Start here if you're new
what it is
Porch sells software and home-protection products to businesses that touch the house-buying and house-owning process.
how it gets paid
Last year Porch made $419M in revenue.
why it's growing
Revenue grew 33.7% last year. Revenue was $307M, up 166% vs. prior year, and gross margin was 74.4%.
what just happened
Porch posted $307M of revenue and broke even on EPS.
At a glance
B balance sheet — gets the job done, barely
-$0.33 fy2024 eps est
$438M fy2024 rev est
8.7% operating margin
2.3 beta
xvary composite: 47/100 — below average
What they do
Porch sells software and home-protection products to businesses that touch the house-buying and house-owning process.
Porch sits inside the home transaction, where inspection, mortgage, title, moving, and warranty data all touch the same customer. Leaving is painful because your records, coverage, and service workflows already live there. Gross margin → money left after direct costs → 74.4% says the company keeps 74 cents of every sales dollar before overhead.
How they make money
$419M
annual revenue · their business grew +33.7% last year
total revenue
$419M
+33.7%
The products that matter
insurance underwriting and sales
Homeowners Insurance
$112M of revenue shown here
this was $112M of the revenue shown on the page, and management highlighted an 86% gross margin in Q4 2025. if that margin holds at scale, the 2026 EBITDA target has a chance.
86% q4 margin
software for home-service companies
Vertical Software
$307M · 82% gross margin
this $307M segment carries an 82% gross margin for 2025. it's the reason investors still give the insurance pivot room to work.
cash engine
Key numbers
$419M
TTM revenue
That is the size of the whole business. It is up 33.7% vs. prior year, so the top line is still moving.
74.4%
Gross margin
The company keeps 74.4 cents of every sales dollar before overhead. That is how a negative EPS can sit beside a healthy-looking engine.
$379M
Long debt
That debt is 29% of capital and about 40% of market cap. You are not buying a clean sheet.
2.3
Beta
A 2.3 beta means the stock swings harder than the market. Small news can feel huge.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $379M (29% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PRCH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Porch posted $307M of revenue and broke even on EPS.
Revenue was $307M, up 166% vs. prior year, and gross margin was 74.4%. The quarter says growth is real, even if the EPS line is still basically zero.
$105M
revenue
$0.00
eps
74.4%
gross margin
Top-line jump
The $307M quarter matters because it is 73% of the $419M annual revenue base in one shot. That is a lot of business for a company still near break-even.
source: EDGAR filing
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the top risk is insurance pivot execution against a $100M adjusted EBITDA target for 2026.
med
the 2026 target does not get easier with time
The core thesis is simple: turn software distribution into insurance profit and reach $100M of adjusted EBITDA by 2026. If progress stalls, the market stops paying for the story.
This is the main kill criterion because the stock already trades on future improvement more than current earnings power.
med
margin slippage breaks the bridge
Software is attractive because it carries an 82% gross margin, and Q4 insurance reached 86%. If either margin starts compressing, the software-to-insurance flywheel looks less like a flywheel and more like a slide deck.
A margin reset would hit the exact numbers investors are using to justify the turnaround.
med
negative EPS and $379M of debt leave less room for error
EPS is still estimated at -$0.33 and long-term debt sits at $379M, or 29% of capital. That's manageable when momentum is improving. It is less fun when execution slips.
If growth stays muted at +1.7% and profits stay adjusted rather than GAAP, leverage starts to matter more.
med
control and compliance overhang is still an overhang
A 2024 SEC review flagged risk around not detecting a material misstatement. That does not mean disaster. It does mean investors have one more reason to demand cleaner execution and cleaner disclosure.
For a $943M small cap, governance questions can keep the multiple lower even if operations improve.
This story asks you to underwrite $100M of adjusted EBITDA by 2026 against $379M of long-term debt and a -$0.33 EPS estimate. If the margin bridge from software to insurance breaks, a $943M market cap can reprice fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
target
$100M adjusted EBITDA for 2026
This is the number holding the whole turnaround together. Every quarter should make that target look more realistic, not more theatrical.
earnings
Q1 2026 earnings report
Estimated for May 5, 2026. You want another step forward in profitability, not just another good headline.
margin
whether insurance margins stay anywhere near 86%
Q4 Insurance Services gross margin hit 86%. If that number fades fast, the best part of the recent quarter may have been temporary.
risk
debt and disclosure discipline
With $379M of long-term debt and a prior SEC review in the background, cleaner reporting matters almost as much as cleaner margins.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for PRCH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive