Start here if you're new
what it is
Emerald runs trade shows and related digital tools for business buyers.
how it gets paid
Last year Emerald made $463M in revenue. Trade shows was the main engine at $0.381B, or 82% of sales.
why it's growing
Revenue grew 16.2% last year. The number that mattered was $331M, because it was 327% above last year and showed the event calendar was back.
what just happened
Emerald posted $331M of quarterly revenue, but EPS stayed at $0.00.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
1.5% dividend yield — cash in your pocket every quarter
3.3% return on capital — nothing to write home about
-$0.07 fy2024 eps est
xvary composite: 46/100 — below average
What they do
Emerald runs trade shows and related digital tools for business buyers.
You are buying a crowd business, not a widget business. Emerald has 697 employees and $463M of annual revenue, so the machine is lean. Repeat exhibitors — customers who come back every year — are the glue; leaving means rebuilding your buyer list and booth traffic from scratch.
How they make money
$463M
annual revenue · their business grew +16.2% last year
Trade shows
$0.381B
+16.2%
Digital tools and commerce
$0.043B
+16.2%
Media and publications
$0.039B
flat
The products that matter
organizes industry trade shows
Business-to-Business Trade Shows
$463M · 100% of revenue
it's the entire $463M business. The upside is 16.2% growth. The catch is a 1.05% net margin, which leaves very little room for bad execution or softer attendance.
all revenue
Key numbers
$463M
annual revenue
Annual revenue — all the money brought in during a year — is $463M. That is the size of the machine.
-$0.07
fy2024 eps
Earnings per share — profit for each share you own — was -$0.07. You are paying for revenue, not for a big earnings engine.
4.9%
operating margin
Operating margin — profit after running the business — is 4.9%. That means you keep $4.90 from every $100 of sales.
$500M
long-term debt
Long-term debt — money borrowed and owed later — is $500M. That is bigger than a full year of sales growth can fix.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $500M (38% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EEX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Emerald posted $331M of quarterly revenue, but EPS stayed at $0.00.
Revenue jumped 327% vs. prior year. Gross margin was 63.18%, so the business can still make money on each show. The problem is turning those sales into profit.
$116M
revenue
$0.00
eps
63.18%
gross margin
the number that mattered
The number that mattered was $331M, because it was 327% above last year and showed the event calendar was back.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a strategic review that ends with no transaction, no recapitalization, and no margin fix.
high
Debt load versus thin profit
Long-term debt is $500M, debt-to-equity is 1.35, and net margin is 1.05%. Those three numbers belong in the same sentence.
If attendance softens or costs rise, there is almost no profit cushion before leverage stops being a balance-sheet detail and becomes the entire story.
high
Strategic review disappointment
The December 2025 review raises expectations for a sale, recapitalization, or some cleaner path forward.
If the review ends with no credible action, you are left owning the same standalone business — and the stock loses the catalyst that is helping support it now.
med
Event demand is cyclical
All $463M of revenue comes from live events. That means exhibitor budgets, travel spending, and buyer attendance feed straight into results.
A weaker economy would not hurt a side segment. It would hit the whole company at once.
med
The cost structure stays too heavy
A 63.18% gross margin should convert into more than a 1.05% net margin. If that gap does not close, the business is less attractive than the revenue growth makes it look.
You can get decent sales growth and still create very little value for shareholders. That is the trap here.
All $463M of revenue sits in live events while $500M of long-term debt sits above a 1.05% net margin. That is a narrow bridge for a turnaround to cross.
source: institutional data · regulatory filings · risk analysis
Pay attention to
strategic review
whether the board turns process into action
The December 2025 review is the biggest catalyst on the page. A sale, recapitalization, or credible restructuring changes the story. No action leaves you with the same thin-margin business and the same debt.
margin gap
gross margin versus net margin
63.18% gross margin and 1.05% net margin is the key contrast. If that spread stays this wide, revenue growth alone will not carry the stock for long.
next print
the next earnings report
Estimated around April 30, 2026. You want progress toward $490–$495M in revenue and at least $137.5M in adjusted EBITDA, not just another quarter of decent attendance.
demand
whether 16.2% growth holds
The market already rewarded the revenue beat. From here, the question is whether that growth rate is durable or just a strong stretch in a cyclical business.
Analyst rankings
earnings predictability
15 / 100
A 15 / 100 score means results have been hard to model. In human-speak, analysts do not trust this business to deliver a clean, repeatable quarter.
risk rank
3
Risk rank 3 puts it around the middle of the pack. You are not in disaster territory, but this is not a stock you hide in when conditions get shaky.
source: institutional data
Institutional activity
institutional ownership data for EEX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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