HIGHOutside partyCustomer
58%
top 20 clients
“10-K Item 1: 'Our top 20 clients accounted for 58% and 62% of net revenue in fiscal years 2026 and 2025.'”
QNST · Concentration risk · 10-K extracted
QuinStreet (QNST) concentration risks
Updated
The most significant concentration QuinStreet discloses is top 20 clients at 58%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Source: QuinStreet’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM2
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partySupplier
third-party media sources and strategic partners
“10-K Item 1A: 'We depend on third-party media sources, including strategic partners, for a significant portion of our visitors.'”
MEDIUMOutside partySupplier
Internet search companies
“10-K Item 1A: 'We depend upon Internet search companies to direct a significant portion of visitors to our owned and operated and our third-party publishers'”
LOWOutside partyCustomer
21%
largest client
“10-K Item 1: 'In fiscal year 2026, we had one client that accounted for 21% of net revenue.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18QuinStreet's concentration is mainly a client story. Its top 20 clients accounted for 58% and 62% of net revenue in fiscal years 2026 and 2025, a high-share dependency that is the single largest exposure disclosed. Within that group, one client accounted for 21% of net revenue in fiscal year 2026, a low-share exposure on its own, which suggests the concentration is spread across a cohort of clients rather than resting on one account. The second theme is traffic sourcing. The company depends on third-party media sources, including strategic partners, for a significant portion of its visitors, and upon Internet search companies to direct a significant portion of visitors to its owned and operated properties and third-party publishers. Both are medium-share dependencies, and both sit upstream of the client revenue, so a change in search or partner traffic could pressure the same clients' spend. Together these are dependency-type exposures rather than structural ones. The client base and the traffic supply are linked, which is why the client concentration, not the single largest account, is the item most likely to move the verdict.
For the engine’s reasoning on QNST’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Advertising Agencies
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| QNST● | QuinStreet, Inc. | 1 | 2 | 1 | 4 |
| EVC | Entravision Communications Corp | 1 | 2 | 0 | 3 |
| APP | Applovin Corporation | 1 | 1 | 0 | 2 |
| DV | DoubleVerify Holdings, Inc. | 0 | 1 | 0 | 1 |
| CRTO | Criteo S.A. | 0 | 0 | 0 | 0 |
| MGNI | Magnite, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.