# QuinStreet, Inc. (QNST)

> Source: Nexqual · https://nexqual.com/QNST · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, QuinStreet, Inc. (QNST), nexqual.com/QNST" · informational, not investment advice.

**Price:** USD 16.88 (+2.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.4 · day 16.41–17.15 · 52w 10.29–22.29 · market cap $966M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.29B, net income $81.2M (6.3% margin), free cash flow $128M (SEC filings).
- Valuation: P/E 11.9x (avg 105.0x at the last 2 fiscal year-ends), EV/EBITDA 15.0x, net cash $58.3M.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $17.4M; 2 not under a Rule 10b5-1 plan ($824K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 22.8 (range 21–24).
- Total return with dividends: 1Y +13.6% vs S&P 500 +14.9%; 5Y +13.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.39, revenue estimate $374M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $582M | $581M | $614M | $1.09B | $1.29B | $1.29B |
| Gross profit | $53.7M | $48.5M | $46.2M | $111M | $146M | — |
| Operating income | -$4.7M | -$20.8M | -$28.1M | $6.2M | $35.4M | $35.4M |
| Net income | -$5.2M | -$68.9M | -$31.3M | $4.7M | $81.2M | $81.2M |
| EPS (diluted) | -$0.10 | -$1.28 | -$0.57 | $0.08 | $1.40 | — |
| Free cash flow | $25.8M | $8.8M | $6.7M | $82.9M | $128M | $128M |
| Gross margin | 9.2% | 8.4% | 7.5% | 10.1% | 11.3% | — |
| Operating margin | -0.8% | -3.6% | -4.6% | 0.6% | 2.7% | 2.7% |
| Net margin | -0.9% | -11.9% | -5.1% | 0.4% | 6.3% | 6.3% |
| Revenue growth | +0.6% | -0.3% | +5.7% | +78.3% | +18.3% | — |
| Cash + short-term investments | $96.4M | $73.7M | $50.5M | $101M | $128M | — |
| Total debt | — | — | — | $0K | $70.0M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.9x · P/S 0.8x · EV/EBITDA 15.0x · EV/Sales 0.7x · P/FCF 7.6x · P/B 3.0x · FCF yield 13.24% · Earnings yield 8.41% · Buyback yield (TTM) 3.26% · Net cash $58.3M · EV $908M
P/E at fiscal year-ends: Jun 2026 10.5x, Jun 2025 199.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-18 | Wong Gregory | CFO | 11,704 | $239K | 2.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-14…2026-08-17 | Ahmed Asmau | Director | 25,000 | $516K | 50% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-11…2026-08-12 | Ahmed Asmau | Director | 15,000 | $308K | 23.1% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-07 | Wong Gregory | CFO | 26,296 | $528K | 5.1% | Yes (adopted March 6, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Valenti Douglas | Chief Executive Officer | 751,631 | $15.4M | 28.3% | Yes (adopted September 6, 2024) | Too little history (no open-market trades in 2024) |
| 2026-07-01 | Wong Gregory | CFO | 10,338 | $155K | 2.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Wong Gregory | CFO | 22,057 | $269K | 5.2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 22.8 (low 21, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-08 | Lake Street | Upgrade | Hold → Buy | $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.6% | +13.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.6% | +2.6% |
| Volatility (annualized) | 57.4% | 50.3% |
| Max drawdown | -35.5% (Aug 2026→Sep 2026) | -60.7% (Dec 2021→May 2023) |

## Peers (Advertising Agencies)
CRTO (Criteo S.A.) USD 14.87 -0.47% · EVC (Entravision Communications Corp) USD 6.26 -0.79% · NEXN (Nexxen International Ltd.) USD 9.05 +0.78% · ZD (Ziff Davis, Inc.) USD 57.95 +1.61% · DV (DoubleVerify Holdings, Inc.) USD 13.56 -0.00% · STGW (Stagwell Inc.) USD 8.99 +0.78%

## More
Full page: https://nexqual.com/QNST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QNST's own 10-K filed 2026-08-26 (https://www.sec.gov/Archives/edgar/data/1117297/000119312526367160/qnst-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Siren Group | "For example, under our purchase agreement with HomeBuddy, the purchase consideration included $75.0 million in post-closing installment payments." |
| Partner | Aqua Vida | "Under our acquisition agreement with AquaVida, the purchase consideration included $4.0 million in post-closing payments and an estimated fair value of contingent consideration of $2.1 million." |
| Partner | CloudControlMedia | "Under our acquisition agreement with CCM, the purchase consideration included $7.5 million in post-closing payments and an estimated fair value of contingent consideration of $3.6 million." |
| Partner | Modernize | "Under our acquisition agreement with Modernize, the purchase consideration included $27.5 million in post-closing payments." |
| Competitor | Alphabet (Google) (GOOGL) | "Some of our competition also comes from agencies or clients spending directly with larger websites or portals, including Google, Yahoo!, Microsoft and Meta." |
| Competitor | Microsoft (MSFT) | "Some of our competition also comes from agencies or clients spending directly with larger websites or portals, including Google, Yahoo!, Microsoft and Meta." |
| Competitor | Meta Platforms (META) | "Some of our competition also comes from agencies or clients spending directly with larger websites or portals, including Google, Yahoo!, Microsoft and Meta." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $370.1M | 99.0% | +43.2% |
| Non Us | $3.8M | 1.0% | +7.1% |
| Total revenue | $373.9M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 21% of revenue from unnamed direct customers (10-K, filed 2026-08-26).

## Company outlook (8-K filed 2026-08-06)

- "Over the past 2 years, we have more than doubled our revenue and grown adjusted EBITDA by more than 450%." "We expect to continue to grow revenue at strong double-digit rates and to expand margins in fiscal year 2027 and beyond."
- "We are also accelerating improvements in performance and productivity from new AI applications across the business." "Turning to our outlook, we expect revenue in fiscal Q1 to be between $370 and $380 million, implying 31% growth year-over-year at the midpoint of the range."
- "We expect adjusted EBITDA to be between $38 and $40 million, implying 90% growth, a 10.4% margin and a 320 basis-point margin expansion year-over-year at the midpoint of the range." "As an initial full fiscal year 2027 outlook, we expect revenue of $1.45 billion to $1.55 billion, implying 16% growth year-over-year at the midpoint of the range."
- "We expect adjusted EBITDA of $150 to $160 million, implying growth of 38%, a 10.3% margin and another 160 basis-point margin expansion year-over-year at the midpoint of the range on top of last year's 130 basis-point expansion."

Analysts expect $373.9M for the current quarter, -0.3% vs the guidance midpoint $375.0M. Source: https://www.sec.gov/Archives/edgar/data/1117297/000119312526338042/qnst-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.39 | $0.34 | +13.9% | $373.9M | 6 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.32 | +0.6% | $347.3M | 6 |
| Current fiscal year (ends 2027-06-30) | $1.59 | $1.52 | +4.4% | $1.50B | 6 |
| Next fiscal year (ends 2028-06-30) | $1.87 | $1.74 | +7.9% | $1.63B | 4 |