Yelp Inc. (YELP) 10-Year Financial Performance & Capital Metrics

YELP • • Industrial / General

Communication ServicesInternet ServicesOnline Marketplaces & ServicesLocal Business Discovery & Reviews

AboutYelp Inc. operates a platform that connects consumers with local businesses in the United States and internationally. The company's platform covers various local business categories, including restaurants, shopping, beauty and fitness, health, and other categories, as well as home, local, auto, professional, pets, events, real estate, and financial services. It provides free and paid advertising products to businesses, which include cost-per-click search advertising and multi-location Ad products, as well as enables businesses to deliver targeted search advertising to local audiences; and business listing page products. The company also offers other services comprising Yelp Reservations that provide online reservations for restaurants, nightlife, and other venues directly from their Yelp business pages; Yelp Waitlist, a subscription-based waitlist management solution that allows consumers to check wait times and join waitlists remotely, as well as businesses to manage seating and server rotation; Yelp Knowledge program that offers business owners local analytics and insights through access to its historical data and other proprietary content; and Yelp Fusion, which offers free and paid access to content and data for consumer-facing enterprise use through publicly available APIs. In addition, it provides content licensing, as well as allows third-party data providers to update and manage business listing information on behalf of businesses. Further, the company offers its products directly through its sales force; indirectly through partners; and online through its website, as well as non-advertising partner arrangements. It has strategic partnership with Grubhub for providing consumers with a service to place food orders for pickup and delivery. Yelp Inc. was incorporated in 2004 and is headquartered in San Francisco, California.Show more

Revenue $1.41B +5.6%
EBITDA $207M +38.3%
Net Income $133M +34.0%
EPS (Diluted) 1.88 +39.3%
Gross Margin 91.24% -0.2%
EBITDA Margin 14.63% +31.0%
Operating Margin 10.7% +80.9%
Net Margin 9.41% +26.8%
ROE 17.79% +30.9%
ROIC 20.73% +84.2%
Debt/Equity 0.06 -50.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 26.6%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 17.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 4.1% through buybacks

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.1%

5Y6.84%

3Y11.02%

TTM5.35%

Profit (Net Income) CAGR

10Y13.8%

5Y26.58%

3Y49.61%

TTM27.1%

EPS CAGR

10Y14.63%

5Y29.31%

3Y55.5%

TTM34.73%

ROCE

10Y Avg5.39%

5Y Avg6.74%

3Y Avg11.45%

Latest18.12%

Peer Comparison

Local Business Discovery & Reviews

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
YELPYelp Inc.	1.79B	29.16	15.51	5.61%	10.23%	20.46%	13.86%	0.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	549.71M	713.07M	846.81M	942.77M	1.01B	872.93M	1.03B	1.19B	1.34B	1.41B
Revenue Growth %	0.46%	0.3%	0.19%	0.11%	0.08%	-0.14%	0.18%	0.16%	0.12%	0.06%
Cost of Goods Sold+	51.02M	60.36M	70.52M	57.87M	62.41M	57.19M	78.1M	105.7M	114.23M	123.68M
COGS % of Revenue	0.09%	0.08%	0.08%	0.06%	0.06%	0.07%	0.08%	0.09%	0.09%	0.09%
Gross Profit+	498.7M	652.71M	776.29M	884.9M	951.78M	815.75M	953.74M	1.09B	1.22B	1.29B
Gross Margin %	0.91%	0.92%	0.92%	0.94%	0.94%	0.93%	0.92%	0.91%	0.91%	0.91%
Gross Profit Growth %	0.41%	0.31%	0.19%	0.14%	0.08%	-0.14%	0.17%	0.14%	0.12%	0.05%
Operating Expenses+	520.02M	654.23M	761.3M	859M	916.27M	854.54M	922.23M	1.03B	1.14B	1.14B
OpEx % of Revenue	0.95%	0.92%	0.9%	0.91%	0.9%	0.98%	0.89%	0.86%	0.86%	0.81%
Selling, General & Admin	382.63M	480.33M	544.32M	603.88M	636.48M	567.51M	590.04M	679.03M	769.04M	770.94M
SG&A % of Revenue	0.7%	0.67%	0.64%	0.64%	0.63%	0.65%	0.57%	0.57%	0.58%	0.55%
Research & Development	107.79M	138.55M	175.79M	212.32M	230.44M	232.56M	276.47M	305.56M	332.57M	325.99M
R&D % of Revenue	0.2%	0.19%	0.21%	0.23%	0.23%	0.27%	0.27%	0.26%	0.25%	0.23%
Other Operating Expenses	386K	1.69M	4.86M	14.11M	49.36M	54.47M	55.72M	44.85M	42.18M	40.41M
Operating Income+	-21.32M	-4.98M	179.49M	25.9M	35.51M	-38.8M	31.51M	58.35M	79.04M	151.04M
Operating Margin %	-0.04%	-0.01%	0.21%	0.03%	0.04%	-0.04%	0.03%	0.05%	0.06%	0.11%
Operating Income Growth %	-2.93%	0.77%	37.05%	-0.86%	0.37%	-2.09%	1.81%	0.85%	0.35%	0.91%
EBITDA+	8.28M	30.37M	220.68M	68.7M	84.87M	11.81M	126.54M	154.84M	149.31M	206.55M
EBITDA Margin %	0.02%	0.04%	0.26%	0.07%	0.08%	0.01%	0.12%	0.13%	0.11%	0.15%
EBITDA Growth %	-0.71%	2.67%	6.27%	-0.69%	0.24%	-0.86%	9.71%	0.22%	-0.04%	0.38%
D&A (Non-Cash Add-back)	29.6M	35.35M	41.2M	42.81M	49.36M	50.61M	95.02M	96.49M	70.27M	55.5M
EBIT	-21.32M	-3.29M	16.21M	25.9M	35.51M	-34.93M	31.55M	66.78M	79.04M	151.04M
Net Interest Income+	622K	1.72M	4.19M	13.8M	13.33M	2.27M	0	5.76M	19.57M	20.92M
Interest Income	622K	1.72M	4.19M	13.8M	13.33M	2.27M	0	5.76M	19.57M	20.92M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	386K	-4.72M	167.87M	14.11M	14.26M	3.67M	2.2M	8.43M	26.04M	31.91M
Pretax Income+	-20.94M	-3.29M	184.35M	40.01M	49.77M	-35.13M	33.72M	66.78M	105.08M	182.96M
Pretax Margin %	-0.04%	-0%	0.22%	0.04%	0.05%	-0.04%	0.03%	0.06%	0.08%	0.13%
Income Tax+	11.96M	1.39M	31.49M	-15.34M	8.89M	-15.7M	-5.95M	30.43M	5.91M	50.11M
Effective Tax Rate %	1.57%	1.42%	0.83%	1.38%	0.82%	0.55%	1.18%	0.54%	0.94%	0.73%
Net Income+	-32.9M	-4.67M	152.86M	55.35M	40.88M	-19.42M	39.67M	36.35M	99.17M	132.85M
Net Margin %	-0.06%	-0.01%	0.18%	0.06%	0.04%	-0.02%	0.04%	0.03%	0.07%	0.09%
Net Income Growth %	-1.9%	0.86%	33.73%	-0.64%	-0.26%	-1.48%	3.04%	-0.08%	1.73%	0.34%
Net Income (Continuing)	-32.9M	-4.67M	153M	55.35M	40.88M	-19.42M	39.67M	36.35M	99.17M	132.85M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.44	-0.06	1.75	0.62	0.52	-0.27	0.50	0.50	1.35	1.88
