Nasdaq:EVER
EverQuote, Inc.
A high-growth digital insurance platform enabling consumers to compare and purchase home, auto, and life insurance policies while connecting them with independent agents.
Key Metrics
Investment Thesis
Bull Case
Investors may favor EVER due to its explosive revenue growth trajectory, having more than doubled from 2022 to 2025, coupled with a robust return to consistent profitability. The company's massive cash position of $171.4M provides ample liquidity for strategic acquisitions or share repurchases, enhancing shareholder value.
Bear Case
Despite recent gains, the historical volatility in revenue and net income from 2022 to 2023 highlights potential instability in the insurance commission model. High marketing expenses of $541.0M relative to operating expenses suggest a capital-intensive growth strategy that could erode margins if acquisition costs rise.
About EverQuote, Inc.
EverQuote, Inc. (EVER) is a leading digital insurance marketplace that connects consumers with independent insurance agents across the United States. The company leverages proprietary technology to streamline insurance shopping and policy management for homeowners, auto, and life policies. By serving a vast network of agents and consumers, EVER generates significant revenue through commissions on sold policies.
Analysis
Management Discussion
The company demonstrated a remarkable turnaround in 2025, generating $99.3M in net profit compared to a $32.2M profit in 2024, while revenue surged from $500.2M to $692.5M. This profitability was supported by strong operating cash flow of $95.4M and efficient management of working capital changes totaling $31.7M.
Industry Overview
The digital insurance industry is rapidly evolving as consumers increasingly prefer online platforms for comparing and purchasing policies over traditional brick-and-mortar agents. This shift presents significant opportunities for technology-enabled intermediaries like EVER to capture market share from legacy carriers struggling with digital transformation.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $404.1M | $287.9M | $500.2M | $692.5M |
| Cost of Revenue | $24.0M | $22.5M | $20.9M | $19.4M |
| Gross Profit | $380.1M | $265.5M | $479.3M | $673.1M |
| Operating Expenses | $404.9M | $317.4M | $447.5M | $614.8M |
| Operating Income | $-24.8M | $-52.0M | $31.8M | $58.3M |
| R&D | $31.7M | $27.6M | $29.6M | $31.5M |
| G&A | $28.1M | $26.3M | $30.3M | $34.1M |
| Marketing | $349.3M | $240.1M | $387.7M | $541.0M |
| Stock-Based Comp | $29.0M | $24.1M | $20.6M | $24.3M |
| D&A | $5.8M | $6.2M | $5.7M | $3.8M |
| Amortization | $2.3M | $1.8M | $1.9M | $400.0K |
| Other OpEx | $-4.1M | $23.4M | $0 | $8.2M |
| Non-Operating Income | $372.0K | $1.3M | $2.3M | $3.5M |
| Interest Income | $349.0K | $1.3M | $2.1M | $3.6M |
| Pre-Tax Income | $-24.4M | $-50.7M | $34.0M | $61.8M |
| Income Tax | $0 | $577.0K | $1.8M | $-37.5M |
| Continuing Ops | $-24.4M | $-51.3M | $32.2M | $99.3M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-24.4M | $-51.3M | $32.2M | $99.3M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-24.4M | $-51.3M | $32.2M | $99.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $81.0M | $69.2M | $171.8M | $256.3M |
| Cash & Equivalents | $30.8M | $38.0M | $102.1M | $171.4M |
| Accounts Receivable | $29.6M | $21.2M | $61.3M | $75.1M |
| Prepaid Expenses | $7.0M | $5.8M | $5.3M | $9.8M |
| Other Current Assets | $13.5M | $4.3M | $3.0M | $0 |
| Long-Term Assets | $75.5M | $41.7M | $38.8M | $70.6M |
| PP&E (Net) | $6.5M | $5.7M | $6.2M | $7.9M |
| Intangibles | $8.0M | $5.2M | $3.3M | $0 |
| Goodwill | $21.5M | $21.5M | $21.5M | $21.5M |
| Operating Leases | $5.8M | $1.6M | $3.4M | $2.4M |
| Other LT Assets | $33.9M | $7.7M | $4.4M | $38.9M |
| Total Assets | $156.5M | $110.9M | $210.5M | $326.9M |
| Current Liabilities | $45.4M | $29.9M | $72.6M | $87.2M |
| Accounts Payable | $30.7M | $17.2M | $60.0M | $76.9M |
| Current Leases | $2.9M | $2.1M | $1.1M | $1.2M |
| Deferred Revenue | $1.9M | $1.9M | $1.8M | $1.7M |
| Other Current Liab | $9.9M | $8.8M | $9.8M | $7.5M |
| Long-Term Liabilities | $3.6M | $70.0K | $2.5M | $1.7M |
| LT Operating Leases | $3.5M | $70.0K | $2.5M | $1.4M |
| Other LT Liab | $125.0K | $0 | $0 | $281.0K |
| Total Liabilities | $49.0M | $30.0M | $75.2M | $88.9M |
| Shareholders' Equity | $107.5M | $80.9M | $135.4M | $238.0M |
| Retained Earnings | $-162.1M | $-213.3M | $-181.2M | $-81.9M |
| AOCI | $-6.0K | $29.0K | — | $126.0K |
| Total L&E | $156.5M | $110.9M | $210.5M | $326.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-24.4M | $-51.3M | $32.2M | $99.3M |
| Non-Cash Adjustments | $16.2M | $76.0M | $-46.7M | $-35.6M |
| Working Capital Changes | $-7.6M | $-27.6M | $81.1M | $31.7M |
| Cash from Operations | $-15.8M | $-2.8M | $66.6M | $95.4M |
| Cash from Investing | $-4.3M | $9.4M | $-4.1M | $-5.1M |
| Share Buybacks | — | — | — | $21.0M |
| Cash from Financing | $15.8M | $577.0K | $1.7M | $-21.1M |
| FX Effect | $-27.0K | $18.0K | $1.0K | $3.0K |
| Net Change in Cash | $-4.3M | $7.1M | $64.2M | $69.3M |
| Beginning Cash | $35.1M | $30.8M | $38.0M | $102.1M |
| Ending Cash | $30.8M | $38.0M | $102.1M | $171.4M |
Frequently Asked Questions
How does EverQuote, Inc. make money?
Homeowners Insurance Marketplace, Auto Insurance Marketplace, Life Insurance Solutions, and Digital Technology Licensing for Agents
What are the main risks for EVER?
Intense competition from large traditional carriers and new fintech entrants driving commission compression, potential regulatory changes impacting digital sales models, reliance on third-party carrier capacity, and cybersecurity threats to sensitive customer data.
What is EVER's competitive advantage?
Proprietary AI-driven underwriting models that provide instant rate quotes, a massive network of over 100,000 independent insurance agents, and strong brand recognition in the consumer digital insurance space.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.