Ziff Davis, Inc.
ZD Communication Services Advertising Agencies
In the quarter to June 2026, revenue fell 2.74%, EPS grew 2,623.8%, free cash flow grew 100.3% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Ziff Davis, Inc. (ZD) Altman Z-score
Ziff Davis, Inc.'s Altman Z-score for fiscal 2025 is 1.62, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.62 | (0.27) |
| FY2024 | 1.90 | (0.67) |
| FY2023 | 2.57 | (0.20) |
| FY2022 | 2.77 | (0.27) |
| FY2021 | 3.03 | 1.41 |
| FY2020 | 1.63 | (0.19) |
| FY2019 | 1.82 | (0.60) |
| FY2018 | 2.42 | (0.26) |
| FY2017 | 2.67 | (0.30) |
| FY2016 | 2.97 | (0.78) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | 0.37 | — | 0.51 | |
| EBIT / total assets | 0.05 | — | 0.16 | |
| Market value of equity / total liabilities | 0.75 | — | 0.45 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Distress zone | 1.62 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.02 | ||
Z and Z″ put Ziff Davis, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DV DoubleVerify Holdings, Inc. compare | 6.4× |
| TTD The Trade Desk compare | 4.1× |
| QNST QuinStreet, Inc. compare | 3.2× |
| CRTO Criteo S.A. compare | 2.4× |
| ZD Ziff Davis, Inc. | 1.6× |
| STGW Stagwell Inc. compare | 0.9× |
| WPP WPP PLC compare | 0.8× |
| MGNI Magnite, Inc. compare | 0.7× |
| EVC Entravision Communications Corporation compare | −1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets