olivlawolivlaw

olivLaw · US equity research

Ethos Technologies Inc. LIFE

Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)

37.13USD−9.17% · 1 dayClose 04 Nov 2026

Ethos is a technology platform that sells life insurance online, directly to consumers and through agents, while partner carriers assume the policy risk. Its relevance grows as digital sales gain ground, and in the second quarter of 2026 revenue rose 113% year over year to 189.6 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ethos Technologies Inc. (LIFE) stock was 37.13 USD (−9.17% on the day), with market capitalisation 0 USD, beta 1.69, 52-week range 9.85–44.22 USD. Latest reported quarter (Q3 2026): revenue of 235.2 m USD (+150.8% YoY), net income of 4.7 m USD (−70.6% YoY), diluted EPS 0.07 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
0 USD
shares as of 30 Sept 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.78 · TTM to 30 Sept 2026
E/P (TTM)
-7.48%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.69
Volatility (1y) 88%
52-week range
9.8544.22

Price history

Loading chart…

Technical reading

RSI (14)
41.7
weak (30–45)
Bollinger (20, 2)
35.37 – 45.78
in the lower half of the band · %B 0.17 · band width 25.6%
SMA 50 / 200
38.33 / unavailable
MACD (12, 26, 9)
1.23 / 1.67
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+2.8%−1.1%+3.9 pp—
3 months+33.9%−0.5%+34.4 pp—
6 months+60.6%+4.4%+56.2 pp—
Year to dateunavailable+12.3%unavailable—
1 yearunavailable+13.5%unavailable−2.6%
3 yearsunavailable+76.4%unavailable+3.6%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−50.1%
07 May 2026 → 23 Jun 2026
Max drawdown (5y)
−50.1%
07 May 2026 → 23 Jun 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
235.2 m USD
+150.8% YoY
Net income
4.7 m USD
−70.6% YoY
Diluted EPS
0.07
−74.1% YoY
net / operating
2.0% / 1.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue94.9 m88.8 m93.8 m110.1 m193.1 m189.6 m235.2 m
Cost of revenue1.6 m1.4 m1.7 m2.1 m3.2 m4.0 m4.5 m
Operating income12.5 m18.8 m17.1 m24.5 m-163.3 m18.1 m3.8 m
Depreciation & amortisation1.3 m1.4 m1.3 m1.3 m1.3 m1.6 m1.8 m
Pre-tax income13.1 m19.8 m17.7 m25.1 m-162.5 m19.3 m5.5 m
Income tax864.0 k1.3 m1.9 m564.0 k3.8 m-211.0 k790.0 k
Net income12.2 m18.5 m15.9 m24.6 m-166.4 m19.5 m4.7 m
Diluted EPS0.210.310.270.42 ≈-3.570.300.07
Operating cash flow10.8 m13.2 m ≈7.2 m ≈4.9 m31.2 m35.7 m ≈40.7 m ≈
Capex278.0 k300.0 k ≈523.0 k ≈390.0 k353.0 k325.0 k ≈672.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20242025
Revenue254.9 m387.6 m
Revenue YoYunavailable+52.0%
Net income48.8 m71.2 m
Net income YoYunavailable+45.7%
Diluted EPS0.851.22
Diluted EPS YoYunavailable+43.5%
net %19.2%18.4%
Free cash flow-11.7 m34.7 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
91.1 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
-24.1 m USD
Total assets
515.3 m USD
Debt / equity
unavailable
Current ratio
2.17x
ROE
unavailable
ROA
15.6%
FCF margin
9.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
254.9 m
2025
387.6 m

