EverCommerce
NASDAQ: EVCM
$11.67 ▲ +0.61  (+5.49%)
At close: Jul 24, 2026 · 3:59 PM UTC
Financial Ratios
Market Cap1.97 Bn
P/E244.36
P/S3.31
Div. Yield0.00
ROIC (Qtr)0.02
Total Debt (Qtr)527.67 Mn
Revenue Growth (1y) (Qtr)3.65
Add ratio to table…

About

EverCommerce Inc is a provider of tailored Software-as-a-Service solutions designed for service-based small and medium-sized businesses. The company focuses on serving professionals in home services health services and wellness sectors by offering integrated software that supports customer acquisition business operations and customer relationship management. Its platform spans the full lifecycle of interactions between consumers and service professionals with applications…

Read more ↓
Sector: Technology Industry: Software - Application CIK: 0001853145

Investment Thesis

▲ Bull case
  • EverCommerce Inc. is well-positioned to capitalize on the accelerating adoption of AI-driven workflow automation within its EverPro and EverHealth verticals, where early customer deployments like ZyraTalk and AI Scribe are demonstrating tangible efficiency gains—such as reducing documentation time from hours to ten minutes and cutting technician dispatch delays from days to hours—directly translating into higher customer retention and expansion ARPU opportunities. These AI integrations are not mere add-ons but are being natively embedded into core platforms like Service Fusion and DrCrono, creating switching costs and increasing wallet share as customers layer on additional solutions, with multi-solution utilization already growing 32% year-over-year and NRR above 100% for these customers signaling strong organic expansion potential that the market may be underestimating due to the drag from legacy payments.
  • The company’s strategic focus on its top six high-growth solutions—representing 35% of total TPV and growing at 19.8% year-over-year—combined with pricing actions rolling out in the back half of 2026, is setting up for a meaningful inflection in revenue growth and margin expansion, as incremental revenue from these higher-margin, AI-enabled offerings is expected to drive disproportionate EBITDA leverage; meanwhile, the legacy payments drag is being actively managed through targeted investments in onboarding and go-to-market scaling, allowing EverCommerce Inc. to maintain financial flexibility with $129 million in cash, $155 million undrawn revolver capacity, and a deleveraged balance sheet at 2.2x net leverage, positioning it to sustain share repurchases ($13.9 million in Q1 alone) while continuing to invest in AI infrastructure and product development, which increased by $13 million year-over-year on an LTM basis, all of which supports a multiyear reacceleration narrative that current guidance may not fully reflect.
Read more
▼ Bear case
  • EverCommerce Inc. faces persistent headwinds from its declining legacy payments business, which continues to exert drag on overall revenue growth and net revenue retention, as evidenced by the reported NRR of 95% being lowered specifically due to falling third-party partner revenue in this segment, and despite growth in the top six solutions, the company avoids quantifying the split between high-growth and legacy segments in its guidance, suggesting uncertainty about the pace of transition and the ability to fully offset legacy declines with new solution adoption, particularly as payments revenue growth in the top six solutions, while up 10% year-over-year, still represents a base where gross margins are high but incremental scalability may be constrained by market saturation in vertical-specific SMB payments processing.
  • The company’s AI-driven initiatives, while promising in early customer examples, remain in nascent stages of monetization, with ZyraTalk and AI Scribe adoption still limited to a subset of the 745,000 customer base—evidenced by only 131,000 customers actively utilizing more than one solution—and the reliance on anecdotal success stories (e.g., a single orthopedic surgeon or a medical equipment services firm) without broader metrics on AI-assisted ARPU expansion, conversion rates, or churn reduction raises concerns that the market may be overestimating the near-term financial impact of these innovations, especially as EverCommerce Inc. continues to increase operating expenses as a percentage of revenue (from 46.5% to 50.3%) to fund these investments, with no clear timeline for when AI-related revenue will meaningfully contribute to top-line growth or offset the elevated OPEX burden, creating risk that the current investment cycle fails to deliver the expected ROI and margin expansion if adoption lags or competitive alternatives emerge in the fragmented SMB software landscape.
Read more

Product and Service Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer Comparison

Companies in the Software - Application
S.No. Ticker Company Market CapP/EP/STotal Debt (Qtr)
1 SAP Sap Se 208.91 Bn20.224.867.05 Bn
2 YMM Full Truck Alliance Co. Ltd. 188.77 Bn322.09-0.00 Bn
3 SHOP Shopify Inc. 145.98 Bn109.5911.80-
4 UBER Uber Technologies, Inc 141.48 Bn16.322.6410.51 Bn
5 CRM Salesforce, Inc. 128.51 Bn16.953.0039.28 Bn
6 NOW ServiceNow, Inc. 98.38 Bn54.177.057.52 Bn
7 ADP Automatic Data Processing Inc 97.56 Bn22.454.523.98 Bn
8 SNOW Snowflake Inc. 91.55 Bn-76.6318.19-