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Zix

DB:CMY
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMY
DB
$364M
Market Cap
  1. Home
  2. DE
  3. Software
Company description

Zix Corporation provides email encryption, threat protection, archiving, bring-your-own-device security, and data loss prevention solutions for the healthcare, financial services, insurance, and government sectors primarily in the United States. The last earnings update was 14 days ago. More info.


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  • Zix has significant price volatility in the past 3 months.
CMY Share Price and Events
7 Day Returns
-5%
DB:CMY
3.2%
DE Software
-0.3%
DE Market
1 Year Returns
62.2%
DB:CMY
16.1%
DE Software
-7.5%
DE Market
CMY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Zix (CMY) -5% -21.5% 19.2% 62.2% 85.5% 90.7%
DE Software 3.2% 6.3% 16.9% 16.1% 43.7% 78.1%
DE Market -0.3% 1.8% 8.2% -7.5% 8.8% 9.4%
1 Year Return vs Industry and Market
  • CMY outperformed the Software industry which returned 16.1% over the past year.
  • CMY outperformed the Market in Germany which returned -7.5% over the past year.
Price Volatility
CMY
Industry
5yr Volatility vs Market
Related Companies

CMY Value

 Is Zix undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Zix to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Zix.

DB:CMY Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CMY
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 1.14
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.136 (1 + (1- 21%) (0%))
1.091
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.09
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.091 * 5.96%)
6.73%

Discounted Cash Flow Calculation for DB:CMY using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Zix is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:CMY DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.73%)
2019 12.16 Est @ -8.63% 11.40
2020 11.44 Est @ -5.97% 10.04
2021 10.97 Est @ -4.11% 9.02
2022 10.66 Est @ -2.81% 8.21
2023 10.46 Est @ -1.9% 7.55
2024 10.32 Est @ -1.26% 6.98
2025 10.24 Est @ -0.81% 6.49
2026 10.19 Est @ -0.5% 6.05
2027 10.16 Est @ -0.28% 5.65
2028 10.15 Est @ -0.13% 5.29
Present value of next 10 years cash flows $76.69
DB:CMY DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $10.15 × (1 + 0.23%) ÷ (6.73% – 0.23%)
$156.40
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $156.40 ÷ (1 + 6.73%)10
$81.53
DB:CMY Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $76.69 + $81.53
$158.22
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $158.22 / 52.73
$3
DB:CMY Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CMY represents 0.84515x of NasdaqGS:ZIXI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.84515x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 3.00 x 0.84515
€2.54
Value per share (EUR) From above. €2.54
Current discount Discount to share price of €5.84
= -1 x (€5.84 - €2.54) / €2.54
-130.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Zix is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Zix's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Zix's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CMY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.29
NasdaqGS:ZIXI Share Price ** NasdaqGS (2019-03-22) in USD $6.91
Germany Software Industry PE Ratio Median Figure of 23 Publicly-Listed Software Companies 33.74x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 18.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Zix.

DB:CMY PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:ZIXI Share Price ÷ EPS (both in USD)

= 6.91 ÷ 0.29

23.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Zix is good value based on earnings compared to the DE Software industry average.
  • Zix is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Zix's expected growth come at a high price?
Raw Data
DB:CMY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-83.7%per year
Germany Software Industry PEG Ratio Median Figure of 16 Publicly-Listed Software Companies 1.44x
Germany Market PEG Ratio Median Figure of 275 Publicly-Listed Companies 1.41x

*Line of best fit is calculated by linear regression .

DB:CMY PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.53x ÷ -83.7%

-0.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Zix earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Zix's assets?
Raw Data
DB:CMY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $1.15
NasdaqGS:ZIXI Share Price * NasdaqGS (2019-03-22) in USD $6.91
Germany Software Industry PB Ratio Median Figure of 33 Publicly-Listed Software Companies 2.77x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.78x
DB:CMY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:ZIXI Share Price ÷ Book Value per Share (both in USD)

= 6.91 ÷ 1.15

5.99x

* Primary Listing of Zix.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Zix is overvalued based on assets compared to the DE Software industry average.
X
Value checks
We assess Zix's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Zix has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CMY Future Performance

 How is Zix expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-83.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Zix expected to grow at an attractive rate?
  • Zix's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Zix's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Zix's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CMY Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CMY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -83.7%
DB:CMY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 47.3%
Germany Software Industry Earnings Growth Rate Market Cap Weighted Average 12.2%
Germany Software Industry Revenue Growth Rate Market Cap Weighted Average 7.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CMY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CMY Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 205 4 2
2019-12-31 166 -1 3
DB:CMY Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 70 17 15
2018-09-30 69 16 -7
2018-06-30 68 15 -7
2018-03-31 66 15 -8
2017-12-31 66 18 -8
2017-09-30 64 16 7
2017-06-30 63 15 7
2017-03-31 62 15 6
2016-12-31 60 15 6
2016-09-30 59 17 5
2016-06-30 58 18 5
2016-03-31 56 17 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Zix's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Zix's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CMY Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Zix Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CMY Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.06 0.06 0.06 1.00
2019-12-31 0.07 0.15 -0.02 2.00
DB:CMY Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.29
2018-09-30 -0.13
2018-06-30 -0.14
2018-03-31 -0.15
2017-12-31 -0.15
2017-09-30 0.13
2017-06-30 0.12
2017-03-31 0.11
2016-12-31 0.11
2016-09-30 0.09
2016-06-30 0.09
2016-03-31 0.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Zix will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Zix's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Zix has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CMY Past Performance

  How has Zix performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Zix's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Zix's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Zix has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Zix has become profitable in the last year making it difficult to compare the DE Software industry average.
Earnings and Revenue History
Zix's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Zix Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CMY Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 70.48 15.44 33.52 11.32
2018-09-30 68.83 -6.69 31.80 11.65
2018-06-30 67.55 -7.24 31.34 11.81
2018-03-31 66.42 -7.94 30.59 11.53
2017-12-31 65.66 -8.06 31.87 10.98
2017-09-30 64.44 6.76 30.09 10.48
2017-06-30 63.16 6.62 30.06 10.18
2017-03-31 61.71 6.04 31.30 9.80
2016-12-31 60.14 5.84 30.74 9.55
2016-09-30 58.89 4.70 31.62 9.19
2016-06-30 57.60 4.85 30.56 8.62
2016-03-31 55.97 5.41 28.58 8.39
2015-12-31 54.71 5.02 28.89 8.32
2015-09-30 53.25 5.12 26.99 8.64
2015-06-30 51.95 4.36 27.12 8.83
2015-03-31 51.26 4.22 26.85 8.96
2014-12-31 50.35 4.10 26.22 9.05
2014-09-30 49.79 8.04 24.45 8.77
2014-06-30 49.31 10.05 22.57 8.88
2014-03-31 48.54 10.95 21.32 9.15
2013-12-31 48.14 10.45 21.65 9.56
2013-09-30 47.52 9.60 22.47 9.88
2013-06-30 46.31 8.37 22.83 9.58
2013-03-31 44.82 9.14 21.67 8.55
2012-12-31 43.36 11.00 19.39 7.42
2012-09-30 41.55 21.98 17.54 6.27
2012-06-30 40.09 22.61 16.27 5.57
2012-03-31 39.18 22.58 15.70 5.39

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Zix has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Zix used its assets more efficiently than the DE Software industry average last year based on Return on Assets.
  • Zix has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Zix's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Zix has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CMY Health

 How is Zix's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Zix's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Zix's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Zix's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Zix's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Zix has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Zix Company Filings, last reported 2 months ago.

DB:CMY Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 60.95 0.00 27.11
2018-09-30 50.76 0.00 23.98
2018-06-30 47.32 0.00 17.70
2018-03-31 46.97 0.00 29.27
2017-12-31 43.52 0.00 33.01
2017-09-30 58.23 0.00 32.76
2017-06-30 56.89 0.00 29.51
2017-03-31 51.28 0.00 23.43
2016-12-31 49.07 0.00 26.46
2016-09-30 46.86 0.00 24.77
2016-06-30 45.74 0.00 20.73
2016-03-31 53.27 0.00 27.09
2015-12-31 56.77 0.00 28.66
2015-09-30 53.63 0.00 24.06
2015-06-30 61.52 0.00 27.97
2015-03-31 59.22 0.00 24.90
2014-12-31 56.27 0.00 21.69
2014-09-30 54.73 0.00 20.26
2014-06-30 62.85 0.00 26.16
2014-03-31 61.41 0.00 22.50
2013-12-31 66.23 0.00 27.52
2013-09-30 69.53 0.00 32.88
2013-06-30 65.25 0.00 26.31
2013-03-31 62.61 0.00 24.21
2012-12-31 61.25 0.00 22.99
2012-09-30 56.88 0.00 23.03
2012-06-30 54.54 0.00 18.79
2012-03-31 55.41 0.00 18.01
  • Zix has no debt.
  • Zix has not taken on any debt in the past 5 years.
  • Zix has no debt, it does not need to be covered by operating cash flow.
  • Zix has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Zix's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Zix has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CMY Dividends

 What is Zix's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Zix dividends.
If you bought €2,000 of Zix shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Zix's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Zix's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CMY Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Germany Software Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 1.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CMY Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Zix has not reported any payouts.
  • Unable to verify if Zix's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Zix's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Zix has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Zix's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Zix afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Zix has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CMY Management

 What is the CEO of Zix's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dave Wagner
COMPENSATION $1,420,883
AGE 53
TENURE AS CEO 3.2 years
CEO Bio

