EverQuote, Inc. EVER

EverQuote is a capital‑light, data‑advantaged insurance referral marketplace that rebounded to profitable growth as carriers recovered, with AI‑driven products and a rising direct mix supporting unit economics. The moat looks execution‑led—data, ML, and some network effects—rather than contractual, so durability depends on sustained performance, channel diversification, and lower customer concentration (Q2‑2025 10‑Q; Q2‑2025 earnings call). Financial quality has improved—double‑digit FCF margins, ROIC ~25%, and a net‑cash balance sheet—but unusual payables dynamics, related‑party flows, and regulatory uncertainty are real watch‑outs (Key financial metrics (trailing 12 months); Q2‑2025 10‑Q). On valuation, a scenario DCF suggests a wide range with a base case around $40 and bear near $20 versus a ~$23.65 share price, making forward outcomes most sensitive to VMM resilience, AI adoption, and the pace of carrier/state normalization (Valuation; Company profile).