olivLaw · US equity research
NerdWallet, Inc. NRDS
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
NerdWallet provides consumers and small and mid-sized businesses with independent financial guidance through editorial content, comparison tools, product marketplaces and regulated financial services. Revenue grew 22% in 2025 to 836.6 million USD, while growth slowed in the second quarter of 2026 as pressure on organic search traffic weighs on the SMB segment.
At the close of 04 Nov 2026, NerdWallet, Inc. (NRDS) stock was 11.81 USD (+8.95% on the day), with market capitalisation 754.4 m USD, P/E 13.3 on diluted EPS of 0.89 USD over the last 12 months, beta 1.12, 52-week range 7.58–15.93 USD. Latest reported quarter (Q2 2026): revenue of 197.3 m USD (+5.6% YoY), net income of 4.3 m USD (−47.6% YoY), diluted EPS 0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.25 – 11.75
- above the upper band · %B 1.02 · band width 23.8%
- SMA 50 / 200
- 9.71 / 9.82
- mixed trend
- MACD (12, 26, 9)
- 0.52 / 0.44
- MACD above 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +33.7% | −1.1% | +34.8 pp | — |
| 3 months | +30.1% | −0.5% | +30.5 pp | — |
| 6 months | +5.4% | +4.4% | +1.1 pp | — |
| Year to date | −12.8% | +12.3% | −25.2 pp | — |
| 1 year | −1.5% | +13.5% | −15.0 pp | −24.8% |
| 3 years | +3.1% | +76.4% | −73.4 pp | −26.9% |
| 5 years | −54.4% | +63.7% | −118.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 191.3 m | 183.8 m | 209.2 m | 186.9 m | 215.1 m | 225.4 m | 222.2 m | 197.3 m |
| Cost of revenue | 17.7 m | 16.7 m | 18.2 m | 16.6 m | 15.3 m | 13.6 m | 13.6 m | 13.4 m |
| Research & development | 23.0 m | 16.1 m | 16.8 m | 17.9 m | 15.7 m | 16.3 m | 16.8 m | 17.5 m |
| Operating income | 6.6 m | 8.7 m | 700.0 k | 10.7 m | 34.4 m | 19.4 m | 27.2 m | 7.0 m |
| Depreciation & amortisation | 12.9 m ≈ | 11.4 m | 12.6 m | 12.7 m | 11.6 m ≈ | 9.5 m | 9.7 m | 9.3 m ≈ |
| Interest expense | 100.0 k | 200.0 k | 100.0 k | 200.0 k | 200.0 k | 100.0 k | 200.0 k | 100.0 k |
| Pre-tax income | 7.8 m | 700.0 k | 1.3 m | 11.5 m | 35.5 m | 19.9 m | 28.0 m | 7.3 m |
| Income tax | 7.7 m | -37.9 m | 1.1 m | 3.3 m | 9.2 m | 5.9 m | 7.6 m | 3.0 m |
| Net income | 100.0 k | 38.6 m | 200.0 k | 8.2 m | 26.3 m | 14.0 m | 20.4 m | 4.3 m |
| Diluted EPS | 0.00 | 0.46 ≈ | 0.00 | 0.11 | 0.34 | 0.19 ≈ | 0.29 | 0.07 |
| Operating cash flow | 29.0 m ≈ | 9.9 m | 26.7 m | 17.5 m ≈ | 48.5 m ≈ | 38.9 m | 35.7 m | 41.2 m ≈ |
| Capex | 100.0 k ≈ | 200.0 k | 200.0 k | 700.0 k ≈ | 100.0 k ≈ | 300.0 k | 400.0 k | 100.0 k ≈ |
| Share repurchases | 68.7 m ≈ | 10.3 m | 0 | 300.0 k ≈ | 19.2 m ≈ | 50.7 m | 66.0 m | 22.8 m ≈ |
≈ 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.
Today's P/E sits at the 33 percentile of its own 9-quarter history (min 10.4, median 21.2, max 1,786.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 228.3 m | 245.3 m | 379.6 m | 538.9 m | 599.4 m | 687.6 m | 836.6 m |
| Revenue YoY | unavailable | +7.4% | +54.7% | +42.0% | +11.2% | +14.7% | +21.7% |
| Net income | 24.2 m | 5.3 m | -42.5 m | -10.2 m | -11.8 m | 30.4 m | 48.7 m |
| Net income YoY | unavailable | −78.1% | −901.9% | unavailable | unavailable | unavailable | +60.2% |
| Diluted EPS | 0.45 | 0.09 | -0.82 | -0.14 | -0.15 | 0.38 | 0.64 |
| Diluted EPS YoY | unavailable | −80.0% | −1,011.1% | unavailable | unavailable | unavailable | +68.4% |
| net % | 10.6% | 2.2% | -11.2% | -1.9% | -2.0% | 4.4% | 5.8% |
| Free cash flow | 30.7 m | 14.1 m | 4.9 m | 20.4 m | 71.4 m | 71.2 m | 130.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 98.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 374.5 m USD
- Total assets
- 461.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.45x
- ROE
- 13.2%
- ROA
- 10.8%
- FCF margin
- 15.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 245.3 m | 379.6 m | 538.9 m | 599.4 m | 687.6 m | 836.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 21.3 m | 28.5 m | 39.8 m | 54.0 m | 63.5 m | 63.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 224.0 m ≈ | 351.1 m ≈ | 499.1 m ≈ | 545.4 m ≈ | 624.1 m ≈ | 772.9 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Research & development | 50.9 m | 62.2 m | 77.6 m | 80.5 m | 82.5 m | 66.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 1.9 m | -39.0 m | -19.0 m | 3.6 m | 9.4 m | 65.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 15.1 m | 27.1 m | 37.0 m | 48.2 m | 48.4 m | 46.4 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 17.0 m ≈ | -11.9 m ≈ | 18.0 m ≈ | 51.8 m ≈ | 57.8 m ≈ | 111.6 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 1.1 m | 1.3 m | 2.5 m | 800.0 k | 700.0 k | 600.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 900.0 k | -37.7 m | -20.0 m | 6.3 m | 5.0 m | 68.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -4.4 m | 4.8 m | -9.8 m | 18.1 m | -25.4 m | 19.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 5.3 m | -42.5 m | -10.2 m | -11.8 m | 30.4 m | 48.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 0.09 | -0.82 | -0.14 | -0.15 | 0.38 | 0.64 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 56.3 m | 51.9 m | 70.6 m | 76.7 m | 78.9 m | 75.9 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 83.4 m | 167.8 m | 83.9 m | 100.4 m | 66.3 m | 98.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 129.4 m | 242.8 m | 189.2 m | 198.4 m | 196.7 m | 244.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 27.7 m | 34.9 m | 49.1 m | 52.6 m | 43.0 m | 31.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 43.8 m | 43.8 m | 111.2 m | 111.5 m | 112.4 m | 123.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 35.6 m | 27.6 m | 64.1 m | 46.9 m | 33.3 m | 21.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 255.2 m | 364.1 m | 425.7 m | 418.6 m | 437.6 m | 461.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 5.4 m | 3.2 m | 3.6 m | 1.7 m | 8.9 m | 5.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 30.2 m | 0 | — | — | — | — | SEC (XBRL)· 24 Mar 2022verified |
| Current liabilities | 24.0 m | 65.8 m | 72.4 m | 37.3 m | 60.1 m | 70.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 103.7 m | 106.5 m | 84.0 m | 51.7 m | 73.4 m | 86.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 82.7 m † | 257.6 m † | 341.7 m † | 366.9 m † | 364.2 m † | 374.5 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 15.4 m | 7.2 m | 25.0 m | 72.1 m | 71.8 m | 131.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 1.3 m | 2.3 m | 4.6 m | 700.0 k | 600.0 k | 1.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 14.1 m ≈ | 4.9 m ≈ | 20.4 m ≈ | 71.4 m ≈ | 71.2 m ≈ | 130.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -55.4 m | -23.0 m | -100.3 m | -29.5 m | -29.7 m | -33.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 55.7 m | 100.2 m | -8.4 m | -26.2 m | -76.5 m | -66.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | — | — | 20.0 m | 80.1 m | 70.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 754.4 m USD
Key indicators
Coverage and freshness
Score by group
77% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
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: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 93.5% | 100 (on a fixed band) | 14% |
| EBIT margin · Quality | 10.2% | 65 (vs peers) | 11% |
| FCF margin · Quality | 19.0% | 76 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 15.8% | 63 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 21.7% | 81 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 21.7% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 21.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth69/100 · 2/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 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
