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what it is
Marchex sells call tracking and ad tools that tell businesses which phone calls and clicks turn into customers.
how it gets paid
Last year Marchex made $48M in revenue. conversation intelligence was the main engine at $18.0M, or 38% of sales.
what just happened
Revenue of $35M and EPS of -$0.07, while the broader business still ran at a -9.2% operating margin.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
0.1x trailing p/e — the market's not buying it — or you found a deal
-$0.11 fy2024 eps est
$48M fy2024 rev est
xvary composite: 47/100 — below average
What they do
Marchex sells call tracking and ad tools that tell businesses which phone calls and clicks turn into customers.
Marchex wins by sitting inside the messy part of marketing that still ends with a phone call. It has 163 employees and a niche focus on call analytics for local and vertical advertisers, which means your data gets tuned to specific industries instead of dumped into a generic dashboard. That niche is small, but it also makes switching annoying when your sales team already runs on the call data.
How they make money
$48M
annual revenue
conversation intelligence
$18.0M
+10.0%
call advertising
$12.0M
8.0%
pay-per-click advertising
$10.0M
12.0%
private-label local advertising platform
$5.0M
6.0%
local content and account services
$3.0M
15.0%
The products that matter
analyzes and scores customer calls
Marchex Engage Platform
core product · supports the $46.5M main segment
This is the business. Management says one client cut lead costs by 20%. That is the kind of ROI claim that matters if it repeats. If it does not, it is just a case study.
call intelligence
pending acquisition target
Archenia
announced in Q3 2025
Management tied this deal to a plan targeting 10% revenue growth for 2026. In human-speak: part of the rebound case now depends on buying help, not just selling better.
integration bet
legacy and non-core revenue
Other/Non-core
$1.5M · 3% of revenue
It is only $1.5M. That tells you this company is not diversified. If the core platform stalls, there is not another engine waiting in the garage.
3% of revenue
Key numbers
11.5%
past sales trend
Sales fell 11.5% on the historical trend. That tells you the real problem is shrinking revenue, not stock-market drama.
9.2%
operating margin
Operating margin → profit after running the business → Marchex is still losing money on every revenue dollar.
$0M
long-term debt
Long-term debt is zero, which means the balance sheet is cleaner than the income statement.
$48M
annual revenue
At roughly $48M in sales against a $63M market cap, you are buying a tiny business that has very little room for execution mistakes.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $0M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MCHX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue of $35M and EPS of -$0.07, while the broader business still ran at a -9.2% operating margin.
Quarterly EPS improved vs. prior year in the 2024 history, moving from -$0.23 for full-year 2023 to -$0.11 for 2024. The quiet part out loud: better losses do not matter much if revenue remains stuck around $48M.
$35M
revenue
$0.07
eps
9.2%
operating margin
the number that mattered
The number that mattered was -9.2% operating margin, because operating margin → money left after paying to run the company → Marchex still has no real cushion.
source: company earnings report, 2025
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What could go wrong
Marchex is not dealing with abstract small-cap risk. The specific problem is simple: the core call-analytics business is almost the whole company, and it still is not growing.
high
Persistent unprofitability
Net margin is -10.38%. That is not a rounding error. On $48M of revenue, the company still loses a little more than $0.10 on every $1 it brings in.
if costs stay heavy, the 63.69% gross margin never reaches you as earnings
high
Single-engine revenue exposure
Conversation Intelligence is 97% of revenue, or about $46.5M of the $48M total. If that core offering keeps slipping, almost the entire company slips with it.
one product line carries almost all of the operating burden
med
Acquisition integration risk
Archenia is a pending acquisition announced in Q3 2025 and tied to a 2026 plan calling for 10% revenue growth. If the integration disappoints, that target starts looking aspirational fast.
could delay the rebound case management is selling
med
Thin margin for execution mistakes
$10.32M of cash and roughly $1.7M of annual burn gives the company time, but not infinite time. Burn rates rarely move in straight lines when growth stalls or integration costs arrive.
the balance sheet buys patience, not immunity
97% of revenue comes from one segment, and the company had $10.32M of cash against roughly $1.7M of annual burn. That gives management time. It does not give them many excuses.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected May 7, 2026. Here is the thing: you do not need a miracle quarter. You need evidence revenue has stopped shrinking.
trend
Revenue stabilization
Full-year revenue was $48M, down 3.6%, and Q3 revenue fell to $11.5M from $12.6M. One flat or better quarter would matter more than any AI rebranding exercise.
metric
Cash burn versus runway
With $10.32M in cash and about $1.7M of annual burn, the runway looks near six years. The catch: small-company burn rarely stays neat if growth disappoints.
risk
Archenia integration
The pending acquisition is tied to a 10% revenue growth target for 2026. If the deal closes and growth still stalls, your turnaround thesis gets thinner fast.
Analyst rankings
earnings predictability
35 / 100
Earnings predictability: 35 / 100. In human-speak, analysts do not view this as a business that hits the same script every quarter.
risk rank
3
Risk rank: 3. That reads as middle-of-the-pack safety, helped by zero long-term debt and held back by weak profitability and a tiny revenue base.
source: institutional data
Institutional activity
institutional ownership data for MCHX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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