ZipRecruiter, Inc. (ZIP) valuation at a glance
- Price
- $3.83
- Forward P/E
- 27.0×
- Market cap
- $265M
- P/S (TTM)
- 0.6×
CompaniesZIP
ZIP
ZipRecruiter, Inc.
Technologyonline job marketplacedebt discount repurchasedual-classhiring cycle
Overview
$3.83-0.8%
Market Cap
$265M
SEC filings
P/E (TTM)
9.4×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
89.1%
SEC filings
FCF Yield
5.7%
Calculated from SEC filings
Fair Value
Not established
yahoo chart 2026-09-17 (close $3
Conviction
3/5Online hiring marketplace at about 0.7x sales after retiring $295M of 2030 notes at 78 cents; Q2 2026 was the first y/y revenue growth since the hiring slump.
Research Depth
ScreeningDeep ResearchFull Model
Updated 24d ago
Quality Snowflake
Overall 60/100
Value4/4
Future0/1
Past4/4
Health2/2
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
ZipRecruiter runs an online employment marketplace that matches employers with job seekers and earns revenue from employer subscriptions and performance marketing campaigns (10-K filed 2026-02-25). It screens as deep value because the equity is valued at roughly $315M (close of $3.83 on 2026-09-16 times 82.2M shares as of 2026-07-29) against 2025 revenue of $449.0M and Adjusted EBITDA of $40.8M, and because the balance sheet was reset in June 2026: $294.6M principal of the 5% senior notes due 2030 was repurchased for $229.4M, producing a $59.3M gain and leaving about $255M of notes against $129.7M cash and $44.1M marketable securities at 2026-06-30 (10-Q filed 2026-08-05). Q2 2026 revenue of $118.1M grew 5% y/y, Quarterly Paid Employers rose 12% q/q to 70,721, and Adjusted EBITDA margin reached 12%. The strongest counter-evidence is that revenue fell from $474.0M in 2024 to $449.0M in 2025, stockholders' equity is negative ($33.8M deficit at 2026-06-30), net debt remains, and management itself describes the labor market as subdued. Confirmation would be further quarters of y/y revenue growth with Paid Employers above 70,000 and positive operating cash flow; refutation would be a renewed Paid Employer decline or cash burn eroding coverage of the remaining notes.
Bull Case
Balance sheetIn June 2026 the company repurchased $294.6M principal of its 5% notes due 2030 for $229.4M, booking a $59.3M gain on debt extinguishment (10-Q filed 2026-08-05).
Growth inflectionQ2 2026 revenue of $118.1M rose 5% from $112.2M in Q2 2025, and Quarterly Paid Employers grew 12% q/q to 70,721 with strong new and returning customer growth (10-Q filed 2026-08-05).
Margin and capital returnAdjusted EBITDA was $14.6M (12% margin) in Q2 2026 versus $9.3M (8%) a year earlier, and $111.8M remained under the $750M share repurchase program at 2026-06-30 (10-Q filed 2026-08-05).
Bear Case
LeverageAbout $255M of notes remain outstanding after the June 2026 repurchase versus $129.7M cash and $44.1M marketable securities at 2026-06-30, and stockholders' equity was a $33.8M deficit (10-Q filed 2026-08-05).
DemandRevenue declined from $474.0M in 2024 to $449.0M in 2025 with Adjusted EBITDA nearly halving from $78.0M to $40.8M, and the 10-Q states the labor market remains subdued with lower hiring demand from employers (10-K filed 2026-02-25; 10-Q filed 2026-08-05).
GovernanceCEO Ian Siegel is the sole holder of Class B stock with 20 votes per share and controls about 79.0% of voting power with a 15.8% economic stake as of 2026-06-30 (10-Q filed 2026-08-05).
Key Metrics
Market Cap
$265M
SEC filings
Enterprise Value
$400M
Calculated from SEC filings
Revenue (TTM)
$452M
SEC filings
P/E (TTM)
9.4×
SEC filings
Forward P/E
27.0×
yahoo chart 2026-09-17 (close $3
P/S (TTM)
0.6×
SEC filings
P/B
–
SEC filings
EV/EBITDA
4.6×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
89.1%
SEC filings
Operating Margin
0.3%
SEC filings
Net Margin
6.2%
SEC filings
Free Cash Flow
$15M
SEC filings
FCF Yield
5.7%
Calculated from SEC filings
Debt / Equity
–
SEC filings
Current Ratio
3.0×
SEC filings
Short Interest
4.3%
SEC filings
Institutional Own.
77.3%
SEC filings
Insider Own.
4.5%
SEC filings
Shares Out.
69.2M
SEC filings
Float
60.5M
SEC filings
Valuation
Price vs Fair Value
Now $3.83
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| ZIP | $313M | 11.5× | 0.7× | 69.0× | +5.0% | 89.0% | 6.0% |
| DHX | $215M | 166.0× | 1.7× | 8.1× | -2.0% | 84.0% | 1.0% |
| UPWK | $1.05B | 10.8× | 1.3× | 5.6× | -2.0% | 77.0% | 13.0% |
| FVRR | $319M | 10.9× | 0.8× | 1.4× | -10.0% | 82.0% | 7.0% |
| RHI | $3.77B | 32.1× | 0.7× | 59.6× | -2.0% | 37.0% | 2.0% |
| KFY | $4.20B | 14.6× | 1.4× | 9.6× | +7.0% | 25.0% | 9.0% |
Financials
Income statement pending
Awaiting source-linked statement data.
Balance sheet pending
Awaiting source-linked statement data.
Cash flow pending
Awaiting source-linked statement data.
USD; fiscal year ends December 31. Figures from the 10-Q filed 2026-08-05 (Q2 2026) and the 10-K filed 2026-02-25 (FY2025); Adjusted EBITDA is the company's non-GAAP measure. Q2 2026 net income includes a one-time $59.3M gain on debt extinguishment. Market cap of about $315M sits just above the $300M Micro/Small boundary. Source: 10-Q ↗
Catalysts
early November, per the 2024 analog (Nov 6); date not yet announced
Earningshigh relevance
Q3 2026 results: Paid Employers and y/y revenue
The prior-quarter print showed 70,721 Quarterly Paid Employers and 5% y/y revenue growth (10-Q filed 2026-08-05). A second consecutive quarter of y/y growth would confirm the inflection; a Paid Employer drop back toward the 59,104 of Q4 2025 would refute it.
cash and notes balances in the Q3 10-Q
Corporate
Post-repurchase liquidity and any further note repurchases
After paying $229.4M for notes in June 2026, cash plus marketable securities fell to about $174M at 2026-06-30 against about $255M of notes; the Q3 balance sheet will show whether operating cash flow rebuilds the cushion (10-Q filed 2026-08-05).
open-market repurchases under the $111.8M remaining authorization
Governance
Share repurchase pace
The company retired 3.5M Class A shares for $9.4M in H1 2026; a Delaware class action (Smith v. ZipRecruiter) challenges the board's conduct of the repurchase program, so both pace and litigation are watch items (10-Q filed 2026-08-05).
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Hiring demand stays weak or turns down again | Market/Macro | High | Medium | Revenue is tied to employer job posting demand; the 10-Q cites subdued labor demand, tariffs, borrowing costs and geopolitical conflict, and revenue already fell 5% in 2025. |
| Net debt against a shrinking cash pile | Financial | Medium | Medium | About $255M of 5% notes mature 2030-01-15 while cash plus securities was about $174M at 2026-06-30 and the revolving credit facility expired unrenewed on 2026-04-30; refinancing would depend on cash generation. |
| Competition from Indeed, LinkedIn, Google and others | Competition | High | High | The 10-K names Craigslist, Glassdoor, Google, Indeed, LinkedIn and Meta as competitors in a fragmented market; pricing pressure would show up in Revenue per Paid Employer, which was $1,669 in Q2 2026. |
| Founder voting control and repurchase litigation | Governance | Medium | High | With about 79.0% of votes controlled by the CEO, minority holders cannot influence strategy or change of control; the Delaware Chancery complaint over the repurchase program is an open cost and distraction. |
| AI-driven automation reduces hiring volume | Operational | Medium | Medium | The 10-K flags that automation and AI may replace tasks historically performed by people, weakening demand for job postings on the platform. |
Technical Snapshot
52-Week Range
–$3.83–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Controlled by co-founder and CEO Ian Siegel, sole holder of the Class B shares (20 votes each): about 15.8% economic stake and 79.0% of voting power at 2026-06-30 (10-Q filed 2026-08-05), up slightly from 15.4% and 78.5% at 2025-12-31 (10-K filed 2026-02-25). Class B converts to Class A on transfer (144K shares converted in Q1 2026). Six insider Form 4s were filed on 2026-09-16, characterised in the research file as likely routine RSU vest and tax withholding, not read in detail. Carmen Chan (ex-Barclays) became CFO on 2026-08-17 with a 650,000 RSU grant (8-K filed 2026-07-28).
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Sakamoto Ryan T. | EVP, Chief Legal Officer | Sell | 3K | $4.39 | 2026-08-25 | $13.1K |
| Garefis Amy | EVP, Chief People Officer | Sell | 7.8K | $5.15 | 2026-08-20 | $40.3K |
| Siegel Ian H. | CHIEF EXECUTIVE OFFICER | Sell | 9.7K | $4.42 | 2026-08-04 | $43K |
| Siegel Ian H. | CHIEF EXECUTIVE OFFICER | Sell | 9.7K | $4.31 | 2026-08-05 | $41.9K |
| Siegel Ian H. | CHIEF EXECUTIVE OFFICER | Sell | 9.7K | $4.55 | 2026-08-06 | $44.3K |
| Sakamoto Ryan T. | EVP, Chief Legal Officer | Sell | 3.5K | $3.91 | 2026-07-24 | $13.9K |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| ZIP | $313M | 11.5× | 0.7× | 69.0× | +5.0% | 89.0% | 6.0% |
| DHX | $215M | 166.0× | 1.7× | 8.1× | -2.0% | 84.0% | 1.0% |
| UPWK | $1.05B | 10.8× | 1.3× | 5.6× | -2.0% | 77.0% | 13.0% |
| FVRR | $319M | 10.9× | 0.8× | 1.4× | -10.0% | 82.0% | 7.0% |
| RHI | $3.77B | 32.1× | 0.7× | 59.6× | -2.0% | 37.0% | 2.0% |
| KFY | $4.20B | 14.6× | 1.4× | 9.6× | +7.0% | 25.0% | 9.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026: growth returns, notes bought back below par
Q2 2026 revenue was $118.1M (+5% y/y), net income $43.4M including a $59.3M gain on debt extinguishment, and Adjusted EBITDA $14.6M. The company repurchased $294.6M of its 5% notes due 2030 for $229.4M in June 2026, funded by maturing investments, leaving $129.7M cash and $44.1M marketable securities at 2026-06-30. Management states existing liquidity is sufficient for at least the next 12 months.
2026-09-17SEC 8-K
New CFO and note repurchase disclosures
An 8-K filed 2026-06-25 announced privately negotiated agreements to repurchase about $295M of notes for about $230M. An 8-K filed 2026-07-28 appointed Carmen Chan as CFO effective 2026-08-17, replacing David Travers who had been interim CFO alongside his role as President.
2026-09-17Research
Recent trading and rating context
The stock closed at $3.83 on 2026-09-16 after presenting at the Goldman Sachs Communacopia + Technology Conference on 2026-09-10. The research file notes an S&P issuer rating cut to B- in late July 2026 and removal from a major growth-style index family; no 8-K, offering or guidance change has been filed since 2026-09-01.
Sources
ZipRecruiter, Inc. valuation questions
What is ZipRecruiter, Inc.'s forward P/E ratio?
ZipRecruiter, Inc. (ZIP) trades at a forward P/E of 27.0×, and 0.6× trailing sales.
What is ZipRecruiter, Inc.'s market cap?
ZipRecruiter, Inc. (ZIP) has a market capitalization (its market value, often searched as "net worth") of $265M, and an enterprise value of $400M.