SEC (XBRL)· 17 Mar 2026verified

Cost of revenue
2024
6.5 m
2025
6.7 m

SEC (XBRL)· 17 Mar 2026verified

Gross profit
2024
248.4 m ≈
2025
380.9 m ≈

SEC (XBRL)· 17 Mar 2026derived

Operating income
2024
48.7 m
2025
72.9 m

SEC (XBRL)· 17 Mar 2026verified

Depreciation & amortisation
2024
5.4 m
2025
5.4 m

SEC (XBRL)· 17 Mar 2026verified

EBITDA
2024
54.2 m ≈
2025
78.3 m ≈

SEC (XBRL)· 17 Mar 2026derived

Pre-tax income
2024
53.9 m
2025
75.7 m

SEC (XBRL)· 17 Mar 2026verified

Income tax
2024
5.1 m
2025
4.6 m

SEC (XBRL)· 17 Mar 2026verified

Net income
2024
48.8 m
2025
71.2 m

SEC (XBRL)· 17 Mar 2026verified

Diluted EPS
2024
0.85
2025
1.22

SEC (XBRL)· 17 Mar 2026verified

Weighted average diluted shares
2024
57.6 m
2025
58.4 m

SEC (XBRL)· 17 Mar 2026verified

Balance sheet · USD

Cash
2024
35.1 m
2025
91.1 m

SEC (XBRL)· 17 Mar 2026verified

Receivables
2024
30.3 m
2025
36.5 m

SEC (XBRL)· 17 Mar 2026verified

Current assets
2024
174.8 m
2025
245.8 m

SEC (XBRL)· 17 Mar 2026verified

Property, plant & equipment, net
2024
7.4 m
2025
8.2 m

SEC (XBRL)· 17 Mar 2026verified

Goodwill
2024
2.2 m
2025
2.2 m

SEC (XBRL)· 17 Mar 2026verified

Intangibles (excl. goodwill)
2024
221.0 k
2025
662.0 k

SEC (XBRL)· 17 Mar 2026verified

Total assets
2024
395.9 m
2025
515.3 m

SEC (XBRL)· 17 Mar 2026verified

Accounts payable
2024
24.3 m
2025
55.1 m

SEC (XBRL)· 17 Mar 2026verified

Current liabilities
2024
67.6 m
2025
113.2 m

SEC (XBRL)· 17 Mar 2026verified

Total liabilities
2024
99.0 m
2025
135.5 m

SEC (XBRL)· 17 Mar 2026verified

Equity
2024
-107.2 m †
2025
-24.1 m †

SEC (XBRL)· 17 Mar 2026verified

Cash flow · USD

Operating cash flow
2024
-10.9 m
2025
36.2 m

SEC (XBRL)· 17 Mar 2026verified

Capex
2024
776.0 k
2025
1.5 m

SEC (XBRL)· 17 Mar 2026verified

Free cash flow
2024
-11.7 m ≈
2025
34.7 m ≈

SEC (XBRL)· 17 Mar 2026derived

Investing cash flow
2024
-896.0 k
2025
31.9 m

SEC (XBRL)· 17 Mar 2026verified

Financing cash flow
2024
21.9 m
2025
-12.0 m

SEC (XBRL)· 17 Mar 2026verified

Dividends paid
2024
—
2025
0

SEC (XBRL)· 17 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
52.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
49.6%
computed by olivLawFY 2025
Net income growth (YoY)
45.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
43.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
98.1%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
-15.2%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
-16.1%
computed by olivLawTTM to 30 Sept 2026
Net margin
-16.2%
computed by olivLawTTM to 30 Sept 2026
FCF margin
15.2%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-50.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-14.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
-22.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
0.0%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.5x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
112.5 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
1.7 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
110.8 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
42 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
2,056 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
0 USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-7.5%
computed by olivLawTTM to 30 Sept 2026
P/B
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
0.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
unavailable
insufficient data
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
insufficient data

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 14.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

37.13 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 0 USD

Key indicators

Market capitalisation
0 USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-50.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-16.2%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
52.0%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 226derived 11

Score by group

15% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Insurance Agents, Brokers & Service (SIC 6411)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-16.2%21 (vs peers)43%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.5x56 (on a fixed band)29%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns0.0%100 (on a fixed band)29%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial56/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial21/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ethos Technologies Inc. (LIFE). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 387.6 m USD in 2025; YoY growth 52.0%; net margin -16.2%; ROE -50.8%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Payout ratio (FCF): 0.0%

