EverQuote (Nasdaq: EVER) is not a company many investors outside the insurtech space follow closely, but its 2025 financials — reported in February ahead of management’s appearance at the Raymond James Institutional Investors Conference — make it worth a harder look in March 2026.
Full-year revenue grew 38% to $692.5 million, with GAAP net income climbing to $99.3 million. The company’s auto insurance vertical, which drives the majority of its Business, grew revenue 41% year-over-year.
Adjusted EBITDA expanded at an even faster clip of 62%, reflecting operating leverage as the platform scaled. The stock has gained 34.3% year-to-date, comfortably outpacing the S&P 500’s 16.3% rise over the same period and the broader internet software peer group’s 6.6% move. Zacks assigned it a Rank #1 (Strong Buy), citing a projected 2026 EPS of $1.74 — up from $1.55 — on expected revenue growth of 14.4%.
The structural tailwind for EverQuote’s model is real. The property and casualty insurance sector came off one of its best underwriting years in recent memory in 2025, with combined ratios below 100%. As competitive conditions tighten in 2026 and insurers look to grow premium volume again, spending on acquisition channels like EverQuote’s marketplace typically accelerates.
Carriers that pulled back marketing budgets during the correction cycle of 2022-2023 are operating well below their historical spending levels — a gap the company sees as a meaningful near-term expansion opportunity.
The tension in the investment case is the variable marketing dollar figure. EverQuote spent $191.9 million on direct customer acquisition during 2025, up from $155.2 million the prior year. That line item grows roughly in proportion with revenue, which means the company’s ability to widen net margins depends on whether its AI-driven tools — particularly its Smart Campaigns product — can convert that spend more efficiently over time.
If carriers increase their own direct digital acquisition in response to margin pressure, EverQuote’s position as an intermediary could face compression. That’s the bear case.
The bull case is that insurance shopping remains high-friction, comparison platforms with scale and data have durable advantages, and EverQuote’s AI investments are improving conversion in ways that make it increasingly sticky for carriers. At 15.7x forward P/E, the market is pricing in continued execution without being particularly aggressive about it — reasonable given the growth rate, but leaving little room for a stumble on the marketing efficiency story.