Forensic Analysis · Technology / Software · as of Sep 25, 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
10.1
Distress distance
Clean
Earnings quality
4
Forensic signals
-3435.2
P / E (ttm)
-3.9%
ROE
$7.5B
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, going concern, valuation). 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 10.1, 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +37% against revenue +30% and payables paid down 8% against +29% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 39% of net operating assets, against an accruals ratio of 29.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
0.6%
FY2025
Return on invested capital.Return on invested capital is 0.6% in the latest fiscal year and rising across FY2023–FY2025 from -54.6%. After-tax operating profit was ($132M) in FY2023 and $4M in FY2025, with operating income at -23.0% of revenue in FY2023, -6.8% in FY2024 and 0.4% in FY2025. The capital base behind it grew +211% across FY2023–FY2025, from $243M to $754M, and the return did not fall doing it, so the dollars added over that window earned at least the -54.6% the older base was already earning.
+18.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +41% over the last 2 years to FY2025 (+18.7%/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 ~18.7% 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 FY2023 has been diluted ~29%.
Key fundamentals
Latest Revenue$1.30B
Revenue Growth YoY+29.7%
Revenue CAGR (2yr)+33.8%
Net Margin-2.4%
Free Cash Flow$165.0M
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Zeta Global Holdings Corp. (ZETA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue and 108% of free cash flow in FY2025 — about $0.81 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 18.7% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.