Zedge, Inc. (ZDGE) 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

-39.7%

$1.36

vs $2.25 price

Levered DCF

$6.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.91

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-292.08×	-23.65×	-5.57×	-4.88×	4.26×	24.38×	-27.69×	-4.88×
P/B	1.6×	2.13×	1.65×	0.76×	0.94×	6.09×	1.74×	2.33×
P/S	1.21×	1.88×	1.7×	1.09×	1.57×	10.33×	1.63×	1.84×
EV / EBITDA	41.53×	-23.47×	-3.5×	-4.19×	1.83×	19.06×	10.61×	-7.77×
Gross margin	93.0%	89.8%	85.7%	79.8%	86.4%	87.5%	70.8%	68.2%
Operating margin	-2.0%	-2.6%	0.5%	-0.5%	32.9%	39.9%	-4.3%	-32.7%
Net margin	-0.4%	-8.1%	-30.5%	-22.4%	36.6%	42.1%	-5.9%	-37.9%
Current ratio	3.06×	2.89×	3.84×	3.75×	2.3×	6.61×	2.38×	1.58×
Debt / equity	0.01×	0.01×	0.01×	0.06×	0×	0.01×	0.06×	0.02×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	-14.51×
Dividend yield	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-717.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.5%	-9.2%	-29.7%	-15.7%	22.0%	24.9%	-6.3%	-48.0%
Return on invested capital	-1.2%	-2.4%	0.4%	-0.3%	15.9%	23.4%	-4.3%	-40.7%
Return on assets	-0.4%	-6.7%	-24.0%	-13.0%	17.8%	22.0%	-4.7%	-37.1%
Free cash flow yield	11.0%	6.0%	9.1%	5.7%	26.1%	4.7%	8.8%	-8.7%
Earnings yield	-0.3%	-4.3%	-18.0%	-20.6%	23.3%	4.1%	-3.6%	-20.6%
Enterprise value	$18.3M	$36.8M	$31.2M	$13.8M	$24.8M	$177.4M	$10.9M	$14.8M
Net debt / EBITDA	-45.58×	11.74×	2.22×	4.79×	-1.24×	-2.65×	-4.49×	0.77×
Cash conversion cycle (days)	-169	-140	-53	-6	-81	-40	16	20