ON24 INC.

ONTF
Country: United StatesPrice: $8.10Market Cap: $345.0M

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

3 / 13

NEUTRAL / FAIL

Median fair value

$0.77

-90.5% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

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

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILFAIL · Rank #2324 (Top 75%)NEUTRALFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/A-951.9%N/AN/AN/A-951.9%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-03-01

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-03-01

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-03-01

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-03-01

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-03-01

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -1233.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities2.48
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-1233.6x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0008; #354/4210 (top 8.4%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 5✗ 30▾

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

    Positive EPS (10 years)1/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-20.3%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-25.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-27.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗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-20.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value-11.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-11.6%, ROC=-39.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-12.63%
    ✗PiotroskiROA > 0
    ROA Change YoY-16.80% -> -12.63% (delta: +4.16%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=3.26%, ROA=-12.63%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY74.3% -> 74.6%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue-20.4%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-20.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=2.5x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-25.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-25.7%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-20.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-37.9% (2023) -> -25.7% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 71.7% -> 74.6%, operating margin -37.9% -> -25.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-8.36%; #4093/6340 (top 64.6%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+45.53%; #787/3702 (top 21.3%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-20.69%; #3699/5226 (top 70.8%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0464; #2488/5884 (top 42.3%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/7 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✗ 28▾

    All 13 investors flag ONTF's valuation

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio2.5x
    ✗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 Value-11.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-11.6%, ROC=-39.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)46.6x
    ✗Dreman< 8x
    Price / Book Value per Share2.5x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-7.9%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=1.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=2.5x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share87.5x
    ✗Ackman<= 25
    Price vs. Trailing Low
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-8.36%; #4093/6340 (top 64.6%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.4042; #3255/6449 (top 50.5%)
    ✗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 Share2.49x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.4038; #2911/5247 (top 55.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+1.15%; #2377/4519 (top 52.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗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
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-9.5%
    ✗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 trendgross margin 71.7% -> 74.6%, operating margin -37.9% -> -25.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-2.4%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts0% pass✗ 14▾

    Split decision: 13 FAIL · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2324•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation models0% pass✗ 2▾

    ONTF overvalued: all 2 models price fair value below $8.10 (median $0.77)

    Munger fair value$0.77
    ✗Munger-951.9% margin vs $8.10
    Ackman fair value$0.77
    ✗Ackman-951.9% margin vs $8.10
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag ONTF's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio2.48
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-24.0%
    ✗Buffett> 10%
    ROIC - WACC-34.0%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-39.4%
    ✗Greenblatt> 25%
    Current Ratio Change YoY2.59 -> 2.48
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.59x -> 0.61x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities2.48
    ✓Dreman> 1.5
    Return on Invested Capital-20.2%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-27.2%; FY2024: ROIC=-25.1%; FY2025: ROIC=-20.2%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -20.2%)
    ✗SleepROIC > 12% in a majority of years
  • Cash Flow40% pass✓ 5✗ 7▾

    6 of 10 flag ONTF's cash flow — Buffett, Dreman, Pabrai +3 more

    Free Cash Flow Proxy$-27.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$4.0M
    ✓LynchPositive and growing
    Operating Cash Flow$7.5M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=3.26%, ROA=-12.63%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)46.6x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=1.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive4/7 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap1.1%
    ✗Ackman>= 4%
    Price / FCF per Share87.5x
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency4/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$4.0M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+1.15%; #2377/4519 (top 52.6%)
    ✗OshaughnessyTop 10% 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($345.0M)
Revenue: $139.3M-5.9% YoY
Net Income: $28.9M+31.6% YoY

Financial Snapshot

Operating Margin-25.7%
Return on Equity-20.7%
Debt / Equity0.00
Current Ratio2.48
EPS (Diluted)$-0.68
Buybacks (1y)$22.1M
Buybacks (2y)$47.9M
Shares Retired−1.3% / −2.9% 2y

Shareholder Return

Fiscal 2025

Issued 1.3% of shares last year, 2.9% issued over two.

Buybacks
$22.1M
Dividends
$0

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.

MetricTTM · 2025-12-31

2025-01-01 – 2025-12-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks, revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense.

Q4 FY 2025

2025-10-01 – 2025-12-31

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, buybacks.

Q3 FY 2025

2025-07-01 – 2025-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks.

Q2 FY 2025

2025-04-01 – 2025-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, buybacks.

Q1 FY 2025

2025-01-01 – 2025-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-12
FY 2024
Sources
  • 10-K · 2025-03-13
FY 2023
Sources
  • 10-K · 2024-03-14
FY 2022
Sources
  • 10-K · 2023-03-15
FY 2021
Sources
  • 10-K · 2022-03-14
Market Cap$345.0Mcurrent--------$341.6Mest.$291.6Mest.$318.8Mest.$379.9Mest.$678.7Mest.
Revenue$139.3M↓6%$34.6M↓6%$34.6M↓5%$35.3M↓5%$34.7M↓8%$139.3M↓6%$148.1M↓10%$163.7M↓14%$190.9M↓6%$203.6M
Operating Income-$35.8M↑29%-$8.1M↑31%-$8.0M↑40%-$9.2M↑30%-$10.5M↑16%-$35.8M↑29%-$50.7M↑18%-$62.0M↓4%-$59.6M↓153%-$23.6M
Net Income-$28.9M↑32%-$6.5M↑27%-$6.4M↑44%-$7.3M↑35%-$8.7M↑19%-$28.9M↑32%-$42.2M↑19%-$51.8M↑11%-$58.2M↓140%-$24.3M
EPS (Diluted)----$-0.15↑44%$-0.17↑37%$-0.21↑19%$-0.68↑33%$-1.01↑13%$-1.16↑6%$-1.23↓116%$-0.57
Gross Margin74.6%74.9%↑1%74.7%↑1%75.1%↑1%73.8%74.6%74.3%↑4%71.7%↓1%72.3%↓6%76.7%
Operating Margin-25.7%↑25%-23.5%↑27%-23.1%↑37%-26.0%↑26%-30.1%↑9%-25.7%↑25%-34.2%↑10%-37.9%↓21%-31.2%↓169%-11.6%
ROE-20.7%↑22%————-20.7%↑22%-26.4%↑8%-28.7%↓52%-18.9%↓177%-6.8%
Total Debt$118.0K$118.0K------$118.0K$0↓100%$127.0K↓92%$1.6M↓59%$4.0M
Shareholders' Equity$139.4M↓13%$139.4M↓13%$144.3M↓12%$150.0M↓12%$153.7M↓12%$139.4M↓13%$159.4M↓12%$180.2M↓41%$308.0M↓13%$355.1M
Current Ratio2.48↓4%2.48↓4%2.67↓3%2.62↓5%2.53↓5%2.48↓4%2.59↓2%2.64↓25%3.53↓5%3.74
Debt / Equity0.000.00———0.000.00↓100%0.00↓87%0.01↓53%0.01
Operating Cash Flow$7.5M↑55%-$1.1M↓208%$2.5M↑759%$2.6M↑85%$3.4M↑60%$7.5M↑55%$4.8M↑139%-$12.2M↑40%-$20.5M↓494%$5.2M
Free Cash Flow$4.0M↑55%-$2.2M↓621%$2.2M↑1412%$2.1M↑131%$1.9M↑76%$4.0M↑55%$2.6M↑118%-$14.4M↑40%-$24.2M↓1587%$1.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

ONTF vs Peers — Financial Grading

Revenue$139.3MBottom 25%
Net Income$28.9MMedian
ROE-20.7%Bottom 25%
D/E0.00Top 25%
Op. Margin-25.7%Bottom 25%
Curr. Ratio2.48Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11