Zedge, Inc. (ZDGE) intrinsic value & 10-year financials
Zedge, Inc. (ZDGE) has a Graham intrinsic value of $17.56 per share. At $2.78 on Oct 17, 2026, the stock trades 84% below that value. Over the last 10 fiscal years revenue grew 11.4% a year to $29.4M, with an average return on invested capital of -6.6%.
- Graham intrinsic value
- $17.56
- Share price (Oct 17, 2026)
- $2.78
- Price vs Graham value
- 84% below
- Market cap
- $38.2M
- Revenue (FY2025)
- $29.4M
- Revenue growth (10-yr CAGR)
- 11.4%
- ROIC (10-yr avg)
- -6.6%
- Free cash flow (FY2025)
- $3.3M
ZDGE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $29.4M | -$2.4M | -$0.17 | $3.3M | -11.0% | -10.0% |
| FY2024 | $30.1M | -$9.2M | -$0.65 | $5.8M | -39.2% | -41.9% |
| FY2023 | $27.2M | -$6.1M | -$0.43 | $3.1M | -25.4% | -28.3% |
| FY2022 | $26.5M | $9.7M | $0.65 | $11.4M | 44.6% | 25.6% |
| FY2021 | $19.6M | $8.2M | $0.59 | — | 39.9% | 37.1% |
| FY2020 | $9.5M | -$559.0K | -$0.05 | — | -4.3% | -5.1% |
| FY2019 | $8.8M | -$3.3M | — | — | -32.7% | -34.0% |
| FY2018 | $10.8M | -$1.6M | — | — | -12.0% | -12.6% |
| FY2017 | $10.0M | -$611.0K | -$0.06 | — | -6.8% | -6.3% |
| FY2016 | $11.1M | $983.0K | $0.11 | — | 10.6% | 9.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Zedge, Inc. is a consistent compounder, expanding top-line revenue at 11.4% annually over the past decade.
Zedge, Inc. has historically struggled to out-earn its cost of capital, averaging just -6.6% ROIC.
Zedge, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Zedge, Inc. is modeled at 11.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.56 per share.