Zeta Global Holdings Corp.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Zeta Global Holdings Corp.'s SEC filings, named by the month they end. Fiscal years: Zeta Global Holdings Corp.'s annual reports to the SEC.

How it makes money

The company loses $2.4 for every $100 of revenue.

Each margin is that line of the income statement divided by revenue. Fiscal year: Zeta Global Holdings Corp.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 61.2 (growth 46.1% + FCF margin 15.1%): strong, clears the 40 line. Stock pay is 11.5% of revenue; counted as a cost, it brings the FCF margin down to 3.6%.

Zeta Global Holdings trades at 5.5× revenue on 46.1% growth. PLTR grows fastest of its peers, 95.9%, and costs 55.3×.

Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.

Customers and suppliers

In its latest annual report Zeta Global Holdings buys from OpenAI; one customer it does not name accounts for 10% of its revenue.

Their suppliers

AMD AMDto OpenAI

Cerebras Systems CBRSto OpenAI

CoreWeave CRWVto OpenAI

Show 3

Suppliers

OpenAI

 

ZETAZeta Global Holdings

Customers

Unnamed customer 10%

Partners

OpenAIAI technology licensing partnership

Changes since the previous annual report (10-K filed Feb 26, 2025)

OpenAINamed for the first time, as a supplier and a partner

DDailyPayNo longer named (was a customer)

Only the companies Zeta Global Holdings names in its 10-K filed Feb 25, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

EV/revenue of 5.5x, below the peer median of 22.9x.

EV/revenue below the peer median of 22.9x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $38.64, 4% above the current price; 87% of 15 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 13 analysts (87%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $25.71 to $38.38 (+49%), while ZETA went from $18.51 to $37.27 (+101%). In the past three months targets were raised 9 times and never cut. 2 upgrades and no downgrades over the year; the latest: Goldman Sachs moved it to Buy from Neutral on Oct 16, 2026.

The day after each of these reports the stock moved +19.2% (Dec 2025, beat); +4.4% (Mar 2026, beat); +20.0% (Jun 2026, beat); +13.0% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.35 a share, and revenue of $524M, up 33% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $2.1B, up 15% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $260M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Zeta Global Holdings had 265M diluted shares in the quarter ended Sep 2026, 19.0% more than a year earlier, and 15.3% more each year on average since Sep 2021.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves ZETA out (on the exchange, not in the app yet): Swiss National Bank, Norges Bank, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 7 held ZETA at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 3 cut and 2 bought new. The largest of them is Norges Bank, 1.80M shares worth $35.5M at Jun 30, 2026, 21.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ZETA at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.