Start here if you're new
what it is
Exzeo sells software and operations tools that help property and casualty insurers quote, manage, and report policies.
how it gets paid
Last year Exzeo made $217M in revenue. Quoting and underwriting was the main engine at $76M, or 35% of sales.
why it's growing
Revenue grew 62.0% last year. The $0.25 EPS beat the $0.21 estimate in the transcript snippet.
what just happened
Exzeo posted $53M of quarterly revenue and $0.25 EPS.
At a glance
n/a balance sheet
30.4x trailing p/e — you're paying up for this one
32.6% return on capital — every dollar works hard here
$0.99 fy2025 eps est
$2B fy2026 rev est
What they do
Exzeo sells software and operations tools that help property and casualty insurers quote, manage, and report policies.
You are buying workflow glue for insurers, not a flashy app. Exzeo's platform covers quoting, underwriting, claims, and reporting, and it runs at a 48.8% operating margin. That means $1 of sales leaves 49 cents before taxes and interest.
How they make money
$217M
annual revenue · their business grew +62.0% last year
Quoting and underwriting
$76M
Policy administration
$54M
Claims management
$43M
Data reporting
$22M
Financial reporting
$22M
The products that matter
insurance software platform
Software & Platform
$130M · 60% of reported segment revenue
This is the bigger segment in the current mix, with $130M in revenue and 20% growth. If XZO earns a premium multiple from here, this line needs to keep proving it.
current engine
insurance operations services
Managed Services
$87M · 40% of reported segment revenue
This segment contributes $87M today, but management is asking you to focus on managed premium above $1.4B by q1 2026. That gap is the whole argument around the stock.
execution test
milestones the market is underwriting
2026 income plan
$125M target · $23M–$33M q1 pre-tax guide
These are not products. They are the milestones carrying the valuation. If the company hits them, today's multiple looks more rational. If it misses them, the multiple becomes the problem.
what matters now
Key numbers
$217M
ttm revenue
That is real scale. This is no longer a hobby business.
48.8%
operating margin
For every $1 of sales, Exzeo keeps 49 cents before taxes and interest.
32.6%
return on capital
The business turns invested dollars into profit at a 33% rate. That is why the market pays up.
30.4x
earnings multiple
You are paying $30.40 for $1 of trailing earnings. The margin profile is doing a lot of the work here.
Financial health
n/a
strength
- balance sheet grade n/a
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for XZO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Exzeo posted $53M of quarterly revenue and $0.25 EPS.
The quarter was backed by 58.7% gross margin. Full-year revenue reached $217M, which is a big number for a company this size.
$53M
revenue
$0.25
eps
58.7%
gross margin
quarterly EPS
The $0.25 EPS beat the $0.21 estimate in the transcript snippet. That says the business is earning more than the market expected.
source: company earnings report, 2026
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What could go wrong
the main risk is simple: the stock is pricing a future jump in scale, while the reported base is still $217M of revenue. If you own XZO, you are underwriting execution more than maturity.
med
execution on scale targets
The reported business today is $217M of revenue. Management is pointing investors to managed premium above $1.4B by q1 2026 and a $125M 2026 profit target. That is a big promise relative to the current reported base.
If those milestones slip, the multiple stops looking like confidence and starts looking like overpayment.
med
margin durability
A 54%+ adjusted EBITDA margin is the cleanest bull-case number on the page. It is also the number most exposed to disappointment if growth comes with higher service costs, customer acquisition spend, or less flattering adjustments.
If the margin loses the 50% handle, the "premium software economics" argument weakens fast.
med
ownership concentration and liquidity
Insiders and institutions own 80.3% of the stock. In a small cap, that often means fewer natural buyers and sellers in the open market than the market cap implies.
When sentiment turns, a concentrated register can make the drop sharper than the fundamentals alone would suggest.
med
data quality and coverage gaps
One field shows $217M of reported revenue. Another shows a $2B forward revenue estimate. The balance-sheet grade is also unavailable. That does not mean the company is broken. It means your precision is limited.
If you cannot trust the surrounding data, you are more exposed to narrative drift and less able to anchor valuation cleanly.
the common thread is simple: a premium multiple on $0.99 of EPS only works if today's $217M revenue base turns into something meaningfully larger without breaking the margin story on the way there.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next date
q1 2026 earnings
Due may 14, 2026. The key number is not just EPS. It is whether managed premium clears the stated >$1.4B target and whether pre-tax income lands inside the $23M–$33M range.
metric
adjusted ebitda margin holding above 50%
The reported margin is 54%+. If that starts with a four instead of a five, the high-margin software case gets weaker fast.
trend
reported revenue catching up to the story
Current reported revenue is $217M. One forward field shows $2B. Until those pictures reconcile, you should focus on what gets printed, not what sounds large.
risk
Tokio Marine partnership turning into disclosed economics
The announcement adds credibility. It does not yet add quantified revenue or profit in this snapshot. Watch for the first hard number attached to the deal.
Analyst rankings
coverage depth
limited
The snapshot does not include a clean timeliness or risk rank for XZO. In human-speak, coverage is thin enough that you should trust the raw numbers more than the absence of a rating.
consensus quality
mixed
When one field shows $217M of reported revenue and another shows a $2B forward estimate, you are not looking at a mature consensus machine. You are looking at a stock that still needs cleaner data and more eyes on it.
source: institutional data
Institutional activity
institutional ownership data for XZO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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