A Business at a Glance
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Emerald Holding, Inc.
EEX
$1.0B
Mkt Cap
Emerald Holding, Inc. (EEX) has a current P/E ratio of 109.5, compared to its historical median P/E of 12.2. The stock is currently considered Expensive based on its historical valuation range.
Emerald Holding, Inc. (EEX) has a 5-year average return on invested capital (ROIC) of -1.0%. This is below average and may indicate limited pricing power.
Emerald Holding, Inc. (EEX) has a market capitalization of $896M. It is classified as a small-cap stock.
Yes, Emerald Holding, Inc. (EEX) pays a dividend with a trailing twelve-month yield of 1.33%. The company also returns capital through share buybacks, with a buyback yield of 1.95%.
Based on historical P/E analysis, Emerald Holding, Inc. (EEX) appears expensive. The current P/E of 109.5 is 796% above its historical median of 12.2. The estimated fair value CAGR (P/E method) is -30.3%.
Emerald Holding, Inc. (EEX) operates in the Services-Business Services, Nec industry, within the Industrials sector.
Emerald Holding, Inc. (EEX) reported annual revenue of $463 million in its most recent fiscal year, based on SEC EDGAR filings.
Our Company Emerald is a leading business-to-business (“B2B”) event organizer principally in the United States, with expanding operations in the U.K. and international markets. Leveraging our shows as key market-driven platforms, we integrate live events, media content, industry insights, digital tools, data-focused solutions and e-commerce platforms into three complementary business lines – Connections, Content and Commerce. Our Connections division consists of a collection of leading B2B events spanning trade shows, conferences, B2C showcases and a scaled hosted buyer platform. These events typically hold market-leading positions within their respective industry verticals, with significant brand value established over a long period of time. Our Content division consists of B2B print publications and digital media products that complement our existing trade show properties.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 463M | 463M | 399M | 383M | 326M | 146M |
| Net Income | -31M | -31M | -11M | -50M | 129M | -78M |
| EPS | $-0.15 | $-0.15 | $-0.07 | $-0.26 | $0.63 | $-0.54 |
| Free Cash Flow | 41M | 41M | 46M | 40M | 173M | 89M |
| ROIC | 2.4% | 3.4% | 14.5% | 3.2% | 13.8% | -39.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.51 | 1.51 | 1.07 | -2.77 | -12.97 | -4.42 |
| Dividends/Share | $0.06 | $0.06 | $0.04 | $0.00 | $0.00 | $0.00 |
| Operating Income | 23M | 23M | 47M | 35M | 180M | -65M |
| Operating Margin | 4.9% | 4.9% | 11.7% | 9.1% | 55.2% | -44.5% |
| ROE | -9.1% | -8.5% | -7.2% | 79.9% | -166.8% | 124.7% |
| Shares Outstanding | 205M | 205M | 150M | 193M | 203M | 144M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 306M | 324M | 342M | 381M | 361M | N/A | 146M | 326M | 383M | 399M | 463M | 463M |
| Gross Margin | 72.8% | 73.9% | 72.2% | 70.6% | 66.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 93M | 99M | 122M | 122M | 133M | 119M | 143M | 145M | 168M | 170M | 241M | 241M |
| EBIT | 82M | 100M | 88M | -4.3M | -25M | -671M | -65M | 180M | 35M | 47M | 23M | 23M |
| Op. Margin | 26.7% | 31.0% | 25.8% | -1.1% | -6.8% | N/A | -44.5% | 55.2% | 9.1% | 11.7% | 4.9% | 4.9% |
| Net Income | 20M | 22M | 82M | -25M | -50M | -652M | -78M | 129M | -50M | -11M | -31M | -31M |
| Net Margin | 6.4% | 6.9% | 23.9% | -6.6% | -13.9% | N/A | -53.5% | 39.4% | -13.1% | -2.6% | -6.6% | -6.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 69M | 603M | 6.8M | 12M | 1.3M | 3.7M | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | 141.7% | 7.1% | 9.5% | -0.4% | -5.3% | -112.6% | -39.7% | 13.8% | 3.2% | 14.5% | 3.4% | 2.4% |
| ROE | N/A | 4.3% | 12.7% | -3.4% | -7.4% | -204.8% | 124.7% | -166.8% | 79.9% | -7.2% | -8.5% | -9.1% |
| ROA | 51.7% | 2.8% | 5.1% | -1.6% | -3.3% | -51.6% | -7.4% | 11.9% | -4.7% | -1.0% | -2.7% | -2.5% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 88M | 93M | 111M | 104M | 68M | -37M | 90M | 175M | 40M | 47M | 43M | 43M |
| Free Cash Flow | 87M | 91M | 110M | 103M | 66M | -38M | 89M | 173M | 40M | 46M | 41M | 41M |
| Owner Earnings | 44M | 50M | 65M | 51M | 8.1M | -92M | 32M | 110M | -12M | 13M | 300K | 300K |
| CapEx | 1.0M | 2.4M | 900K | 800K | 1.6M | 900K | 1.5M | 1.8M | 600K | 1.3M | 1.2M | 1.2M |
| Maint. CapEx | 39M | 40M | 43M | 47M | 52M | 49M | 48M | 60M | 45M | 28M | 31M | 31M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 39M | 40M | 43M | 47M | 52M | 49M | 48M | 60M | 45M | 28M | 31M | 31M |
| CapEx/OCF | N/A | N/A | 0.8% | 0.8% | 2.4% | N/A | 1.7% | 1.0% | 1.5% | 2.8% | N/A | 2.8% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 15M | 21M | 21M | 5.4M | 0 | 0 | 0 | 6.1M | 12M | 12M |
| Dividend Yield | N/A | N/A | 0.3% | 0.6% | 0.9% | 0.6% | N/A | N/A | N/A | 0.7% | N/A | 1.3% |
| Share Buybacks | 0 | 0 | 0 | 19M | 8.3M | 900K | 12M | 10M | 17M | 14M | 18M | 18M |
| Buyback Yield | 0.0% | N/A | N/A | 2.2% | 1.1% | 0.2% | 6.9% | 4.8% | 1.4% | 1.5% | 0.0% | 2.0% |
| Stock-Based Comp | 5.1M | 3.0M | 2.6M | 6.1M | 7.7M | 6.7M | 10M | 5.8M | 7.8M | 5.8M | 11M | 11M |
| Debt Repayment | 26M | 37M | 164M | 26M | 5.7M | 5.7M | 5.7M | 104M | 239M | 0 | 2.1M | 2.1M |
| Balance Sheet | ||||||||||||
| Net Debt | 10M | 687M | 543M | 509M | 536M | 243M | 303M | 140M | -125M | 54M | 407M | 411M |
| Cash & Equiv. | 16M | 15M | 11M | 21M | 9.6M | 295M | 231M | 239M | 204M | 195M | 101M | 101M |
| Long-Term Debt | 26M | 693M | 549M | 524M | 520M | 515M | 511M | 414M | 239M | 399M | 499M | 499M |
| Debt/Equity | N/A | 1.33 | 0.73 | 0.75 | 0.85 | -141.76 | -4.42 | -12.97 | -2.77 | 1.07 | 1.51 | 1.51 |
| Interest Coverage | 1.6 | 2.0 | 2.3 | -0.1 | -0.8 | -32.6 | -4.1 | 7.3 | 0.8 | 1.0 | 0.5 | 0.5 |
| Equity | N/A | 528M | 761M | 708M | 640M | -3.8M | -121M | -33M | -93M | 386M | 339M | 339M |
| Total Assets | 38M | 1.6B | 1.6B | 1.6B | 1.5B | 1.1B | 1.1B | 1.1B | 1.1B | 1.0B | 1.2B | 1.2B |
| Total Liabilities | N/A | 1.0B | 877M | 872M | 832M | 660M | 750M | 659M | 649M | 663M | 874M | 874M |
| Intangibles | N/A | 541M | 545M | 435M | 374M | 275M | 237M | 205M | 175M | 156M | 181M | 181M |
