Yelp, Inc. (YELP)

Q: What's priced into Yelp, Inc. (YELP) stock?

The evidence describes Yelp as cheap versus peers, with a justified priced-in assessment and low valuation fragility. Expectations are mixed: the negative expectations gap suggests room for results to fall short of what is assumed, while medium model confidence limits certainty about that reading.

Q: What does the Yelp, Inc. (YELP) outlook hinge on?

The key negative scenario is a guidance cut after the recent increase, which could damage management credibility. Favorable factors include possible interest-rate cuts and continued strong results and guidance from major Communication Services companies, though these are sector signals rather than Yelp-specific proof. The evidence does not quantify how much these factors would affect Yelp’s results.

NYSECommunication ServicesInternet Content & InformationSnapshot 2026-10-23

$19.99-3.43%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Yelp, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

0.0%

+10% or more+5%0%−5%−10% or less

2.53 → 2.53 EPS · FY ending Dec 31, 2027 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	361.35M
EPS	—	0.48
FY 2026 · Annual
Revenue	—	1.47B
EPS	—	1.804
EBITDA	$310M–$330Mnon-GAAP	—
FY 2027 · Annual
Revenue	—	1.51B
EPS	—	2.53

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash flow from operations recovers toward $90M+	Yelp’s free cash flow yield is strong at 18%, supporting operations and potential returns.	Broken	Cash from operations remains below $70M next 4 quarters	Cash from operations: $75.822M FY2026-Q2; GAAP. Published target: >= $90M cash from operations. Target period is not explicitly aligned with this observation. Source published Aug 7, 202675,822,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Free cash flow increased from $45.0M in 2026-Q1 to $61.1M in 2026-Q2, supported by operating cash flow of $75.8M in Q2. The trajectory is delivering with improving cash flow generation supporting investments. Delivery assessment Oct 24, 2026
Operating income stabilizes or improves from $27.3M	A primary condition in Yelp, Inc.'s published investment case. The stated target is >= $27M operating income.	Intact	Operating income falls below $25M next 4 quarters	Operating income: $43.73M FY2026-Q2; GAAP. Published target: >= $27M operating income. Target period is not explicitly aligned with this observation. Source published Aug 7, 202643,730,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: de439795-d22b-40d9-8727-e8b49bdd8d32. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Yelp revenue grows at least 2% annually	A primary condition in Yelp, Inc.'s published investment case. The stated target is >=2% YoY revenue growth.	Broken	YoY revenue growth falls below 1% in FY26	Revenue: $375.519M FY2026-Q2; GAAP. Published target: >=2% YoY revenue growth. Target and observation units differ. Source published Aug 7, 2026375,519,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: de439795-d22b-40d9-8727-e8b49bdd8d32. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Net revenue increased from $359.9M in 2025-Q4 to $375.5M in 2026-Q2 (+4.3%). Other revenue nearly doubled year over year to $33M in 2026-Q2. Management’s revenue growth focus aligns with financial results showing steady growth, indicating delivery on this priority. Delivery assessment Oct 24, 2026
PE ratio remains below 12x	A supporting condition in Yelp, Inc.'s published investment case. The stated target is <= 12 PE TTM.	Intact	PE ratio rises above 15x without earnings growth	P/E (TTM): 7.22x As of 2026-10-23; trailing twelve months. The target timing and basis require a separate assessment. Market data as of Oct 23, 20267.2166 ratio · calculatedLast status assessment Oct 24, 2026 Measurement source consolidated · TTM valuation Period ending Oct 23, 2026 Source: mart.stock_valuation_daily. Reference: YELP:2026-10-23. Source status: canonical calculation. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$2.53

$2.62 → $2.53 · observed estimates

FY2027 revenue$1.51B

$1.51B → $1.51B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$2.62	$1,510,703,680	6 / 7
2026-07-25	$2.58	$1,509,428,400	8 / 10
2026-07-26	$2.58	$1,509,428,400	8 / 10
2026-07-27	$2.58	$1,509,428,400	8 / 10
2026-07-28	$2.62	$1,510,703,680	6 / 7
2026-07-29	$2.62	$1,510,703,680	6 / 7
2026-07-30	$2.62	$1,510,703,680	6 / 7
2026-07-31	$2.58	$1,509,428,400	8 / 10
2026-08-01	$2.62	$1,510,703,680	6 / 7
2026-08-02	$2.62	$1,510,703,680	6 / 7
2026-08-03	$2.62	$1,510,703,680	6 / 7
2026-08-04	$2.58	$1,509,428,400	8 / 10
2026-08-05	$2.57	$1,511,058,400	8 / 10
2026-08-06	$2.62	$1,510,703,680	6 / 7
2026-08-08	$2.61	$1,512,185,498	6 / 7
2026-08-09	$2.61	$1,512,185,498	6 / 7
2026-08-10	$2.61	$1,512,185,498	6 / 7
2026-08-12	$2.52	$1,513,541,440	7 / 9
2026-08-13	$2.52	$1,513,541,440	7 / 9
2026-08-14	$2.61	$1,512,185,498	6 / 7
2026-08-15	$2.61	$1,512,185,498	6 / 7
2026-08-16	$2.61	$1,512,185,498	6 / 7
2026-08-17	$2.61	$1,512,185,498	6 / 7
2026-08-18	$2.61	$1,512,185,498	6 / 7
2026-08-19	$2.61	$1,512,185,498	6 / 7
2026-08-20	$2.53	$1,512,963,398	6 / 7
2026-08-21	$2.53	$1,512,963,398	6 / 7
2026-08-22	$2.53	$1,512,963,398	6 / 7
2026-08-23	$2.53	$1,512,963,398	6 / 7
2026-08-24	$2.53	$1,512,963,398	6 / 7
2026-08-25	$2.53	$1,512,963,398	6 / 7
2026-08-26	$2.53	$1,512,963,398	6 / 7
2026-08-27	$2.53	$1,512,963,398	6 / 7
2026-08-28	$2.53	$1,512,963,398	6 / 7
2026-08-29	$2.53	$1,513,013,111	6 / 7
2026-08-30	$2.53	$1,513,013,111	6 / 7
2026-08-31	$2.53	$1,513,013,111	6 / 7
2026-09-01	$2.53	$1,512,978,622	6 / 7
2026-09-02	$2.53	$1,512,978,622	6 / 7
2026-09-03	$2.53	$1,512,978,622	6 / 7
2026-09-04	$2.53	$1,512,978,622	6 / 7
2026-09-05	$2.53	$1,512,978,622	6 / 7
2026-09-06	$2.53	$1,512,978,622	6 / 7
2026-09-07	$2.53	$1,512,978,622	6 / 7
2026-09-08	$2.53	$1,512,978,622	6 / 7
2026-09-09	$2.53	$1,512,978,622	6 / 7
2026-09-10	$2.53	$1,512,978,622	6 / 7
2026-09-11	$2.53	$1,512,978,622	6 / 7
2026-09-12	$2.53	$1,512,580,760	6 / 7
2026-09-13	$2.53	$1,512,580,760	6 / 7
2026-09-14	$2.53	$1,512,580,760	6 / 7
2026-09-15	$2.53	$1,512,580,760	6 / 7
2026-09-16	$2.53	$1,512,580,760	6 / 7
2026-09-17	$2.53	$1,512,580,760	7 / 8
2026-09-18	$2.53	$1,512,580,760	7 / 8
2026-09-19	$2.53	$1,512,580,760	7 / 8
2026-09-20	$2.53	$1,512,580,760	7 / 8
2026-09-21	$2.53	$1,512,580,760	7 / 8
2026-09-22	$2.53	$1,512,580,760	7 / 8
2026-09-23	$2.53	$1,512,580,760	7 / 8
2026-09-24	$2.53	$1,512,580,760	7 / 8
2026-09-25	$2.53	$1,512,580,760	7 / 8
2026-09-26	$2.53	$1,512,580,760	7 / 8
2026-09-27	$2.53	$1,512,580,760	7 / 8
2026-09-28	$2.53	$1,512,580,760	7 / 8
2026-09-29	$2.53	$1,512,580,760	7 / 8
2026-09-30	$2.53	$1,512,580,760	7 / 8
2026-10-01	$2.53	$1,512,580,760	7 / 8
2026-10-02	$2.53	$1,512,580,760	7 / 8
2026-10-03	$2.53	$1,512,580,760	7 / 8
2026-10-04	$2.53	$1,512,580,760	7 / 8
2026-10-05	$2.53	$1,512,580,760	7 / 8
2026-10-06	$2.53	$1,512,580,760	7 / 8
2026-10-07	$2.53	$1,512,580,760	7 / 8
2026-10-08	$2.53	$1,512,580,760	7 / 8
2026-10-09	$2.53	$1,512,580,760	7 / 8
2026-10-10	$2.53	$1,512,580,760	7 / 8
2026-10-11	$2.53	$1,512,580,760	7 / 8
2026-10-12	$2.53	$1,512,580,760	7 / 8
2026-10-13	$2.53	$1,512,574,871	7 / 8
2026-10-14	$2.53	$1,511,294,941	7 / 8
2026-10-15	$2.53	$1,511,294,941	7 / 8
2026-10-16	$2.53	$1,511,323,159	7 / 8
2026-10-17	$2.53	$1,511,323,159	7 / 8
2026-10-18	$2.53	$1,511,323,159	7 / 8
2026-10-19	$2.53	$1,511,323,159	7 / 8
2026-10-20	$2.53	$1,511,323,159	7 / 8
2026-10-21	$2.53	$1,511,323,159	7 / 8
2026-10-22	$2.53	$1,511,323,159	7 / 8
2026-10-23	$2.53	$1,511,323,159	7 / 8
2026-10-24	$2.53	$1,511,323,159	7 / 8

