olivLaw · US equity research
ZipRecruiter, Inc. ZIP
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
ZipRecruiter operates an AI-powered online employment marketplace that the company describes as a dedicated matchmaker between job seekers and employers. In the second quarter of 2026 revenue grew modestly while the number of paid employers rose sharply, suggesting demand may be stabilising in a still subdued hiring market. The company also reduced debt by repurchasing notes at a discount.
At the close of 04 Nov 2026, ZipRecruiter, Inc. (ZIP) stock was 4.51 USD (+7.38% on the day), with market capitalisation 321.9 m USD, P/E 12.9 on diluted EPS of 0.35 USD over the last 12 months, beta 1.60, 52-week range 1.69–5.49 USD. Latest reported quarter (Q2 2026): revenue of 118.1 m USD (+5.2% YoY), net income of 43.4 m USD, diluted EPS 0.53 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)
- 56.4
- strong (55–70)
- Bollinger (20, 2)
- 4.02 – 4.81
- in the upper half of the band · %B 0.61 · band width 17.9%
- SMA 50 / 200
- 4.07 / 3.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.09 / 0.12
- MACD below 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 | +24.9% | −2.0% | +26.9 pp | — |
| 3 months | +6.1% | −2.2% | +8.3 pp | — |
| 6 months | +44.6% | +4.3% | +40.3 pp | — |
| Year to date | +15.6% | +10.6% | +5.1 pp | — |
| 1 year | +10.0% | +10.5% | −0.5 pp | −15.2% |
| 3 years | −61.6% | +73.7% | −135.3 pp | +5.6% |
| 5 years | −84.2% | +61.7% | −145.9 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 | 117.1 m | 111.0 m | 110.1 m | 112.2 m | 115.0 m | 111.7 m | 107.5 m | 118.1 m |
| Cost of revenue | 12.4 m | 11.5 m | 11.7 m | 12.0 m | 12.5 m | 12.1 m | 12.0 m | 12.6 m |
| Gross profit | 104.7 m | 99.5 m | 98.4 m | 100.3 m | 102.5 m | 99.5 m | 95.6 m | 105.5 m |
| Research & development | 33.7 m | 31.7 m | 33.3 m | 32.1 m | 30.9 m | 28.4 m | 26.1 m | 26.4 m |
| Operating income | -3.2 m | -4.0 m | -11.7 m | -6.7 m | -5.0 m | 4.0 m | -1.5 m | 4.1 m |
| Depreciation & amortisation | 3.1 m ≈ | 3.2 m | 3.0 m | 3.4 m ≈ | 3.2 m ≈ | 2.9 m | 2.9 m | 3.1 m ≈ |
| Interest expense | 7.5 m | 7.4 m | 7.4 m | 7.4 m | 7.4 m | 7.4 m | 7.4 m | 6.7 m |
| Pre-tax income | -4.4 m | -6.4 m | -13.7 m | -9.1 m | -8.3 m | 512.0 k | -5.6 m | 59.9 m |
| Income tax | -1.8 m | 4.4 m | -875.0 k | 396.0 k | 1.5 m | 1.3 m | -836.0 k | 16.4 m |
| Net income | -2.6 m | -10.8 m | -12.8 m | -9.5 m | -9.8 m | -835.0 k | -4.7 m | 43.4 m |
| Diluted EPS | -0.03 | -0.11 ≈ | -0.13 | -0.10 | -0.11 | -0.01 ≈ | -0.06 | 0.53 |
| Operating cash flow | 9.3 m ≈ | 12.5 m | -9.9 m | 10.5 m ≈ | 2.6 m ≈ | 7.7 m | -3.5 m | 15.4 m ≈ |
| Capex | 190.0 k ≈ | 449.0 k | 295.0 k | 307.0 k ≈ | 374.0 k ≈ | 102.0 k | 140.0 k | 231.0 k ≈ |
| Share repurchases | 22.6 m ≈ | 2.7 m | 27.5 m | 56.6 m ≈ | 10.0 m ≈ | 8.0 m | 9.5 m | 0 ≈ |
≈ 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 8 percentile of its own 13-quarter history (min 10.7, median 31.9, max 385.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 429.6 m | 418.1 m | 741.1 m | 904.6 m | 645.7 m | 474.0 m | 449.0 m |
| Revenue YoY | unavailable | −2.7% | +77.2% | +22.1% | −28.6% | −26.6% | −5.3% |
| Net income | -6.3 m | 86.0 m | 3.6 m | 61.5 m | 49.1 m | -12.9 m | -33.0 m |
| Net income YoY | unavailable | unavailable | −95.8% | +1,608.2% | −20.2% | −126.2% | unavailable |
| Diluted EPS | -0.13 | 0.70 | 0.02 | 0.51 | 0.46 | -0.13 | -0.37 |
| Diluted EPS YoY | unavailable | unavailable | −97.1% | +2,450.0% | −9.8% | −128.3% | unavailable |
| net % | -1.5% | 20.6% | 0.5% | 6.8% | 7.6% | -2.7% | -7.3% |
| Free cash flow | -4.7 m | 86.7 m | 138.1 m | 126.1 m | 102.3 m | 44.8 m | 9.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 188.0 m USD
- Financial debt
- 544.8 m USD
- Net debt
- 356.8 m USD
- Equity
- -77.2 m USD
- Total assets
- 569.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.33x
- ROE
- unavailable
- ROA
- -5.3%
- FCF margin
- 2.2%
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 | 418.1 m | 741.1 m | 904.6 m | 645.7 m | 474.0 m | 449.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 54.2 m | 79.6 m | 86.3 m | 64.3 m | 50.2 m | 48.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 364.0 m | 661.5 m | 818.4 m | 581.4 m | 423.9 m | 400.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 69.4 m | 110.5 m | 127.7 m | 141.8 m | 134.8 m | 124.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 64.4 m | -8.4 m | 97.2 m | 79.4 m | 1.3 m | -19.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 9.9 m | 9.5 m | 10.7 m | 11.6 m | 12.3 m | 12.5 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 74.4 m ≈ | 1.1 m ≈ | 107.9 m ≈ | 91.1 m ≈ | 13.6 m ≈ | -6.9 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 1.0 m | 916.0 k | 28.5 m | 29.4 m | 29.6 m | 29.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 64.3 m | -9.3 m | 74.1 m | 70.6 m | -6.5 m | -30.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -21.7 m | -12.9 m | 12.6 m | 21.5 m | 6.4 m | 2.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 86.0 m | 3.6 m | 61.5 m | 49.1 m | -12.9 m | -33.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 0.70 | 0.02 | 0.51 | 0.46 | -0.13 | -0.37 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 94.2 m | 115.5 m | 121.4 m | 105.8 m | 98.6 m | 89.9 m | SEC (XBRL)· 25 Feb 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 | 114.5 m | 254.6 m | 227.4 m | 283.0 m | 218.4 m | 188.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 21.0 m | 41.7 m | 44.4 m | 27.2 m | 23.5 m | 25.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 144.8 m | 310.6 m | 632.3 m | 562.3 m | 543.7 m | 448.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 5.0 m | 8.7 m | 8.1 m | 6.2 m | 4.9 m | 4.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 1.7 m | 1.7 m | 1.7 m | 1.7 m | 8.5 m | 8.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 11.2 m | 13.7 m | 15.8 m | 0 | 5.3 m | 3.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 212.1 m | 398.6 m | 714.6 m | 659.5 m | 664.1 m | 569.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 13.5 m | 24.9 m | 21.2 m | 11.8 m | 10.5 m | 9.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 25.4 m | 0 | 541.6 m | 542.6 m | 543.6 m | 544.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 71.5 m | 142.9 m | 129.7 m | 84.9 m | 81.6 m | 70.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 125.6 m | 163.7 m | 685.9 m | 651.1 m | 650.6 m | 646.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | -50.3 m † | 235.0 m † | 28.6 m † | 8.4 m † | 13.4 m † | -77.2 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 88.0 m | 144.1 m | 128.8 m | 103.2 m | 45.7 m | 11.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 1.4 m | 6.1 m | 2.7 m | 918.0 k | 922.0 k | 1.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 86.7 m ≈ | 138.1 m ≈ | 126.1 m ≈ | 102.3 m ≈ | 44.8 m ≈ | 9.9 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -7.4 m | -13.3 m | -351.1 m | 106.7 m | -62.0 m | 65.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -1.6 m | 9.3 m | 195.1 m | -154.3 m | -48.4 m | -106.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 19.0 m | 2.8 m | 339.3 m | 147.6 m | 40.3 m | 102.1 m | SEC (XBRL)· 25 Feb 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
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 321.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation87
- Balance sheet50
- Quality58
- Growth3
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 47.65 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)6.46 – 14.58 (Mid 9.11)WACC 6.8% · starting FCFF 38.9 m USD · terminal value share of EV 81%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -25.5%
- Peers: EV/Sales4.93 – 47.65 (Mid 23.19)16 companies used · median multiple 3.9x · quartiles 1.1x – 7.8xAPP, BMBL, DOCN, FDS, GOOGL, GRND, LGCL, MGNI, MTCH, RXT, RZLV, SANG, SIFY, SST, TRIP, WB
- Peers: EV/EBITDA0.00 – 1.76 (Mid 1.15)8 companies used · median multiple 15.1x · quartiles 7.0x – 18.3xAPP, DOCN, FDS, GRND, LGCL, MGNI, TRIP, WB
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
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 89.1% | 100 (on a fixed band) | 11% |
| EBIT margin · Quality | 0.3% | 46 (vs peers) | 9% |
| FCF margin · Quality | 4.7% | 19 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -20.8% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | -5.3% | 8 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 9.1x | 0 (vs peers) | 6% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 6% |
| EV/Sales · Valuation | 1.0x | 78 (vs peers) | 17% |
| FCF yield · Valuation | 6.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 8.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet50/100 · 2/2 factors with a value
- Growth3/100 · 2/2 factors with a value
- Quality58/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation87/100 · 2/2 factors with a value
Memo
ZIPRECRUITER, INC. (ZIP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 449.0 m USD in 2025; YoY growth -5.3%; net margin 6.2%; net debt/EBITDA 9.1x.
The estimated value range is 4.93–14.58 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 9.11 USD, the price of 4.51 USD leaves a potential of 102.0% (value / price − 1) and a margin of safety of 50.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 89.1%
- Current ratio: 3.0x
- EV/Sales: 1.0x
- FCF yield: 6.6%
- Shareholder yield (distributions): 8.6%
- The price is below the estimated value range
What contradicts it
- FCF margin: 4.7%
- Revenue CAGR 3Y: -20.8%
- Revenue growth (YoY): -5.3%
- Net debt / EBITDA: 9.1x
- The valuation methods diverge
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,442.7 bn | 14.6 | 44.3% | 50.0% | +15.1% | −13% / +111% |
| APPAppLovin Corporation | 82.3 bn | 18.9 | 203.7% | 64.6% | +70.0% | −59% / +555% |
| NBISNebius Group N.V. | 35.8 bn | 428.8 | 2.1% | 15.6% | +479.0% | +49% / unavailable |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| MGNIMagnite, Inc. | 3.3 bn | 21.9 | 19.6% | 22.5% | +6.9% | +55% / +182% |
| GRNDGrindr Inc. | 2.4 bn | 27.6 | 108.7% | 18.7% | +27.6% | +9% / +108% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| TRIPTripadvisor, Inc. | 1.2 bn | 332.1 | 0.8% | 0.3% | +3.1% | −31% / −43% |
| SMWBSimilarweb Ltd. | 766.1 m | — | -129.6% | -11.7% | +13.1% | +13% / +75% |
| BMBLBumble Inc. | 718.8 m | — | -94.7% | -58.0% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| YALAYalla Group Limited | 413.9 m | 6.8 | 19.6% | 43.3% | +0.7% | −20% / −6% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | +10% / −62% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
| SSTSystem1, Inc. | 161.0 m | — | -581.6% | -50.7% | −22.6% | −53% / −88% |
1- and 3-year price returns: for ZIP 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 | 2.70 Total return -40% · Per year -40% | 4.81 Total return 7% · Per year 7% | 7.27 Total return 61% · Per year 61% |
| 3 years | 2.15 Total return -52% · Per year -22% | 4.34 Total return -4% · Per year -1% | 7.27 Total return 61% · Per year 17% |
| 5 years | 1.71 Total return -62% · Per year -18% | 3.91 Total return -13% · Per year -3% | 7.27 Total return 61% · Per year 10% |
- Exit P/E± 1.08
- Net margin± 0.76
- Annual revenue growth± 0.69
- Annual dilution± 0.06
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.
In brief
ZipRecruiter operates an AI-powered online employment marketplace that the company describes as a dedicated matchmaker between job seekers and employers. In the second quarter of 2026 revenue grew modestly while the number of paid employers rose sharply, suggesting demand may be stabilising in a still subdued hiring market 12. The company also reduced debt by repurchasing notes at a discount 3.
SWOT
Strengths
- The company holds a large proprietary dataset from user interactions and a matching system that improves over time 1.
- The brand has high recognition among employers and job seekers, and the app is rated among the best in its category 13.
