EverCommerce

EVCM · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

EVCM · Last close · November 6, 2026

$8.22

EverCommerce's revenue rose 4.8% to $589 million in fiscal 2025. Its operating margin was 10.1%, up from 4.7% a year earlier. Free cash flow was $109 million, down 2.2%. It paid out $85 million in dividends and buybacks, 78% of free cash flow. The diluted share count fell 0.5%.

EverCommerce Inc. Latest fiscal year ended December 31, 2025 10-K filed March 12, 2026 · 0001853145-26-000010 Updated November 8, 2026

Revenue

$589M

4.8%

Operating margin

10.1%

5.4 pts

Net income

$18M

Free cash flow

$109M

2.2%

Return on capital

4.5%

2.8 pts

Market cap

$1.5B

Nov 6 close

P/E

51.4x

On $0.16 EPS, 4 qtrs

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.

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

What EverCommerce does

EverCommerce sells subscription software, over the internet, to small and medium-sized businesses that sell services. Its tools help them automate manual work, find new customers, take payments and keep customers coming back. At the end of 2025 it served more than 745,000 customers.

It is organized into three verticals, each with software built for one type of business. EverPro serves home services, such as home improvement contractors and maintenance technicians. EverHealth serves health services, such as physician practices and therapists. EverWell serves wellness services, such as salon owners. Many of its customers are very small: it estimates that about 93% of them each brought in less than $2 thousand of revenue in 2025.

The company has reshaped its portfolio. It sold its fitness software businesses in 2024 and its marketing technology business in October 2025, which is now shown as discontinued operations. In September 2025 it bought ZyraTalk, an AI-powered customer engagement product that it plans to extend across its verticals. EverCommerce says it faces strong competition in each of its markets.

Its biggest risks, as it describes them

It has had net losses in the past and may not reach profitability.
Its growth rate in the past may not carry on, and quarterly results may swing.
Intense competition in each of its industries could cost it market share.
It may need more debt or equity to fund growth and acquisitions, which may not be available.
Errors, failures or security incidents in its software and those of its providers.

From EverCommerce's annual report on Form 10-K, filed March 12, 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

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	94	93	93	136	130
Debt incl. finance leases	546	536	532	528	523
Net debt (negative means net cash)	452	444	440	392	394
Net debt to EBITDA	6.1x	5.5x	4.3x	3.4x	3.1x
Debt to equity	0.6x	0.6x	0.6x	0.7x	0.7x
Interest coverage	−0.9x	−1.1x	−0.1x	0.6x	1.7x
Current ratio	1.7x	1.7x	1.5x	2.0x	2.1x
Quick ratio	1.7x	1.7x	1.5x	2.0x	2.1x

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 EverCommerce'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 EverCommerce's projections

Insider trades

No officer, director or 10% owner of EverCommerce 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	4 of 8	6 of 8	7 of 8
Rule of 40	5.2%	25.0%	23.3%
Altman Z''	0.18	0.28	0.45
Accruals ratio	−9.7%	−10.5%	−6.7%

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	Fail	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	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 8	6 of 8	7 of 8

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

Compare

Put EverCommerce 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
EverCommerce	FY25	4.8%	10.1%	18.6%	4.5%	3.1x	7
nCino	FY26	10.0%	0.6%	13.9%	—	—	—	Compare
Intapp	FY26	14.6%	−6.9%	25.0%	—	—	—	Compare
Digital Turbine	FY26	15.2%	6.0%	2.0%	5.2%	3.1x	7	Compare
Varonis Systems	FY25	13.2%	−23.5%	21.6%	−29.1%	—	5	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.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	242	338	490	621	535	562	589
Revenue growth	—	39.4%	45.2%	26.6%	−13.8%	5.1%	4.8%
Gross profit	—	—	—	—	—	—	—
Research and development	26	30	50	72	72	76	79
Operating income	−54	−22	−27	−31	−3	26	59
Net income	−94	−60	−82	−60	−46	−41	18
Diluted EPS (US$)	−14.13	−3.06	−0.82	−0.31	−0.24	−0.22	0.10
Diluted shares (millions)	27	42	118	195	189	185	184
Cash flow
Cash from operations	−1	58	38	65	105	113	112
Capital expenditure	8	4	3	3	3	2	2
Free cash flow	−8	53	34	62	102	112	109
Dividends paid	0	0	0	0	0	0	0
Share buybacks	24	0	0	43	67	58	85
Acquisitions	310	403	365	0	15	0	36
Stock-based compensation	30	11	22	27	26	26	28
Balance sheet at fiscal year end
Cash and short-term investments	57	96	94	93	93	136	130
Debt incl. finance leases	—	698	546	536	532	528	523
Total assets	—	1,328	1,663	1,592	1,518	1,421	1,372
Total liabilities	—	808	678	685	692	670	655
Shareholders' equity	−275	−389	986	907	826	751	717
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	−22.4%	−6.5%	−5.5%	−4.9%	−0.6%	4.7%	10.1%
Net margin	−38.7%	−17.8%	−16.7%	−9.6%	−8.5%	−7.3%	3.0%
Free cash flow margin	−3.4%	15.7%	7.0%	10.0%	19.0%	19.9%	18.6%
Rule of 40 (growth + FCF margin)	—	55.1%	52.2%	36.7%	5.2%	25.0%	23.3%
Return on capital	—	—	−2.6%	−1.7%	−0.2%	1.7%	4.5%
Return on equity	—	—	−27.5%	−6.3%	−5.3%	−5.2%	2.4%
Return on assets	—	—	−5.5%	−3.7%	−2.9%	−2.8%	1.3%
Net debt to EBITDA	—	11.0x	6.1x	5.5x	4.3x	3.4x	3.1x

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