Forensic Analysis · Technology / Software · as of Aug 11, 2026
Zeta Global Holdings Corp. (ZETA)
A forensic read on Zeta Global Holdings Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-2983.5
P / E (ttm)
-3.9%
ROE
$6.9B
Market cap
0.00%
Dividend yield
29.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Zeta Global Holdings Corp. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+29.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +37% against revenue +30% and payables paid down 8% against +29% in cost of sales. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 39% of net operating assets, diverging from the balance-sheet accrual read.
0.6%
FY2025
Return on invested capital.Return on invested capital is 0.6% in the latest fiscal year and rising from -94% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.7%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +59% over the last 3 years to FY2025 (+16.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~16.7% 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 ~37%.
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue and 96% of free cash flow in FY2025 — about $0.81 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 16.7% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$1.30B
Revenue Growth YoY+29.7%
Revenue CAGR (3yr)+30.2%
Net Margin-2.4%
Free Cash Flow$185.1M
Return on Equity-3.9%
Debt / Equity0.24x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Zeta Global Holdings Corp.'s actual 10-K/10-Q/8-K filings?