EverCommerce EVCM

NASDAQ EVCM

$7.92 -0.01 (-0.13%)

At close: Sep 4, 2026 · 4:00 PM EDT

Key Stats

Market Cap1.40 Bn

P/E41.19

P/S2.34

Div. Yield0.00

Total Debt (Qtr)526.44 Mn

Revenue Growth (1y) (Qtr)2.70

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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…

EverCommerce generates revenue primarily through subscription fees for its SaaS solutions delivered across its three core verticals. The company sells integrated suites that combine Business Management Software Billing and Payment Solutions and Customer Experience Solutions to help service SMBs streamline workflows improve efficiency and enhance customer engagement. Revenue is derived from recurring contractual arrangements with customers who pay for access to vertically tailored software suites that address industry-specific needs.

The company operates through the following segments: EverPro for Home Services EverHealth for Health Services and EverWell for Wellness Services.

EverPro delivers purpose-built solutions for home service professionals including contractors technicians and field service workers. Its offerings include project management field service dispatching lead generation tools and customer relationship features tailored to residential and commercial home improvement and maintenance workflows.
EverHealth provides software solutions for health service professionals such as private medical practices mental health therapists specialty clinic operators and ambulatory service providers. Its platform includes practice management electronic health record tools patient engagement systems and billing automation designed for clinical and administrative workflows in healthcare settings.
EverWell offers integrated solutions for wellness professionals including salon owners spa operators massage therapists and wellness studio operators. Its software features consumer-facing scheduling facility access tools inventory management and relationship management capabilities to support seamless end-consumer experiences in the wellness industry.

EverCommerce holds a differentiated position in the service SMB software market by focusing exclusively on vertical-specific integrated solutions rather than broad horizontal platforms. The company competes against manual processes basic digital tools and specialized vendors in each vertical while distinguishing itself through deep workflow integration mobile capabilities and a land-and-expand go-to-market strategy. Its competitive advantages stem from tailored functionality seamless product integration SaaS scalability and continuous innovation driven by customer usage insights.

EverCommerce serves approximately 745000 customers across its three core verticals as of December 31 2025. Its customer base includes home improvement contractors HVAC technicians electrical professionals landscapers and security providers in Home Services. In Health Services the company serves private medical practices mental health therapists chronic care providers and specialty clinic operators. In Wellness its customers consist of salons spas massage therapists and wellness studio operators. Additionally the company serves select customers in adjacent sectors such as education non-profit pet care and automotive repair.

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.

▼ 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.

Geographical Breakdown of Revenue (2025)

Peer group

Peer Comparison

Companies in the Healthcare IT

S.No.	Ticker	Company	match	Market Cap	P/E	P/S	Total Debt (Qtr)
1	VEEV	Veeva Systems Inc	primary	44.53 Bn	44.00	12.88	-
2	WAY	Waystar Holding Corp.	primary	4.81 Bn	35.70	3.99	1.47 Bn
3	DOCS	Doximity, Inc.	primary	4.74 Bn	28.79	7.23	-
4	CCC	CCC Intelligent Solutions Holdings Inc.	primary	4.41 Bn	101.68	3.97	1.30 Bn
5	EVCM	EverCommerce Inc.	primary	1.40 Bn	41.19	2.34	0.53 Bn
6	SDGR	Schrodinger, Inc.	primary	1.32 Bn	-27.62	5.09	-
7	CERT	Certara, Inc.	primary	1.21 Bn	-17.92	2.96	0.29 Bn
8	GDRX	GoodRx Holdings, Inc.	primary	1.18 Bn	72.66	1.51	0.49 Bn

EverCommerce EVCM

About

Investment Thesis

Product and Service Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer Comparison

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