# Ziff Davis, Inc. (ZD)

> Source: Nexqual · https://nexqual.com/ZD · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Ziff Davis, Inc. (ZD), nexqual.com/ZD" · informational, not investment advice.

**Price:** USD 57.89 (-0.10% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 57.95 · day 57.41–58.4 · 52w 22.45–60.48 · market cap $1.98B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.32B, net income $643M (48.6% margin), free cash flow $317M (SEC filings).
- Valuation: P/E 3.1x (avg 48.0x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold ZD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $2.1M; 9 not under a Rule 10b5-1 plan ($2.1M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (6 analysts), mean target USD 63.67 (range 59–75).
- Total return with dividends: 1Y +53.5% vs S&P 500 +13.4%; 5Y -54.9% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 1.25, revenue estimate $295M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.42B | $1.39B | $1.36B | $1.40B | $1.45B | $1.32B |
| Gross profit | $1.23B | $1.21B | $1.18B | $1.20B | $1.24B | — |
| Operating income | $167M | $199M | $133M | $114M | $183M | $72.7M |
| Net income | $497M | $63.8M | $41.5M | $63.0M | $47.4M | $643M |
| EPS (diluted) | $10.37 | $1.36 | $0.89 | $1.42 | $1.15 | — |
| Free cash flow | $403M | $230M | $211M | $284M | $288M | $317M |
| Gross margin | 86.7% | 86.7% | 86.4% | 85.7% | 85.8% | — |
| Operating margin | 11.8% | 14.3% | 9.7% | 8.1% | 12.6% | 5.5% |
| Net margin | 35.1% | 4.6% | 3.0% | 4.5% | 3.3% | 48.6% |
| Revenue growth | +22.3% | -1.8% | -1.9% | +2.8% | +3.5% | — |
| Cash + short-term investments | $924M | $711M | $765M | $506M | — | — |
| Total debt | $1.09B | $999M | $1.00B | $864M | $867M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3.1x · P/S 1.5x · P/FCF 6.3x · P/B 0.9x · FCF yield 15.96% · Earnings yield 32.42% · Buyback yield (TTM) 14.01%
P/E at fiscal year-ends: Dec 2025 30.5x, Dec 2024 38.4x, Dec 2023 75.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ZD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 0.63% | $2.7M | Reduced -25.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 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 | Kretzmer W Brian | Director | 2,513 | $139K | 11.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12 | Tansley Lori A. | Chief Accounting Officer | 1,400 | $77K | 64.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Rossen Jeremy | EVP/General Counsel | 3,819 | $210K | 23.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-10 | Richter Bret | Chief Financial Officer | 18,000 | $844K | 38.1% | No | Too little history (no open-market trades in 2024) |
| 2026-06-08 | McDonald Kirk P | Director | 1,075 | $50K | 7.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Rossen Jeremy | EVP/General Counsel | 8,000 | $376K | 32.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-03 | Barsten Jana | Director | 3,347 | $151K | 21.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Kretzmer W Brian | Director | 1,968 | $88K | 8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-28 | Rossen Jeremy | EVP/General Counsel | 4,347 | $199K | 15.1% | No | 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 2.33 on a 1–5 scale), 6 analysts; mean target USD 63.67 (low 59, high 75).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-12 | UBS | Target raised | Neutral | $30 → $59 |
| 2026-08-10 | Evercore ISI Group | Target raised | Outperform | $61 → $64 |
| 2026-08-10 | RBC Capital | Target raised | Outperform | $48 → $65 |
| 2026-08-10 | Citigroup | Target raised | Neutral | $48 → $59 |
| 2026-08-10 | Susquehanna | Target raised | Positive | $60 → $75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +53.5% | -54.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +53.8% | -14.7% |
| Volatility (annualized) | 56.0% | 42.4% |
| Max drawdown | -33.8% (Jan 2026→Feb 2026) | -78.9% (Nov 2021→Feb 2026) |

## Peers (Advertising Agencies)
DV (DoubleVerify Holdings, Inc.) USD 13.55 -0.07% · STGW (Stagwell Inc.) USD 8.98 -0.11% · LFTO (Liftoff Mobile, Inc.) USD 16.69 +2.27% · MGNI (Magnite, Inc.) USD 22.89 -1.04% · QNST (QuinStreet, Inc.) USD 16.52 -2.13% · CRTO (Criteo S.A.) USD 14.88 +0.07%

## More
Full page: https://nexqual.com/ZD · 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 ZD's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1084048/000108404826000005/zd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Alphabet (Google) (GOOGL) | "Within these verticals, our businesses compete with (i) diversified internet and digital media companies like IAC, Future PLC, Red Ventures, Penske Media, Integrated Media, and Internet Brands, (ii) vertical-specific dig…" |
| Competitor | Meta Platforms (META) | "Within these verticals, our businesses compete with (i) diversified internet and digital media companies like IAC, Future PLC, Red Ventures, Penske Media, Integrated Media, and Internet Brands, (ii) vertical-specific dig…" |
| Competitor | Accenture (ACN) | "In this space, our business competes with Opensignal, Accenture, NetAlly, and IBWave, as well as others." |

Other companies that name ZD in their own reports (relationship from ZD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Consensus Cloud Solutions, Inc. (CCSI) | 10-K 2026-02-13 | "In connection with the separation, we entered into several agreements with Ziff Davis, including among others, a separation agreement, a tax matters agreement, an employee matters agreement, an intell…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Health & Wellness | $94.7M | 33.0% | -4.8% | -$42.3M | -44.7% |
| Technology & Shopping | $76.8M | 26.8% | -5.0% | -$3.3M | -4.3% |
| Cybersecurity & Martech | $68.7M | 24.0% | +0.5% | $13.4M | 19.5% |
| Gaming & Entertainment | $46.6M | 16.3% | +0.9% | $9.0M | 19.3% |
| Corporate costs (not allocated) | — | — | — | -$21.5M | — |
| Total revenue | $286.7M | 100% | — | -$44.7M | -15.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Advertising & Performance Marketing | $73.1M | 25.5% | -7.2% |
| Subscription & Licensing | $3.6M | 1.3% | +36.8% |
| Other | $66,000 | 0.0% | -110.2% |
| Total revenue | $286.7M | 100% | — |
The lines above cover 26.8% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.22B | 84.0% | +4.6% |
| Non Us | $232.0M | 16.0% | -1.7% |
| Total revenue | $1.45B | 100% | — |

## Company outlook (8-K filed 2026-08-07)

- "Although management's expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements. 2 ZIFF DAVIS, INC."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.25 | $1.39 | -10.0% | $295.3M | 5 |
| Next quarter (ends 2026-12-31) | $2.22 | $2.23 | -0.1% | $340.0M | 5 |
| Current fiscal year (ends 2026-12-31) | $5.15 | $5.12 | +0.4% | $1.19B | 6 |
| Next fiscal year (ends 2027-12-31) | $5.98 | $5.57 | +7.5% | $1.21B | 6 |