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	2	7	2
2026-06-01	2	7	2
2026-07-01	2	6	2
2026-08-01	2	6	2
2026-09-01	2	6	3
2026-10-01	2	6	3

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 2 Buy / Strong Buy · 6 Hold · 3 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Morgan StanleyOct 13 · prior May 15

$24.00 → $17.00-29.2%

$0$13.20$26.40

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash flow from operations recovers toward $90M+Published status: Broken
Operating income stabilizes or improves from $27.3MOperating income: $43.73M
Yelp revenue grows at least 2% annuallyPublished status: Broken
PE ratio remains below 12xP/E (TTM): 7.22x

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.2%Typical daily move · historical

Downside history

-46.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Yelp, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a modest-growth digital services business, with a multi-year view tied to product execution and profitable growth. The thesis is intact, though its signal has eased from favorable to mildly favorable as earnings quality remains robust but risks are elevated.

What's priced into Yelp, Inc.

The evidence describes Yelp as cheap versus peers, with a justified priced-in assessment and low valuation fragility. Expectations are mixed: the negative expectations gap suggests room for results to fall short of what is assumed, while medium model confidence limits certainty about that reading.

What the fundamentals likely do

Near-term, recent results show steady revenue growth, and management is advancing AI products including Yelp Assistant, Hatch, and Yelp Host. But adjusted EBITDA and margins have declined, and the earnings guidance range was narrowed; erratic, weakening earnings surprises are a risk even though the estimated miss risk is low. Over the multi-year view, execution depends on turning product investment into durable growth while controlling costs.

What Yelp, Inc. hinges on

The key negative scenario is a guidance cut after the recent increase, which could damage management credibility. Favorable factors include possible interest-rate cuts and continued strong results and guidance from major Communication Services companies, though these are sector signals rather than Yelp-specific proof. The evidence does not quantify how much these factors would affect Yelp’s results.

Bottom line

Over the next 1 to 3 years, the long-term thesis rests on continued revenue growth and AI product execution overcoming margin pressure in a headwind sector. The business setup remains intact, but guidance credibility and disciplined investment are important swing factors. Not investment advice.

Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	361.35M
EPS	—	0.48
FY 2026 · Annual
Revenue	—	1.47B
EPS	—	1.804
EBITDA	$310M–$330Mnon-GAAP	—
FY 2027 · Annual
Revenue	—	1.51B
EPS	—	2.53

