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Emerald Holding Inc

Emerald Holding Inc

EEX
$5.04USD↑+0.20%+0.01 today

MARKET CAP

997.5M

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$5 – $5

52W RANGE

$3
$5

AI Summary

Stalk
Sell NowHigh

The stock is entrenched in a Stage 4 decline with confirmed lower-high/lower-low structure and a Support Failure pattern. Medium-term bias is clearly bearish, and short-term conditions show price rejecting major EMAs. Execution is Sell Now at resistance around the broken support and EMAs, with caution around potential oversold bounces.

  • ↑2025 revenue $463.4M (+16.2% YoY) driven by acquisitions and retention.
  • ↑Adjusted EBITDA $127.1M (+25% YoY) with expanded margins.
  • ↓6.8% organic revenue decline in Q3 due to venue construction.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Emerald Holding Inc. (NASDAQ: EEX) is a leader in the B2B event production industry, focusing on hosting a diverse portfolio of trade shows and conferences across various high-growth sectors, such as technology, design, and luxury. The company has successfully pivoted towards strategic acquisitions and operational efficiencies to enhance profitability, especially amid post-pandemic recovery dynamics.

Bull says

  • ↑2025 revenue $463.4M (+16.2% YoY) driven by acquisitions and retention.
  • ↑Adjusted EBITDA $127.1M (+25% YoY) with expanded margins.
  • ↑Share buyback: ~4M shares repurchased for $17M enhances shareholder value.
  • ↑Cash $100.9M; net debt/EBITDA 2.86x supports financial flexibility.
  • ↑70% of 2026 revenues already contracted ensures growth visibility.
  • ↑Acquisitions of InsurTech Insights and Generis add ~$40M revenue.

Bear says

  • ↓6.8% organic revenue decline in Q3 due to venue construction.
  • ↓SG&A rose to $51.3M from $40.8M, squeezing margins.
  • ↓Heavy reliance on live events risks shift to hybrid formats.
  • ↓Tariff pressures and trade tensions may dampen international sales.
  • ↓Integration of Generis carries operational misalignment and cost risks.
  • ↓Fluctuating cash flows and organic volatility signal earnings uncertainty.

Earnings Call · Q4 2024 · Mgmt. Guidance

Updated 09-03-2026neutral

Transcript signals

Bull points

  • We do expect that we will pay more for them, and with that we do believe strongly that the more we pay, the better position we're all going to be in because it will vastly improve overall performance for Emerald.
  • we're looking at free cash flow of $50 million plus as the flow through off of that. So we are looking for a nice step forward and flow through of that EBITDA to free cash flow.
  • revenue for the fourth quarter was $106.8 million compared to $101.5 million in the prior year quarter, driven primarily by growth of $6.1 million in organic revenue, or 6.5%

Bear points

  • Any potential synergies are likely to take a little bit longer to achieve and will likely be in 2026 and going forward. So, we definitely have an upside there.
  • Growth in the quarter was partially offset by scheduling adjustments of $3.7 million, where events staged in the fourth quarter of last year, but in the third quarter of this year. And prior year discontinued event revenue of $1.9 million pruned as part of our portfolio optimization efforts
  • have built in some impact to our outlook from tariffs imposed and threatened by the US government. Though note that our international exposure is relatively small
Read full transcript analysis ›