Does ZIFF DAVIS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ZIFF DAVIS, INC. (ZD) 57.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 43, balance-sheet safety 35, capital discipline 40.

Is ZD stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $49.14 per share versus a recent price of $53.98 — 10% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ZD's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 57.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ZIFF DAVIS, INC.

ZD · Communications · $2.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 85.2% over 10y, very stable.

Returns on capital43

Median ROIC 10.1%, above the 9% hurdle in 60% of years.

Balance-sheet safety35

Net debt/EBITDA n/ax, interest coverage 5x.

Capital discipline40

Owner earnings -5.0%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

10% above value

Owner earnings (normalized): $169.7M
Est. intrinsic value / share: $49.14
Recent price: $53.98
Discount to value: 10% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

ZIFF DAVIS, INC. booked $1.5B of revenue in FY2025 in the Communications sector and kept 85.8% of it as gross profit — a high-margin business by that measure. After every other cost, 3.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $241.5M (FY2008) to $1.5B (FY2025) — about 11.1% a year compounded over 17 years.

It earned 10.9% on invested capital in FY2025, with a median of 12.9% across 18 filed years. The Returns on Capital filter above scores it 43/100.

The balance sheet carried $1.4B of total debt in FY2019. Balance-Sheet Safety scores it 35/100.

The share count fell 13.2% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Balance-Sheet Safety the weakest (35/100), which is how ZD lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.5B FY2025

Gross marginRevenue kept after cost of goods85.8% FY2025

Return on invested capitalOperating profit on the capital employed10.9% FY2025

Owner earningsCash an owner could take out$156.8M FY2025

Gaps in a line mean that item isn’t in ZD’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale57.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ZD has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#12 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#10VZ VERIZON COMMUNICATIONS INC59.6 out of 100, Shallow moatShallow moat
#11SPOK SPOK HOLDINGS, INC.58.5 out of 100, Shallow moatShallow moat
#13WMG Warner Music Group Corp.57.9 out of 100, Shallow moatShallow moat
#14GSAT GLOBALSTAR, INC.57.7 out of 100, Shallow moatShallow moat

Compare ZD with its nearest peers →All Communications companies on the Index →

Common questions about ZD

Does ZIFF DAVIS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ZIFF DAVIS, INC. (ZD) 57.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 43, balance-sheet safety 35, capital discipline 40.
Is ZD stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $49.14 per share versus a recent price of $53.98 — 10% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ZD's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 57.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ZD. See the disclaimer.