Latest Ratios: P/E Ratio -239.4x · EV/EBITDA 96.1x · ROE -4.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $4.5B | $3.3B | $1.4B | $1.1B | $1.1B | — | — |
| Enterprise Value | $7.4B | $4.4B | $3.2B | $1.4B | $1.2B | $1.2B | — | — |
| P/E Ratio → | -239.43 | — | — | — | — | — | — | — |
| P/S Ratio | 5.80 | 3.47 | 3.33 | 1.90 | 1.92 | 2.35 | — | — |
| P/B Ratio | 9.27 | 5.63 | 4.94 | 7.66 | 8.87 | 11.90 | — | — |
| P/FCF | 40.86 | 24.46 | 36.33 | 25.33 | 28.93 | 61.43 | — | — |
| P/OCF | 38.02 | 22.76 | 24.99 | 15.27 | 14.47 | 24.32 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.38 | 3.16 | 1.97 | 2.03 | 2.52 | — | — |
| EV / EBITDA | 96.11 | 56.89 | — | — | — | — | — | — |
| EV / EBIT | 1384.97 | — | — | — | — | — | — | — |
| EV / FCF | — | 23.79 | 34.49 | 26.30 | 30.53 | 65.98 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.6% | 60.6% | 54.7% | 55.3% | 54.8% | 51.9% | 48.7% | 52.7% |
| Operating Margin | 0.4% | 0.4% | -5.9% | -22.6% | -43.8% | -53.6% | -0.2% | -3.3% |
| Net Profit Margin | -2.4% | -2.4% | -6.9% | -25.7% | -47.3% | -54.4% | -14.5% | -12.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -4.3% | -4.3% | -16.3% | -121.5% | -255.6% | -9111.5% | — | — |
| ROA | -2.4% | -2.4% | -8.2% | -35.9% | -63.3% | -72.1% | -17.5% | -12.0% |
| ROIC | 0.7% | 0.7% | -12.1% | -58.3% | -107.5% | -164.4% | -0.5% | -6.8% |
| ROCE | 0.5% | 0.5% | -9.0% | -44.5% | -79.9% | -101.9% | -0.3% | -4.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.29 | 1.02 | 1.44 | 2.03 | — | — |
| Debt / EBITDA | 2.55 | 2.55 | — | — | — | — | 4.80 | 7.59 |
| Net Debt / Equity | — | -0.15 | -0.25 | 0.29 | 0.49 | 0.88 | — | — |
| Net Debt / EBITDA | -1.58 | -1.58 | — | — | — | — | 3.52 | 6.04 |
| Debt / FCF | — | -0.66 | -1.84 | 0.96 | 1.60 | 4.55 | 13.45 | 18.37 |
| Interest Coverage | -88.18 | -88.18 | -9.49 | -16.04 | -37.44 | -34.57 | -2.22 | -1.42 |
Net cash position: cash ($320M) exceeds total debt ($197M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.60 | 1.60 | 3.09 | 1.76 | 1.84 | 1.85 | 1.36 | 1.37 |
| Quick Ratio | 1.60 | 1.60 | 3.09 | 1.76 | 1.84 | 1.85 | 1.36 | 1.37 |
| Cash Ratio | 0.74 | 0.74 | 1.84 | 0.75 | 0.94 | 0.98 | 0.49 | 0.34 |
| Asset Turnover | — | 0.87 | 0.89 | 1.29 | 1.23 | 1.14 | 1.27 | 0.96 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 90.19 | 85.37 | 85.21 | 65.67 | 66.56 | 78.69 | 122.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.4% | 4.1% | 2.8% | 3.9% | 3.5% | 1.6% | — | — |
| Buyback Yield | 1.6% | 2.7% | 1.3% | 1.0% | 0.8% | 6.0% | — | — |
| Total Shareholder Yield | 1.6% | 2.7% | 1.3% | 1.0% | 0.8% | 6.0% | — | — |
| Shares Outstanding | — | $222M | $186M | $157M | $139M | $128M | $33M | $33M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ZETA stock.
Zeta Global Holdings Corp.'s current P/E ratio is -239.4x. This places it at the 50th percentile of its historical range.
Zeta Global Holdings Corp.'s current EV/EBITDA is 96.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 56.9x.
Zeta Global Holdings Corp.'s return on equity (ROE) is -4.3%. The historical average is -99.4%.
Based on historical data, Zeta Global Holdings Corp. is trading at a P/E of -239.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zeta Global Holdings Corp. has 60.6% gross margin and 0.4% operating margin.
Zeta Global Holdings Corp.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
SBC dilution and margin volatility
Metrics are mathematically derived from official filings.
Premium Pricing for Accelerating Growth
ZETA trades at 78.7x EV/EBITDA and 28.5x forward earnings, per reported multiples, implying the market expects sustained high growth despite current GAAP losses.
The forward P/E of 28.45 suggests investors are pricing in a sharp earnings inflection from the current negative TTM P/E of -196.71. EV/EBITDA of 78.68 is far above software peers like TTD (8.61) and DV (13.77), indicating a premium for ZETA's 43.5% revenue growth. This valuation appears to rely on continued margin expansion and cash flow generation, as the current EBITDA base is thin relative to enterprise value.
Margin Volatility Masks Underlying Progress
Gross margin swung from 72.7% in 2025Q4 to 53.1% in 2026Q1, then recovered to 59.1% in 2026Q2, per financial statements, indicating unstable cost structure despite revenue growth.
Operating margin turned positive in 2026Q2 at 3.8%, but has been negative in five of the last ten quarters, showing inconsistent operating leverage. The wide gross margin swings suggest mix shifts or one-time costs, making it difficult to assess true earning power. Net margin of 1.8% in 2026Q2 is thin, and with SBC exceeding net income, reported profitability may overstate economic earnings.
Returns Recovering from Deep Negative Territory
ROIC improved from -11.5% in 2024Q1 to 1.6% in 2026Q2, as per reported data, indicating a turnaround but still far below cost of capital.
ROE and ROA have also moved from deeply negative to slightly positive, but at 0.9% and 0.6% respectively, they remain negligible. The improvement is driven by margin recovery rather than asset efficiency, as asset turnover has stayed flat around 0.30. This suggests the company is still in early stages of generating returns on its invested capital, which includes significant goodwill from acquisitions.
Working Capital Drag Persists
DSO averaged around 70 days over the last ten quarters, while DPO fell from 59 to 16 days, per financial data, indicating deteriorating supplier leverage and cash tied up in receivables.
The cash conversion cycle is not calculable due to missing DIO, but the combination of high DSO and low DPO suggests working capital is a drag on cash flow. Asset turnover has remained stable at 0.30, indicating no improvement in asset efficiency despite revenue growth. This may reflect the company's asset-light model but also points to potential inefficiencies in collections and payables management.
Deleveraging Trend Improves Coverage
D/E fell from 0.96 in 2024Q1 to 0.21 in 2026Q2, while interest coverage turned positive at 9.69 in 2026Q2, as per balance sheet data, indicating reduced financial risk.
Total debt remained stable around $197M while equity tripled, driving the leverage ratio down. Interest coverage improved from negative levels to 9.69, suggesting debt service is now comfortable. However, D/EBITDA of 4.99 in 2026Q2 is elevated, indicating that EBITDA is still low relative to debt, though the trend is improving.
Liquidity Buffer Remains Robust
Current ratio improved from 1.89 to 2.38 over ten quarters, with cash at $310M against total debt of $197.5M, per reported figures, indicating a strong liquidity position.
The quick ratio equals the current ratio, suggesting minimal inventory dependence, which is typical for a software company. This liquidity cushion provides a buffer against operational volatility, but the negative working capital changes in nine of ten quarters indicate that cash is being consumed by operations. The company's ability to fund growth and buybacks appears supported by its cash position, though SBC dilution remains a concern.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly used for software firms, but for ZETA, EBITDA is distorted by heavy SBC and acquisition-related intangibles, per financial data, making it an unreliable valuation metric.
ZETA's EBITDA likely includes significant stock-based compensation, which is a real economic cost but excluded from EBITDA. Additionally, the company's acquisition-driven goodwill and intangibles may not be reflected in EBITDA, understating the true capital employed. A more appropriate metric would be EV/Revenue or EV/FCF, as FCF margin has been consistently positive and growing, providing a clearer picture of cash generation.