olivLaw · US equity research
Travelzoo TZOO
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
Travelzoo is a global Internet media company that runs a club for travel enthusiasts, monetizing travel, entertainment and local offers through advertising and, increasingly, membership fees. In 2026 the company is shifting toward recurring subscription revenue while quarterly revenue has slipped slightly and operating losses have appeared, which makes it relevant to watch whether paying members can offset the decline in advertising.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Travelzoo (TZOO) stock was 5.34 USD (+6.16% on the day), with market capitalisation 54.5 m USD, P/E 191.4 on diluted EPS of 0.03 USD over the last 12 months, beta 1.20, 52-week range 4.91–12.11 USD. Latest reported quarter (Q2 2026): revenue of 23.2 m USD (−2.9% YoY), net income of -2.1 m USD (−252.4% YoY), diluted EPS -0.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.6
- neutral
- Bollinger (20, 2)
- 4.88 – 5.40
- in the upper half of the band · %B 0.89 · band width 10.1%
- SMA 50 / 200
- 5.56 / 7.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.7% | −2.0% | +1.2 pp | — |
| 3 months | −24.9% | −2.2% | −22.7 pp | — |
| 6 months | −41.3% | +4.3% | −45.5 pp | — |
| Year to date | −25.0% | +10.6% | −35.6 pp | — |
| 1 year | −28.1% | +10.5% | −38.6 pp | −54.7% |
| 3 years | −32.2% | +73.7% | −105.9 pp | −77.4% |
| 5 years | −51.1% | +61.7% | −112.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.1 m | 20.7 m | 23.1 m | 23.9 m | 22.2 m | 22.5 m | 24.3 m | 23.2 m |
| Cost of revenue | 2.5 m | 2.8 m | 4.2 m | 5.2 m | 4.5 m | 4.9 m | 5.2 m | 7.1 m |
| Gross profit | 17.6 m | 17.9 m | 19.0 m | 18.7 m | 17.7 m | 17.5 m | 19.0 m | 16.1 m |
| Research & development | 594.0 k | 644.0 k | 634.0 k | 698.0 k | 631.0 k | 588.0 k | 664.0 k | 602.0 k |
| Operating income | 4.0 m | 4.9 m | 3.8 m | 2.1 m | 488.0 k | 552.0 k | 3.4 m | -2.8 m |
| Depreciation & amortisation | 179.0 k ≈ | 170.0 k | 76.0 k | 106.0 k ≈ | 57.0 k ≈ | 66.0 k | 56.0 k | 54.0 k ≈ |
| Pre-tax income | 4.4 m | 4.8 m | 4.4 m | 2.2 m | 424.0 k | 578.0 k | 3.4 m | -2.5 m |
| Income tax | 1.1 m | 1.5 m | 1.2 m | 740.0 k | 245.0 k | 521.0 k | 942.0 k | -382.0 k |
| Net income | 3.2 m | 3.2 m | 3.2 m | 1.4 m | 150.0 k | -21.0 k | 2.5 m | -2.1 m |
| Diluted EPS | 0.26 | 0.26 ≈ | 0.26 | 0.12 | 0.01 | -0.00 ≈ | 0.23 | -0.21 |
| Operating cash flow | 5.3 m ≈ | 7.8 m | 3.3 m | 1.3 m ≈ | -373.0 k ≈ | 1.5 m | 3.9 m | -1.7 m ≈ |
| Capex | 46.0 k ≈ | 48.0 k | 21.0 k | 13.0 k ≈ | 15.0 k ≈ | 16.0 k | 8.0 k | 6.0 k ≈ |
| Share repurchases | 6.2 m ≈ | 2.3 m | 8.9 m | 2.5 m ≈ | 1.5 m ≈ | 0 | 3.3 m | 1.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 91 percentile of its own 34-quarter history (min 7.7, median 20.1, max 738.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 111.3 m | 104.9 m | 53.6 m | 62.7 m | 70.6 m | 84.5 m | 83.9 m | 91.7 m |
| Revenue YoY | +4.5% | −5.7% | −48.9% | +17.0% | +12.6% | +19.7% | −0.7% | +9.3% |
| Net income | 4.7 m | 4.2 m | -13.4 m | 911.0 k | 6.6 m | 12.4 m | 13.6 m | 4.7 m |
| Net income YoY | +32.0% | −10.9% | −423.1% | unavailable | +628.2% | +86.4% | +9.7% | −65.4% |
| Diluted EPS | 0.37 | 0.35 | -1.18 | 0.07 | 0.53 | 0.83 | 1.06 | 0.41 |
| Diluted EPS YoY | +37.0% | −5.4% | −437.1% | unavailable | +657.1% | +56.6% | +27.7% | −61.3% |
| net % | 4.2% | 4.0% | -25.0% | 1.5% | 9.4% | 14.6% | 16.2% | 5.1% |
| Free cash flow | 4.6 m | 10.8 m | 46.8 m | -8.1 m | -23.6 m | 10.4 m | 20.9 m | 5.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -2.4 m USD
- Total assets
- 45.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.68x
- ROE
- unavailable
- ROA
- 9.4%
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 53.6 m | 62.7 m | 70.6 m | 84.5 m | 83.9 m | 91.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 10.6 m | 11.4 m | 10.0 m | 10.9 m | 10.5 m | 18.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 43.0 m | 51.3 m | 60.6 m | 73.5 m | 73.4 m | 73.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Research & development | 3.1 m | 2.6 m | 2.1 m | 2.1 m | 2.4 m | 2.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | -14.1 m | -1.3 m | 7.6 m | 15.6 m | 18.5 m | 6.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 2.3 m | 1.8 m | 2.2 m | 1.9 m | 907.0 k | 305.0 k | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | -11.8 m ≈ | 507.0 k ≈ | 9.7 m ≈ | 17.5 m ≈ | 19.4 m ≈ | 7.2 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Interest expense | 25.0 k | — | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Pre-tax income | -13.6 m | 2.7 m | 10.0 m | 17.1 m | 19.1 m | 7.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | -2.4 m | 1.8 m | 3.3 m | 5.1 m | 5.4 m | 2.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Net income | -13.4 m | 911.0 k | 6.6 m | 12.4 m | 13.6 m | 4.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | -1.18 | 0.07 | 0.53 | 0.83 | 1.06 | 0.41 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 11.3 m | 13.0 m | 12.6 m | 15.0 m | 12.9 m | 11.5 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 63.1 m | 43.8 m | 18.7 m | 15.7 m | 17.1 m | 10.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Receivables | 4.5 m | 14.9 m | 13.8 m | 13.0 m | 12.8 m | 10.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Inventories | — | — | — | — | 0 | 124.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 70.0 m | 65.1 m | 35.6 m | 30.8 m | 31.8 m | 23.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 1.3 m | 659.0 k | 657.0 k | 578.0 k | 423.0 k | 231.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Goodwill | 10.9 m | 10.9 m | 10.9 m | 10.9 m | 10.9 m | 10.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | 4.5 m | 3.4 m | 3.7 m | 2.1 m | 1.5 m | 1.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 102.4 m | 99.7 m | 67.3 m | 55.4 m | 54.7 m | 45.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 7.0 m | 3.4 m | 4.3 m | 4.5 m | 6.2 m | 7.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 82.9 m | 87.9 m | 47.5 m | 34.2 m | 36.5 m | 34.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 95.9 m | 99.4 m | 58.4 m | 46.5 m | 50.4 m | 47.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 1.9 m | -4.2 m | 8.9 m | 8.9 m | 4.4 m | -2.4 m | SEC (XBRL)· 11 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 47.0 m | -8.1 m | -23.1 m | 10.7 m | 21.1 m | 5.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Capex | 253.0 k | 29.0 k | 462.0 k | 255.0 k | 177.0 k | 65.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Free cash flow | 46.8 m ≈ | -8.1 m ≈ | -23.6 m ≈ | 10.4 m ≈ | 20.9 m ≈ | 5.6 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Investing cash flow | 2.1 m | 104.0 k | -1.3 m | -39.0 k | -177.0 k | -65.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | -7.0 m | -11.2 m | 1.3 m | -14.2 m | -19.0 m | -13.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Share repurchases | 1.2 m | 5.5 m | 1.6 m | 16.8 m | 18.9 m | 13.0 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 54.5 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.5% | 92 (vs peers) | 11% |
| FCF conversion · Quality | 683.7% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 9.1% | 76 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -8.2% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 191.4x | 0 (on a fixed band) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.9% | 74 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 12.4% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth38/100 · 2/2 factors with a value
- Quality96/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation33/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Travelzoo (TZOO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 91.7 m USD in 2025; YoY growth 9.3%; net margin 0.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 0.5%
- FCF conversion: 683.7%
- Revenue CAGR 3Y: 9.1%
- FCF yield: 5.9%
- Shareholder yield (distributions): 12.4%
What contradicts it
- EPS CAGR 3Y: -8.2%
- Current ratio: 0.6x
- P/E (TTM): 191.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| MNTNMNTN, Inc. | 170.5 m | 13.9 | 19.7% | 18.0% | +28.6% | −24% / unavailable |
| EDHLEverbright Digital Holding Ltd. | 161.3 m | — | -70.8% | -120.6% | −32.6% | −56% / unavailable |
| NCMINational Cinemedia, Inc. | 147.7 m | — | -2.2% | -3.1% | unavailable | −64% / −61% |
| FLNTFluent, Inc. | 107.1 m | — | -170.5% | -11.5% | −18.0% | +90% / +9% |
| THRYThryv Holdings, Inc. | 57.8 m | — | -7.6% | -2.3% | −4.7% | −77% / −93% |
| TZOOTravelzoo | 54.5 m | 191.4 | — | 0.5% | +9.3% | −28% / −32% |
| IZEAIZEA Worldwide, Inc. | 40.8 m | — | -5.1% | -9.4% | −12.9% | −53% / −3% |
| TNMGTNL Mediagene | 8.2 m | — | -155.9% | -175.3% | +35.3% | −93% / −100% |
| INUVInuvo, Inc. | 7.3 m | — | -43.9% | -8.6% | +2.9% | −85% / −85% |
| PSQHPSQ Holdings, Inc. | 6.5 m | — | -269.3% | -132.7% | +81.1% | −90% / −98% |
| STFSStar Fashion Culture Holdings Limited | 6.3 m | — | -39.9% | -13.7% | +83.7% | −8% / unavailable |
| ANGIAngi Inc. | — | — | -27.3% | -23.8% | −13.0% | −40% / −70% |
| IBTAIbotta, Inc. | 0 | — | -5.7% | -4.5% | −6.8% | +164% / unavailable |
1- and 3-year price returns: for TZOO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.47 Total return 2% · Per year 2% | 9.64 Total return 81% · Per year 81% | 14.49 Total return 171% · Per year 171% |
| 3 years | 5.81 Total return 9% · Per year 3% | 11.48 Total return 115% · Per year 29% | 18.88 Total return 253% · Per year 52% |
| 5 years | 6.17 Total return 16% · Per year 3% | 13.67 Total return 156% · Per year 21% | 24.58 Total return 360% · Per year 36% |
- Exit P/E± 2.87
- Net margin± 2.01
- Annual revenue growth± 1.58
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Travelzoo is a global Internet media company that runs a club for travel enthusiasts, monetizing travel, entertainment and local offers through advertising and, increasingly, membership fees. In 2026 the company is shifting toward recurring subscription revenue while quarterly revenue has slipped slightly and operating losses have appeared, which makes it relevant to watch whether paying members can offset the decline in advertising.
SWOT
Strengths
Weaknesses
- The company reported an operating loss and negative operating cash flow in the second quarter of 2026 3.
- Demand for vouchers has declined in recent years and refund rates could rise, affecting revenue 1.
- Reliance on purchased traffic from search engines and social networks raises acquisition costs and exposes the company to algorithm changes 1.
Opportunities
- Growth in paying members and increasingly frequent renewals could make revenue more recurring and predictable 3.
- Expanding video formats and social media presence could capture advertising budgets moving away from traditional media 1.
- Licensing activity in Australia, Japan and other markets could grow if licensee revenue expands, as management expects 3.
Risks
- Uncertain profitabilityhigh
The company cannot assure future profitability, and heavy spending on member acquisition could keep operating losses in place 13.
- Dependence on digital traffichigh
Changes in search engine and social network algorithms could reduce visibility and increase the cost of acquiring users 1.
- Refunds and revenue estimatesmedium
Estimates of voucher refunds involve judgment, and material errors could lead to restatement of reported revenue 1.
- Tax exposuremedium
Interpretation of US tax law and of European Union rules, including digital services taxes, could have a significant impact 1.
- Concentrated ownershiplow
The largest shareholder controls a significant stake, which could limit the influence of other investors on company decisions 1.
Investment thesis
What would need to be true (bull case)
- If membership fees keep rising and renewals stay at record levels, recurring revenue could gradually offset the decline in advertising.
- A strong brand, a global audience of travelers and supplier relationships could sustain an advantage in negotiating exclusive offers for members.
- If expansion into social media and video formats attracts new advertising budgets, the company could diversify its revenue sources.
What would break the thesis
- If operating losses persist and member-acquisition spending does not bring enough paying members, pressure on capital could increase.
- Dependence on digital platform algorithms could make traffic costs hard to control and reduce advertising revenue.
- If uncertainty from international conflicts lasts longer, supplier budgets and traveler spending could remain subdued.
What to watch
- Quarterly revenue trend and renewal rates of membersQ3 2026
- Delivery of the revenue growth guided for the following quarters2026
- Effects of the German membership fee and the US price increase2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
The revenue model has three parts: advertising and commissions (including Getaways and Local Deals vouchers), membership fees and other income from licensing and the former MTE business. The annual membership fee of 40 dollars introduced in 2024 was raised to 50 dollars for new US members from January 1, 2026, and was set at 40 euros in Germany from April 2026 12. Subscription revenue is recognized over the subscription period, so the shift to paying members will show its effect gradually.
The company has four reportable segments: Travelzoo North America, Travelzoo Europe, Jack's Flight Club and New Initiatives, which includes licensing and Travelzoo META. North America generated the largest share of revenue in fiscal 2025, followed by Europe 1. The largest shareholder, Azzurro, controlled by the founder's trust, holds a significant stake, which shapes the governance structure 1.
Segments
Travelzoo North America
The US and Canada segment generated the largest share of revenue in fiscal 2025 and in the second quarter of 2026 reported revenue of 15.7 million dollars, down 3% year-over-year, with an operating loss 3.
Travelzoo Europe
The European segment, covering France, Germany, Spain and the UK, was the second-largest source of revenue in fiscal 2025 and in the second quarter of 2026 reported revenue of 6.2 million dollars and an operating loss 3.
Market context
According to the WTTC, cited in the annual report, the travel industry reached record levels in 2025, and digital advertising continued to gain share of global advertising budgets 1. The company, however, operates in a highly competitive digital advertising market where traffic acquisition costs and pricing pressure can limit margins 1.
Demand for vouchers has declined since before 2021, while social media advertising has grown faster than traditional media, pushing the company to expand formats and channels 1. Market conditions will depend on how quickly consumers accept the membership fee and on the recovery of consumer travel spending.
Trends
- Rising global travel activitytailwind
According to the WTTC, the travel industry reached record levels in 2025, which supports demand for travel offers and the advertising that goes with them 1.
- Shift to digital and social advertisingmixed
Advertising budgets are moving toward digital and social channels, where the company is expanding its video and multichannel presence 1.
- Shift to paying membersmixed
The membership fee creates recurring revenue but requires heavy investment in acquiring new members and could reduce the active user base if churn rises 13.
- Uncertainty from international conflictsheadwind
In the second quarter of 2026, international conflicts created uncertainty for advertisers and travelers and affected all segments, although management considers the effect temporary 3.
Competitive position
Travelzoo competes with other deal platforms, travel aggregators and booking sites that capture traffic through search and digital advertising. The annual report notes intense competition in the industry and the willingness of some competitors to grow unprofitably, which could force lower advertising rates 1.
The company also depends on digital platforms for traffic, and changes in their algorithms or AI-driven features could reduce the visibility of its services and raise the cost of acquiring members 1.
- Deal platforms and travel aggregators
Competitors that capture the same audience of travel enthusiasts through offers and digital advertising, referred to generically in the annual report 1.
- Travel search and metasearch sites
Platforms that compete for traffic and for the advertising budgets of travel suppliers 1.
- Social media and digital advertising platforms
Advertising channels that attract supplier budgets and represent both an opportunity and a source of dependence for the company 1.
- Other flight alert subscription services
Services offering airfare alerts similar to Jack's Flight Club and competing for the same subscribers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report23 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Apr 2026Departure or appointment of officers · Shareholder vote
- Proxy statement11 Mar 2026
- Annual report11 Mar 2026
- Current report19 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Travelzoo · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Travelzoo · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Travelzoo · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.