What contradicts it

  • Net margin: -16.2%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
—
vertical median 29.5x
EV/EBITDA
—
vertical median 16.2x
P/S
0.0x
vertical median 3.5x
below median (−100.0%)
P/B
0.0x
vertical median 4.6x
below median (−100.0%)
ROE
-50.8%
vertical median 11.6%
below median (−538.1%)
Net margin
-16.2%
vertical median 4.6%
below median (−450.6%)
EBIT margin
-16.1%
vertical median 8.8%
below median (−282.7%)
Revenue YoY
52.0%
vertical median 16.2%
above median (+222.2%)
Net debt/EBITDA
—
vertical median -0.9x
Dividend yield
—
vertical median 1.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MRSHMarsh & Mclennan Companies, Inc.100.0 bn25.226.7%14.2%+10.3%+15% / +5%
XHGXChange TEC.INC85.9 bn——-204.9%+24.9%+253% / −100%
AJGArthur J. Gallagher & Co.73.9 bn47.16.7%10.0%+20.7%+16% / +16%
AONAon plc73.1 bn18.943.6%22.2%+9.4%−3% / +5%
WTWWillis Towers Watson PLC31.1 bn20.520.2%15.2%−2.2%+5% / +37%
BROBrown & Brown, Inc.24.5 bn22.19.7%17.6%+22.8%−8% / −1%
EQHEquitable Holdings, Inc.15.3 bn—-508.8%-8.7%−6.1%+20% / +83%
AIFUAIFU Inc.10.5 bn—-155.9%-408.8%−67.9%−84% / −100%
ACTEnact Holdings, Inc.6.6 bn10.712.7%53.8%+2.8%+25% / +74%
HGTYHagerty, Inc.6.5 bn108.025.6%4.4%+17.3%+40% / +121%
RYANRyan Specialty Holdings, Inc.5.2 bn49.919.4%3.2%+21.3%−18% / +4%
CRVLCorvel Corporation4.4 bn38.930.7%11.7%+7.0%+19% / +26%
WDHWaterdrop Inc.3.6 bn50.511.6%14.2%+49.8%−44% / −16%
ARXAccelerant Holdings3.3 bn—-241.6%-112.1%+51.5%+36% / unavailable
NPNeptune Insurance Holdings Inc.2.7 bn91.6—22.7%+33.7%+22% / unavailable
GSHDGoosehead Insurance, Inc.1.2 bn33.8—8.8%+16.2%−21% / −23%
HUIZHuize Holding Limited1.1 bn—1.0%0.3%+32.2%−31% / −48%
BWINThe Baldwin Insurance Group, Inc.1.1 bn—-10.7%-4.7%+8.3%+13% / +84%
RDZNRoadzen Inc.92.8 m——-46.9%+24.2%−37% / −78%
SLQTSelectQuote, Inc.88.1 m7.323.4%4.6%+6.0%−66% / −61%
EHTHeHealth, Inc20.3 m—5.0%5.4%+4.1%−84% / −91%
EZRAReliance Global Group, Inc.2.4 m—-123.4%-54.3%−11.6%−91% / −100%
YBYuanbao Inc.——152.7%29.9%+33.1%−43% / unavailable
ERIEErie Indemnity Company——23.7%14.0%+7.2%−5% / −5%
HITHealth In Tech, Inc.——-21.9%-12.0%+71.0%−61% / unavailable

1- and 3-year price returns: for LIFE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
3 years
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
5 years
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
input data missing
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).

    In brief

    Ethos is a technology platform that sells life insurance online, directly to consumers and through agents, while partner carriers assume the policy risk. Its relevance grows as digital sales gain ground, and in the second quarter of 2026 revenue rose 113% year over year to 189.6 million USD 3.

    SWOT

    Strengths

    • The integrated platform, from distribution to policy administration and an automated underwriting engine, gives a clear technology advantage.
    • The balance sheet is light because the company does not assume insurance risk, which allows fast scaling.
    • Rapid revenue and policy volume growth shows that demand for the product is real.

    Weaknesses

    • The company has a short history at its current scale, which makes future results hard to predict.
    • Revenue depends on commissions paid by carriers, which the company cannot control.
    • Persistency adjustments can change revenue from earlier periods, reducing the predictability of results.

    Opportunities

    • Wider product ranges and new carrier partnerships could open additional customer segments.
    • The third-party channel can grow by recruiting new agencies and adding features that raise agent productivity.
    • The recently announced share repurchase program could signal confidence in the company's outlook.

    Threats

    • Carriers could cut commissions or expand their own digital channels, which would hit margins.
    • Competitors or new entrants could erode the platform's technology advantage.
    • Regulatory changes and reserving rules could affect demand and operating costs.

    Risks

    • Loss history and fragile profitabilityhigh

      The company incurred losses from inception and only recently became profitable; it may not sustain profits if investment grows faster than revenue 1.

    • Persistency adjustmentshigh

      Unexpected policy terminations can lead to revenue adjustments in earlier periods, making results harder to compare across quarters 1.

    • Dependence on commissionsmedium

      Revenue depends on premiums set by carriers and on commission rates; a cut in commissions could directly affect results 1.

    • Concentration among carriersmedium

      If relations with carriers weaken or become more concentrated, the company could lose access to important products 1.

    • Data protection and regulationmedium

      The large volume of personal and sensitive data makes security important; a breach could harm reputation and customer trust 1.

    Investment thesis

    What would need to be true (bull case)

    • Recent growth in revenue and policy volume suggests the digital model is gaining ground quickly 3.
    • A model that does not assume insurance risk and very high gross margins could support scaling if volumes keep rising 1.
    • The share repurchase program and the fiscal 2026 revenue outlook point to management confidence in the company's prospects 3.

    What would break the thesis

    • The company was unprofitable for a long time and could struggle if marketing and staff costs rise faster than revenue 1.
    • Persistency adjustments and unexpected cancellations can make quarterly results hard to interpret and forecast 1.
    • Dependence on carrier commissions, and pressure on them, could compress margins over the long term 1.

    What to watch

    • Quarterly results against the revenue outlookQ3 2026
    • Trend in ARPU, which fell in the second quarter because of channel and product mixQ3 2026
    • Persistency adjustments and policy terminations reported by the company2027
    • Execution of the share repurchase program and its pace of implementation2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).

    The business

    Ethos Technologies Inc. is a Delaware technology company offering life insurance fully digitally, through which families can compare, buy and activate policies online. The company is a licensed agent in 49 states and also serves as a third-party administrator 1. Revenue comes mainly from commissions paid by partner carriers, both at initial sale and on later renewals 1. The model is light on the balance sheet, since Ethos does not assume insurance risk, which is transferred to carriers 1.

    The platform integrates distribution, underwriting, activation, payments and policy administration into one system. Its underwriting engine analyses third-party data, with the applicant's consent, and gives an instant decision for most cases 1. Ethos expanded its range from one product in 2019 to ten products by the end of 2025 1.

    The company works through two channels: a direct channel to consumers and a third-party channel through agents and agencies. Through 2025 the third-party channel was growing faster, while the direct channel remained the largest revenue source 1. In the second quarter of 2026, direct channel revenue grew 131% year over year 3.

    Segments

    Direct-to-consumer channel

    The direct channel generated 243 million USD in 2025, or 63% of revenue, and its ARPU rose 9% from 2024 1. In the second quarter of 2026 revenue from this channel grew 131% year over year 3.

    Third-party agent channel

    The third-party channel generated 145 million USD in 2025, or 37% of revenue, and its share grows as the company expands its agency network 1. In the second quarter of 2026 third-party revenue grew 90% year over year 3.

    Market context

    The US life insurance market has largely been distributed through slow, manual processes that Ethos describes as unchanged for several decades 1. If digitisation continues, the online channel could capture part of the sales now made offline. The company reports it has activated over 700,000 policies since inception, which indicates how far the market has already been reached 2.

    Company revenue depends on premiums set by carriers and on commission rates, both influenced by interest rates, mortality trends and regulation 1. A high interest rate environment and a tight labour market can affect demand for insurance products 1.

    Trends

    • Digitisation of underwritingtailwind

      Customers expect fast decisions and fully online processes, and Ethos could gain share if it keeps its technology lead 1.

    • Growth in agent salestailwind

      Agents are drawn to a platform that shortens the sales cycle and speeds up payments, which may support growth in the third-party channel 1.

    • Pressure on commissionsheadwind

      Carriers could reduce commissions paid to intermediaries, and agents pressing for higher pay affects margins 1.

    • Interest rates and regulationmixed

      High interest rates and changes in the tax code or reserving rules can shift demand and carrier profitability, with mixed effects on the company 1.

    Competitive position

    Ethos competes with traditional carrier sales channels, with agents and insurance brokers, and with other digital platforms that sell policies online. The sources analysed do not list named listed competitors, but the company notes that new entrants could affect its position 2.

    The company's stated advantage lies in integrated data across the customer journey and in network effects between consumers, agents and carriers 1. If a competitor were to copy these capabilities quickly, the differentiation margin could shrink 1.

    • Traditional life insurance carriers

      Insurers that bear policy risk and run their own sales channels, which Ethos also uses as partners 1.

    • Traditional agent and broker networks

      Agents who sell policies offline and could migrate toward digital platforms such as Ethos 1.

    • Other digital insurance platforms

      Other companies selling policies online that compete for the same consumers and agents 2.

    • Medical and credit data providers

      Outside vendors of medical, credit and driving data that support underwriting and may also be used by other players 1.

    News & filings

    In the press

    The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ethos Technologies Inc. · 17 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ethos Technologies Inc. · 05 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ethos Technologies Inc. · 03 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.