olivLaw · US equity research
QuinStreet, Inc. QNST
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
QuinStreet is a performance marketing company that connects financial services and home services clients with online consumers, paid on results rather than exposure. Revenue reached 1.3 billion USD in fiscal 2026, and the company says digital and performance marketing keeps taking budgets, a factor that matters for the business direction now.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, QuinStreet, Inc. (QNST) stock was 19.26 USD (+5.30% on the day), with market capitalisation 1.1 bn USD, P/E 13.8 on diluted EPS of 1.40 USD over the last 12 months, beta 1.09, 52-week range 10.56–22.02 USD. Latest reported quarter (Q4 2026): revenue of 373.9 m USD (+42.7% YoY), net income of 19.1 m USD (+496.1% YoY), diluted EPS 0.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 14.76 – 18.45
- above the upper band · %B 1.22 · band width 22.3%
- SMA 50 / 200
- 16.84 / 14.53
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.48 / 0.14
- 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 | +28.5% | −1.1% | +29.6 pp | — |
| 3 months | +24.5% | −0.5% | +25.0 pp | — |
| 6 months | +47.9% | +4.4% | +43.5 pp | — |
| Year to date | +34.0% | +12.3% | +21.7 pp | — |
| 1 year | +28.1% | +13.5% | +14.5 pp | −4.0% |
| 3 years | +74.9% | +76.4% | −1.5 pp | −6.4% |
| 5 years | +26.9% | +63.7% | −36.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 279.2 m | 282.6 m | 269.8 m | 262.1 m | 285.9 m | 287.8 m | 346.1 m | 373.9 m |
| Cost of revenue | 250.8 m | 255.8 m | 242.0 m | 234.2 m | 258.9 m | 260.1 m | 304.8 m | 324.1 m |
| Gross profit | 28.4 m | 26.8 m | 27.9 m | 27.9 m | 26.9 m | 27.7 m | 41.3 m | 49.8 m |
| Research & development | 8.6 m | 8.7 m | 8.9 m | 7.7 m | 8.2 m | 8.3 m | 10.2 m | 10.6 m |
| Operating income | -1.2 m | -1.4 m | 4.9 m | 3.9 m | 4.8 m | 1.2 m | 10.3 m | 19.1 m |
| Depreciation & amortisation | 6.4 m | 6.2 m ≈ | 6.0 m ≈ | 5.9 m | 5.8 m | 4.9 m ≈ | 5.9 m ≈ | 8.5 m |
| Interest expense | 124.0 k | 126.0 k | 66.0 k | 84.0 k | 68.0 k | 70.0 k | 2.1 m | 2.2 m |
| Pre-tax income | -1.4 m | -1.6 m | 4.9 m | 3.7 m | 4.7 m | 1.3 m | 8.2 m | 17.0 m |
| Income tax | -49.0 k | -45.0 k | 477.0 k | 543.0 k | 184.0 k | -48.9 m | 822.0 k | -2.1 m |
| Net income | -1.4 m | -1.5 m | 4.4 m | 3.2 m | 4.5 m | 50.2 m | 7.4 m | 19.1 m |
| Diluted EPS | -0.02 | -0.03 | 0.08 | 0.06 ≈ | 0.08 | 0.87 | 0.13 | 0.33 ≈ |
| Operating cash flow | -13.7 m | 38.7 m ≈ | 30.1 m ≈ | 29.9 m | 19.6 m | 21.6 m ≈ | 36.9 m ≈ | 53.1 m |
| Capex | 437.0 k | 447.0 k ≈ | 639.0 k ≈ | 548.0 k | 1.2 m | 889.0 k ≈ | 537.0 k ≈ | 797.0 k |
| Share repurchases | 0 | 0 ≈ | 0 ≈ | 0 | 6.7 m | 10.1 m ≈ | -1.0 k ≈ | 14.6 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 30 percentile of its own 23-quarter history (min 10.4, median 37.7, max 190.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ⚠ 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 455.2 m | 490.3 m | 578.5 m | 582.1 m | 580.6 m | 613.5 m | 1.1 bn | 1.3 bn |
| Revenue YoY | +12.6% | +7.7% | +18.0% | +0.6% | −0.3% | +5.7% | — | +18.3% |
| Net income | 62.5 m | 18.1 m | 23.6 m | -5.2 m | -68.9 m | -31.3 m | 4.7 m | 81.2 m |
| Net income YoY | +292.2% | −71.0% | +30.1% | −122.3% | unavailable | unavailable | — | +1,625.8% |
| Diluted EPS | 1.18 | 0.34 | 0.43 | -0.10 | -1.28 | -0.57 | 0.08 | 1.40 |
| Diluted EPS YoY | +268.7% | −71.2% | +26.5% | −123.3% | unavailable | unavailable | — | +1,650.0% |
| net % | 13.7% | 3.7% | 4.1% | -0.9% | -11.9% | -5.1% | 0.4% | 6.3% |
| Free cash flow | 36.0 m | 45.6 m | 48.6 m | 25.8 m | 8.8 m | 6.7 m | 82.9 m | 127.9 m |
The series breaks before 2025: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 128.3 m USD
- Financial debt
- 70.0 m USD
- Net debt
- -58.3 m USD
- Equity
- 323.1 m USD
- Total assets
- 721.3 m USD
- Debt / equity
- 0.22x
- Current ratio
- 1.22x
- ROE
- 28.6%
- ROA
- 14.1%
- FCF margin
- 9.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 578.5 m | 582.1 m | 580.6 m | 613.5 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 26 Aug 2026verified |
| Cost of revenue | 508.0 m | 528.4 m | 532.1 m | 567.3 m | 982.8 m | 1.1 bn | SEC (XBRL)· 26 Aug 2026verified |
| Gross profit | 70.5 m | 53.7 m | 48.5 m | 46.2 m | 110.9 m | 145.8 m | SEC (XBRL)· 26 Aug 2026verified |
| Research & development | 19.3 m | 21.9 m | 28.9 m | 30.0 m | 33.9 m | 37.3 m | SEC (XBRL)· 26 Aug 2026verified |
| Operating income | 13.9 m | -4.7 m | -20.8 m | -28.1 m | 6.2 m | 35.4 m | SEC (XBRL)· 26 Aug 2026verified |
| Depreciation & amortisation | 16.2 m | 17.0 m | 19.2 m | 24.0 m | 24.5 m | 25.2 m | SEC (XBRL)· 26 Aug 2026verified |
| EBITDA | 30.1 m ≈ | 12.2 m ≈ | -1.7 m ≈ | -4.1 m ≈ | 30.7 m ≈ | 60.6 m ≈ | SEC (XBRL)· 26 Aug 2026derived |
| Interest expense | 1.3 m | 1.1 m | 790.0 k | 680.0 k | 400.0 k | 4.4 m | SEC (XBRL)· 26 Aug 2026verified |
| Pre-tax income | 29.3 m | -5.8 m | -21.4 m | -30.4 m | 5.6 m | 31.2 m | SEC (XBRL)· 26 Aug 2026verified |
| Income tax | 5.8 m | -514.0 k | 47.5 m | 935.0 k | 926.0 k | -50.0 m | SEC (XBRL)· 26 Aug 2026verified |
| Net income | 23.6 m | -5.2 m | -68.9 m | -31.3 m | 4.7 m | 81.2 m | SEC (XBRL)· 26 Aug 2026verified |
| Diluted EPS | 0.43 | -0.10 | -1.28 | -0.57 | 0.08 | 1.40 | SEC (XBRL)· 26 Aug 2026verified |
| Weighted average diluted shares | 55.1 m | 54.3 m | 53.8 m | 54.9 m | 58.3 m | 58.2 m | SEC (XBRL)· 26 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 110.3 m | 96.4 m | 73.7 m | 50.5 m | 101.1 m | 128.3 m | SEC (XBRL)· 26 Aug 2026verified |
| Receivables | 87.9 m | 81.4 m | 67.7 m | 111.8 m | 135.8 m | 181.2 m | SEC (XBRL)· 26 Aug 2026verified |
| Current assets | 206.2 m | 182.8 m | 151.2 m | 169.1 m | 245.5 m | 316.6 m | SEC (XBRL)· 26 Aug 2026verified |
| Property, plant & equipment, net | 6.8 m | 9.3 m | 16.7 m | 19.9 m | 16.8 m | 16.7 m | SEC (XBRL)· 26 Aug 2026verified |
| Goodwill | 117.8 m | 121.1 m | 121.1 m | 125.1 m | 125.1 m | 261.4 m | SEC (XBRL)· 26 Aug 2026verified |
| Intangibles (excl. goodwill) | 59.2 m | 49.7 m | 38.7 m | 38.0 m | 28.5 m | 66.3 m | SEC (XBRL)· 26 Aug 2026verified |
