EverQuote combines a cyclical P&C recovery with SmartCampaigns operating leverage and agentic-AI optionality, while its debt-free balance sheet supports substantial five-year upside.
Overview
EverQuote is a leading U.S. digital P&C insurance marketplace that connects high-intent shoppers with carriers and agents through programmatic auctions, earning transactional referral fees. Direct carriers account for approximately 91% of referral revenue, and auto represented 88.2% of the latest quarter’s revenue. **Q2 2026 demonstrated strong recovery and operating leverage:** revenue rose 24.6% year over year to $195.1 million, GAAP net income increased 30.5% to $19.2 million, and adjusted EBITDA grew 37.1% to a record $30.1 million, with margin expanding 140 basis points to 15.4%. The company ended the quarter with $192.3 million of cash and zero debt. Management guided Q3 revenue to $198.0 million-$208.0 million and adjusted EBITDA to $28.0 million-$31.0 million. **Valuation remains modest at approximately 7.7x-8.4x trailing P/E, 8.5x forward P/E, and 0.80x EV/forward sales.** The principal catalysts are SmartCampaigns adoption, the Waniwani agentic-AI partnership, continued carrier underwriting improvement, and a potential new buyback. Sell-side consensus rose 11% to approximately $29.00 after the earnings beat, but concentration, ad-cost inflation, regulation, and P&C cyclicality remain material risks.