Ziff Davis, Inc. (ZD) Stock

Ziff Davis, Inc. (ZD) is a Communication Services stock trading at $56.25 (as of 2026-09-11), with a market capitalization of $2.07B and a trailing P/E of 3.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ziff Davis, Inc. and its subsidiaries provide internet information and services in the United States, Canada, Ireland, and internationally through two segments: Digital Media and Cybersecurity and Martech. The Digital Media segment operates web properties and apps including IGN, PCMag, and Mashable, while the Cybersecurity and Martech segment offers subscription cloud services such as cybersecurity, privacy, and marketing technology for consumers and businesses.

Understand Ziff Davis, Inc.: how it makes money

Ziff Davis runs a portfolio of digital media sites (IGN, RetailMeNot, Speedtest, MedPageToday, What to Expect) plus cybersecurity and martech services, earning revenue from advertising, affiliate links, and subscriptions. Revenue is roughly equal across health, tech and shopping, and cybersecurity verticals, while the highest-margin Connectivity unit is being divested.

The moat is full-journey vertical ownership (pregnancy, physician, gamer) at 84% gross margin; the vulnerability is the ad and affiliate monetization layer being disrupted by search and AI traffic shifts.

Revenue by segment (latest quarter)
Health & Wellness$0.1B
Technology & Shopping$0.1B
Cybersecurity & MarTech$0.1B
Gaming & Entertainment$0.0B
Other$0.0B

Business quality (Weak): A shrinking, loss-making media portfolio: 84% gross margin is structurally strong, but a -16% operating margin and 19% revenue decline show the top-line compression is outpacing cost discipline. The business quality is Weak until the Connectivity divestiture is complete and health/gaming verticals prove scale.

Valuation: At 3× earnings, ZD trades 82% below the Communication average (18×). Note: the low multiple may reflect one-time earnings items.

Bull case

  • Hidden portfolio value unlocked: Management flagged that active monetization initiatives and the pending Connectivity sale could expose portfolio value not currently reflected in the stock price, suggesting the market is underpricing the underlying media assets.
  • Deep-value valuation multiple: At a P/E of 3.2x versus the Communication Services industry average of 18x, the stock trades 82% below peers, implying the market has priced in continued decline beyond what the segment mix supports.
  • Share count shrinking steadily: With 9.7 million shares still available under the repurchase authorization and substantial liquidity on the balance sheet, ongoing buybacks reduce float and provide a margin of safety for remaining shareholders.

Bear case

  • Search traffic eroding core revenue: Management cited search and traffic pressure as directly weakening affiliate commerce and programmatic advertising, the two monetization engines that drive the largest share of Digital Media revenue, which is already down 19% year over year at $300M for the quarter.
  • Losing the margin anchor: The Connectivity divestiture removes the company's highest-margin business, meaning the remaining portfolio must carry the P&L at lower blended margins, pressuring the already negative 16% operating margin further.
  • Decline accelerating into Q2: Guidance indicates Q2 revenue will decline faster year over year than Q1's 19% drop, pointing to a widening gap between revenue trajectory and the cost base rather than a stabilizing trend.
Valuation — source: SEC EDGAR (first-party)
Price$56.25
Market Cap$2.07B
P/E Ratio3.2
EV / EBITDA5.2
Price / Book0.93
Price / Sales1.56
FCF Yield15.3%
DCF Value (model)$20.52
DCF Upside vs Price-63.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.45B
Net Margin3.3%
Return on Equity28.8%
Debt / Equity0.45
Current Ratio2.16
Revenue Growth (YoY)-18.6%
EPS Growth (YoY)2623.8%
FCF Growth (YoY)100.3%
Financial Health — source: SEC EDGAR
Altman Z-Score1.83 (grey)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E3.2
Sector P/E (Communication Services)20.5
Industry P/E (Communication)15.1
vs Sector-84.3%
vs Industry-78.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($302.22M)
Institutional Holders Tracked10
Company
SectorCommunication Services
IndustryCommunication
CEOVivek R. Shah
Employees3,800
CountryUS
IPO Date1999-07-23

Ziff Davis, Inc. earnings call transcripts

  • ZD Q2 FY26 earnings call transcript (reported 2026-08-06) · analysis
  • ZD Q1 FY26 earnings call transcript (reported 2026-05-07) · analysis
  • ZD Q4 FY25 earnings call transcript (reported 2026-02-23) · analysis
  • ZD Q3 FY25 earnings call transcript (reported 2025-11-06) · analysis
  • ZD Q2 FY25 earnings call transcript (reported 2025-08-06) · analysis
  • ZD Q1 FY25 earnings call transcript (reported 2025-05-08) · analysis

All ZD earnings calls

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ZD earnings history · ZD institutional & insider holders · ZD KPIs & operating metrics · ZD financials · ZD filings, presentations & press releases · ZD investor presentations & press releases · ZD SEC filings · ZD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.