EPS Growth %	-1.92%	0.86%	29.93%	-0.65%	-0.16%	-1.52%	2.85%	0%	1.7%	0.39%
EPS (Basic)	-0.44	-0.06	1.87	0.62	0.55	-0.27	0.53	0.51	1.43	1.97
Diluted Shares Outstanding	74.68M	77.19M	87.17M	88.71M	77.97M	73M	78.62M	73.4M	73.6M	70.61M
Basic Shares Outstanding	74.68M	77.19M	81.6M	88.71M	74.63M	73M	74.22M	70.87M	69.22M	67.42M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	443.28M	561.18M	913.09M	860.27M	533.31M	712.73M	644.68M	595.99M	624.22M	516.88M
Cash & Short-Term Investments	370.83M	479.53M	821.22M	755.86M	412.28M	606.8M	489.78M	410.62M	446.4M	327.91M
Cash Only	171.61M	272.2M	547.85M	332.76M	170.28M	595.88M	479.78M	306.38M	313.91M	217.32M
Short-Term Investments	199.21M	207.33M	273.37M	423.1M	242M	10.93M	10M	104.24M	132.49M	110.58M
Accounts Receivable	52.76M	68.72M	76.17M	87.31M	106.83M	88.4M	136.23M	163.24M	146.15M	155.32M
Days Sales Outstanding	35.03	35.18	32.83	33.8	38.45	36.96	48.19	49.92	39.9	40.15
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	15.7M	17.1M	4.01M	7.08M	5.18M	7.5M	16.75M	15.03M
Total Non-Current Assets+	312.14M	324.03M	303.42M	315.29M	537.39M	442.22M	405.85M	419.93M	390.51M	466.69M
Property, Plant & Equipment	80.47M	92.44M	103.65M	114.8M	308.81M	269.93M	224.64M	174.62M	117.26M	99.78M
Fixed Asset Turnover	6.83x	7.71x	8.17x	8.21x	3.28x	3.23x	4.59x	6.84x	11.40x	14.15x
Goodwill	172.2M	170.67M	107.95M	105.62M	104.59M	109.26M	105.13M	102.33M	103.89M	130.98M
Intangible Assets	39.29M	32.61M	16.89M	13.36M	10.08M	13.52M	10.67M	9M	7.64M	58.79M
Long-Term Investments	16.49M	8M	25.03M	50.82M	53.5M	0	0	0	0	0
Other Non-Current Assets	20.19M	28.31M	49.89M	81.52M	40.35M	18.35M	24.8M	36.56M	42.28M	37.55M
Total Assets+	755.43M	885.21M	1.22B	1.18B	1.07B	1.15B	1.05B	1.02B	1.01B	983.57M
Asset Turnover	0.73x	0.81x	0.70x	0.80x	0.95x	0.76x	0.98x	1.17x	1.32x	1.44x
Asset Growth %	0.2%	0.17%	0.37%	-0.03%	-0.09%	0.08%	-0.09%	-0.03%	-0%	-0.03%
Total Current Liabilities+	49.78M	60.4M	86.17M	64.91M	134.16M	143.03M	164.01M	182.82M	175.86M	154.97M
Accounts Payable	3.39M	2M	9.03M	6.54M	6M	8.85M	16.13M	14.53M	11.87M	11.9M
Days Payables Outstanding	24.24	12.11	46.75	41.25	35.1	56.51	75.37	50.15	37.92	35.13
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	35.05M	16.6M	23.32M	27.45M	41.49M	57.68M	50.13M	66.93M	79.08M	85.4M
Current Ratio	8.91x	9.29x	10.60x	13.25x	3.98x	4.98x	3.93x	3.26x	3.55x	3.34x
Quick Ratio	8.91x	9.29x	10.60x	13.25x	3.98x	4.98x	3.93x	3.26x	3.55x	3.34x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	12.03M	17.62M	30.74M	35.14M	181.55M	157.38M	135.2M	122.77M	89.33M	84.62M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	174.76M	148.94M	127.98M	86.66M	48.06M	22.47M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	12.03M	17.62M	30.74M	35.14M	6.8M	8.45M	7.22M	36.11M	41.26M	62.15M
Total Liabilities	61.81M	78.02M	116.9M	100.05M	315.71M	300.41M	299.21M	305.6M	265.19M	239.6M
Total Debt+	0	0	0	0	232.26M	200.1M	168.22M	126.33M	87.3M	43.15M
Net Debt	-171.61M	-272.2M	-547.85M	-332.76M	61.98M	-395.78M	-311.57M	-180.04M	-226.61M	-174.18M
Debt / Equity	-	-	-	-	0.31x	0.23x	0.22x	0.18x	0.12x	0.06x
Debt / EBITDA	-	-	-	-	2.74x	16.94x	1.33x	0.82x	0.58x	0.21x
Net Debt / EBITDA	-20.73x	-8.96x	-2.48x	-4.84x	0.73x	-33.50x	-2.46x	-1.16x	-1.52x	-0.84x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	693.62M	807.19M	1.1B	1.08B	754.99M	854.53M	751.32M	710.32M	749.53M	743.97M
