
Zeta Global Holdings Corp.
- Growing?
- Yes: revenue up 46% on a year earlier (quarter ended Sep 2026).
- Expensive?
- EV / revenue 5.5×. EV/revenue below the peer median of 22.9x: cheaper than its peers.
- Analysts?
- 87% of 15 say buy; average 12-month target $38.64, 4% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 64% over the past year (the S&P 500's 14%), and it fell as much as 70% since Nov 2021.
Zeta Global Holdings Corp. is an AI-powered marketing technology company that sells the Zeta Marketing Platform (ZMP), which unifies identity, data/analytics, and omnichannel activation (e.g., email, web, SMS, social, and connected TV) to help enterprises acquire, retain, and grow customers.
More about Zeta Global Holdings
Revenue is generated primarily from Direct platform (software/platform) revenue and related data-driven marketing services delivered via ZMP.
Market Position
Zeta positions ZMP as a large-scale omnichannel marketing platform with identity data at its core, leveraging proprietary opt-in data and AI to differentiate against point-solution stacks. The company emphasizes enterprise penetration (hundreds of scaled customers) and has been recognized in analyst coverage for parts of its offering (e.g., email marketing service providers).
How has the stock done?
Over the past month ZETA rose 11.2%; the software ETF (IGV) fell 8.8% and the S&P 500 fell 2.7%.
Over the past six months ZETA rose 129.4%; the software ETF (IGV) rose 13.4% and the S&P 500 rose 2.6%.
Over the past year ZETA rose 82.1%; the software ETF (IGV) fell 7.6% and the S&P 500 rose 10.8%.
Over five years ZETA rose 293.1%; the software ETF (IGV) rose 14.5% and the S&P 500 rose 62.0%.
From Nov 11, 2024 to Apr 21, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 2.1% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 9, 2026 | ended Sep 2026 | $493M (+46% vs a year earlier) | $0.38 vs $0.27 (beat) | +13.0% | — |
| Aug 4, 2026 | ended Jun 2026 | $443M (+44% vs a year earlier) | $0.27 vs $0.19 (beat) | +20.0% | +29.2% |
| Apr 30, 2026 | ended Mar 2026 | $396M (+50% vs a year earlier) | $0.16 vs $0.12 (beat) | +4.4% | −3.0% |
| Feb 24, 2026 | ended Dec 2025 | $395M (+25% vs a year earlier) | $0.37 vs $0.23 (beat) | +19.2% | +20.4% |
| Nov 4, 2025 | ended Sep 2025 | $337M (+26% vs a year earlier) | — | +13.2% | +12.4% |
| Aug 5, 2025 | ended Jun 2025 | $308M (+35% vs a year earlier) | — | +28.0% | +17.3% |
| May 1, 2025 | ended Mar 2025 | $264M (+36% vs a year earlier) | — | +4.7% | +1.9% |
| Feb 25, 2025 | ended Dec 2024 | $315M (+50% vs a year earlier) | — | −17.8% | −22.1% |
| Nov 12, 2024 | ended Sep 2024 | $268M (+42% vs a year earlier) | — | −51.7% | −40.1% |
| Jul 31, 2024 | ended Jun 2024 | $228M (+33% vs a year earlier) | — | +14.3% | +7.5% |
| May 6, 2024 | ended Mar 2024 | $195M (+24% vs a year earlier) | — | +20.0% | +23.1% |
| Feb 27, 2024 | ended Dec 2023 | $210M (+20% vs a year earlier) | — | +2.6% | −2.7% |
| Nov 1, 2023 | ended Sep 2023 | $189M (+24% vs a year earlier) | — | +3.8% | +7.8% |
| Aug 2, 2023 | ended Jun 2023 | $172M (+25% vs a year earlier) | — | +6.1% | −11.6% |
| May 4, 2023 | ended Mar 2023 | $158M (+25% vs a year earlier) | — | −9.6% | −10.2% |
| Feb 23, 2023 | ended Dec 2022 | $175M (+30% vs a year earlier) | — | +16.3% | +13.8% |
| Nov 1, 2022 | ended Sep 2022 | $152M (+32% vs a year earlier) | — | −3.4% | −0.7% |
| Aug 3, 2022 | ended Jun 2022 | $137M (+28% vs a year earlier) | — | +21.6% | +28.7% |
| May 10, 2022 | ended Mar 2022 | $126M (+24% vs a year earlier) | — | −0.7% | +5.7% |
| Feb 23, 2022 | ended Dec 2021 | $135M (+18% vs a year earlier) | — | +5.7% | −2.4% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $493M in the quarter ended Sep 2026, up 46% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $175M | +30% |
| Mar 2023 | $158M | +25% |
| Jun 2023 | $172M | +25% |
| Sep 2023 | $189M | +24% |
| Dec 2023 | $210M | +20% |
| Mar 2024 | $195M | +24% |
| Jun 2024 | $228M | +33% |
| Sep 2024 | $268M | +42% |
| Dec 2024 | $315M | +50% |
| Mar 2025 | $264M | +36% |
| Jun 2025 | $308M | +35% |
| Sep 2025 | $337M | +26% |
| Dec 2025 | $395M | +25% |
| Mar 2026 | $396M | +50% |
| Jun 2026 | $443M | +44% |
| Sep 2026 | $493M | +46% |
Revenue went from $591M in FY22 to $1.3B in FY25; net income from −$279M to −$32M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $591M | −$279M |
| FY23 | $729M | −$187M |
| FY24 | $1.0B | −$70M |
| FY25 | $1.3B | −$32M |
A year earlier −$0.02
Diluted, from SEC filings
Quarters: Zeta Global Holdings Corp.'s SEC filings, named by the month they end. Fiscal years: Zeta Global Holdings Corp.'s annual reports to the SEC.
How it makes money
The company loses $2.4 for every $100 of revenue.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Dec 2022 | 62.3% | −27.2% | −29.5% |
| Mar 2023 | 65.5% | −33.3% | −36.1% |
| Jun 2023 | 63.9% | −26.9% | −30.4% |
| Sep 2023 | 61.1% | −19.7% | −22.8% |
| Dec 2023 | 59.8% | −15.1% | −16.8% |
| Mar 2024 | 60.6% | −18.4% | −20.3% |
| Jun 2024 | 60.0% | −11.7% | −12.3% |
| Sep 2024 | 60.6% | −4.6% | −6.5% |
| Dec 2024 | 60.0% | 2.2% | 4.8% |
| Mar 2025 | 60.9% | −6.1% | −8.2% |
| Jun 2025 | 62.1% | −1.7% | −4.2% |
| Sep 2025 | 60.5% | 2.6% | −1.1% |
| Dec 2025 | 59.5% | 4.5% | 1.7% |
| Mar 2026 | 59.0% | −4.8% | −3.3% |
| Jun 2026 | 59.1% | 3.8% | 1.8% |
| Sep 2026 | 60.3% | 9.3% | 7.8% |
−2.9 pts over 3 years
+44.2 pts over 3 years
+44.8 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Zeta Global Holdings Corp.'s annual reports to the SEC; quarters: SEC filings.
Growth and margins together
Rule of 40 score 61.2 (growth 46.1% + FCF margin 15.1%): strong, clears the 40 line. Stock pay is 11.5% of revenue; counted as a cost, it brings the FCF margin down to 3.6%.
A rule of thumb for software: revenue growth plus free-cash-flow margin should reach 40. From 20 to 40 is middling, under 20 weak. The line is 40. Microsoft for comparison.
Cash flow adds stock pay back because no cash leaves the company, but shareholders pay for it through new shares. Counting it as a cost shows the margin as if staff were paid in cash.
Zeta Global Holdings trades at 5.5× revenue on 46.1% growth. PLTR grows fastest of its peers, 95.9%, and costs 55.3×.
Show the data
| Company | Revenue growth | EV / revenue |
|---|---|---|
| ZETA | 46.1% | 5.5× |
| MSFT | 18.8% | 11.4× |
| PLTR | 95.9% | 55.3× |
| ORCL | 29.6% | 7.3× |
| PANW | 34.5% | 22.9× |
| CRWD | 25.8% | 42.8× |
Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.
Customers and suppliers
In its latest annual report Zeta Global Holdings buys from OpenAI; one customer it does not name accounts for 10% of its revenue.
Suppliers
Customers
Partners
Changes since the previous annual report (10-K filed Feb 26, 2025)
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| OpenAI | supplier | “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 the scale we need may be dependent on access to specific third-party software and infrastructure.” |
| OpenAI | partner · licensing deal with it | “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 the scale we need may be dependent on access to specific third-party software and infrastructure.” |
| One customer (unnamed) | customer | “One customer accounted for more than 10% of the Company’s total revenues for the year ended December 31, 2025, and no customer accounted for more than 10% of the Company’s total revenues for the year ended December 31, 2024.” |
Only the companies Zeta Global Holdings names in its 10-K filed Feb 25, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
EV/revenue of 5.5x, below the peer median of 22.9x.
EV/revenue below the peer median of 22.9x: cheaper than its peers.
Show the data
| Company | EV / revenue |
|---|---|
| PLTR · Palantir Technologies Inc. | 55.3× |
| CRWD · CrowdStrike Holdings, Inc. | 42.8× |
| PANW · Palo Alto Networks, Inc. | 22.9× |
| MSFT · Microsoft Corporation | 11.4× |
| ORCL · Oracle Corporation | 7.3× |
| ZETA · Zeta Global Holdings Corp. | 5.5× |
Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.
What analysts expect
The average analyst price target is $38.64, 4% above the current price; 87% of 15 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 13 analysts (87%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $25.71 to $38.38 (+49%), while ZETA went from $18.51 to $37.27 (+101%). In the past three months targets were raised 9 times and never cut. 2 upgrades and no downgrades over the year; the latest: Goldman Sachs moved it to Buy from Neutral on Oct 16, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 16, 2026 | Goldman Sachs | Upgrade | Buy, was Neutral | $45.00, was $30.00 |
| Oct 12, 2026 | Roth Capital | Target raised | Buy | $55.00, was $44.00 |
| Oct 9, 2026 | Truist Securities | Target raised | Buy | $38.00, was $30.00 |
| Oct 9, 2026 | RBC Capital | Target kept | Outperform | $40.00 |
| Oct 9, 2026 | Keybanc | Target raised | Overweight | $38.00, was $27.00 |
| Oct 9, 2026 | Canaccord Genuity | Target raised | Buy | $37.00, was $30.00 |
| Oct 9, 2026 | Needham | Target raised | Buy | $40.00, was $30.00 |
| Oct 6, 2026 | DA Davidson | Target raised | Buy | $38.00, was $36.00 |
| Oct 5, 2026 | RBC Capital | Target raised | Outperform | $40.00, was $31.00 |
| Aug 19, 2026 | B of A Securities | Target raised | Buy | $34.00, was $29.00 |
| Aug 11, 2026 | Citigroup | Target raised | Buy | $35.00, was $26.00 |
| Aug 5, 2026 | DA Davidson | Target raised | Buy | $32.00, was $30.00 |
| Aug 5, 2026 | RBC Capital | Target raised | Outperform | $31.00, was $29.00 |
| Aug 5, 2026 | B. Riley Securities | Target raised | Buy | $32.00, was $30.00 |
| Aug 5, 2026 | Keybanc | Target raised | Overweight | $27.00, was $22.00 |
| Aug 5, 2026 | Needham | Target raised | Buy | $30.00, was $25.00 |
| Jun 30, 2026 | Freedom Broker | Began coverage | Buy | $28.50 |
| Jun 24, 2026 | B of A Securities | Target raised | Buy | $28.00, was $24.00 |
| Jun 24, 2026 | DA Davidson | Target kept | Buy | $30.00 |
| May 1, 2026 | RBC Capital | Target raised | Outperform | $29.00, was $27.00 |
| Apr 29, 2026 | Keybanc | Upgrade | Overweight, was Sector Weight | $22.00 |
| Feb 26, 2026 | DA Davidson | Target raised | Buy | $30.00, was $29.00 |
| Jan 28, 2026 | Goldman Sachs | Target raised | Neutral | $26.00, was $23.00 |
| Jan 15, 2026 | Morgan Stanley | Target raised | Equal-Weight | $27.00, was $23.00 |
| Nov 26, 2025 | Morgan Stanley | Target raised | Equal-Weight | $23.00, was $21.00 |
| Nov 26, 2025 | DA Davidson | Target raised | Buy | $29.00, was $27.00 |
| Nov 25, 2025 | DA Davidson | Target kept | Buy | $27.00 |
| Nov 25, 2025 | B. Riley Securities | Target raised | Buy | $30.00, was $29.00 |
| Nov 25, 2025 | B of A Securities | Target raised | Buy | $30.00, was $28.00 |
| Nov 24, 2025 | DA Davidson | Target kept | Buy | $27.00 |
| Nov 21, 2025 | Citigroup | Began coverage | Buy | $26.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.23 | $0.37 | +60.9% |
| Mar ’26 | $0.12 | $0.16 | +33.3% |
| Jun ’26 | $0.19 | $0.27 | +42.1% |
| Sep ’26 | $0.27 | $0.38 | +40.7% |
The day after each of these reports the stock moved +19.2% (Dec 2025, beat); +4.4% (Mar 2026, beat); +20.0% (Jun 2026, beat); +13.0% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.35 a share, and revenue of $524M, up 33% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $2.1B, up 15% on the year before's estimate.
Adjusted. Dec 2025: $0.37, far from its estimate; range $0.30 to $0.44; 13 analysts
Dec 2025: $395M; range $523M to $525M; 3 analysts
The year to Dec 2026: $1.9B expected; range $2.0B to $2.2B; 14 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $0.35 | $0.30 to $0.44 | 13 | $0.37 (Dec 2025) | — |
| Quarter ending Dec 2026 | Revenue | $524M | $523M to $525M | 3 | $395M (Dec 2025) | +33% |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.22 | $0.17 to $0.27 | 12 | $0.16 (Mar 2026) | +35% |
| Quarter ending Mar 2027 | Revenue | $461M | $421M to $481M | 11 | $396M (Mar 2026) | +16% |
| Year ending Dec 2026 | Revenue | $1.9B | $1.9B to $1.9B | 4 | $1.3B (year to Dec 2025) | +42% |
| Year ending Dec 2027 | Revenue | $2.1B | $2.0B to $2.2B | 14 | $1.9B (expected, year to Dec 2026) | +15% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $260M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $274M |
| Capex | −$14M |
| Free cash flow | $260M |
| Dividends | — |
| Buybacks | — |
| Cash retained | $260M |
For every $100 of market cap, the company generates about $2.7 in free cash flow a year.
No dividend today; cash goes to growth and share buybacks.
Zeta Global Holdings had 265M diluted shares in the quarter ended Sep 2026, 19.0% more than a year earlier, and 15.3% more each year on average since Sep 2021.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Sep 2021 | 130M |
| Mar 2022 | 134M |
| Jun 2022 | 136M |
| Sep 2022 | 141M |
| Mar 2023 | 150M |
| Jun 2023 | 155M |
| Sep 2023 | 158M |
| Mar 2024 | 171M |
| Jun 2024 | 178M |
| Sep 2024 | 188M |
| Mar 2025 | 213M |
| Jun 2025 | 217M |
| Sep 2025 | 222M |
| Mar 2026 | 239M |
| Jun 2026 | 257M |
| Sep 2026 | 265M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.6x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.2 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $320M against debt of $197M.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 3 funds whose copy leaves ZETA out (on the exchange, not in the app yet): Swiss National Bank, Norges Bank, Canada Pension Plan Investment Board.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 7 held ZETA at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 3 cut and 2 bought new. The largest of them is Norges Bank, 1.80M shares worth $35.5M at Jun 30, 2026, 21.9% fewer than at Dec 31, 2025.
2 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Norges Bank | Q2 2026 vs Q4 2025 | 1.80M | $35.5M | −504,734 | −22% | Aug 12, 2026 |
| Swiss National Bank | Q3 2026 | 387,800 | $12.2M | +11,700 | +3.1% | Nov 12, 2026 |
| Renaissance Technologies | Q3 2026 | 158,600 | $5.0M | +158,600 | New | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 147,800 | $2.9M | −201,716 | −58% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 47,850 | $942K | +16,532 | +53% | Aug 14, 2026 |
| Soros Fund Management | Q2 2026 | 46,667 | $918K | +46,667 | New | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 40,379 | $795K | −615,996 | −94% | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ZETA at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.