TTGT

TTGT is now Informa TechTarget, and the headline +70.9% revenue growth to $487M is an artifact of the Former TechTarget merger (acquired for $350M in 2024), not organic demand — the 10-K MD&A confirms the year was dominated by a ~$1.0B non-cash goodwill impairment that drove the -$1.01B net loss and a -210.7% operating margin. That impairment is the tell: management effectively wrote off most of the value it paid to build this combination barely a year after closing, which is hard to reconcile with a bullish forward view. Total assets fell 58.6% and equity 62.2% as those intangibles came off the books, and accumulated deficit sits at -$1.08B.

Against that, the operating business is not broken. Gross margin held at 60.2%, and — critically — operations swung to a positive $16.3M cash inflow from a -$64.9M outflow in 2024, an $81M improvement. Valuation is genuinely undemanding at 0.6x sales and a $291M cap. The balance sheet was also de-risked: the company repaid its $417M convertible notes in 2025, and liabilities/equity is a modest 0.58x. The MD&A asserts sufficient liquidity for at least twelve months, backstopped by a $250M related-party revolver with Informa (~$143.3M available).