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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-18 | Tremblay Rikki VP, Principal Acctg. Officer | Grant | 14,518 | $0.00 | $0 |
| 2026-09-03 | Blachford Erik C Director | 10b5-1 plan sale | 792 | $35.71 | $28k |
| 2026-09-03 | Cormier Thielke Claire Director | 10b5-1 plan sale | 1,187 | $35.71 | $42k |
| 2026-08-20 | 2 co-filers Chief Legal and Policy Officer | Grant | 70,852 | $0.00 | $0 |
| 2026-08-20 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Grant |
| 212,553 |
| $0.00 |
| — |
| 2026-08-17 | 2 co-filers COO & CFO | 10b5-1 plan sale | 5,661 | $34.18 | $193k |
| 2026-08-17 | 2 co-filers Chief Executive Officer | 10b5-1 plan sale | 9,339 | $34.18 | $319k |
| 2026-08-14 | 2 co-filers Chief People Officer | Open-market sale | 3,169 | $35.37 | $112k |
| 2026-08-13 | Beitel David A. Chief Technology Officer | Open-market sale | 1,798 | $34.24 | $62k |
| 2026-08-13 | Rock Jennifer Chief Accounting Officer | Open-market sale | 990 | $34.24 | $34k |
| 2026-08-13 | Samuelson Errol G Chief Industry Dev. Officer | Open-market sale | 3,154 | $34.24 | $108k |
| 2026-08-13 | 2 co-filers Chief People Officer | Open-market sale | 1,966 | $34.24 | $67k |
| 2026-08-13 | 2 co-filers COO & CFO | 10b5-1 plan sale | 3,510 | $34.24 | $120k |
| 2026-08-13 | 2 co-filers Chief Executive Officer | 10b5-1 plan sale | 5,786 | $34.24 | $198k |
| 2026-08-11 | Cormier Thielke Claire Director | 10b5-1 plan sale | 1,187 | $33.09 | $39k |
| 2026-06-08 | Blachford Erik C Director | 10b5-1 plan sale | 791 | $34.80 | $28k |
| 2026-05-22 | Wacksman Jeremy Chief Executive Officer | 10b5-1 plan sale | 9,072 | $36.54 | $331k |
| 2026-05-18 | 3 co-filers Chief Financial Officer | 10b5-1 plan sale | 5,501 | $37.40 | $206k |
| 2026-05-18 | 3 co-filers Chief People Officer | 10b5-1 plan sale | 3,078 | $37.40 | $115k |
| 2026-05-15 | 3 co-filers General Counsel | 10b5-1 plan sale | 3,364 | $37.23 | $125k |
| 2026-05-14 | 3 co-filers Chief People Officer | 10b5-1 plan sale | 1,906 | $37.86 | $72k |
| 2026-05-14 | 3 co-filers Chief Financial Officer | 10b5-1 plan sale | 3,371 | $37.86 | $128k |
| 2026-05-14 | 2 co-filers Chief Technology Officer | Open-market sale | 1,729 | $37.86 | $65k |
| 2026-05-14 | 2 co-filers Chief Executive Officer | Open-market sale | 5,751 | $37.88 | $218k |
| 2026-05-14 | 2 co-filers Chief Operating Officer | Open-market sale | 1,083 | $37.84 | $41k |
| 2026-05-14 | 2 co-filers Chief Accounting Officer | Open-market sale | 974 | $37.95 | $37k |
| 2026-05-14 | 2 co-filers Chief Industry Dev. Officer | Open-market sale | 2,739 | $37.92 | $104k |
| 2026-05-14 | 3 co-filers General Counsel | 10b5-1 plan sale | 1,956 | $37.83 | $74k |
| 2026-05-14 | 2 co-filers Chief Operating Officer | Open-market sale | 145 | $38.76 | $6k |
| 2026-05-14 | 2 co-filers Chief Technology Officer | Open-market sale | 150 | $38.74 | $6k |
| 2026-05-14 | 3 co-filers Chief People Officer | 10b5-1 plan sale | 150 | $38.74 | $6k |
| 2026-05-14 | 2 co-filers Chief Accounting Officer | Open-market sale | 60 | $38.72 | $2k |
| 2026-05-14 | 3 co-filers Chief Financial Officer | 10b5-1 plan sale | 300 | $38.72 | $12k |
| 2026-05-14 | 3 co-filers General Counsel | 10b5-1 plan sale | 290 | $38.61 | $11k |
| 2026-05-14 | 2 co-filers Chief Executive Officer | Open-market sale | 300 | $38.69 | $12k |
| 2026-05-14 | 2 co-filers Chief Industry Dev. Officer | Open-market sale | 200 | $38.70 | $8k |
| 2026-03-26 | 2 co-filers Chief Industry Dev. Officer | Grant | 7,912 | $0.00 | $0 |
| 2026-03-26 | 2 co-filers Chief Industry Dev. Officer | 10b5-1 plan sale | 4,734 | $44.20 | $209k |
| 2026-03-24 | 3 co-filers General Counsel | Option exercise | 8,800 | $22.41 | $197k |
| 2026-03-24 | 3 co-filers General Counsel | 10b5-1 plan sale | 8,800 | $43.67 | $384k |
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $670.0M buybacks = $670.0M returned on $235.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 0%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
No current price collected.
Where each multiple sits in its own 13-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 0% against ROIC 0% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 11.5 | 56.3 | 15.7 | 15.2 | 18.7 | 21.6 | 23.6 | 25.9 |
| Gross Profit | — | 43.7 | 84.3 | 84.8 | 81.3 | 78.4 | 76.4 | 74.1 |
| R&D | 30.8 | 12.8 | 20.0 | 19.7 | 25.4 | 28.8 | 26.2 | 23.5 |
| SG&A | 19.7 | 13.3 | 20.0 | 19.4 | 25.4 | 28.4 | 23.4 | 19.2 |
| Operating Income | -9.7 | -9.0 | 6.7 | 11.2 | -4.7 | -13.9 | -8.8 | -1.3 |
| Income Tax | -2.3 | -0.2 | -0.5 | -0.0 | 0.2 | 0.2 | 0.2 | 0.1 |
| Net Income | -9.0 | -11.1 | -10.0 | -24.8 | -5.2 | -8.1 | -5.0 | 0.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ZG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 91.8% | -22.8% | -26.0% |
| FY2017 | 92.1% | -15.0% | -8.8% |
| FY2018 | 88.5% | -9.7% | -9.0% |
| FY2019 | 43.7% | -9.0% | -11.1% |
| FY2020 | 84.3% | 6.7% | -10.0% |
| FY2021 | 84.8% | 11.2% | -24.8% |
| FY2022 | 81.3% | -4.7% | -5.2% |
| FY2023 | 78.4% | -13.9% | -8.1% |
| FY2024 | 76.4% | -8.8% | -5.0% |
| FY2025 | 74.1% | -1.3% | 0.9% |
Return on equity (0%) and return on invested capital (0%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, market_cap.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to -1.3x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -1.89x |
| 5% | -1.79x |
| 10% | -1.70x |
| 15% | -1.61x |
| 20% | -1.51x |
| 25% | -1.42x |
| 30% | -1.32x |
| 35% | -1.23x |
| 40% | -1.13x |
| 45% | -1.04x |
| 50% | -0.94x |
| 55% | -0.85x |
| 60% | -0.76x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $93,000,000 of the $93,000,000 total — a fixed obligation that does not appear in a headline debt figure.
No current price or share count, so the market's assumption cannot be solved for.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: market_cap.
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.58B 100.0% | $2.24B 100.0% | $1.95B 100.0% | $1.96B 100.0% | $2.13B 100.0% | $1.62B 100.0% | $2.74B 100.0% | $1.33B 100.0% | $1.08B 100.0% | $846.6M 100.0% |
| Cost of Revenue | $668.0M 25.9% | $527.0M 23.6% | $421.0M 21.6% | $367.0M 18.7% | $323.0M 15.2% | $255.0M 15.7% | $1.54B 56.3% | $153.6M 11.5% | $85.2M 7.9% | $69.3M 8.2% |
| Gross Profit | $1.92B 74.1% | $1.71B 76.4% | $1.52B 78.4% | $1.59B 81.3% | $1.81B 84.8% | $1.37B 84.3% | $1.20B 43.7% | — | — | — |
| Research & Development | $607.0M 23.5% | $585.0M 26.2% | $560.0M 28.8% | $498.0M 25.4% | $421.0M 19.7% | $324.0M 20.0% | $350.9M 12.8% | $410.8M 30.8% | $320.0M 29.7% | $255.6M 30.2% |
| Selling, General & Admin | $497.0M 19.2% | $524.0M 23.4% | $553.0M 28.4% | $498.0M 25.4% | $414.0M 19.4% | $324.0M 20.0% | $366.0M 13.3% | $262.2M 19.7% | $210.8M 19.6% | $332.0M 39.2% |
| Total Operating Expenses | $1.95B 75.5% | $1.91B 85.2% | $1.79B 92.2% | $1.68B 86.0% | $1.57B 73.6% | $1.26B 77.6% | $1.45B 52.7% | $1.46B 109.7% | $1.24B 115.0% | $1.04B 122.8% |
| Operating Income | -$34.0M -1.3% | -$197.0M -8.8% | -$270.0M -13.9% | -$93.0M -4.7% | $239.0M 11.2% | $109.0M 6.7% | -$247.5M -9.0% | -$129.0M -9.7% | -$161.9M -15.0% | -$192.9M -22.8% |
| Interest Expense | $18.0M 0.7% | $36.0M 1.6% | $36.0M 1.9% | $35.0M 1.8% | $128.0M 6.0% | $138.0M 8.5% | $101.8M 3.7% | $41.3M 3.1% | $27.5M 2.6% | $7.4M 0.9% |
| Pretax Income | $25.0M 1.0% | -$107.0M -4.8% | -$154.0M -7.9% | -$85.0M -4.3% | $101.0M 4.7% | -$3.0M -0.2% | -$309.6M -11.3% | -$151.0M -11.3% | -$184.0M -17.1% | -$220.3M -26.0% |
| Income Tax Expense | $2.0M 0.1% | $5.0M 0.2% | $4.0M 0.2% | $3.0M 0.2% | -$1.0M -0.0% | -$8.0M -0.5% | -$4.3M -0.2% | -$31.1M -2.3% | -$89.6M -8.3% | $130K 0.0% |
| Net Income | $23.0M 0.9% | -$112.0M -5.0% | -$158.0M -8.1% | -$101.0M -5.2% | -$528.0M -24.8% | -$162.0M -10.0% | -$305.4M -11.1% | -$119.9M -9.0% | -$94.4M -8.8% | -$220.4M -26.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.09 | -$0.48 | -$0.68 | -$0.42 | -$2.11 | -$0.72 | -$1.48 | — | — | — |
| EPS (Diluted) | $0.09 | -$0.48 | -$0.68 | -$0.42 | -$2.02 | -$0.70 | -$1.48 | — | — | — |
| Weighted Avg Shares (Basic) | 241.9M | 234.1M | 233.6M | 242.2M | 249.9M | 223.8M | 206.4M | — | — | — |
| Weighted Avg Shares (Diluted) | 254.1M | 234.1M | 233.6M | 242.2M | 261.8M | 231.4M | 206.4M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.