| Total assets | 449.5 m | 419.9 m | 337.2 m | 368.5 m | 431.1 m | 721.3 m | SEC (XBRL)· 26 Aug 2026verified |
| Accounts payable | 45.2 m | 42.4 m | 37.9 m | 48.2 m | 62.2 m | 109.5 m | SEC (XBRL)· 26 Aug 2026verified |
| Long-term debt | — | — | — | — | 0 | 70.0 m | SEC (XBRL)· 26 Aug 2026verified |
| Current liabilities | 115.6 m | 109.6 m | 89.8 m | 126.4 m | 163.0 m | 260.0 m | SEC (XBRL)· 26 Aug 2026verified |
| Total liabilities | 154.4 m | 133.9 m | 107.4 m | 151.7 m | 187.1 m | 398.2 m | SEC (XBRL)· 26 Aug 2026verified |
| Equity | 295.1 m † | 286.0 m † | 229.8 m † | 216.8 m † | 244.0 m † | 323.1 m † | SEC (XBRL)· 26 Aug 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 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 50.6 m | 28.7 m | 11.8 m | 12.0 m | 85.0 m | 131.3 m | SEC (XBRL)· 26 Aug 2026verified |
| Capex | 2.0 m | 2.8 m | 3.1 m | 5.3 m | 2.1 m | 3.4 m | SEC (XBRL)· 26 Aug 2026verified |
| Free cash flow | 48.6 m ≈ | 25.8 m ≈ | 8.8 m ≈ | 6.7 m ≈ | 82.9 m ≈ | 127.9 m ≈ | SEC (XBRL)· 26 Aug 2026derived |
| Investing cash flow | -36.5 m | -9.2 m | -15.1 m | -22.7 m | -11.4 m | -118.6 m | SEC (XBRL)· 26 Aug 2026verified |
| Financing cash flow | -11.3 m | -33.3 m | -19.5 m | -12.5 m | -23.0 m | 14.5 m | SEC (XBRL)· 26 Aug 2026verified |
| Share repurchases | 0 | 15.3 m | 5.6 m | 2.3 m | 0 | 31.4 m | SEC (XBRL)· 26 Aug 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet80
- Valuation66
- Quality67
- Growth100
- Returns41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.93 – 61.86 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)40.22 – 61.86 (Mid 48.58)WACC 9.0% · starting FCFF 131.6 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -24.3%
- Peers: EV/EBITDA8.93 – 20.57 (Mid 17.18)16 companies used · median multiple 15.2x · quartiles 7.4x – 18.4xBAER, BR, CPAY, CSGP, EBAY, FICO, FIS, GPN, IMXI, MELI, MSCI, NUTX, PRTH, PYPL, RBA, UBER
- Peers: P/E17.38 – 50.42 (Mid 35.62)23 companies used · median multiple 25.4x · quartiles 12.4x – 36.0xACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FLYW, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Neutral profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.6% | 59 (vs peers) | 12% |
| Net margin · Quality | 6.3% | 49 (vs peers) | 7% |
| FCF conversion · Quality | 157.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 30.6% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.0x | 86 (vs peers) | 12% |
| Interest coverage · Balance sheet | 8.1x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.2x | 35 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 13.8x | 71 (vs peers) | 12% |
| EV/EBITDA · Valuation | 17.2x | 35 (vs peers) | 12% |
| FCF yield · Valuation | 11.6% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet80/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns· partial41/100 · 1/2 factors with a value
- Valuation66/100 · 3/3 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
QuinStreet, Inc. (QNST). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2026; YoY growth 18.3%; net margin 6.3%; ROE 28.6%; net debt/EBITDA -1.0x.
