Forensic Analysis · Communication Services / Telecom · as of Jun 28, 2026
TechTarget, Inc. (TTGT)
A forensic read on TechTarget, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-9.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-93.2%
ROE
$272M
Market cap
TechTarget, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -9.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-105%Return on invested capital.Return on invested capital is -105% and slipping from -11% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+24.1%/yrShare-count dilution.Diluted share count changed +72% over the last 3 years to FY2025 (+24.1%/yr). The count is GROWING — existing holders are being diluted. That's ~24.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~72%.
4% of revStock-based comp load.Stock-based compensation ran 4% of revenue and 120% of free cash flow in FY2025 — about $0.27 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
$1.1BGoodwill impairments.Took $1.1B of goodwill writedowns across 3 year(s) (FY2023 ($140M), FY2024 ($66M), FY2025 ($932M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-207.1%
Debt / Equity0.70x
Free Cash Flow$15.9M
Latest Revenue$486.8M
Return on Equity-169.6%
Revenue Growth YoY+70.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on TechTarget, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TTGT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown