# Zeta Global Holdings Corp. (ZETA)

> Source: Nexqual · https://nexqual.com/ZETA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Zeta Global Holdings Corp. (ZETA), nexqual.com/ZETA" · informational, not investment advice.

**Price:** USD 33.52 (-1.73% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.11 · day 32.88–34.11 · 52w 14.37–35.75 · market cap $8.36B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.57B, net income -$2.2M (-0.1% margin), free cash flow $224M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $149K; 1 not under a Rule 10b5-1 plan ($149K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (15 analysts), mean target USD 38.29 (range 25–55).
- Total return with dividends: 1Y +79.3% vs S&P 500 +14.9%; 5Y +309.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.27, revenue estimate $471M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $458M | $591M | $729M | $1.01B | $1.30B | $1.57B |
| Gross profit | $284M | $375M | $454M | $606M | $791M | — |
| Operating income | -$248M | -$259M | -$168M | -$67.9M | $5.4M | $24.7M |
| Net income | -$250M | -$279M | -$187M | -$69.8M | -$31.5M | -$2.2M |
| EPS (diluted) | -$2.95 | -$2.01 | -$1.20 | -$0.38 | -$0.14 | — |
| Free cash flow | $34.8M | $56.3M | $70.0M | $108M | $185M | $224M |
| Gross margin | 61.9% | 63.5% | 62.3% | 60.3% | 60.6% | — |
| Operating margin | -54.2% | -43.8% | -23.0% | -6.8% | 0.4% | 1.6% |
| Net margin | -54.4% | -47.3% | -25.7% | -6.9% | -2.4% | -0.1% |
| Revenue growth | +24.5% | +28.9% | +23.3% | +38.0% | +29.7% | — |
| Cash + short-term investments | $104M | $121M | $132M | $366M | $320M | — |
| Total debt | $184M | $184M | $184M | $196M | $197M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 5.3x · EV/EBITDA 76.5x · EV/Sales 5.3x · P/FCF 37.2x · P/B 9.0x · FCF yield 2.69% · Earnings yield -0.03% · Net cash $112M · EV $8.24B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-12 | Silberblatt Jeanine | Director | 7,500 | $149K | 13% | No | Too little history (no open-market trades in 2023 or 2024) |
% 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 2.00 on a 1–5 scale), 15 analysts; mean target USD 38.29 (low 25, high 55).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Goldman Sachs | Upgrade | Neutral → Buy | $30 → $45 |
| 2026-10-12 | Roth Capital | Target raised | Buy | $44 → $55 |
| 2026-10-09 | Truist Securities | Target raised | Buy | $30 → $38 |
| 2026-10-09 | RBC Capital | Reiterated | Outperform | $40 |
| 2026-10-09 | Keybanc | Target raised | Overweight | $27 → $38 |
| 2026-10-09 | Canaccord Genuity | Target raised | Buy | $30 → $37 |
| 2026-10-09 | Needham | Target raised | Buy | $30 → $40 |
| 2026-10-06 | DA Davidson | Target raised | Buy | $36 → $38 |
| 2026-10-05 | RBC Capital | Target raised | Outperform | $31 → $40 |
| 2026-08-19 | B of A Securities | Target raised | Buy | $29 → $34 |
| 2026-08-11 | Citigroup | Target raised | Buy | $26 → $35 |
| 2026-08-05 | DA Davidson | Target raised | Buy | $30 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +79.3% | +309.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +79.7% | +32.5% |
| Volatility (annualized) | 64.9% | 71.9% |
| Max drawdown | -40.4% (Jan 2026→Mar 2026) | -67.9% (Apr 2022→Jun 2022) |

## Peers (Software - Infrastructure)
DBX (Dropbox, Inc.) USD 37.48 +2.43% · S (SentinelOne, Inc.) USD 22.5 -1.19% · NTSK (Netskope, Inc.) USD 22.2 +1.79% · GTLB (GitLab Inc.) USD 54.53 -1.66% · PATH (UiPath, Inc.) USD 13.94 +1.68% · QLYS (Qualys, Inc.) USD 208.2 +5.85%

## More
Full page: https://nexqual.com/ZETA · 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 ZETA's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1851003/000119312526068598/zeta-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Meta Platforms (META) | "We use these channels as well as social media channels (e.g., the Zeta Facebook account (facebook.com/ZetaGlobal); the Zeta Instagram account (instagram.com/zetaglobal); the Zeta X account (x.com/zetaglobal); the Zeta Yo…" |
| Partner | LiveIntent | "The principal way that we collect individual data is directly from the consumers when they register or interact with our platform (such as the DISQUS commenting system and LiveIntent inbox advertising), or with partners'…" |
| Partner | OpenAI | "In addition to our proprietary AI Technologies, we use AI Technologies licensed from third parties in our technologies, including under our partnership with OpenAI, and our ability to continue to use such technologies at…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $402.6M | 90.9% | +34.9% |
| Non Us | $40.2M | 9.1% | +303.8% |
| Total revenue | $442.8M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Guidance* Third Quarter 2026 • Increasing revenue guidance to a range of $469 million to $472 million, up $10 million at the midpoint from the prior guidance of $461 million."
- "The revised guidance represents a year-over-year growth rate of 39% to 40%, and 23% to 24% when excluding M&A and political candidate revenue. 1 • Increasing adjusted EBITDA guidance to a range of $115.0 million to $116.0 million, up $2.7 million at the midpoint from the prior guidance of $112.8 million."
- "The revised guidance represents a year-over-year growth rate of 47% to 49% and an adjusted EBITDA margin of 24.4% to 24.7%."
- "Full Year 2026 • Increasing revenue guidance to a range of $1,811 million to $1,824 million, up $33 million at the midpoint from the prior guidance of $1,785 million."

Analysts expect $470.9M for the current quarter, +0.1% vs the guidance midpoint $470.5M. Source: https://www.sec.gov/Archives/edgar/data/1851003/000119312526332770/zeta-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.27 | +2.6% | $470.9M | 12 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.33 | -3.2% | $509.9M | 12 |
| Current fiscal year (ends 2026-12-31) | $0.95 | $0.93 | +1.9% | $1.82B | 12 |
| Next fiscal year (ends 2027-12-31) | $1.20 | $1.15 | +4.6% | $2.11B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±10.9%; earnings reaction alone ±6.3%; last 8 reports averaged ±19.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 55.9% | ±6.7% |
| 2026-11-06 | 14 | 66.7% | ±10.9% |
| 2026-11-13 | 21 | 85.5% | ±16.9% |
| 2026-11-20 | 28 | 80.0% | ±18.1% |
| 2026-11-27 | 35 | 77.7% | ±19.4% |
| 2026-12-04 | 42 | 73.4% | ±20.1% |
| 2026-12-18 | 56 | 68.2% | ±22.2% |
| 2027-01-15 | 84 | 63.2% | ±25.0% |