EverQuote, Inc.
EVERdata completeness 88%9 fiscal years on fileEverQuote, Inc. earns about 7% on invested capital, below its ~9% cost of capital, but has diluted owners by 129689% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $58.47 and $103.2 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $418.5M1 | $404.1M2 | $287.9M3 | $500.2M3 | $692.5M3 |
| Net income | −$19.4M4 | −$24.4M5 | −$51.3M6 | $32.2M6 | $99.3M6 |
| Operating cash flow | $7.19M7 | −$15.8M8 | −$2.83M9 | $66.6M9 | $95.4M9 |
| Capital expenditure | $2.86M10 | $4.29M11 | $3.84M12 | $4.11M12 | $5.06M12 |
| Free cash flow (derived) | $4.33M7 | −$20.1M8 | −$6.67M9 | $62.5M9 | $90.3M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $34.9M13 | $30.8M13 | $38M14 | $102.1M15 | $171.4M15 |
| Diluted shares | 29,088 | 31,613 | 33.4M | 36.6M | 37.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $63.05 of net worth that earned you $26.31 and generated $23.92 of cash last year.
It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 129689% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $58.47 and $103.2 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$62.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$62.5M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $28.17 |
| Base | 20.0% | $58.47 |
| Bull | 20.0% | $58.47 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021082 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-026724 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-066957 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021082 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-026724 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-066957 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021082 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-026724 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-066957 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021082 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-026724 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-066957 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021082 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-026724 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-066957 (CashAndCashEquivalentsAtCarryingValue)