Mr. David J. Wagner, also known as Dave, has been the Chief Executive Officer and President of Zix Corporation since January 2016. Mr. Wagner served as the President of Entrust, Inc. He served as Chief Financial Officer and Senior Vice President of Finance at Entrust Inc. since April 22, 2003 until 2013 and served as its Principal Accounting Officer. Mr. Wagner served as Chief Financial Officer and Senior Vice President of Finance of Entrust Limited. He served as Entrust Inc.'s Vice President, Controller and Treasurer since 1999. He joined Entrust in 1996 as Controller when he helped guide Entrust Inc., through a private placement and onto becoming a public entity. Prior to joining Entrust Inc. he held various finance and accounting positions at Nortel Networks from 1991 to 1995 and at Raytheon Systems from 1982 to 1991. He has been a Director of Zix Corporation since January 2016. Mr. Wagner is a graduate of Pennsylvania State University, where he received an undergraduate degree in accounting and a masters of business administration.

CEO Compensation
  • Dave's compensation has increased in line with Zix recently becoming profitable.
  • Dave's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Zix management team in years:

2.8
Average Tenure
  • The tenure for the Zix management team is about average.
Management Team

Dave Wagner

TITLE
President
COMPENSATION
$1M
AGE
53
TENURE
3.2 yrs

David Rockvam

TITLE
VP, CFO & Treasurer
COMPENSATION
$669K
AGE
49
TENURE
2.8 yrs

Noah Webster

TITLE
VP & General Counsel
TENURE
0.8 yrs

Geoff Bibby

TITLE
Vice President of Marketing

Steve Irons

TITLE
Vice President of Sales
TENURE
4.2 yrs

Bhavin Merchant

TITLE
Vice President of Corporate Development
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the Zix board of directors in years:

8.3
Average Tenure
62
Average Age
  • The tenure for the Zix board of directors is about average.
Board of Directors

Bob Hausmann

TITLE
Chairman of the Board
COMPENSATION
$151K
AGE
55
TENURE
4.3 yrs

Dave Wagner

TITLE
President
COMPENSATION
$1M
AGE
53
TENURE
3.2 yrs

Maribess Miller

TITLE
Independent Director
COMPENSATION
$131K
AGE
65
TENURE
8.9 yrs

Taher Elgamal

TITLE
Independent Director
COMPENSATION
$124K
AGE
62
TENURE
7.7 yrs

Rick Spurr

TITLE
Non-Employee Director
COMPENSATION
$112K
AGE
64
TENURE
13.8 yrs

Amit Yoran

TITLE
Member of Advisory Board
AGE
47
TENURE
14.2 yrs

Gail Wilensky

TITLE
Member of Advisory Board
AGE
75
TENURE
14.2 yrs

Marc Mazur

TITLE
Member of Advisory Board
AGE
59
TENURE
14.2 yrs

Mark Bonney

TITLE
Independent Director
COMPENSATION
$122K
AGE
64
TENURE
6.2 yrs

James Greene

TITLE
Director
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Zix's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Zix has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CMY News

Simply Wall St News

CMY Company Info

Description

Zix Corporation provides email encryption, threat protection, archiving, bring-your-own-device security, and data loss prevention solutions for the healthcare, financial services, insurance, and government sectors primarily in the United States. The company offers Zix Email Encryption that allows an enterprise to use policy-driven rules to determine email messages that should be sent securely to comply with regulations or company-defined policies. It a0lso provides ZixDirectory, an email encryption community to share identities; Best Method of Delivery, a protocol that automatically determines means of delivery based on the sender’s and recipient’s communications environment and preferences; and ZixEncrypt, which automatically encrypts and decrypts messages with sensitive content. In addition, the company offers ZixProtect that defends organizations from zero-day malware, ransomware, phishing, CEO fraud, W-2 phishing attacks, spam, and viruses in email; and ZixArchive, a cloud-based email retention solution that enables user retrieval, compliance, and e-discovery. Further, it provides ZixOne, a mobile email app, which offers access to corporate email while never allowing that data to be persistently stored on the device where it is vulnerable to loss or theft. Zix Corporation offers its services through a direct sales force; and a network of resellers and other distribution partners. It has strategic partnership with Digital Guardian to deliver email encryption with enterprise data loss prevention. The company was formerly known as ZixIt Corporation and changed its name to Zix Corporation in 2002. Zix Corporation was founded in 1983 and is headquartered in Dallas, Texas.

Details
Name: Zix Corporation
CMY
Exchange: DB
Founded: 1983
$322,167,384
52,734,273
Website: http://www.zixcorp.com
Address: Zix Corporation
2711 North Haskell Avenue,
Suite 2200,
Dallas,
Texas, 75204,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS ZIXI Common Stock Nasdaq Global Select US USD 09. Nov 1989
DB CMY Common Stock Deutsche Boerse AG DE EUR 09. Nov 1989
Number of employees
Current staff
Staff numbers
265
Zix employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/22 20:36
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/01
Last earnings filing: 2019/03/08
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.