| Retained Earnings | N/A | 17M | 83M | 18M | -62M | -695M | -775M | -644M | -652M | -650M | -681M | -681M |
| Working Capital | N/A | -113M | -130M | -166M | -136M | 237M | 98M | 110M | 81M | 66M | -53M | -53M |
| Current Assets | N/A | 96M | 94M | 103M | 94M | 352M | 290M | 332M | 311M | 307M | 235M | 235M |
| Current Liabilities | 100K | 209M | 223M | 269M | 229M | 116M | 192M | 222M | 230M | 241M | 289M | 289M |
| Per Share Data | ||||||||||||
| EPS | 0.10 | 0.12 | 0.38 | -0.11 | -0.23 | -3.03 | -0.54 | 0.63 | -0.26 | -0.07 | -0.15 | -0.15 |
| Owner EPS | 0.23 | 0.26 | 0.30 | 0.23 | 0.04 | -0.43 | 0.22 | 0.54 | -0.06 | 0.08 | 0.00 | 0.00 |
| Book Value | N/A | 2.77 | 3.51 | 3.20 | 2.99 | -0.02 | -0.84 | -0.16 | -0.48 | 2.57 | 1.66 | 1.66 |
| Cash Flow/Share | 0.46 | 0.49 | 0.51 | 0.47 | 0.32 | -0.17 | 0.62 | 0.86 | 0.21 | 0.31 | 0.21 | 0.00 |
| Dividends/Share | 0.00 | 0.00 | 0.07 | 0.09 | 0.10 | 0.03 | 0.00 | 0.00 | 0.00 | 0.04 | 0.06 | 0.06 |
| Shares Out. | 189.7M | 190.3M | 217.2M | 221.5M | 214.3M | 215.0M | 144.1M | 202.8M | 193.1M | 150.0M | 204.7M | 204.7M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 16.9 | N/A | N/A | N/A | N/A | 7.5 | N/A | N/A | N/A | -29.2 |
| P/FCF | N/A | N/A | 37.8 | 25.4 | 33.4 | N/A | 6.0 | 4.0 | 28.6 | 15.4 | N/A | 21.7 |
| EV/EBIT | N/A | N/A | 21.8 | N/A | N/A | N/A | N/A | 2.2 | 39.5 | 24.3 | N/A | 58.1 |
| Price/Book | N/A | N/A | 1.8 | 1.2 | 1.1 | N/A | N/A | N/A | N/A | 2.4 | N/A | 2.6 |
| Price/Sales | N/A | N/A | 4.3 | 3.2 | 2.2 | N/A | 1.6 | 0.7 | 2.2 | 2.7 | N/A | 1.9 |
| FCF Yield | N/A | N/A | 7.9% | 11.8% | 9.0% | -9.8% | 49.1% | 79.7% | 3.4% | 4.9% | N/A | 4.6% |
| Market Cap | 0 | N/A | 1.4B | 874M | 736M | 386M | 180M | 217M | 1.2B | 933M | 0 | 896M |
| Avg. Price | 0.00 | N/A | 20.28 | 16.70 | 10.93 | 4.07 | 4.74 | 3.42 | 4.16 | 5.43 | 0.00 | 4.38 |
| Year-End Price | 0.00 | N/A | 19.15 | 11.84 | 10.31 | 5.54 | 3.67 | 3.45 | 5.87 | 4.67 | 0.00 | 4.38 |
Emerald Holding, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Emerald Holding, Inc. trades at 109.5x trailing earnings, compared to its 15-year median P/E of 12.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.2x vs a median of 25.4x. Total shareholder yield (dividends + buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is -17.7%.
Emerald Holding, Inc. (EEX) has a net profit margin of -6.6%. The company is currently unprofitable.
Emerald Holding, Inc. (EEX) generated $41 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Emerald Holding, Inc. (EEX) has a debt-to-equity ratio of 1.51. This indicates higher leverage, which may increase financial risk.
Emerald Holding, Inc. (EEX) reported earnings per share (EPS) of $-0.15 in its most recent fiscal year.
Emerald Holding, Inc. (EEX) has a return on equity (ROE) of -8.5%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 11 years of financial data for Emerald Holding, Inc. (EEX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Emerald Holding, Inc. (EEX) has a book value per share of $1.66, based on its most recent annual SEC filing.