- Marketing costs are largely variable, which allows spending to be adjusted quickly to economic changes 1.
Weaknesses
- The company reported a net loss in 2025 and profitability has been uneven from quarter to quarter 12.
- Revenue per paid employer declined in the latest quarter, which suggests pricing pressure or a more fragile customer mix 2.
- Substantially all revenue is generated in the United States, which exposes the company to conditions there 1.
Opportunities
Threats
- Larger competitors with more resources could adopt similar AI technology and offer cheaper alternatives 1.
- Changes in data privacy and AI rules could impose compliance costs and force changes to the business model 1.
- An economic slowdown or trade tensions could reduce employers' recruitment budgets 12.
Risks
- Dependence on economic conditionshigh
Demand for recruitment services falls quickly when economic activity weakens, and any recovery may be slow and uneven 1.
- Intense competitionhigh
Larger competitors with greater relationships and resources could limit the company's ability to keep market share and pricing 1.
- Contract renewalsmedium
Employers have no obligation to renew plans, and renewal rates for new products may be lower than historical trends 1.
- Technology failuresmedium
Software errors or cloud infrastructure outages could affect the platform, its reputation and its revenue 1.
- Data regulationmedium
Changing privacy and AI laws in several jurisdictions could raise compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If growth in paid employers is sustained, revenue could return to steadier expansion and margins could keep improving 23.
- The platform's data advantage and network effects could make matches better over time and strengthen its market position 1.
- Reducing debt through discounted repurchases could give the company more operating flexibility 3.
What would break the thesis
What to watch
- Trend in paid employer count and revenue per paid employerQ3 2026
- Revenue and margin guidance for the next quarter as presented by the companyQ3 2026
- Regulatory changes on data and AI that could affect the business model2027
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.
The business
ZipRecruiter describes its business as a two-sided marketplace: employers pay fees to post jobs and access additional features, while job seekers use the platform free of charge 12. Substantially all revenue comes from these employer fees, charged either as flat-rate plans running from one day to a year or as performance-based pricing such as cost-per-click 2. The core engine is a matching system built on machine learning and billions of interactions, which the company says improves over time through network effects 1.
For employers the platform sends instant alerts to qualified candidates after a job is posted and lets employers invite the best candidates to apply with one click, while for job seekers the AI career advisor Phil provides recommendations, application status updates and one-click applications 1. The company also runs its own applicant tracking system that employers can use without other tools 1.
Much of the cost base is variable, since marketing spend can be adjusted quickly to changing economic conditions, and research and development is a significant share of revenue 1. The platform runs entirely on cloud services and the company has engineering teams in several countries 1.
Segments
Market context
The online recruitment market is large, competitive and highly fragmented, with many platforms competing for employers and job seekers 1. Hiring demand is sensitive to economic cycles, and the company notes that the labour market remains subdued, with some stabilisation during 2025 and early 2026 12.
Macroeconomic factors including inflation, borrowing costs and US tariff policy can influence employers' recruitment budgets, which makes the path of demand hard to predict 12.
Trends
- AI in recruitmenttailwind
The company emphasises AI for candidate matching and its Phil career assistant, and management argues these tools could help it take market share in the AI era if results continue 13.
- Subdued hiring demandheadwind
The labour market remains weak and employers are reducing or delaying recruitment budgets amid economic uncertainty, which could limit revenue growth 12.
- Trade policy and tariffsheadwind
Changes in US trade policy and tariffs could reduce global trade and hiring activity among customers, which could affect sales 12.
- Data and AI regulationmixed
Rules on data privacy and artificial intelligence are changing across the US, Canada, the EU and the UK, which may require changes to the business model 1.
Competitive position
ZipRecruiter competes with established job sites such as Craigslist, Glassdoor, Google, Indeed, LinkedIn and Meta, as well as hundreds of other sites, many of them larger and with greater financial resources 1. Competition also comes from companies using large language models and other AI tools to offer automated alternatives 1.
For employers the company differentiates on candidate speed, the size of its job seeker community and simplicity of use, but price competition is expected to remain high 1.
- Indeed
Job platform with a large candidate base, named as a direct competitor for both employers and job seekers 1.
- LinkedIn
Professional network that competes for employers and job seekers, with access to a large base of professionals 1.
- Glassdoor
Job and review platform cited as an alternative for both candidates and employers 1.
- GoogleGOOGL
Search engine that includes job search features and competes for candidate attention 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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Jul 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report25 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ZipRecruiter, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ZipRecruiter, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ZipRecruiter, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.