NerdWallet, Inc. (NRDS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 836.6 m USD in 2025; YoY growth 21.7%; net margin 7.6%; ROE 18.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (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
- Gross margin: 93.5%
- FCF margin: 19.0%
- Revenue growth (YoY): 21.7%
- Current ratio: 2.6x
- FCF yield: 21.7%
- Shareholder yield (distributions): 21.0%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +107% / +94% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| FIVNFive9, Inc. | 2.7 bn | 52.7 | 7.9% | 4.9% | +10.3% | +86% / −52% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| UPWKUpwork Inc. | 1.3 bn | 12.9 | 16.3% | 13.5% | +2.4% | −48% / −27% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −2% / +3% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
1- and 3-year price returns: for NRDS 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.83 Total return -25% · Per year -25% | 15.55 Total return 32% · Per year 32% | 23.32 Total return 97% · Per year 97% |
| 3 years | 10.48 Total return -11% · Per year -4% | 20.56 Total return 74% · Per year 20% | 33.58 Total return 184% · Per year 42% |
| 5 years | 12.43 Total return 5% · Per year 1% | 27.19 Total return 130% · Per year 18% | 48.36 Total return 309% · Per year 33% |
- Exit P/E± 5.14
- Net margin± 3.60
- Annual revenue growth± 2.68
- Annual dilution± 0.30
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.
In brief
NerdWallet provides consumers and small and mid-sized businesses with independent financial guidance through editorial content, comparison tools, product marketplaces and regulated financial services. Revenue grew 22% in 2025 to 836.6 million USD, while growth slowed in the second quarter of 2026 as pressure on organic search traffic weighs on the SMB segment.
SWOT
Strengths
- Recognized brand and strong organic traffic provide an advantage in acquiring users, while the partner-neutral model supports customer trust.
- The platform integrates content, marketplaces and regulated services under one architecture, allowing more coherent user journeys.
- The balance sheet carries no large debt, and operating cash flow improved in the first half of 2026 2.
Weaknesses
- Revenue depends on partner marketing budgets, which can be cut quickly in difficult economic conditions.
- Reliance on Google for traffic makes the company vulnerable to algorithm changes and declining organic search.
- Sales and marketing costs absorb a large share of revenue, which limits operating margin.
Opportunities
- Vertical integration into insurance, mortgages and advisory could create direct customer relationships and more predictable revenue.
- The acquisition of a student loan marketplace could extend the offering to new customer groups.
- Building owned audiences and direct relationships could reduce dependence on search engines over the long term.
Threats
- Search engine algorithm changes could abruptly reduce traffic and user growth.
- Financial regulations in the United States, United Kingdom and Canada are complex and evolving, which may lead to claims.
- Competitors with large advertising budgets and new entrants could intensify competition for users and partner budgets.
Risks
- Dependence on financial partnershigh
Revenue depends on partners who pay referral fees. If they become more cautious or reduce budgets, revenue could be directly affected.
- Dependence on search engineshigh
Organic traffic, especially through Google, is essential for user growth. Changes in policies or algorithms could significantly reduce access to customers.
- Complex regulationmedium
Financial activity is subject to overlapping rules in several jurisdictions. Failure to comply could lead to fines or reputational damage.
- Cybersecuritymedium
Security incidents or system errors could compromise user data and damage the brand.
- Concentrated controllow
The dual class share structure concentrates voting control with the co-founder and chief executive, which may limit shareholder influence over corporate decisions.
Investment thesis
What would need to be true (bull case)
- If consumer segment revenue keeps growing and investments in new verticals turn into recurring revenue, the company could show a more diversified growth profile.
- Improved profitability in the first half of 2026, combined with a balance sheet without large debt, could give the company flexibility for investment and share repurchases.
- If brand strength and user trust translate into direct customer relationships, dependence on Google could gradually decline.
What would break the thesis
- If the decline in organic traffic and pressure on the SMB segment persist, revenue could stay below potential for several more quarters.
- High marketing expenses and incremental investments could limit profitability if revenue growth does not accelerate.
- If financial partners cut budgets in weaker economic conditions, the company could feel a rapid impact on revenue.
What to watch
- Trend in SMB revenue and organic search trafficQ3 2026
- Effect of incremental investments on marketing costs and operating margin2026
- Contribution of the College Finance Company acquisition to revenueQ4 2026
- Results of the insurance, mortgage and investment advisory segmentsnext 10-K
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.
The business
NerdWallet, Inc. (Nasdaq: NRDS) is a digital personal finance platform that integrates independent editorial content, comparison tools, financial product marketplaces and regulated services through subsidiaries. The company earns revenue mainly from referral fees, lead generation and partner-based monetization, as well as from brokerage and advisory services. According to the 2025 annual report, total revenue was 836.6 million USD, up 22% from 2024 1.
The business model is designed to be partner-neutral, offering side-by-side comparisons and information backed by editorial standards. The platform operates in the United States, Canada and the United Kingdom, and the company is remote-first, with primary offices in San Mateo and Scottsdale.
Over the past year the company expanded into new verticals through acquisitions and subsidiaries: NerdWallet Wealth Partners for investment advisory, Next Door Lending for mortgage brokerage and NerdWallet Insurance Experts for insurance brokerage 1. The College Finance Company acquisition, announced in February 2026, adds a student loan marketplace 2.
Segments
Consumer
The consumer segment covers insurance, credit cards, loans, bank accounts and other products for individuals. In the second quarter of 2026 it generated 175.2 million USD, up 8% year over year, supported by personal loans and deposit accounts and partly offset by credit cards 3.
Small and mid-sized businesses
The SMB segment covers loans, credit cards and other financial products for small and mid-sized firms. In the second quarter of 2026 it fell 11% year over year, due to persistent pressure on organic search traffic, partly offset by higher business loan originations 3.
Market context
The company competes in the market for financial comparison services and marketplaces for banking, credit and insurance products, where revenue depends on the marketing budgets of financial services providers. The 6% revenue growth in the second quarter of 2026 points to a recovery after a weaker prior quarter 3.
The market is sensitive to macroeconomic conditions and inflation, which can reduce partner budgets. Market share also depends on access to search engine traffic, which makes long-term trends difficult to predict.
Trends
- Reliance on organic searchheadwind
The company depends on search engines, particularly Google, and algorithm changes can reduce traffic. Declining organic search traffic weighed on credit card and SMB revenue in the second quarter of 2026 3.
- Expansion into new verticalstailwind
Acquisitions and subsidiaries in insurance, mortgages and investment advisory open new revenue sources. Over time, diversification could reduce dependence on a single product type, if integration proves effective.
- Growth in personal loanstailwind
Personal loans grew in the latest quarter as the company expanded its offering to a broader range of borrowers, contributing to growth in the consumer segment 3.
- Higher investment and cost pressuremixed
The company plans to increase incremental investments in 2026 and faces high marketing costs, which could limit operating margin if revenue does not grow sufficiently.
Competitive position
Competition comes from financial advisors, traditional media, social media influencers, financial institutions with their own marketing and online marketplaces. The company explicitly names Bankrate, Credit Karma, LendingTree and Zillow as alternatives for advertising budgets in the sector 1.
The company says it differentiates itself through the depth of its financial guidance, the trust built with users, and its brand, organic traffic and convenience. If search engines were to favor competitors, its competitive position could be affected.
- Bankrate
Online financial products marketplace explicitly cited by the company as competing for advertising budgets.
- Credit Karma
Credit monitoring and marketplace platform cited as an online alternative.
- LendingTree
Lending and financial products marketplace named among online competitors.
- Zillow
Real estate platform competing for attention and budgets tied to mortgages.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- NerdWallet’s (NRDS) Profits Sink Even as Revenue ClimbsYahoo Finance — News · 09 Sept 2026 · EN
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement14 Apr 2026
- Current report26 Mar 2026Item 5.05 · Financial statements and exhibits
- Annual report25 Feb 2026
- Current report25 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Dec 2025Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NerdWallet, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NerdWallet, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NerdWallet, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.