Equity Growth %	0.18%	0.16%	0.36%	-0.02%	-0.3%	0.13%	-0.12%	-0.05%	0.06%	-0.01%
Book Value per Share	9.29	10.46	12.61	12.12	9.68	11.71	9.56	9.68	10.18	10.54
Total Shareholders' Equity	693.62M	807.19M	1.1B	1.08B	754.99M	854.53M	751.32M	710.32M	749.53M	743.97M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-66.88M	-70.22M	70.08M	-52.92M	-493.05M	-533.94M	-760.16M	-923.82M	-1.02B	-1.14B
Treasury Stock	0	0	-46K	0	0	-2.96M	0	0	-282K	-3.91M
Accumulated OCI	-13.52M	-15.58M	-8.44M	-11.02M	-11.76M	-6.81M	-11.09M	-15.54M	-12.2M	-15.43M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	57.36M	126.9M	167.65M	160.19M	204.78M	176.7M	212.66M	192.31M	306.28M	285.81M
Operating CF Margin %	0.1%	0.18%	0.2%	0.17%	0.2%	0.2%	0.21%	0.16%	0.23%	0.2%
Operating CF Growth %	-0.01%	1.21%	0.32%	-0.04%	0.28%	-0.14%	0.2%	-0.1%	0.59%	-0.07%
Net Income	-32.9M	-4.67M	152.86M	55.35M	40.88M	-19.42M	39.67M	36.35M	99.17M	132.85M
Depreciation & Amortization	29.6M	35.35M	41.2M	42.81M	49.36M	50.61M	95.02M	77.66M	70.27M	55.5M
Stock-Based Compensation	60.84M	86.26M	100.42M	114.39M	121.51M	124.57M	151.68M	156.09M	173.45M	158.19M
Deferred Taxes	0	0	-146.37M	-15.47M	-2.8M	-11.18M	-9.19M	-56.62M	-22.15M	-24.92M
Other Non-Cash Items	31.95M	20.24M	-19K	19.37M	60.91M	92.65M	29.26M	55.33M	87.89M	73.97M
Working Capital Changes	-32.13M	-10.27M	19.56M	-56.26M	-65.08M	-60.53M	-93.78M	-76.5M	-102.35M	-109.78M
Change in Receivables	-25.28M	-31.62M	-32.11M	-35.66M	-42.07M	-13.83M	-33.53M	-49.55M	-54.95M	-51.03M
Change in Inventory	-22.7M	0	-1.36M	-773K	-20.15M	0	0	0	0	0
Change in Payables	15.89M	0	52.88M	-20.2M	20.15M	15.38M	30M	49.14M	-2.55M	4.8M
Cash from Investing+	-158.68M	-55.57M	79.9M	-164.37M	124.33M	248.36M	-27.65M	-126.14M	-54.68M	-77.27M
Capital Expenditures	-43.51M	-37.36M	-30.25M	-44.97M	-37.52M	-32M	-28.28M	-31.98M	-26.85M	-37.35M
CapEx % of Revenue	0.08%	0.05%	0.04%	0.05%	0.04%	0.04%	0.03%	0.03%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.54M	13.54M	-1.08M	-19.88M	29.21M	-5.8M	632K	94K	195K	-10K
Cash from Financing+	26.44M	29.52M	27.16M	-207.75M	-491.52M	-21.05M	-300.49M	-237.53M	-246.78M	-303.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	26.92M	29.52M	-1.2M	-50.14M	-42.77M	3.34M	-37.56M	-37.53M	-46.78M	-52.62M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	13.85M	89.54M	137.4M	115.22M	167.26M	138.57M	184.37M	160.33M	279.43M	248.47M
FCF Margin %	0.03%	0.13%	0.16%	0.12%	0.16%	0.16%	0.18%	0.13%	0.21%	0.18%
FCF Growth %	-0.12%	5.46%	0.53%	-0.16%	0.45%	-0.17%	0.33%	-0.13%	0.74%	-0.11%
FCF per Share	0.19	1.16	1.58	1.30	2.15	1.90	2.35	2.18	3.80	3.52
FCF Conversion (FCF/Net Income)	-1.74x	-27.17x	1.10x	2.89x	5.01x	-9.10x	5.36x	5.29x	3.09x	2.15x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	352K	813K	530K	29.16M	6.91M	214K	2.52M	50.42M	30.63M	58.19M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.13%	-0.62%	16.03%	5.09%	4.47%	-2.41%	4.94%	4.97%	13.59%	17.79%
Return on Invested Capital (ROIC)	-3.71%	-0.71%	24.77%	3%	3.42%	-4.56%	5.26%	9.02%	11.26%	20.73%
Gross Margin	90.72%	91.53%	91.67%	93.86%	93.85%	93.45%	92.43%	91.14%	91.46%	91.24%
Net Margin	-5.99%	-0.65%	18.05%	5.87%	4.03%	-2.23%	3.84%	3.05%	7.42%	9.41%
Debt / Equity	-	-	-	-	0.31x	0.23x	0.22x	0.18x	0.12x	0.06x
FCF Conversion	-1.74x	-27.17x	1.10x	2.89x	5.01x	-9.10x	5.36x	5.29x	3.09x	2.15x
Revenue Growth	45.6%	29.72%	18.76%	11.33%	7.58%	-13.93%	18.2%	15.67%	12.03%	5.61%

Revenue by Segment

	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024
Advertising, Services	-	-	-	-	-	515.02M	607.77M	693.81M	793.11M	879.09M
Advertising, Services Growth	-	-	-	-	-	-	18.01%	14.16%	14.31%	10.84%
Advertising, Restaurants and Other	-	-	-	-	-	321.1M	377.45M	440.59M	483.41M	469.93M
Advertising, Restaurants and Other Growth	-	-	-	-	-	-	17.55%	16.73%	9.72%	-2.79%
Other Revenue	-	-	-	-	-	21.8M	33.42M	45.04M	47.54M	63.04M
Other Revenue Growth	-	-	-	-	-	-	53.29%	34.78%	5.54%	32.62%
Transactions	-	43.85M	60.25M	13.69M	12.44M	15.02M	13.2M	14.06M	13.01M	-
Transactions Growth	-	-	37.39%	-77.27%	-9.19%	20.75%	-12.13%	6.57%	-7.50%	-
Advertising	-	-	771.64M	907.49M	976.92M	-	-	-	-	-
Advertising Growth	-	-	-	17.60%	7.65%	-	-	-	-	-
Other Services	23.92M	26.61M	14.92M	21.59M	24.83M	-	-	-	-	-
Other Services Growth	-	11.26%	-43.94%	44.74%	15.01%	-	-	-	-	-
Brand advertising	-	-	-	-	-	-	-	-	-	-
Brand advertising Growth	-	-	-	-	-	-	-	-	-	-
Local Advertising	319.14M	448.24M	-	-	-	-	-	-	-	-
Local Advertising Growth	-	40.45%	-	-	-	-	-	-	-	-
Brand Advertising	34.48M	31.01M	-	-	-	-	-	-	-	-
Brand Advertising Growth	-	-10.06%	-	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	832.73M	929.57M	1B	863.3M	1.02B	1.19B	1.33B	1.4B
UNITED STATES Growth	-	-	-	11.63%	7.60%	-13.69%	18.52%	15.84%	11.99%	5.60%
Non-US	-	-	-	13.2M	13.95M	9.63M	8.7M	8.3M	9.8M	10.53M
Non-US Growth	-	-	-	-	5.64%	-30.94%	-9.73%	-4.51%	18.00%	7.49%
All Other Countries	-	-	14.08M	-	-	-	-	-	-	-
All Other Countries Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Yelp Inc. (YELP) has a price-to-earnings (P/E) ratio of 15.5x. This is roughly in line with market averages.

Growth & Financials

Yelp Inc. (YELP) reported $1.47B in revenue for fiscal year 2024. This represents a 1661% increase from $83.3M in 2011.

Yelp Inc. (YELP) grew revenue by 5.6% over the past year. This is steady growth.

Yes, Yelp Inc. (YELP) is profitable, generating $150.0M in net income for fiscal year 2024 (9.4% net margin).

Dividend & Returns

Yelp Inc. (YELP) has a return on equity (ROE) of 17.8%. This is reasonable for most industries.

Yelp Inc. (YELP) generated $311.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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