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$2.53

$2.62 → $2.53 · observed estimates

FY2027 revenue$1.51B

$1.51B → $1.51B · observed estimates

Exact estimates & source dates

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$2.62	$1,510,703,680	6 / 7
2026-07-25	$2.58	$1,509,428,400	8 / 10
2026-07-26	$2.58	$1,509,428,400	8 / 10
2026-07-27	$2.58	$1,509,428,400	8 / 10
2026-07-28	$2.62	$1,510,703,680	6 / 7
2026-07-29	$2.62	$1,510,703,680	6 / 7
2026-07-30	$2.62	$1,510,703,680	6 / 7
2026-07-31	$2.58	$1,509,428,400	8 / 10
2026-08-01	$2.62	$1,510,703,680	6 / 7
2026-08-02	$2.62	$1,510,703,680	6 / 7
2026-08-03	$2.62	$1,510,703,680	6 / 7
2026-08-04	$2.58	$1,509,428,400	8 / 10
2026-08-05	$2.57	$1,511,058,400	8 / 10
2026-08-06	$2.62	$1,510,703,680	6 / 7
2026-08-08	$2.61	$1,512,185,498	6 / 7
2026-08-09	$2.61	$1,512,185,498	6 / 7
2026-08-10	$2.61	$1,512,185,498	6 / 7
2026-08-12	$2.52	$1,513,541,440	7 / 9
2026-08-13	$2.52	$1,513,541,440	7 / 9
2026-08-14	$2.61	$1,512,185,498	6 / 7
2026-08-15	$2.61	$1,512,185,498	6 / 7
2026-08-16	$2.61	$1,512,185,498	6 / 7
2026-08-17	$2.61	$1,512,185,498	6 / 7
2026-08-18	$2.61	$1,512,185,498	6 / 7
2026-08-19	$2.61	$1,512,185,498	6 / 7
2026-08-20	$2.53	$1,512,963,398	6 / 7
2026-08-21	$2.53	$1,512,963,398	6 / 7
2026-08-22	$2.53	$1,512,963,398	6 / 7
2026-08-23	$2.53	$1,512,963,398	6 / 7
2026-08-24	$2.53	$1,512,963,398	6 / 7
2026-08-25	$2.53	$1,512,963,398	6 / 7
2026-08-26	$2.53	$1,512,963,398	6 / 7
2026-08-27	$2.53	$1,512,963,398	6 / 7
2026-08-28	$2.53	$1,512,963,398	6 / 7
2026-08-29	$2.53	$1,513,013,111	6 / 7
2026-08-30	$2.53	$1,513,013,111	6 / 7
2026-08-31	$2.53	$1,513,013,111	6 / 7
2026-09-01	$2.53	$1,512,978,622	6 / 7
2026-09-02	$2.53	$1,512,978,622	6 / 7
2026-09-03	$2.53	$1,512,978,622	6 / 7
2026-09-04	$2.53	$1,512,978,622	6 / 7
2026-09-05	$2.53	$1,512,978,622	6 / 7
2026-09-06	$2.53	$1,512,978,622	6 / 7
2026-09-07	$2.53	$1,512,978,622	6 / 7
2026-09-08	$2.53	$1,512,978,622	6 / 7
2026-09-09	$2.53	$1,512,978,622	6 / 7
2026-09-10	$2.53	$1,512,978,622	6 / 7
2026-09-11	$2.53	$1,512,978,622	6 / 7
2026-09-12	$2.53	$1,512,580,760	6 / 7
2026-09-13	$2.53	$1,512,580,760	6 / 7
2026-09-14	$2.53	$1,512,580,760	6 / 7
2026-09-15	$2.53	$1,512,580,760	6 / 7
2026-09-16	$2.53	$1,512,580,760	6 / 7
2026-09-17	$2.53	$1,512,580,760	7 / 8
2026-09-18	$2.53	$1,512,580,760	7 / 8
2026-09-19	$2.53	$1,512,580,760	7 / 8
2026-09-20	$2.53	$1,512,580,760	7 / 8
2026-09-21	$2.53	$1,512,580,760	7 / 8
2026-09-22	$2.53	$1,512,580,760	7 / 8
2026-09-23	$2.53	$1,512,580,760	7 / 8
2026-09-24	$2.53	$1,512,580,760	7 / 8
2026-09-25	$2.53	$1,512,580,760	7 / 8
2026-09-26	$2.53	$1,512,580,760	7 / 8
2026-09-27	$2.53	$1,512,580,760	7 / 8
2026-09-28	$2.53	$1,512,580,760	7 / 8
2026-09-29	$2.53	$1,512,580,760	7 / 8
2026-09-30	$2.53	$1,512,580,760	7 / 8
2026-10-01	$2.53	$1,512,580,760	7 / 8
2026-10-02	$2.53	$1,512,580,760	7 / 8
2026-10-03	$2.53	$1,512,580,760	7 / 8
2026-10-04	$2.53	$1,512,580,760	7 / 8
2026-10-05	$2.53	$1,512,580,760	7 / 8
2026-10-06	$2.53	$1,512,580,760	7 / 8
2026-10-07	$2.53	$1,512,580,760	7 / 8
2026-10-08	$2.53	$1,512,580,760	7 / 8
2026-10-09	$2.53	$1,512,580,760	7 / 8
2026-10-10	$2.53	$1,512,580,760	7 / 8
2026-10-11	$2.53	$1,512,580,760	7 / 8
2026-10-12	$2.53	$1,512,580,760	7 / 8
2026-10-13	$2.53	$1,512,574,871	7 / 8
2026-10-14	$2.53	$1,511,294,941	7 / 8
2026-10-15	$2.53	$1,511,294,941	7 / 8
2026-10-16	$2.53	$1,511,323,159	7 / 8
2026-10-17	$2.53	$1,511,323,159	7 / 8
2026-10-18	$2.53	$1,511,323,159	7 / 8
2026-10-19	$2.53	$1,511,323,159	7 / 8
2026-10-20	$2.53	$1,511,323,159	7 / 8
2026-10-21	$2.53	$1,511,323,159	7 / 8
2026-10-22	$2.53	$1,511,323,159	7 / 8
2026-10-23	$2.53	$1,511,323,159	7 / 8
2026-10-24	$2.53	$1,511,323,159	7 / 8

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings