EVER - EverQuote, Inc.

EverQuote operates an online insurance marketplace platform that connects consumers shopping for auto, home, life, health, and renters insurance with insurance providers and agents. The business model is performance-based B2B2C: insurers and agents pay per lead or per click when EverQuote delivers qualified consumer insurance shoppers to them. Revenue is approximately $400-500M annually, derived almost entirely from the United States market. The company does not underwrite insurance itself; it monetizes consumer intent data and traffic as a demand-generation intermediary for the insurance industry.

Past Year Trends

• EverQuote's full-year 2025 revenue grew 38% year-over-year to $692.5 million, driven by a sharp recovery in auto insurance carrier ad spend as carriers achieved rate adequacy after years of post-COVID loss-ratio remediation and returned to customer acquisition mode. (Bullish)
• Q1 2025 auto insurance vertical revenue surged 97% year-over-year to $152.7 million, with a major national carrier designating EverQuote its number-one acquisition partner, reflecting a step-change in platform stature among top spenders. (Bullish)
• FY2025 Adjusted EBITDA grew 62% year-over-year to $94.6 million and GAAP net income reached $99.3 million (including a one-time $38.4 million deferred tax asset recognition), marking EverQuote's first full year of sustained GAAP profitability. (Bullish)

Next Year Trends

• Management disclosed that 75% of EverQuote's top carrier partners are still spending below their historical peak levels on the platform, meaning incremental carrier budget recovery—not new customer acquisition—is the primary near-term revenue lever toward management's stated $1 billion annual revenue target within two to three years. (Bullish)
• EverQuote's Smart Campaigns 3.0 AI bidding product is delivering approximately 7% efficiency improvements for migrated carriers, creating a data-flywheel dynamic where higher carrier ROI drives increased budget allocation; the rate of carrier migration to this product is a key execution risk that could accelerate or stall revenue growth in the next 12 months. (Neutral)
• Q2 2026 guidance implies approximately 21% year-over-year revenue growth at the midpoint, a meaningful deceleration from FY2025's 38% pace, as the easy year-over-year comparisons from the 2024 carrier spending trough roll off, compressing the growth rate and creating multiple compression risk for a stock priced on high-growth expectations. (Bearish)

Red Flags

No severe red flags identified as of August 2025.