3.15	2.89	2.64	4.39	3.24	10.8	1.36	0.89	1.42	1.16
Diluted EPS	3.13	2.83	2.59	4.39	3.18	10.3	1.36	0.89	1.42	1.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	341M	389.9M	314.5M	320.8M	353.6M	412.8M	328.6M	352.2M	363.7M	406.7M	267.6M	286.7M
Cost of revenue	55.5M	48.6M	47.1M	52.6M	53.2M	47.4M	47.2M	49M	53.2M	57.3M	44.3M	45.7M
Gross profit	285.5M	341.3M	267.4M	268.2M	300.3M	365.4M	281.4M	303.2M	310.6M	349.4M	223.3M	241M
Gross margin	83.7%	87.5%	85%	83.6%	84.9%	88.5%	85.6%	86.1%	85.4%	85.9%	83.4%	84.1%
Research & development	17.6M	15.5M	17.8M	16.8M	15.3M	17.5M	15.9M	16.5M	15.4M	14.2M	13.6M	14.4M
Selling, general & administrative	224.3M	245M	213.8M	222.8M	229.1M	57.4M	174.6M	195.7M	191.8M	191.3M	161.9M	169.7M
Operating expenses	241.9M	260.6M	231.6M	239.6M	244.4M	75M	190.5M	212.1M	207.2M	205.5M	175.5M	184M
Operating income	43.5M	80.7M	35.9M	28.6M	56M	78.5M	35.1M	33.5M	28.4M	86M	2.9M	10.1M
Operating margin	12.8%	20.7%	11.4%	8.91%	15.8%	19%	10.7%	9.51%	7.82%	21.2%	1.1%	3.53%
Non-operating income, net	-66.4M	-2.4M	-14.6M	8.3M	-87.9M	2.4M	-2.8M	-1.4M	-12.8M	-59.4M	688K	-55.4M
Pretax income	-25.7M	76M	19.5M	35.1M	-36M	74.6M	26.2M	25.5M	9.1M	19.9M	-3.3M	-51.1M
Income tax	5.3M	13M	8.2M	7M	12.5M	13.6M	8.6M	4.3M	12.8M	-204K	2.6M	941K
Net income	-31M	63.4M	10.6M	36.9M	-48.6M	64.1M	24.2M	26.3M	-3.6M	370K	22.3M	624.5M
Net margin	-9.08%	16.3%	3.38%	11.5%	-13.7%	15.5%	7.38%	7.48%	-0.99%	0.09%	8.32%	217.8%
EBITDA	95.8M	146.9M	84.2M	86M	104.7M	140.9M	88.2M	85.3M	89.9M	142.6M	53.4M	56.4M
EPS	-0.67	1.39	0.23	0.81	-1.11	1.51	0.57	0.63	-0.09	0.01	0.59	17.2
Diluted EPS	-0.67	1.29	0.23	0.77	-1.11	1.43	0.56	0.62	-0.09	0.01	0.59	17.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.4B	3.1B	2.9B	3.9B	3.9B	5.1B	3.7B	3.1B	2.4B	1.4B	1.9B
Enterprise value	4B	3.8B	3.7B	4.9B	5.4B	5.3B	4B	3.4B	2.8B	1.7B	1.2B
Shares outstanding	47.7M	47.6M	48M	47.6M	46.3M	45.9M	47M	46.4M	44.5M	41M	41M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.2	22.3	22.5	17.7	26.1	10.2	58.3	75.1	38.3	30.4	47.5
P/S	3.88	2.78	2.4	3.7	3.39	3.59	2.67	2.29	1.72	0.99	1.33
P/B	3.71	3.04	2.79	2.96	3.25	2.59	1.96	1.65	1.33	0.82	0.87
EV/EBITDA	10.8	8.74	8.66	15.4	14.8	11.4	8.55	8.04	6.67	4.19	3.01
EV/Sales	4.63	3.36	3.06	4.65	4.69	3.71	2.88	2.46	1.98	1.17	0.85
Earnings yield	4.5%	4.49%	4.45%	5.64%	3.83%	9.76%	1.72%	1.33%	2.61%	3.29%	2.11%
FCF yield	7.47%	7.17%	11.9%	8.81%	9.77%	7.92%	6.2%	6.78%	11.7%	20%	27.7%
PEG	—	—	—	—	—	—	—	—	—	—	0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.2%	84.6%	83.3%	82.2%	84.6%	86.7%	85.9%	85.5%	85.7%	85.8%	84.1%
Operating margin	27.7%	22%	20.2%	8.4%	11.9%	14.1%	16.3%	13.9%	14.2%	12.6%	4.16%
Net margin	17.4%	12.5%	10.7%	20.8%	13%	35.1%	4.58%	3.04%	4.5%	3.26%	44.7%
ROE	16.7%	13.7%	12.4%	16.7%	12.4%	25.2%	3.37%	2.19%	3.48%	2.7%	-1.46%
ROA	7.39%	5.68%	5.03%	6.24%	4.11%	13.2%	1.8%	1.2%	1.7%	1.29%	3.09%
ROIC	11.1%	10.3%	9.93%	2.85%	2.6%	9.37%	5.79%	6.03%	5.1%	6.23%	8.51%
Return on tangible assets	-12.6%	-15.3%	-10.3%	-25.1%	-19.4%	-113.4%	-11.1%	-15.3%	-20.5%	-19.7%	77.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.77	2.34	1.5	1.06	0.71	2.62	2.51	2.76	1.41	1.27	2.16
Quick ratio	0.77	2.34	1.5	1.06	0.71	2.62	2.51	2.76	1.41	1.27	2.16
Debt / equity	0.85	0.98	0.98	1.2	1.39	0.55	0.53	0.53	0.48	0.49	0.4
Debt / assets	0.38	0.41	0.4	0.45	0.46	0.29	0.28	0.29	0.23	0.24	0.22
Net debt / EBITDA	1.75	1.51	1.88	3.16	4.1	0.36	0.61	0.57	0.86	0.64	-2.16
Interest coverage	6.11	3.95	3.86	3.04	2.39	5.88	4.88	4.74	7.66	4.12	0.02
Effective tax rate	27.9%	30.3%	25.2%	25.1%	48.9%	0%	44.2%	32.2%	44.4%	31.5%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.3	23.5	25.2	22	25	30.9	29.6	29.4	31.5	35.4	37.5
EPS (basic)	3.15	2.89	2.64	4.39	3.24	10.8	1.36	0.89	1.42	1.16	1.16
EPS (diluted)	3.13	2.83	2.59	4.39	3.18	10.3	1.36	0.89	1.42	1.15	-0.85
Book value per share	19.2	21.4	21.6	27.5	26.2	42.9	40.3	40.8	40.7	42.8	64
FCF per share	5.31	4.68	7.18	7.18	8.3	8.78	4.9	4.55	6.38	7.03	8.71
Cash per share	2.6	7.37	4.37	12.1	3.82	20.1	15.1	16.5	11.4	14.8	46.8
Capex per share	0.52	0.83	1.18	1.48	2	2.48	2.26	2.34	2.4	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.83%	3.54%	4.67%	6.72%	7.99%	8.03%	7.63%	7.97%	7.61%	—	—
Capex / operating cash flow	9.8%	15.7%	14.1%	17.4%	22.9%	14.4%	42.5%	42.1%	30.8%	—	—
Payout ratio	43.2%	52.7%	64.2%	20.1%	0%	0%	—	—	—	—	0%
Dividend yield	1.94%	2.37%	2.85%	1.13%	0%	0%	—	—	—	—	3.27%

