Zeta Global 值得买入：营收从2021年的约3亿增长至15.7亿，经营性现金流/销售额从约7%升至15.3%。按前瞻市盈率28倍交易，DCF公允价值为33.70美元，而现价为33.54美元，两种方法均显示估值合理，但自由现金流预期不断上调使其维持买入评级，信心程度为中等。
逐段跳播
Zeta Global 正在着手整合人工智能以改善其运营。其中一个例子是，公司将平台上构建定制应用所需的时间从大约一周缩短到仅仅几分钟。因此，它处于开发和运用人工智能的公司的前沿，投资者对其努力感到兴奋。
Zeta Global is working on integrating artificial intelligence to improve its operations. One example of this is reducing the time it takes the company to build custom applications on its platform from about a week to just a few minutes .
Therefore, it is at the forefront of companies that develop and use artificial intelligence, and investors are excited about its efforts.
但这是否让 Zeta Global 的股票在如今的10月成为一个买入机会？这正是我想回答的问题：我先考察它近期的进展，再看它的长期业绩历史，然后用两种不同的方法将其与估值进行比较，以判断这只股票在当前市场价格下是否看起来像一个买入机会。
But does this make Zeta Global stock a buying opportunity now in October? This is the question I wanted to answer by looking at its recent developments, then looking at its long-term performance history , and comparing it to its valuation using two different methods to determine whether this stock looked like a buying opportunity at current market prices.
Zeta Global 已向投资者证明，它连续数年实现了持续增长。其收入从截至2021年的12个月期间的约3亿，增长到最近更新的12个月期间的15.7亿。这相当于在大约6年里增长了约5倍。对任何企业来说，这都是巨大的增长。
Zeta Global has proven to investors that it has achieved consistent growth for several years. Its revenues rose from around 300 million in the 12-month period ending in 2021 to 1.57 billion during the most recent updated 12-month period.
This is an increase of about 5 times in about 6 years. This is tremendous growth for any business.
对 Zeta Global 来说，答案是肯定的。
For Zeta Global, the answer is yes.
过去几年，它们的经营现金流与销售额之比大幅上升，同时收入也在增长。其经营现金流与销售额之比从2021年的约7%上升到最近12个月的15.3%。这超过利润率的两倍。
Their cash flow from operations to sales ratio has increased significantly over the past few years, with their revenues growing at the same time . Their operating cash flow to sales ratio increased from about 7% in 2021 to 15.3% in the last 12 months . This is more than double the profit margin.
此外，15%的利润率反映出这是一家完全自给自足的企业，而且多年来一直如此。这意味着它们无需在走投无路时向投资者求助、索要资金。对任何企业来说，这都是一项重要的风险降低，尤其是在增长的早期阶段。
Moreover, the 15% profit margin reflects a fully self-sustaining business, and has been for several years. This means they do not need to resort to investors to ask for capital out of desperation.
This is an important risk reduction for any business, especially in the early stages of growth.
如果 Zeta 选择进入市场向投资者寻求更多资金，情况也是如此。它们将凭借强势地位这样做，并以一个有吸引力、或相对有吸引力的利率融资。
This is the case with Zeta if they choose to come to the market to ask for more money from investors. They will do so from a position of strength, and at an attractive, or relatively attractive, interest rate.
对于像 Zeta Global 这样不依赖大量固定资产的公司来说，它不运营物流网络、飞机、卡车等，也不拥有重型固定资产或庞大的制造设施。
For a company like Zeta Global, which does not rely on many fixed assets, it does not operate logistics networks, aircraft, trucks, etc., and does not own heavy fixed assets or huge manufacturing facilities.
这就是我在 Zeta Global 身上看到的情况。其研发与收入之比正从2022年约15%的峰值下降到过去12个月的9.36%。
This is what I see happening with Zeta Global. Its R&D to revenue ratio is declining from a peak of around 15% in 2022 to 9.36% over the past twelve months.
尽管该公司在将人工智能整合进其服务方面正取得巨大进展。它们是将人工智能整合进其为客户提供的价值方面的领先公司之一。
This is despite the fact that the company is making great strides in integrating artificial intelligence into its services. They are one of the leading companies in integrating artificial intelligence into the value they offer their customers.
对 Zeta Global 来说，按预期市盈率计算，该股目前的市盈率为28。这是一只有意思的股票，2024年其预期市盈率曾达到55，2025年又跌到10。因此，在投资者眼中，就他们愿意为这项业务支付的估值而言，它是一只波动很大的股票。
在目前28的水平上，它处于这两个极端之间。如果你看上限与下限，它目前的估值正是按这一指标交易的平均估值。如果只看时间点，该股目前的预期市盈率接近其自2025年1月以来交易过的最高水平。
For Zeta Global, based on the forward price-to-earnings ratio, the stock is trading at 28. This is an interesting stock, as it traded with a forward price-to-earnings ratio that reached 55 in 2024 and dropped to 10 in 2025.
So, it was a volatile stock in the minds of investors in terms of the valuation they were willing to pay for this business. At the current level of 28, it lies in the middle of these two extremes.
It is trading at the average valuation at which it has traded according to this metric if you look at the upper limit versus the lower limit. If you look only at the timing, the stock is trading near the highest forward price-to-earnings ratio it has traded at since January 2025.
因此，我更新了对 Zeta Global 的公允价值计算。我得出这一股价公允价值估计的方法，是估算我认为该业务从现在到非常长期将产生的现金流。然后我用加权平均资本成本（WACC）对这些现金流进行折现。
作为这一计算的一部分，我用资本资产定价模型来计算股权成本。我按目标资本结构将两者结合，以确定债务和股权的权重。所有这些都指向并印证了我对该股公允价值的估计为33.70美元，而当前市场价格为33.54美元。因此，我的估计与实际市场价格非常接近。
Therefore, I have updated my fair value calculations for Zeta Global. The way I arrive at this fair value estimate for the share price is by estimating the amount of cash flow I believe the business will generate from now until the very long term.
I then discount these cash flows using the weighted average cost of capital (WACC). As part of this calculation, I use the capital asset pricing model for the cost of equity. I combine them using a target capital structure to determine the debt and equity weights.
All of this points to and confirms my estimate of the fair value of the stock at $33.70 compared to the current market price of $33.54. Therefore, my estimate is very close to the actual market price.
无论按预期市盈率衡量，还是按折现现金流衡量，这只股票看起来估值都较为合理。
The stock appears fairly valued whether measured on a forward price-to-earnings basis or on a discounted cash flow basis.
因此，我全年都将 Zeta Global 股票评为买入机会，这一评级的上一次更新是在2026年8月7日。该股今年表现非常出色。它已经上涨了超过65%。
Therefore, I have rated Zeta Global stock as a buy opportunity all year round, and the last update to this rating was on August 7, 2026. The stock has performed excellently this year. It has already risen by more than 65%.
那么，回答这个问题：我认为它是一个买入机会吗？我会说是的，它现在仍然是。我将在今天，2026年10月9日，更新这一评级。这只股票看起来估值较为合理，而对我来说特别之处在于，我近期对 Zeta Global 估计现金流的修正呈上升趋势。
该公司在2026年继续表现好于预期。所以，大约每隔几个月，我就会审视该公司的业务，并上调我对自由现金流的估计。当然，任何投资都有风险，但我觉得在这种情况下风险值得回报，而且我对这一评级有中等程度的信心。
So, to answer the question, do I think it's a buying opportunity? I would say yes, it still is . I will be updating this rating today, October 9, 2026. The stock appears to be fairly valued, and what's special to me is that my recent revisions to Zeta Global 's estimated cash flow are trending upwards.
The company continued to perform better than expected here in 2026. So, about every few months, I review the company's business and update my free cash flow estimates upwards. Of course, there are risks in any investment, but I feel the risk is worth the return in this case, and I have a moderate level of confidence in this rating.