Angi

ANGI · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

ANGI · Last close · November 6, 2026

$6.92

Angi's revenue fell 13.0% to $1.0 billion in fiscal 2025. Its operating margin was 6.3%, up from 1.9% a year earlier. Free cash flow was $45 million, down 56.9%. It paid out $149 million in dividends and buybacks, 327% of free cash flow. The diluted share count fell 8.3%.

Angi Inc. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001705110-26-000011 Updated November 9, 2026

Revenue

$1.0B

13.0%

Operating margin

6.3%

4.5 pts

Net income

$44M

18.9%

Free cash flow

$45M

56.9%

Return on capital

4.0%

2.2 pts

Market cap

$284M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-10), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Angi does

Angi runs an online marketplace that connects consumers with home professionals, called Pros, in more than 500 categories, from repairs and remodeling to cleaning and landscaping. Its brands include Angi, Angie's List, HomeAdvisor and Handy. It says it had about 111,000 average monthly active Pros in the fourth quarter of 2025, and that consumers used its businesses to find a Pro for about 16 million projects over the year.

Consumers use the matching service, booking of pre-priced services and directories free of charge once registered. Pros get tools to reach customers, quote and invoice. Pros are independent businesses, and the services are fulfilled by them.

It reports two segments: the U.S., and International, which covers Europe and Canada. Angi became an independent public company on March 31, 2025, when IAC spun it off by distributing its Angi shares to IAC's holders. It was formed in 2017 by combining IAC's HomeAdvisor and Angie's List.

Its biggest risks, as it describes them

Reliance on internet search engines to send traffic, including search engines that offer competing services.
Marketing that may not bring in customers in a cost-effective way.
Keeping enough trustworthy Pros on the platform, and a legal challenge to Pros' status as independent contractors.
Its ability to access and use consumer data and to reach consumers and Pros by email.
A competitive, fast-changing industry, and the pace at which home services move online.

From Angi's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 13.5% a year and net income 14.4% a year, as new shares raised the share count by 12% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	428	321	364	416	304
Debt incl. finance leases	495	495	496	497	498
Net debt (negative means net cash)	66	174	132	80	194
Net debt to EBITDA	9.2x	11.1x	1.8x	0.7x	1.7x
Debt to equity	0.4x	0.5x	0.5x	0.5x	0.5x
Interest coverage	−2.9x	−3.8x	−1.3x	1.1x	3.2x
Current ratio	2.1x	1.7x	1.9x	2.1x	1.6x
Quick ratio	2.1x	1.7x	1.9x	2.1x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Angi's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Angi's projections

Insider trades

No officer, director or 10% owner of Angi reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	5 of 9	6 of 9
Rule of 40	−19.6%	−3.9%	−8.6%
Altman Z''	1.66	2.13	1.82
Accruals ratio	−7.2%	−6.5%	−3.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Angi side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Angi	FY25	−13.0%	6.3%	4.4%	4.0%	1.7x	6
Shutterstock	FY25	5.8%	7.6%	12.5%	6.7%	0.6x	7	Compare
Bumble	FY25	−9.9%	−83.4%	—	−44.5%	—	4	Compare
MediaAlpha	FY25	28.8%	2.0%	5.9%	23.3%	4.2x	4	Compare
CarGurus	FY25	13.7%	26.9%	31.9%	90.3%	−0.7x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	499	736	1,132	1,326	1,468	1,619	1,764	1,359	1,185	1,030
Revenue growth	38.1%	47.6%	53.8%	17.1%	10.7%	10.3%	9.0%	−23.0%	−12.8%	−13.0%
Gross profit	473	702	1,076	1,280	1,295	1,345	1,427	1,296	1,128	983
Research and development	21	48	61	64	69	71	74	96	95	87
Operating income	24	−148	64	39	−6	−68	−76	−26	22	65
Net income	13	−103	78	35	−6	−70	−128	−40	37	44
Diluted EPS (US$)	0.30	−2.40	1.50	0.70	−0.10	−1.40	−2.60	−0.81	0.71	0.94
Diluted shares (millions)	42	43	51	52	50	50	50	51	51	46
Cash flow
Cash from operations	48	42	224	214	188	6	27	94	156	105
Capital expenditure	17	27	47	69	52	70	116	48	50	60
Free cash flow	31	15	177	145	136	−64	−88	46	105	45
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	57	64	35	8	11	29	149
Acquisitions	16	66	4	20	2	26	0	0	0	0
Stock-based compensation	9	149	97	68	84	28	51	43	35	15
Balance sheet at fiscal year end
Cash and short-term investments	36	222	362	—	863	428	321	364	416	304
Debt incl. finance leases	0	275	261	248	720	495	495	496	497	498
Total assets	296	1,467	1,808	1,922	2,368	2,012	1,908	1,856	1,831	1,680
Total liabilities	133	464	486	598	1,085	866	856	812	768	753
Shareholders' equity	153	993	1,313	1,314	1,272	1,135	1,048	1,041	1,063	927
Margins and ratios
Gross margin	94.8%	95.4%	95.1%	96.5%	88.2%	83.0%	80.9%	95.4%	95.1%	95.4%
Operating margin	4.8%	−20.1%	5.6%	2.9%	−0.4%	−4.2%	−4.3%	−1.9%	1.9%	6.3%
Net margin	2.6%	−14.0%	6.8%	2.6%	−0.4%	−4.3%	−7.2%	−3.0%	3.1%	4.2%
Free cash flow margin	6.3%	2.0%	15.6%	11.0%	9.3%	−3.9%	−5.0%	3.4%	8.9%	4.4%
Rule of 40 (growth + FCF margin)	44.4%	49.6%	69.4%	28.1%	19.9%	6.4%	4.0%	−19.6%	−3.9%	−8.6%
Return on capital	—	−19.8%	5.6%	—	—	−4.6%	−4.9%	−1.7%	1.9%	4.0%
Return on equity	—	−18.0%	6.7%	2.6%	−0.5%	−5.9%	−11.7%	−3.9%	3.5%	4.4%
Return on assets	—	−11.7%	4.7%	1.9%	−0.3%	−3.2%	−6.5%	−2.1%	2.0%	2.5%
Net debt to EBITDA	−1.0x	—	−0.7x	—	−1.6x	9.2x	11.1x	1.8x	0.7x	1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Angi's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Angi.