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ZIFF DAVIS, INC.

ZD· Nasdaq· Telegraph & Other Message Communications

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
19.8%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+4.6%
We record prices for the companies we cover; ZD is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
41.1M
Revenue
$1.5B
Free cash flow
$287.9M
Owner earnings
$242.9M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
12.6%
Net
3.3%
Free cash flow
19.8%
Owner earnings
16.7%
Stock pay
3.1%

Returns

ROIC, FY2025
6.2%
ROIC, 5 yr avg
–
ROE, FY2025
2.7%
ROE, 5 yr avg
7.4%

Growth (CAGR)

Revenue, 3 yr
1.4%
Revenue, 5 yr
4.6%
Revenue, 9 yr
5.8%
Diluted EPS, 3 yr
-5.4%
Diluted EPS, 5 yr
-18.4%
Diluted EPS, 9 yr
-10.5%
Free cash flow, 3 yr
7.7%
Free cash flow, 5 yr
-5.8%
Free cash flow, 9 yr
1.2%

Financial health · FY2025

Cash and investments
$607.0M
Total debt
$866.5M
Net debt
$259.5M
Debt/Equity
0.5x
Debt/FCF
3.0x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.7%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$1.5B

+5.8% a year over 9 years

FY2016: Revenue $874.3MFY2017: Revenue $1.1BFY2018: Revenue $1.2BFY2019: Revenue $1.1BFY2020: Revenue $1.2BFY2021: Revenue $1.4BFY2022: Revenue $1.4BFY2023: Revenue $1.4BFY2024: Revenue $1.4BFY2025: Revenue $1.5B
FY2016FY2025

Margins

Gross–Operating12.6%Net3.3%

FY2025

FY2016: Gross 83.2%, Operating 27.7%, Net 17.4%FY2017: Gross 84.6%, Operating 22.0%, Net 12.5%FY2018: Gross 83.3%, Operating 20.2%, Net 10.7%FY2019: Gross 82.2%, Operating 8.4%, Net 20.8%FY2020: Gross 84.6%, Operating 11.9%, Net 13.0%FY2021: Gross 86.7%, Operating 11.8%, Net 35.1%FY2022: Gross –, Operating 14.3%, Net 4.6%FY2023: Gross –, Operating 9.7%, Net 3.0%FY2024: Gross –, Operating 8.1%, Net 4.5%FY2025: Gross –, Operating 12.6%, Net 3.3%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$287.9MOwner earnings$242.9M

Free cash flow +1.2% a year

FY2016: Free cash flow $257.6M, Owner earnings $244.0MFY2017: Free cash flow $224.8M, Owner earnings $202.1MFY2018: Free cash flow $344.9M, Owner earnings $316.9MFY2019: Free cash flow $342.0M, Owner earnings $318.0MFY2020: Free cash flow $387.5M, Owner earnings $363.5MFY2021: Free cash flow $402.8M, Owner earnings $377.5MFY2022: Free cash flow $230.3M, Owner earnings $203.7MFY2023: Free cash flow $211.2M, Owner earnings $179.3MFY2024: Free cash flow $283.7M, Owner earnings $242.8MFY2025: Free cash flow $287.9M, Owner earnings $242.9M
FY2016FY2025

Diluted shares

41.1M

-14.3% over 9 years, net buybacks

FY2016: Diluted shares 48.0MFY2017: Diluted shares 48.7MFY2018: Diluted shares 48.9MFY2019: Diluted shares 49.0MFY2020: Diluted shares 47.1MFY2021: Diluted shares 47.9MFY2022: Diluted shares 47.0MFY2023: Diluted shares 46.5MFY2024: Diluted shares 44.5MFY2025: Diluted shares 41.1M
FY2016FY2025

Return on invested capital

6.2%

FY2025

FY2016: ROIC 12.6%FY2017: ROIC 10.3%FY2018: ROIC 9.9%FY2019: ROIC 3.0%FY2020: ROIC 2.7%FY2021: ROIC –FY2022: ROIC 5.1%FY2023: ROIC 4.2%FY2024: ROIC 2.9%FY2025: ROIC 6.2%
FY2016FY2025

Net debt (below zero)

-$259.5M

$259.5M more debt than cash

FY2016: Net cash -$477.7MFY2017: Net cash -$651.0MFY2018: Net cash -$803.7MFY2019: Net cash -$872.8MFY2020: Net cash -$1.4BFY2021: Net cash -$166.6MFY2022: Net cash -$287.8MFY2023: Net cash -$236.6MFY2024: Net cash -$358.4MFY2025: Net cash -$259.5M
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$874.3M$1.1B$1.2B$1.1B$1.2B$1.4B$1.4B$1.4B$1.4B$1.5B
Revenue growth21.3%27.9%8.0%-13.0%10.3%22.3%-1.8%-1.9%2.8%3.5%
Gross margin83.2%84.6%83.3%82.2%84.6%86.7%––––
Operating margin27.7%22.0%20.2%8.4%11.9%11.8%14.3%9.7%8.1%12.6%
Net income$152.4M$139.4M$128.7M$218.8M$150.7M$496.7M$63.8M$41.5M$63.0M$47.4M
Net margin17.4%12.5%10.7%20.8%13.0%35.1%4.6%3.0%4.5%3.3%
Diluted EPS$3.13$2.83$2.59$4.39$3.18$10.37$1.36$0.89$1.42$1.15
Return on invested capital?12.6%10.3%9.9%3.0%2.7%–5.1%4.2%2.9%6.2%
Cash
Operating cash flow$282.4M$264.4M$401.3M$412.5M$480.1M$516.5M$336.4M$320.0M$390.3M$407.1M
Capital expenditure$24.7M$39.6M$56.4M$70.6M$92.6M$113.7M$106.2M$108.7M$106.6M$119.2M
Free cash flow$257.6M$224.8M$344.9M$342.0M$387.5M$402.8M$230.3M$211.2M$283.7M$287.9M
Stock-based compensation$13.7M$22.7M$28.1M$23.9M$24.0M$25.2M$26.6M$31.9M$40.9M$44.9M
Owner earnings?$244.0M$202.1M$316.9M$318.0M$363.5M$377.5M$203.7M$179.3M$242.8M$242.9M
Free cash flow per share$5.37$4.62$7.05$6.97$8.23$8.42$4.90$4.55$6.37$7.00
Capital allocation
Dividends paid$65.8M$73.5M$82.6M$43.9M$0$0––––
Share repurchases$56.5M$9.8M$47.1M$20.8M$275.7M$78.3M$78.3M$108.5M$185.2M$173.8M
Diluted shares48.0M48.7M48.9M49.0M47.1M47.9M47.0M46.5M44.5M41.1M
Share count change?-0.3%1.5%0.5%0.2%-3.9%1.6%-1.7%-1.2%-4.2%-7.7%
Balance sheet
Cash and equivalents$124.0M$350.9M$209.5M$575.6M$176.4M$694.8M$652.8M$737.6M$505.9M$607.0M
Short-term investments$60.0K––$0$663.0K$229.2M$58.4M$27.1M$0–
Total debt$601.7M$1.0B$1.0B$1.4B$1.6B$1.1B$999.1M$1.0B$864.3M$866.5M
Net debt$477.7M$651.0M$803.7M$872.8M$1.4B$166.6M$287.8M$236.6M$358.4M$259.5M
Shareholders' equity$914.5M$1.0B$1.0B$1.3B$1.2B$2.0B$1.9B$1.9B$1.8B$1.8B

Latest filings

All on EDGAR
2026-08-0710-QQuarterly report
2026-08-078-KEarnings release
2026-05-0810-QQuarterly report
2026-05-088-KEarnings release
2026-03-26DEF 14AProxy statement
2026-02-2410-KAnnual report
2026-02-248-KEarnings release
2025-11-0710-QQuarterly report
2025-11-078-KEarnings release
2025-08-0710-QQuarterly report

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