Emerald Holding, Inc. (EEX) Market Cap
Emerald Holding, Inc. has a market capitalization of $957.9M.
Financials based on reported quarter end 2025-12-31
Price: $4.84
▲ 0.07 (1.47%)
Market Cap: 957.88M
NYSE · time unavailable
CEO: Herve Sedky
Sector: Communication Services
Industry: Advertising Agencies
IPO Date: 2017-04-28
Website: https://www.emeraldx.com
Emerald Holding, Inc. (EEX) - Company Information
Market Cap: 957.88M · Sector: Communication Services
Emerald Holding, Inc. operates business-to-business (B2B) trade shows in the United States. The company operates trade shows in various industry sectors, including retail, design and construction, technology, equipment, and safety and security. It also operates content and content-marketing websites, and related digital products, as well as produce publications. In addition, the company operates Elastic Suite platform that streamlines the wholesale buying process for brands and retail buyers; and Flex platform. Emerald Expositions Events, Inc. was incorporated in 2013 and is based in New York, New York.
Analyst Sentiment
Based on 5 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 1 sources)
Consensus Price Target
Low
$8
Median
$8
High
$8
Average
$8
Potential Upside: 63.2%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"EEX reported revenue of $132.7M for the fiscal year ending December 31, 2025, but incurred a net loss of $30.2M, resulting in an EPS of -$0.15. The company maintained positive operating cash flow of $30M and free cash flow of $30.2M, despite a capital expenditure of $200k. EEX’s total assets amounted to $1.21B with total liabilities of $18.3M, resulting in a total equity of $25.5M, indicating a relatively healthy balance sheet with negative net debt of $7.7M. The stock has shown a year-to-date price of $4.64, demonstrating a 17.77% change over the past year, highlighting moderate appreciation despite a decline over the last six months. EEX has consistently paid dividends, amounting to $9M in total dividends paid, which could be attractive for income-focused investors but may also signal cash flow pressures given the reported losses. Overall, while EEX is growing its revenue, it is not yet profitable, affecting its score in profitability metrics."
Revenue Growth
Revenue of $132.7M indicates a solid growth trajectory.
Profitability
Reported net loss of $30.2M reflects ongoing profitability challenges.
Cash Flow Quality
Positive operating cash flow and free cash flow indicate good cash management.
Leverage & Balance Sheet
Strong balance sheet with total assets of $1.21B and low liabilities.
Shareholder Returns
17.77% stock appreciation offset by significant losses; dividends paid reduced cash reserves.
Analyst Sentiment & Valuation
Target price range suggests modest upside potential.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
EEX delivered strong FY 2025 growth, with total revenue up 16.2% to $463.4M and adjusted EBITDA up 25% to $127.1M, driven largely by newly acquired businesses (This is Beyond, Insurtech Insights, Generis) plus modest organic momentum (FY organic +1.1%; +4.8% pro-forma). Despite earnings improvement, reported free cash flow declined slightly to $34.3M, primarily due to acquisition timing (noted $30M OCF offset vs operating cash flow) and $6.5M of refinancing fees—together cited as a $36.6M drag versus underlying operations. Management guides 2026 revenue of $490M–$495M and adjusted EBITDA of $137.5M–$142.5M, implying ~6% revenue and ~10% EBITDA growth at the midpoint, with expected free cash flow of $85M–$90M (high EBITDA-to-FCF flow-through, subject to acquisition/integration spend). Operational upside centers on automation/AI agents and finance stack modernization for scalable margin expansion. Key near-term uncertainty is early-2026 integration costs and macro/tariff monitoring, while Middle East disruption appears immaterial (<1% revenue).
Growth Catalysts
- High rebooking activity and strong customer engagements supporting momentum entering 2026
- Operational efficiencies via automation, process optimization and scalable platforms aimed at margin expansion
- Expansion of Content monetization via launched lead generation business leveraging content (started sales in October 2025)
Business Development
- Acquisitions completed in 2025: This is Beyond, Insurtech Insights, Generis
- Ongoing M&A conversations / pipeline in high-growth sectors (no specific targets named)
Financial Highlights
- Q4 2025 revenue: $132.7M vs $106.8M prior year (+24.3% YoY reported); reported organic revenue +0.3% YoY; pro-forma organic revenue +5.3% YoY assuming 2024 includes newly acquired businesses
- FY 2025 revenue: $463.4M (+16.2% YoY); FY reported organic revenue +1.1% YoY; pro-forma organic revenue +4.8% YoY assuming acquisitions included in 2024
- Q4 2025 adjusted EBITDA: $36.3M vs $33.1M (+9.7% YoY)
- FY 2025 adjusted EBITDA: $127.1M vs $101.7M (+25% YoY)
- Expense pressure: SG&A FY $241.2M vs $170.4M, driven by contingent consideration remeasurement adjustments plus transaction/integration costs
- FCF: Q4 2025 $10.1M vs $18.4M; FY 2025 $34.3M vs $37.0M, impacted by acquisition timing (noted $30M of OCF generated if owned at start of year) and $6.5M refinancing fees; total FCF impact quantified at $36.6M for FY 2025
- Balance sheet: net debt to covenant EBITDA 2.86x (below sub-3.0x target)
- 2026 guidance: revenue $490M–$495M; adjusted EBITDA $137.5M–$142.5M (midpoint ~6% revenue growth and ~10% adjusted EBITDA growth YoY)
Capital Funding
- Q4 2025 share repurchases: 282,386 shares at avg $4.56
- FY 2025 share repurchases: 4,058,604 shares at avg $4.32
- Remaining authorization at Dec 31, 2025: $24.6M
- Quarterly dividend declared: $0.015 per share
- Cash at Dec 31, 2025: $100.9M (vs $95.4M Sep 30, 2025); total liquidity $210.4M including $110M available on revolver
- Debt refinancing fees: $6.5M (Jan and Aug 2025) cited as flowing through financials and impacting FY free cash flow
Strategy & Ops
- Portfolio reshaping: exit of underperforming brands post-COVID and increased exposure to higher-growth end markets
- Automation initiative: AI agents implemented across several events to improve exhibitor experience; expected to scale across more events
- AI scalability effects: expected reduction in calls into sales/customer success; modernization of finance stack in 2026 with automation to drive incremental flow-through
- Las Vegas Convention Center disruption: construction completed end of 2025; company expects to cycle past impacts in 2026; next event scheduled Monday/Tuesday next week
Market Outlook
- 2026 revenue guidance: $490M–$495M
- 2026 adjusted EBITDA guidance: $137.5M–$142.5M; midpoint implies ~10% YoY adjusted EBITDA growth
- Revenue contract level: >70% of the year's revenue already contracted; more to sell in back half for 1H vs 2H split
- Middle East exposure: less than 1% of revenue from exhibitors from Middle East/contiguous regions; no meaningful impact to travel/exhibitor willingness observed
Risks & Headwinds
- FCF volatility: acquisition timing and financing fees materially reduced reported free cash flow in 2025 (quantified $36.6M impact); potential for higher acquisition/integration expense in early 2026
- Las Vegas Convention Center construction impacted some brands in 2025; risk of carryover effects until cycling through in 2026
- SG&A elevated due to contingent consideration remeasurement adjustments and integration/transaction costs
- Tariff uncertainty: company monitors and incorporated potential impacts into 2026 planning (no numeric tariff basis stated)
Sentiment: MIXED
Note: This summary was synthesized by AI from the EEX Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.