Forensic Analysis · Technology / Software · as of Jun 27, 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
Distress
Financial health
0.1
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-3.0%
ROE
$4.7B
Market cap
Zeta Global Holdings Corp. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.1, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+29.4%Accruals ratio.Net operating assets grew +29.4% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran behind operating cash by -39% of net operating assets.
1%Return on invested capital.Return on invested capital is 1% and rising from -94% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+19.6%/yrShare-count dilution.Diluted share count changed +59% over the last 3 years to FY2025 (+19.6%/yr). The count is GROWING — existing holders are being diluted. That's ~19.6% 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 ~59%.
14% of revStock-based comp load.Stock-based compensation ran 14% of revenue and 96% of free cash flow in FY2025 — about $0.81 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.
90d DSOReceivables vs revenue.Days sales outstanding moved from 85 to 90 days FY2024→FY2025 (receivables +37% vs revenue +30%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-2.4%
Debt / Equity0.24x
Free Cash Flow$185.1M
Latest Revenue$1.30B
Return on Equity-3.9%
Revenue Growth YoY+29.7%
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 Zeta Global Holdings Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ZETA'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