NERDWALLET, INC. NRDS
NerdWallet, Inc. (NerdWallet, the Company, we, our, or us) provides consumers and small and mid-sized businesses (SMBs) with trusted guidance across a broad range of finance topics through a digital platform that integrates independent editorial content, comparison tools, data-driven product marketplaces, and access to regulated financial services offered through our subsidiaries. Our mission is to provide clarity for all of life's financial decisions. Our vision is a world where everyone makes financial decisions with confidence.
Our platform enables users to compare financial products, access educational resources, receive personalized insights, and connect with third-party providers across credit cards, banking, insurance, lending, investing, wealth management, and other financial categories. We generate revenue primarily through referral fees, lead generation, and partner-based monetization, as well as through revenue derived from brokering and advisory services. Our business model is designed to be partner-neutral and to support transparent consumer and SMB choice by offering side-by-side comparisons and insightful information supported by editorial standards.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $836.6M | $687.6M | $599.4M | $538.9M | $379.6M | $245.3M | $228.3M | — |
| Cost of revenue | $63.7M | $63.5M | $54.0M | $39.8M | $28.5M | $21.3M | $16.1M | — |
| Gross profit | $772.9M | $624.1M | $545.4M | $499.1M | $351.1M | $224.0M | $212.2M | — |
| R&D | $66.7M | $82.5M | $80.5M | $77.6M | $62.2M | $50.9M | $46.0M | — |
| SG&A | $56.3M | $61.6M | $59.8M | $58.2M | $38.5M | $28.0M | $22.2M | — |
| Total operating expenses | $771.4M | $678.2M | $595.8M | $557.9M | $418.6M | $243.4M | $199.9M | — |
| Operating income | $65.2M | $9.4M | $3.6M | -$19.0M | -$39.0M | $1.9M | $28.4M | — |
| Interest expense | $600.0K | $700.0K | $800.0K | $2.5M | $1.3M | $1.1M | $1.1M | — |
| Pre-tax income | $68.2M | $5.0M | $6.3M | -$20.0M | -$37.7M | $900.0K | $27.9M | — |
| Income tax | $19.5M | $25.4M | $18.1M | $9.8M | $4.8M | $4.4M | $3.7M | — |
| Net income | $48.7M | $30.4M | -$11.8M | -$10.2M | -$42.5M | $5.3M | $24.2M | — |
| EPS, basic | 0.66 | 0.40 | -0.15 | -0.14 | -0.82 | 0.12 | 0.57 | — |
| EPS, diluted | 0.64 | 0.38 | -0.15 | -0.14 | -0.82 | 0.09 | 0.45 | — |
| Shares, diluted (wtd. avg.) | $75.9M | $78.9M | $76.7M | $70.6M | $51.9M | $56.3M | $54.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.3M | $66.3M | $100.4M | $83.9M | $167.8M | $83.4M | $67.6M | $52.4M |
| Receivables | $111.0M | $102.2M | $75.5M | $87.0M | $57.6M | $37.3M | — | — |
| Total current assets | $244.7M | $196.7M | $198.4M | $189.2M | $242.8M | $129.4M | — | — |
| Property, plant and equipment | $31.8M | $43.0M | $52.6M | $49.1M | $34.9M | $27.7M | — | — |
| Goodwill | $123.5M | $112.4M | $111.5M | $111.2M | $43.8M | $43.8M | $300.0K | — |
| Other intangibles | $21.5M | $33.3M | $46.9M | $64.1M | $27.6M | $35.6M | — | — |
| Total assets | $461.1M | $437.6M | $418.6M | $425.7M | $364.1M | $255.2M | — | — |
| Accounts payable | $5.4M | $8.9M | $1.7M | $3.6M | $3.2M | $5.4M | — | — |
| Total current liabilities | $70.9M | $60.1M | $37.3M | $72.4M | $65.8M | $24.0M | — | — |
| Long-term debt | — | — | — | — | $0 | $30.2M | — | — |
| Total liabilities | $86.6M | $73.4M | $51.7M | $84.0M | $106.5M | $103.7M | — | — |
| Retained earnings | -$188.1M | -$166.5M | -$116.5M | -$84.7M | -$74.5M | -$17.7M | — | — |
| Total equity | $374.5M | $364.2M | $366.9M | $341.7M | $257.6M | $82.7M | $8.0M | -$20.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $131.6M | $71.8M | $72.1M | $25.0M | $7.2M | $15.4M | $31.4M | — |
| Depreciation and amortisation | $46.4M | $48.4M | $48.2M | $37.0M | $27.1M | $15.1M | $9.4M | — |
| Stock-based compensation | $28.6M | $37.7M | $38.8M | $34.4M | $17.9M | $6.4M | $5.0M | — |
| Capital expenditure | $1.3M | $600.0K | $700.0K | $4.6M | $2.3M | $1.3M | $700.0K | — |
| Investing cash flow | -$33.3M | -$29.7M | -$29.5M | -$100.3M | -$23.0M | -$55.4M | -$14.8M | — |
| Financing cash flow | -$66.1M | -$76.5M | -$26.2M | -$8.4M | $100.2M | $55.7M | -$1.4M | — |
| Buybacks | $70.2M | $80.1M | $20.0M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001625278-26-000014.
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