Download PDF

1. Company Snapshot

1.a. Company Description

Emerald Holding, Inc.operates business-to-business (B2B) trade shows in the United States.The company operates trade shows in various industry sectors, including retail, design and construction, technology, equipment, and safety and security.


It also operates content and content-marketing websites, and related digital products, as well as produce publications.In addition, the company operates Elastic Suite platform that streamlines the wholesale buying process for brands and retail buyers; and Flex platform.Emerald Expositions Events, Inc.


was incorporated in 2013 and is based in New York, New York.

Show Full description

1.b. Last Insights on EEX

Emerald Holding, Inc.'s recent performance was driven by a 23% jump in Q2 revenue, showcasing promising growth. The company's acquisition of Generis Group, a leader in B2B executive summits, enhances its portfolio and provides high-impact peer-to-peer connections. Additionally, Emerald's improving free cash flow and reiterated guidance for FY2025, with expected revenue of $450–$460 million and adjusted EBITDA of $120–$125 million, support its growth prospects. The company's strategic expansion and partnerships, such as the MJBowl cannabis competition, also contribute to its positive momentum.

1.c. Company Highlights

2. Emerald Holdings' Q3 2025 Earnings: A Mixed Bag

Emerald Holdings reported revenue of $77.5 million for Q3 2025, a 6.8% organic decline year-over-year, primarily due to the ongoing construction at the Las Vegas Convention Center and tariff headwinds. However, adjusted EBITDA was $12.8 million, up 2.4% from the prior year period. The company's EPS came in at -$0.07, missing estimates of $0.045. Year-to-date, total revenue was $330.7 million, up 13.3% versus the prior year, driven by revenue from acquisitions and higher organic revenues.

Publication Date: Nov -23

📋 Highlights
  • Revenue Growth Despite Organic Decline: Q3 revenue rose to $77.5M (vs. $72.6M prior year), but organic revenue fell 6.8% due to Las Vegas Convention Center construction and tariffs.
  • Full-Year Guidance Raised: 2025 revenue guidance increased to $460–465M (from prior expectations) and adjusted EBITDA to $122.5–127.5M, driven by the Generis acquisition.
  • Balance Sheet Strength: $95.4M cash and $205.4M liquidity reported, with $0.57M spent on share repurchases (116K shares at $4.87/share) and a $0.015/share dividend.
  • International Growth Momentum: Revenue growth in Italy, Germany, UAE, and Brazil, with tariffs' impact described as "manageable" and expected to soften in 2026.
  • Strategic Acquisitions & Efficiency: Generis added $10M in 2025 revenue (unrealized due to late 2024 close), while AI tools and platform integration aim to boost SG&A leverage and profitability.

Guidance and Outlook

The company is increasing its full-year 2025 guidance to $460 million to $465 million in revenue and $122.5 million to $127.5 million in adjusted EBITDA, reflecting the acquisition of Generis. Emerald's portfolio now spans a broader mix of high-growth sectors, strengthening its resilience across market cycles. The company saw solid rebooking momentum for the first half of 2026, reinforcing customer confidence in the value and reach of its portfolio.

Acquisition and Integration

The Generis acquisition closed in August, and its full-year impact will be seen next year, with $10 million of revenue not recognized this year due to the late close. The company is making progress on its platform strategy, seeing benefits from best practice sharing and cost efficiency across acquired businesses. Emerald expects to see leverage in SG&A and drive incremental dollars to the bottom line.

Valuation and Metrics

With a P/S Ratio of 1.79 and EV/EBITDA of 7.39, the market seems to be pricing in moderate growth expectations. Analysts estimate next year's revenue growth at 11.1%. The company's ROE is 1.2%, and ROIC is 1.96%, indicating room for improvement in returns. The Dividend Yield is 1.52%, providing some support to the stock.

Operational Highlights

The company launched an AI-powered tool to simplify the customer journey and has made progress on its platform strategy. International business continues to make progress, with measured growth in markets such as Italy, Germany, the United Arab Emirates, and Brazil. The M&A environment is active, with a strong pipeline, and the company feels confident in its ability to grow through acquisitions.

3. NewsRoom

Card image cap

Emerald Holding, Inc. (EEX) Q3 2025 Earnings Call Transcript

Oct -31

Source: seekingalpha.com

Card image cap

First Close of Emerald Global Water Fund II Reaches EUR 60 Million

Oct -30

Source: globenewswire.com

Card image cap

The Boston Beer Company Launches Emerald Hour Gummies in Canada

Oct -27

Source: globenewswire.com

Card image cap

Emerald Announces Date for Third Quarter 2025 Financial Results

Oct -22

Source: businesswire.com

Card image cap

Emerald (EEX) Projected to Post Quarterly Earnings on Wednesday

Oct -22

Source: defenseworld.net

Card image cap

Apple Inc. $AAPL is Emerald Advisors LLC’s 10th Largest Position

Oct -19

Source: defenseworld.net

Card image cap

Microsoft Corporation $MSFT is Emerald Advisors LLC’s 9th Largest Position

Oct -18

Source: defenseworld.net

Card image cap

Emerald Advisers and F/m Investments Launch F/m Emerald Special Situations ETF (SPIT)

Oct -06

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.85%)

6. Segments

Connections

Expected Growth: 7.77%

Emerald Holding, Inc.'s 7.77% growth is driven by increasing demand for its events and conferences, strategic acquisitions, and expansion into new markets. The company's diversified portfolio of brands and strong industry relationships have also contributed to its growth. Additionally, investments in digital transformation and customer experience have enhanced its competitive position.

All Other

Expected Growth: 8.5%

Emerald Holding, Inc.'s 8.5% growth in All Other segment is driven by increasing demand for its non-trade show events, expansion of its SaaS-based software solutions, and strategic acquisitions. Additionally, the company's focus on digital transformation and cost savings initiatives have contributed to the growth.

7. Detailed Products

Trade Shows and Events

Organizing and managing trade shows and events that connect buyers and sellers across various industries

Business-to-Business (B2B) E-commerce Platforms

Providing e-commerce platforms for businesses to connect, trade, and collaborate with each other

Digital Marketplaces

Creating online marketplaces for businesses to buy and sell products, services, and solutions

Lead Generation and Data Services

Providing lead generation and data services to help businesses target and engage with their target audience

Marketing and Advertising Services

Offering marketing and advertising services to help businesses reach their target audience

Industry Insights and Research

Providing industry insights and research to help businesses make informed decisions

8. Emerald Holding, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Emerald Holding, Inc. is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for Emerald Holding, Inc. is high due to the concentration of customers and their ability to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Emerald Holding, Inc. is low due to the availability of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Emerald Holding, Inc. is medium due to the moderate barriers to entry and the availability of resources.

Intensity Of Rivalry

The intensity of rivalry for Emerald Holding, Inc. is high due to the high level of competition in the industry and the company's market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.14%
Debt Cost 3.95%
Equity Weight 49.86%
Equity Cost 10.91%
WACC 7.42%
Leverage 100.57%

11. Quality Control: Emerald Holding, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Emerald Holding

A-Score: 4.4/10

Value: 4.2

Growth: 2.9

Quality: 6.5

Yield: 1.0

Momentum: 7.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
Inuvo

A-Score: 4.1/10

Value: 6.2

Growth: 3.9

Quality: 4.5

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
QuinStreet

A-Score: 3.8/10

Value: 3.9

Growth: 7.6

Quality: 5.1

Yield: 0.0

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Harte Hanks

A-Score: 3.8/10

Value: 9.2

Growth: 1.1

Quality: 4.3

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Innovid

A-Score: 3.7/10

Value: 3.2

Growth: 4.7

Quality: 4.6

Yield: 0.0

Momentum: 9.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
National CineMedia

A-Score: 3.6/10

Value: 6.0

Growth: 2.4

Quality: 4.2

Yield: 5.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.75$

Current Price

3.75$

Potential

-0.00%

Expected Cash-Flows