ZipRecruiter, Inc.

ZIP

IndustrialsStaffing & Employment ServicesNYSE

$3.93

Market Cap: $339.03M

ZipRecruiter, Inc. (ZIP) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.08 – $16.45	$0.08	-96.0%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	-$1.94 – $6.99	$3.31	+57.5%

Valuation History

DCF Analysis

ZipRecruiter, Inc. (ZIP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.08

Market Price

$3.93

Upside / Downside

-98.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -4.3% to a target of 10.3% over 5 years, discounted at a WACC of 6.8%, ZipRecruiter, Inc. (ZIP) has an intrinsic value of $0.08 per share (range: $0.08 – $16.45).

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

10.3%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.9%

Tax Rate

23.7%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	449	0.1%	-1.4%	-6	-6	9	(8)	-4	-2	-2
2027	474	5.4%	1.5%	7	6	9	(13)	1	1	1
2028	533	12.6%	4.5%	24	18	10	(21)	2	6	5
2029	480	-10.0%	7.4%	35	27	9	(24)	-2	14	11
2030	432	-10.0%	10.3%	44	34	8	(26)	-1	18	13

Enterprise Value Bridge

Sum of PV(FCFF)28

Terminal Value (Gordon Growth at 3.0%)483

PV of Terminal Value360

Enterprise Value388

(–) Net Debt380

Equity Value8

(÷) Shares Outstanding90

Fair Value per Share$0.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
4.8%	$-5	$-0	$5	$11	$16
5.8%	$-5	$-2	$2	$5	$9
6.8%	$-5	$-2	$0	$3	$5
7.8%	$-5	$-3	$-1	$1	$3
8.8%	$-5	$-3	$-2	$0	$2

Current price: $3.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 2.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.31

Market Price

$3.93

Upside / Downside

-15.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ZipRecruiter, Inc. (ZIP) has a fair value of $3.31 based on 9 comparable companies in the Staffing & Employment Services industry.

EV/Revenue Valuation — Staffing & Employment Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ZipRecruiter, Inc.ZIP	353	1.6x	1.6x
Babcock & Wilcox Enterprises, Inc.BW	1,766	3.5x	2.4x
Smith & Wesson Brands, Inc.SWBI	657	1.6x	1.6x
Kforce Inc.KFRC	542	0.5x	0.4x
Cryoport, Inc.CYRX	462	2.5x	2.3x
Titan Machinery Inc.TITN	409	0.5x	0.6x
Strata Critical Medical, Inc.SRTA	365	1.7x	1.4x
Matrix Service CompanyMTRX	328	0.2x	0.1x
Kelly Services, Inc.KELYA	301	0.1x	0.1x
AIRO Group Holdings, Inc. Common StockAIRO	274	2.2x	2.0x
Industry Median		1.6x	1.4x
(*) Revenue		449	471
= Enterprise Value		706	649
(-) Net Debt		380	380
Equity Value		325	269
(/) Outstanding shares		90	90
Fair Price		$4	$3

Selected Fair Value (avg of trailing + forward)

$3.31

-15.8%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.08 – $16.45

$0.08

-96.0%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

-$1.94 – $6.99

$3.31

+57.5%

DCF Analysis

ZipRecruiter, Inc. (ZIP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.08

Market Price

$3.93

Upside / Downside

-98.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

10.3%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.9%

Tax Rate

23.7%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	449	0.1%	-1.4%	-6	-6	9	(8)	-4	-2	-2
2027	474	5.4%	1.5%	7	6	9	(13)	1	1	1
2028	533	12.6%	4.5%	24	18	10	(21)	2	6	5
2029	480	-10.0%	7.4%	35	27	9	(24)	-2	14	11
2030	432	-10.0%	10.3%	44	34	8	(26)	-1	18	13

Enterprise Value Bridge

Sum of PV(FCFF)28

Terminal Value (Gordon Growth at 3.0%)483

PV of Terminal Value360

Enterprise Value388

(–) Net Debt380

Equity Value8

(÷) Shares Outstanding90

Fair Value per Share$0.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
4.8%	$-5	$-0	$5	$11	$16
5.8%	$-5	$-2	$2	$5	$9
6.8%	$-5	$-2	$0	$3	$5
7.8%	$-5	$-3	$-1	$1	$3
8.8%	$-5	$-3	$-2	$0	$2

Current price: $3.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 2.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.31

Market Price

$3.93

Upside / Downside

-15.8%

Verdict

Overvalued

EV/Revenue Valuation — Staffing & Employment Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ZipRecruiter, Inc.ZIP	353	1.6x	1.6x
Babcock & Wilcox Enterprises, Inc.BW	1,766	3.5x	2.4x
Smith & Wesson Brands, Inc.SWBI	657	1.6x	1.6x
Kforce Inc.KFRC	542	0.5x	0.4x
Cryoport, Inc.CYRX	462	2.5x	2.3x
Titan Machinery Inc.TITN	409	0.5x	0.6x
Strata Critical Medical, Inc.SRTA	365	1.7x	1.4x
Matrix Service CompanyMTRX	328	0.2x	0.1x
Kelly Services, Inc.KELYA	301	0.1x	0.1x
AIRO Group Holdings, Inc. Common StockAIRO	274	2.2x	2.0x
Industry Median		1.6x	1.4x
(*) Revenue		449	471
= Enterprise Value		706	649
(-) Net Debt		380	380
Equity Value		325	269
(/) Outstanding shares		90	90
Fair Price		$4	$3

Selected Fair Value (avg of trailing + forward)

$3.31

-15.8%