Emerald Holding, Inc.

EEX

Country: United StatesPrice: $5.03Market Cap: $995.5M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 10

NEUTRAL / FAIL

Median fair value

$3.51

-30.2% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Buffett, Dreman, Pabrai +1 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	FAIL	PASS	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A		N/A	N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	-261.9%	N/A	N/A	-43.3%	N/A	N/A	N/A	+32.9%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Annual history · FY 2025 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-03-31 · TTM ended 2026-03-31 vs 2025-03-31 · TTM ended 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-09-01 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-13 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Qualitative assessment Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-09-01 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-09-01 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-13 Score computed: 2026-11-14	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Price history 2025-01-01–2026-09-01 · Annual history · FY 2025 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-11 Score computed: 2026-11-14	TTM ended 2026-03-31 · Annual history · FY 2025 · Price history 2025-01-01–2026-09-01 Latest source filing: 2026-05-11 Score computed: 2026-11-14

Where It Passes

Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Buffett, Dreman, Pabrai +1 more object
Free Cash Flow Proxy$-0.9M
✗BuffettPositive and growing
FCF Positive and Growing$57.5M
✓LynchPositive and growing
Operating Cash Flow$42.6M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=3.51%, ROA=-2.53%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)23.4x
✗Dreman< 8x
P/E or FCF YieldFCF Yield=4.2%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive10/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap5.8%
✓Ackman>= 4%
Price / FCF per Share24.0x
✓Ackman<= 25
Positive Operating Cash Flow frequency10/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$57.5M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+5.78%; #1415/4519 (top 31.3%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Profitability0% pass✓ 1✗ 34▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)4/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-201.0%
✗Graham>= 33% growth
Net Income Positive (10+ years)5/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-1.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)4.9% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-0.9M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-11.5%
✗Lynch> 15%
EBIT / Enterprise Value2.5%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.5%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-2.53%
✗PiotroskiROA > 0
ROA Change YoY0.21% -> -2.53% (delta: -2.74%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=3.51%, ROA=-2.53%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-6.8%
✗Dreman>= 8%
Net Income / Shareholders' Equity-11.5%
✗Dreman> 12%
Margin of SafetyP/B=2.9x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-5.4% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency5/11 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue1.3%
✗Ackman>= 15%
Net Income / Shareholders Equity-11.5%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend9.1% (2023) -> 4.9% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 9.1% -> 4.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-3.90%; #3765/6340 (top 59.4%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-11.47%; #3457/5226 (top 66.2%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0640; #2891/5884 (top 49.1%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR-16.5% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years3/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.91
✗Graham>= 2.0
ROIC (3-5 yr avg)6.4%
✗Buffett> 10%
ROIC - WACC-3.6%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY1.27 -> 0.82
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.38x -> 0.38x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities0.91
✗Dreman> 1.5
Return on Invested Capital1.4%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=9.5%; FY2025: ROIC=5.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/2 years above 12% (latest 5.2%)
✗SleepROIC > 12% in a majority of years
Valuation8% pass✓ 1✗ 27▾
12 of 13 flag EEX's valuation — Graham, Lynch, Greenblatt +9 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio2.9x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value2.5%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.5%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)23.4x
✗Dreman< 8x
Price / Book Value per Share2.9x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-0.1%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=4.2%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=2.9x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share24.0x
✓Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-3.90%; #3765/6340 (top 59.4%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.3399; #3509/6449 (top 54.4%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.4732; #2704/5247 (top 51.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+5.78%; #1415/4519 (top 31.3%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗OshaughnessyTop 10% of eligible cross-section
Growth13% pass✓ 5✗ 8▾
7 of 8 flag EEX's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)-201.0%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.31 (2015) -> $-0.15 (2025)
✗DremanPositive over recent years
EPS CAGR5.8% CAGR over 7 years
✓Dreman> 5% annualized
Positive Net Income Frequency5/11 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth16.2%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 9.1% -> 4.9%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR29.5%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR-16.5% over 5 years
✗Neff7%-20% annualized
Verdicts17% pass✓ 2✗ 10▾
Split decision: 10 FAIL · 4 NEUTRAL · 2 PASS
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)•AckmanNEUTRAL (6/9)✗TempletonFAIL (2/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation models33% pass✓ 1✗ 2▾
Models split on EEX at $5.03 — fair values range $1.39–$7.50
Greenblatt fair value$1.39
✗Greenblatt-261.9% margin vs $5.03
Munger fair value$3.51
✗Munger-43.3% margin vs $5.03
Ackman fair value$7.50
✓Ackman+32.9% margin vs $5.03
Debt & Leverage50% pass✓ 9✗ 6▾
6 of 12 pass — Graham, Buffett, Lynch +3 more object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.02, IC: 0.2x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.02
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.91
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.02
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.02
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=0.2x, D/EBITDA=0.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.02
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0154; #701/4210 (top 16.7%)
✓AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services

Size: Small Cap($995.5M)

Revenue: $463.4M+16.2% YoY

Net Income: $30.7M-1495.5% YoY

Financial Snapshot

Operating Margin4.9%

Return on Equity-9.1%

Debt / Equity0.02

Current Ratio0.82

EPS (Diluted)$-0.15

Buybacks (1y)$17.5M

Buybacks (2y)$31.3M

Shares Retired1.1%

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Shareholder Return

Fiscal 2025

Retired 1.1% of shares last year.

