Travelzoo (TZOO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+135.6%

$12.25

vs $5.20 price

Levered DCF

-$0.90

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.95×	18.47×	11.48×	8.24×	118.79×	-8×	30.57×	25.87×
P/B	-10.59×	-543.83×	23.9×	6.11×	-25.92×	56.63×	11.63×	8.62×
P/S	0.87×	2.99×	1.68×	0.78×	1.75×	2×	1.2×	1.09×
EV / EBITDA	10.02×	12.12×	7.13×	3.92×	17.32×	-7.02×	6.56×	10.24×
Gross margin	80.3%	87.5%	87.1%	85.8%	81.8%	80.3%	89.1%	89.0%
Operating margin	7.5%	22.0%	18.4%	10.7%	-2.1%	-26.3%	16.2%	7.4%
Net margin	5.1%	16.2%	14.6%	9.4%	1.5%	-25.0%	4.0%	4.2%
Current ratio	0.68×	0.87×	0.9×	0.75×	0.74×	0.85×	1.03×	1.24×
Debt / equity	-1.35×	-17.57×	1.56×	1.25×	-2.9×	9.53×	1.18×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-62.5%	-2935.9%	208.2%	73.6%	-21.5%	-709.8%	38.2%	33.2%
Return on invested capital	35.0%	64.1%	41.1%	17.5%	-2.6%	-44.5%	45.7%	27.9%
Return on assets	10.4%	24.8%	21.2%	9.0%	0.9%	-13.1%	7.3%	10.7%
Free cash flow yield	7.0%	8.3%	7.3%	-44.7%	-7.4%	43.7%	8.6%	3.8%
Earnings yield	5.9%	5.4%	8.7%	12.0%	0.8%	-12.5%	3.3%	3.8%
Enterprise value	$79.8M	$242.3M	$135.5M	$47.7M	$78.2M	$62.1M	$120.4M	$103.1M
Net debt / EBITDA	0.02×	-0.45×	-0.34×	-0.61×	-6.99×	5.1×	-0.33×	-1.79×
Cash conversion cycle (days)	-114	-158	-784	-83	-2,224	-2,184	-579	-452