Emerald Holding Inc Financials

EEX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 39/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Emerald Holding Inc has an operating margin of 11.7%, meaning the company retains $12 of operating profit per $100 of revenue. This results in a moderate score of 59/100, indicating healthy but not exceptional operating efficiency. This is up from 9.1% the prior year.

Growth

Emerald Holding Inc's revenue grew a modest 4.2% year-over-year to $398.8M. This slow but positive growth earns a score of 41/100.

Leverage

Emerald Holding Inc has a moderate D/E ratio of 1.72. This balance of debt and equity financing earns a leverage score of 48/100.

Liquidity

Emerald Holding Inc's current ratio of 1.27 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Emerald Holding Inc has a free cash flow margin of 11.4%, earning a moderate score of 57/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Emerald Holding Inc generates a 0.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 2/100.

Altman Z-Score Distress

0.59

Emerald Holding Inc scores 0.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($943.5M) relative to total liabilities ($662.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Emerald Holding Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

21.27x

For every $1 of reported earnings, Emerald Holding Inc generates $21.27 in operating cash flow ($46.8M OCF vs $2.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.0x

Emerald Holding Inc earns $1.0 in operating income for every $1 of interest expense ($46.8M vs $47.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Emerald Holding Inc (EEX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$398.8M

YoY+4.2%

5Y CAGR+2.0%

Emerald Holding Inc generated $398.8M in revenue in fiscal year 2024. This represents an increase of 4.2% from the prior year.

EBITDA

$75.1M

YoY-5.8%

5Y CAGR+22.4%

Emerald Holding Inc's EBITDA was $75.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.8% from the prior year.

Free Cash Flow

$45.5M

YoY+14.6%

5Y CAGR-7.2%

Emerald Holding Inc generated $45.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 14.6% from the prior year.

Net Income

$2.2M

YoY+126.8%

Emerald Holding Inc reported $2.2M in net income in fiscal year 2024. This represents an increase of 126.8% from the prior year.

EPS (Diluted)

$-0.07

Emerald Holding Inc earned $-0.07 per diluted share (EPS) in fiscal year 2024. This represents an increase of 91.0% from the prior year.

Cash & Debt

$194.8M

YoY-4.6%

5Y CAGR+82.6%

Emerald Holding Inc held $194.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

201M

Emerald Holding Inc had 201M shares outstanding in fiscal year 2024. This represents an increase of 220.2% from the prior year.

Gross Margin

N/A

Operating Margin

11.7%

YoY+2.7pp

5Y CAGR+18.6pp

Emerald Holding Inc's operating margin was 11.7% in fiscal year 2024, reflecting core business profitability. This is up 2.7 percentage points from the prior year.

Net Margin

0.5%

YoY+2.7pp

5Y CAGR+14.4pp

Emerald Holding Inc's net profit margin was 0.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.

Return on Equity

0.6%

Emerald Holding Inc's ROE was 0.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

$13.8M

YoY-18.3%

5Y CAGR+10.7%

Emerald Holding Inc spent $13.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 18.3% from the prior year.

Capital Expenditures

$1.3M

YoY+116.7%

5Y CAGR-4.1%

Emerald Holding Inc invested $1.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 116.7% from the prior year.

EEX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$398.8M+4.2%	$382.8M+17.5%	$325.9M+124.0%	$145.5M+14.2%	$127.4M-64.7%	$360.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$120.2M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$240.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$170.4M+1.2%	$168.3M+16.1%	$145.0M+1.4%	$143.0M+20.6%	$118.6M-11.1%	$133.4M
Operating Income	$46.8M+34.9%	$34.7M-80.7%	$179.8M+377.9%	-$64.7M+90.4%	-$670.6M-2615.0%	-$24.7M
Interest Expense	$47.8M+10.4%	$43.3M+76.7%	$24.5M+54.1%	$15.9M-22.8%	$20.6M-32.0%	$30.3M
Income Tax	$5.3M0.0%	$5.3M-80.5%	$27.2M+2192.3%	-$1.3M+97.7%	-$57.6M-1052.0%	-$5.0M
Net Income	$2.2M+126.8%	-$8.2M-106.3%	$130.8M+264.1%	-$79.7M+87.4%	-$633.6M-1167.2%	-$50.0M
EPS (Diluted)	$-0.07	$-0.78-269.6%	$0.46+128.4%	$-1.62+82.2%	$-9.09-1198.6%	$-0.70

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$77.5M-26.5%	$105.5M-28.6%	$147.7M+38.3%	$106.8M+24.2%	$86.0M-35.5%	$133.4M+31.4%	$101.5M+40.0%	$72.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$51.3M+8.9%	$47.1M-12.9%	$54.1M+56.4%	$34.6M-12.4%	$39.5M-28.8%	$55.5M+53.7%	$36.1M-13.2%	$41.6M
Operating Income	-$7.8M-176.5%	$10.2M-71.5%	$35.8M+72.1%	$20.8M+225.0%	$6.4M-73.7%	$24.3M+22.1%	$19.9M+2090.0%	-$1.0M
Interest Expense	$10.7M-1.8%	$10.9M-37.4%	$17.4M+52.6%	$11.4M-5.0%	$12.0M-0.8%	$12.1M+2.5%	$11.8M-2.5%	$12.1M
Income Tax	-$3.5M-275.0%	$2.0M-63.0%	$5.4M-12.9%	$6.2M+985.7%	-$700K-120.0%	$3.5M-88.1%	$29.3M+231.4%	-$22.3M
Net Income	-$14.4M-928.6%	-$1.4M-109.2%	$15.3M+200.0%	$5.1M+282.1%	-$2.8M-125.5%	$11.0M	N/A	N/A
EPS (Diluted)	$-0.07-600.0%	$-0.01-112.5%	$0.08+700.0%	$0.01+133.3%	$-0.03	$0.00+100.0%	$-0.45	$0.00

EEX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.0B-0.5%	$1.1B-4.1%	$1.1B+3.4%	$1.1B+0.8%	$1.1B-28.4%	$1.5B
Current Assets	$306.9M-1.3%	$310.9M-6.3%	$331.8M+14.4%	$290.1M-17.7%	$352.3M+276.0%	$93.7M
Cash & Equivalents	$194.8M-4.6%	$204.2M-14.6%	$239.1M+3.4%	$231.2M-21.7%	$295.3M+2976.0%	$9.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$57.5M+5.1%	$54.7M+2.6%	$53.3M+26.3%	$42.2M+64.8%	$25.6M-51.7%	$53.0M
Goodwill	$573.8M+3.6%	$553.9M+1.5%	$545.5M+6.1%	$514.2M+27.2%	$404.3M-58.8%	$980.3M
Total Liabilities	$662.8M-42.2%	$1.1B+1.3%	$1.1B-4.4%	$1.2B+11.8%	$1.1B+27.3%	$831.5M
Current Liabilities	$241.3M+4.9%	$230.1M+3.6%	$222.2M+15.9%	$191.7M+65.8%	$115.6M-49.6%	$229.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$385.9M+517.2%	-$92.5M-179.5%	-$33.1M+72.6%	-$121.0M-3084.2%	-$3.8M-100.6%	$640.2M
Retained Earnings	-$650.1M+0.3%	-$652.3M-1.3%	-$644.1M+16.9%	-$774.9M-11.5%	-$695.2M-1028.6%	-$61.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.2B+1.3%	$1.2B+1.6%	$1.2B+12.8%	$1.0B-1.3%	$1.1B-1.6%	$1.1B+2.5%	$1.1B-2.5%	$1.1B
Current Assets	$231.9M-16.9%	$279.0M-32.5%	$413.6M+34.8%	$306.9M-1.4%	$311.3M-4.6%	$326.4M+5.0%	$310.9M-5.3%	$328.3M
Cash & Equivalents	$95.4M-39.0%	$156.4M-43.5%	$276.8M+42.1%	$194.8M+0.8%	$193.2M+3.4%	$186.8M-8.5%	$204.2M+1.9%	$200.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$57.5M	N/A	N/A	$54.7M	N/A
Goodwill	$781.4M+7.5%	$726.7M+20.8%	$601.8M+4.9%	$573.8M+1.1%	$567.5M+0.3%	$565.7M+2.1%	$553.9M0.0%	$553.9M
Total Liabilities	$847.8M+4.3%	$812.7M+2.8%	$790.9M+19.3%	$662.8M+1.2%	$655.0M-44.1%	$1.2B+2.2%	$1.1B0.0%	$1.1B
Current Liabilities	$287.0M+8.4%	$264.7M+1.8%	$260.1M+7.8%	$241.3M+3.5%	$233.1M-5.8%	$247.4M+7.5%	$230.1M-0.6%	$231.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$369.5M-5.1%	$389.4M-0.7%	$392.1M+1.6%	$385.9M-5.3%	$407.6M+549.4%	-$90.7M+1.9%	-$92.5M-40.8%	-$65.7M
Retained Earnings	-$650.6M-2.3%	-$636.2M-0.2%	-$634.8M+2.4%	-$650.1M-0.9%	-$644.1M-0.4%	-$641.3M+1.7%	-$652.3M-2.8%	-$634.4M

EEX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$46.8M+16.1%	$40.3M-77.0%	$175.1M+94.6%	$90.0M+342.6%	-$37.1M-154.7%	$67.8M
Capital Expenditures	$1.3M+116.7%	$600K-66.7%	$1.8M+20.0%	$1.5M+66.7%	$900K-43.8%	$1.6M
Free Cash Flow	$45.5M+14.6%	$39.7M-77.1%	$173.3M+95.8%	$88.5M+332.9%	-$38.0M-157.4%	$66.2M
Investing Cash Flow	-$25.0M-19.0%	-$21.0M+56.2%	-$47.9M+63.7%	-$131.9M-253.6%	-$37.3M-123.4%	-$16.7M
Financing Cash Flow	-$31.2M+42.4%	-$54.2M+54.6%	-$119.3M-437.4%	-$22.2M-106.2%	$360.1M+680.8%	-$62.0M
Dividends Paid	$6.1M	$0	$0	$0-100.0%	$5.4M-74.6%	$21.3M
Share Buybacks	$13.8M-18.3%	$16.9M+62.5%	$10.4M-16.1%	$12.4M+1277.8%	$900K-89.2%	$8.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.8M-88.7%	$15.9M+26.2%	$12.6M-38.8%	$20.6M+110.2%	$9.8M+34.2%	$7.3M-53.2%	$15.6M+83.5%	$8.5M
Capital Expenditures	$300K+200.0%	$100K-50.0%	$200K-71.4%	$700K+250.0%	$200K-33.3%	$300K+200.0%	$100K	$0
Free Cash Flow	$1.5M-90.5%	$15.8M+27.4%	$12.4M-37.7%	$19.9M+107.3%	$9.6M+37.1%	$7.0M-54.8%	$15.5M+82.4%	$8.5M
Investing Cash Flow	-$53.0M+58.2%	-$126.7M-492.1%	-$21.4M-872.7%	-$2.2M+21.4%	-$2.8M+80.1%	-$14.1M-571.4%	-$2.1M+30.0%	-$3.0M
Financing Cash Flow	-$8.1M+20.6%	-$10.2M-111.2%	$90.8M+826.4%	-$12.5M-1983.3%	-$600K+94.3%	-$10.6M-10.4%	-$9.6M+3.0%	-$9.9M
Dividends Paid	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M	$0	$0	$0	N/A
Share Buybacks	$500K-92.8%	$6.9M-21.6%	$8.8M+4.8%	$8.4M	$0-100.0%	$1.8M	$0	$0

EEX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	66.7%
Operating Margin	11.7%+2.7pp	9.1%-46.1pp	55.2%+99.6pp	-44.5%+481.9pp	-526.4%-519.5pp	-6.8%
Net Margin	0.5%+2.7pp	-2.1%-42.3pp	40.1%+94.9pp	-54.8%+442.6pp	-497.3%-483.5pp	-13.9%
Return on Equity	0.6%	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.2%+1.0pp	-0.8%-12.7pp	11.9%+19.4pp	-7.5%+52.6pp	-60.1%-56.7pp	-3.4%
Current Ratio	1.27-0.1	1.35-0.1	1.49-0.0	1.51-1.5	3.05+2.6	0.41
Debt-to-Equity	1.72+14.1	-12.39+21.8	-34.18-24.4	-9.78+268.7	-278.47-279.8	1.30
FCF Margin	11.4%+1.0pp	10.4%-42.8pp	53.2%-7.6pp	60.8%+90.6pp	-29.8%-48.2pp	18.3%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-10.1%-19.7pp	9.7%-14.6pp	24.2%+4.8pp	19.5%+12.0pp	7.4%-10.8pp	18.2%-1.4pp	19.6%+21.0pp	-1.4%
Net Margin	-18.6%-17.3pp	-1.3%-11.7pp	10.4%+5.6pp	4.8%+8.0pp	-3.3%-11.5pp	8.3%	N/A	N/A
Return on Equity	N/A	N/A	3.9%+2.6pp	1.3%	N/A	N/A	N/A	N/A
Return on Assets	-1.2%-1.1pp	-0.1%-1.4pp	1.3%+0.8pp	0.5%+0.8pp	-0.3%-1.3pp	1.0%	N/A	N/A
Current Ratio	0.81-0.2	1.05-0.5	1.59+0.3	1.27-0.1	1.34+0.0	1.32-0.0	1.35-0.1	1.42
Debt-to-Equity	2.29+0.2	2.09+0.1	2.02+0.3	1.72+0.1	1.61+14.5	-12.91-0.5	-12.39+5.1	-17.45
FCF Margin	1.9%-13.0pp	15.0%+6.6pp	8.4%-10.2pp	18.6%+7.5pp	11.2%+5.9pp	5.3%-10.0pp	15.3%+3.6pp	11.7%

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Frequently Asked Questions

What is Emerald Holding Inc's annual revenue?

Emerald Holding Inc (EEX) reported $398.8M in total revenue for fiscal year 2024. This represents a 4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Emerald Holding Inc's revenue growing?

Emerald Holding Inc (EEX) revenue grew by 4.2% year-over-year, from $382.8M to $398.8M in fiscal year 2024.

Is Emerald Holding Inc profitable?

Yes, Emerald Holding Inc (EEX) reported a net income of $2.2M in fiscal year 2024, with a net profit margin of 0.5%.

What is Emerald Holding Inc's earnings per share (EPS)?

Emerald Holding Inc (EEX) reported diluted earnings per share of $-0.07 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Emerald Holding Inc's EBITDA?

Emerald Holding Inc (EEX) had EBITDA of $75.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Emerald Holding Inc's operating margin?

Emerald Holding Inc (EEX) had an operating margin of 11.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Emerald Holding Inc's net profit margin?

Emerald Holding Inc (EEX) had a net profit margin of 0.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Emerald Holding Inc's return on equity (ROE)?

Emerald Holding Inc (EEX) has a return on equity of 0.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Emerald Holding Inc's free cash flow?

Emerald Holding Inc (EEX) generated $45.5M in free cash flow during fiscal year 2024. This represents a 14.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Emerald Holding Inc's operating cash flow?

Emerald Holding Inc (EEX) generated $46.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Emerald Holding Inc's total assets?

Emerald Holding Inc (EEX) had $1.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Emerald Holding Inc's capital expenditures?

Emerald Holding Inc (EEX) invested $1.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Emerald Holding Inc buy back shares?

Yes, Emerald Holding Inc (EEX) spent $13.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Emerald Holding Inc have outstanding?

Emerald Holding Inc (EEX) had 201M shares outstanding as of fiscal year 2024.

What is Emerald Holding Inc's current ratio?

Emerald Holding Inc (EEX) had a current ratio of 1.27 as of fiscal year 2024, which is considered adequate.

What is Emerald Holding Inc's debt-to-equity ratio?

Emerald Holding Inc (EEX) had a debt-to-equity ratio of 1.72 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Emerald Holding Inc's return on assets (ROA)?

Emerald Holding Inc (EEX) had a return on assets of 0.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Emerald Holding Inc's Altman Z-Score?

Emerald Holding Inc (EEX) has an Altman Z-Score of 0.59, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Emerald Holding Inc's Piotroski F-Score?

Emerald Holding Inc (EEX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Emerald Holding Inc's earnings high quality?

Emerald Holding Inc (EEX) has an earnings quality ratio of 21.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Emerald Holding Inc cover its interest payments?

Emerald Holding Inc (EEX) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Emerald Holding Inc?

Emerald Holding Inc (EEX) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.