Buybacks: $17.5M
Dividends: $11.9M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-03-31 2025-04-01 – 2026-03-31 Sources · derived quarter values 10-Q · 2025-08-04 10-Q · 2025-10-31 10-K · 2026-03-13 10-Q · 2026-05-11 Derived from cumulative filings: operating cash flow, capex, dividends paid, buybacks, revenue, net income, operating income, ebit, pre tax income, interest expense, depreciation amortization.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-11	FY 2025 Sources 10-K · 2026-03-13	FY 2024 Sources 10-K · 2025-03-14	FY 2023 Sources 10-K · 2024-03-05	FY 2022 Sources 10-K · 2024-03-05	FY 2021 Sources 10-K · 2022-02-24
Market Cap	$995.5Mcurrent	--	$994.1Mest.	$884.9Mest.	$378.1Mest.	$264.6Mest.	$224.0Mest.
Revenue	$471.1M↑14%	$155.4M↑5%	$463.4M↑16%	$398.8M↑4%	$382.8M↑17%	$325.9M↑124%	$145.5M
Operating Income	$6.2M↓89%	$19.5M↓46%	$22.5M↓52%	$46.8M↑35%	$34.7M↓81%	$179.8M↑378%	-$64.7M
Net Income	-$38.8M↓697%	$7.2M↓53%	-$30.7M↓1495%	$2.2M↑127%	-$8.2M↓106%	$130.8M↑264%	-$79.7M
EPS (Diluted)	--	$0.04↓50%	$-0.15↓114%	$-0.07↑91%	$-0.78↓270%	$0.46↑129%	$-1.59
Gross Margin	—	—	—	—	—	—	—
Operating Margin	1.3%↓91%	12.5%↓48%	4.9%↓59%	11.7%↑29%	9.1%↓84%	55.2%↑224%	-44.5%
ROE	-11.5%↓792%	—	-9.1%↓1689%	0.6%↓94%	8.9%↑102%	-395.2%↓700%	65.9%
Total Debt	$5.2M↑33%	$5.2M↑33%	$5.2M↑24%	$4.2M	$4.2M	$0↓100%	$5.7M
Shareholders' Equity	$338.4M↓14%	$338.4M↓14%	$338.8M↓12%	$385.9M↑517%	-$92.5M↓179%	-$33.1M↑73%	-$121.0M
Current Ratio	0.91↓43%	0.91↓43%	0.82↓36%	1.27↓6%	1.35↓10%	1.49↓1%	1.51
Debt / Equity	0.02↑54%	0.02↑54%	0.02↑41%	0.01↑124%	-0.05	0.00↑100%	-0.05
Operating Cash Flow	$58.7M↑13%	$28.7M↑128%	$42.6M↓9%	$46.8M↑16%	$40.3M↓77%	$175.1M↑95%	$90.0M
Free Cash Flow	$57.5M↑13%	$28.5M↑130%	$41.4M↓9%	$45.5M↑15%	$39.7M↓77%	$173.3M↑96%	$88.5M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

EEX vs Peers — Financial Grading

Revenue$463.4MBottom 25%

Net Income$30.7MMedian

ROE-9.1%Bottom 25%

D/E0.02Top 25%

Op. Margin4.9%Median

Curr. Ratio0.82Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AUTOMATIC DATA PROCESSING INCADP	$122.3B	$309.93	$21.9B	$4.4B	73.2%	0.82	24.2%	1.05	4/9	5/9	3/7	0/3	F-Score 6	5/11
ELECTRONIC ARTS INC.EA	$52.9B	$209.70	$7.5B	$887.0M	13.1%	0.22	15.4%	1.05	1/9	4/9	4/7	0/3	F-Score 6	6/11
Rubrik, Inc.RBRK	$22.6B	$109.88	$1.3B	$348.8M	67.1%	—	-26.2%	1.69	1/9	0/9	2/7	0/3	F-Score 6	2/11
AECOMACM	$9.1B	$70.50	$16.1B	$561.8M	22.5%	1.09	6.4%	1.14	1/9	3/9	3/7	1/3	F-Score 8	2/11
COMMVAULT SYSTEMS INCCVLT	$6.2B	$152.07	$1.2B	$70.7M	942.8%	—	6.3%	1.95	1/9	2/9	4/7	0/3	F-Score 6	6/11
WPP plcWPP	$6.0B	$27.79	$18.2B	$289.5M	-8.5%	1.94	2.8%	0.89	1/9	2/9	1/7	0/3	F-Score 3	2/11
VARONIS SYSTEMS INCVRNS	$5.6B	$48.94	$623.5M	$129.3M	-21.6%	0.76	-23.5%	1.97	1/9	0/9	1/7	0/3	F-Score 5	1/11
ROBERT HALF INC.RHI	$4.3B	$42.00	$5.4B	$133.0M	10.4%	—	1.4%	1.53	2/9	5/9	1/7	0/3	F-Score 5	2/11