Yield

3.27%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.3957

ex-dividend May 17, 2019

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 17, 2019	$0.3957
Feb 22, 2019	$0.387
Nov 16, 2018	$0.3783
Aug 17, 2018	$0.3696
May 17, 2018	$0.3609
Feb 21, 2018	$0.3522
Nov 16, 2017	$0.3435
Aug 10, 2017	$0.3348

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$341M	$389.9M	$314.5M	$320.8M	$353.6M	$412.8M	$328.6M	$352.2M	$363.7M	$406.7M	$267.6M	$286.7M
YoY change	-0.26%	-1.72%	+2.39%	-1.6%	+3.69%	+5.88%	+4.5%	+9.79%	+2.87%	-1.48%	-18.6%	-18.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	124M	350.9M	209.5M	575.6M	177.1M	924M	711.2M	764.7M	505.9M	607M
Receivables	199.9M	234.2M	221.6M	261.9M	309.5M	316.3M	304.7M	337.7M	660.2M	667.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	348M	620.4M	460.3M	886.9M	622.8M	1.3B	1.1B	1.2B	1.3B	1.4B
Property, plant & equipment	68.1M	79.8M	98.8M	253.6M	211.7M	216.8M	178.2M	188.2M	197.2M	213.2M
Goodwill & intangibles	3.3B	3.4B	3.8B	4.4B	4.4B	4.2B	4.1B	3.7B	4B	3.9B
Total assets	2.1B	2.5B	2.6B	3.5B	3.7B	3.8B	3.5B	3.5B	3.7B	3.7B
Accounts payable	178.1M	169.8M	166.5M	238.1M	197.9M	131M	120.8M	123.3M	164.4M	151.3M
Short-term debt	178.8M	—	—	412.5M	426.4M	54.6M	—	—	—	148.7M
Total current liabilities	454.1M	265.1M	307.3M	833.1M	882.6M	497.2M	432.4M	431.8M	899.6M	1.1B
Long-term debt	601.7M	1B	1B	1.2B	1.3B	1B	999.1M	1B	864.3M	717.8M
Total liabilities	1.1B	1.4B	1.5B	2.2B	2.5B	1.8B	1.6B	1.6B	1.9B	1.9B
Shareholders' equity	914.5M	1B	1B	1.3B	1.2B	2B	1.9B	1.9B	1.8B	1.8B
Total debt	780.6M	1B	1B	1.6B	1.7B	1.1B	999.1M	1B	864.3M	866.5M
Net debt	656.6M	651M	803.7M	1B	1.5B	395.8M	346.3M	263.7M	358.4M	259.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	690.4M	764.7M	751.2M	687.2M	386.1M	505.9M	431M	457.3M	503.4M	607M	519.7M	1.6B
Receivables	291.5M	337.7M	446.9M	450.4M	470.6M	660.2M	517.9M	523M	473.2M	667.2M	206.7M	418.8M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.1B	1.2B	1.3B	1.2B	951M	1.3B	1.1B	1.1B	1.1B	1.4B	1.4B	2.1B
Property, plant & equipment	-308.4M	188.2M	-346.8M	-334.2M	-348.3M	197.2M	-390M	-419.3M	-443.2M	213.2M	-399.9M	-419.4M
Goodwill & intangibles	3.8B	3.7B	4.1B	4B	4.1B	4B	4B	4B	4B	3.9B	3.3B	3.2B
Total assets	3.4B	3.5B	3.7B	3.7B	3.4B	3.7B	3.5B	3.5B	3.5B	3.7B	3.4B	4B
Accounts payable	127.8M	123.3M	360.2M	367.9M	371.5M	164.4M	140.9M	140.4M	147.7M	151.3M	121.7M	146M
Short-term debt	—	—	—	—	—	—	—	—	—	148.7M	148.8M	148.9M
Total current liabilities	419.5M	431.8M	663.3M	643.8M	667.4M	899.6M	704.8M	692.8M	698M	1.1B	863.7M	963.3M
Long-term debt	1B	1B	1B	1B	863.7M	864.3M	864.8M	865.4M	865.9M	717.8M	718.3M	718.7M
Total liabilities	1.6B	1.6B	1.8B	1.8B	1.7B	1.9B	1.7B	1.7B	1.7B	1.9B	1.7B	1.8B
Shareholders' equity	1.8B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.7B	2.2B
Total debt	1B	1B	1B	1B	863.7M	864.3M	864.8M	865.4M	865.9M	866.5M	867.1M	867.6M
Net debt	340.1M	263.7M	267.1M	315.2M	477.6M	358.4M	433.8M	408.1M	362.6M	259.5M	347.3M	-738.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	152.4M	139.4M	128.7M	218.8M	150.7M	496.7M	63.8M	41.5M	63M	47.4M
Depreciation & amortization	122.1M	162M	187.2M	232M	228.7M	258.3M	233.4M	237M	211.9M	228.7M
Stock-based compensation	13.7M	22.7M	28.1M	23.9M	24M	25.2M	26.6M	31.9M	40.9M	44.9M
Change in working capital	-36.6M	-64.9M	979K	-47.6M	-28.6M	-18.4M	-75.7M	-38.3M	34.6M	-628K
Operating cash flow	252.5M	252.1M	400.3M	405.5M	404.1M	787.9M	249.6M	258.1M	346.1M	407.1M
Capital expenditure	-24.7M	-39.6M	-56.4M	-70.6M	-92.6M	-113.7M	-106.2M	-108.7M	-106.6M	—
Investing cash flow	-444.5M	-156.3M	-405.9M	-515.5M	-583.1M	-215.3M	-220.8M	-127.4M	-297.5M	-37.3M
Dividends paid	-65.8M	-73.5M	-82.6M	-43.9M	0	0	—	—	—	—
Share repurchases	-56.5M	-9.8M	-47.1M	-20.8M	-275.7M	-78.3M	-78.3M	-108.5M	-185.2M	-173.8M
Financing cash flow	40.9M	-113.4M	-133.4M	267.2M	-242M	-122.3M	-150.3M	-123.5M	-329.4M	-176.8M
Net change in cash	-151.2M	-17.6M	-139.1M	157.2M	-421M	450.3M	-121.5M	7.2M	-280.7M	192.9M
Free cash flow	253.3M	222.6M	344.3M	341.9M	384.4M	402.8M	230.3M	211.2M	283.7M	287.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-31M	63.4M	10.6M	36.9M	-48.6M	64.1M	24.2M	26.3M	-3.6M	370K	22.3M	624.5M
Depreciation & amortization	55.9M	69.6M	48.5M	52.1M	51.4M	60M	55.8M	57.6M	57.3M	57.9M	49.8M	46.9M
Stock-based compensation	6.8M	7.5M	8.9M	11.6M	10.2M	10.3M	9.8M	11.7M	12.2M	11.3M	10.9M	13M
Change in working capital	-15.1M	-36.5M	6.2M	-29.8M	10.3M	47.8M	-41.4M	-39.9M	17.1M	42.1M	-31.3M	16.8M
Operating cash flow	11.8M	103.4M	75.5M	69M	20M	181.7M	50.1M	57.1M	138.3M	191.1M	30M	89M
Capital expenditure	-27.2M	-26.3M	-28.1M	-25.5M	-25.8M	-27.2M	-25.6M	—	—	—	—	—
Investing cash flow	-39.4M	-25.8M	-71.5M	-11.7M	-181.4M	-32.9M	-64.8M	14.2M	-16.2M	3.9M	-80K	1.1B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-44.7M	-1.2M	-3.9M	-84M	-96.1M	-1.2M	-34.9M	-33.9M	-44.4M	-60.6M	-51.6M	-121.5M
Financing cash flow	-52.2M	-2M	-6.3M	-90M	-96.3M	-1.7M	-35M	-35.6M	-44.6M	-61.6M	-53.5M	-123.8M
Net change in cash	-79.8M	75.6M	-2.3M	-32.7M	-257.7M	147M	-49.7M	35.6M	77.5M	133.4M	-23.6M	1.1B
Free cash flow	45.6M	65.9M	47.4M	25.1M	80.1M	131.1M	-5M	26.9M	108.2M	157.8M	-3.2M	54M

Oct 8, 2021	115:100
May 25, 2006	2:1
Sep 2, 2003	2:1
Feb 8, 2001	1:4

Ziff Davis, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement