Ziff Davis, Inc. (ZD) 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

+166.4%

$141.62

vs $53.15 price

Levered DCF

$161.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.95

Grey zone

Rating

S-

Overall 5 / 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	30.3×	38.27×	75.49×	58.16×	10.28×	26.22×	18.03×	22.51×
P/B	0.82×	1.33×	1.65×	1.96×	2.59×	3.25×	2.96×	2.79×
P/S	0.99×	1.72×	2.29×	2.67×	3.59×	3.39×	2.83×	2.4×
EV / EBITDA	5.27×	8.79×	10.19×	10.19×	8.16×	14.97×	15.57×	8.66×
Gross margin	70.0%	85.7%	86.4%	86.7%	86.7%	84.6%	82.7%	83.3%
Operating margin	14.1%	8.1%	9.7%	14.3%	11.8%	11.9%	20.2%	20.2%
Net margin	3.3%	4.5%	3.0%	4.6%	35.1%	13.0%	15.9%	10.7%
Current ratio	1.27×	1.41×	2.76×	2.51×	2.62×	0.71×	1.06×	1.5×
Debt / equity	0.51×	0.49×	0.53×	0.53×	0.6×	1.39×	1.2×	0.98×
Interest coverage	7.87×	8.12×	6.62×	5.88×	2.32×	2.46×	10.31×	3.94×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	2.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.1%	63.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.7%	3.5%	2.2%	3.4%	25.2%	12.4%	16.7%	12.4%
Return on invested capital	4.8%	2.4%	2.8%	3.4%	5.0%	1.8%	9.0%	8.1%
Return on assets	1.3%	1.7%	1.2%	1.8%	13.2%	4.1%	6.2%	5.0%
Free cash flow yield	20.0%	11.7%	6.8%	6.2%	7.9%	9.8%	8.8%	11.9%
Earnings yield	3.3%	2.6%	1.3%	1.7%	9.8%	3.8%	5.6%	4.4%
Enterprise value	$1.7B	$2.8B	$3.4B	$4.1B	$5.6B	$5.4B	$4.9B	$3.7B
Net debt / EBITDA	0.87×	1.22×	0.79×	0.87×	0.7×	4.15×	3.2×	1.88×
Cash conversion cycle (days)	41	-128	-152	-159	-173	-307	-296	-235