The estimated value range is 17.38–50.42 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 35.62 USD, the price of 19.26 USD leaves a potential of 85.0% (value / price − 1) and a margin of safety of 45.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 157.5%
- Revenue CAGR 3Y: 30.6%
- Net debt / EBITDA: -1.0x
- Interest coverage: 8.1x
- P/E (TTM): 13.8x
- FCF yield: 11.6%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · 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 | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| QNSTQuinStreet, Inc. | 1.1 bn | 13.8 | 28.6% | 6.3% | +18.3% | +28% / +75% |
| CASSCass Information Systems, Inc. | 704.1 m | 18.9 | 16.3% | 18.9% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
1- and 3-year price returns: for QNST 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 | 12.79 Total return -34% · Per year -34% | 22.51 Total return 17% · Per year 17% | 33.77 Total return 75% · Per year 75% |
| 3 years | 15.17 Total return -21% · Per year -8% | 29.77 Total return 55% · Per year 16% | 48.63 Total return 152% · Per year 36% |
| 5 years | 18.00 Total return -7% · Per year -1% | 39.38 Total return 104% · Per year 15% | 70.02 Total return 264% · Per year 29% |
- Exit P/E± 7.44
- Net margin± 5.21
- Annual revenue growth± 3.89
- Annual dilution± 0.44
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 26 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
QuinStreet is a performance marketing company that connects financial services and home services clients with online consumers, paid on results rather than exposure. Revenue reached 1.3 billion USD in fiscal 2026 12, and the company says digital and performance marketing keeps taking budgets, a factor that matters for the business direction now.
SWOT
Strengths
Weaknesses
- Revenue depends heavily on a few large clients, and losing one could significantly reduce sales 1.
- Many contracts can be cancelled at any time without penalties or minimum spend, which makes revenue harder to predict 1.
- Quarterly results are affected by seasonality, and margins can fluctuate from one quarter to the next 1.
Opportunities
Risks
- Client concentrationhigh
One client accounted for a significant part of revenue, and reducing that relationship could affect results 1.
- Reliance on third-party traffichigh
Access to media from third-party publishers and partners could be narrowed or made more expensive, raising costs 1.
- Data securitymedium
The company processes personal data, and a security breach could cause large expenses and harm its reputation 1.
- Volatile resultsmedium
Results have fluctuated in the past and are hard to predict, which could lead to shortfalls against expectations 1.
- Regulatory changelow
New rules on commercial communications could change client demand and volumes in certain verticals 1.
Investment thesis
What would need to be true (bull case)
- Rapid growth in revenue and adjusted margin, together with the fiscal 2027 outlook, suggests the business model may scale if the trend continues 2.
- Proprietary technologies and campaign experience may create an advantage that smaller competitors find hard to copy 1.
- The shift of budgets toward digital and demand for measurable results may support demand over the long term 12.
What would break the thesis
- Revenue concentration in a few clients, and contracts that can be cancelled at any time, could make sales vulnerable to budget changes 1.
- Dependence on search engine algorithms and third-party publishers could reduce traffic volume or raise media costs 1.
- Past results showed large swings, and the recent growth may not be repeatable 12.
What to watch
- Delivery of the revenue and adjusted EBITDA outlook for the first quarterQ1 2027
- Trend in client concentration and revenue from the financial services vertical2027
- Effect of artificial intelligence applications on margins2027
- Changes in risk and regulatory disclosures in the annual reportnext 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.
Possibly outdated: the newest document it read is from 26 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
QuinStreet presents itself as a leader in performance marketplaces and technologies for the financial services and home services industries 1. It buys or owns high-intent online traffic, segments and matches it to client offers, and earns revenue from clicks, leads, calls, applications or customers actually acquired 1. Operations and revenue are mostly in North America 1.
The business model depends mainly on media cost, which the company bears and which is its largest input cost for the results it delivers 1. Many arrangements with third-party publishers are revenue-share, making costs variable and helping manage risk 1. The company has developed proprietary optimization technologies over 27 years and keeps investing in them 1.
The company aims to stay focused on verticals, growing through depth and coverage in existing markets and entering new ones selectively, organically or through acquisitions 1. Acquisitions are part of the strategy, and a recent one, HomeBuddy, was completed in January 2026 1.
Segments
Market context
The online marketing market is growing as budgets move from offline media to digital, and clients ask for measurable, pay-per-action results 1. The company describes the market as still in its early stages, with large opportunities ahead 2. The sector, however, is developing quickly, with changing regulation and evolving technology standards 1.
The market is fragmented, with millions of websites, tens of thousands of which have significant traffic, which makes audience matching more complex and more valuable 1. Competition comes from both advertising agencies and online marketing and media companies 1.
Trends
- Shift of budgets to digital marketingtailwind
Moving budgets toward digital channels and results-based marketing supports demand for the company's services, according to management 12. The effect could remain positive if the trend continues.
- Dependence on search and third-party publishersheadwind
Traffic volume depends on search engines and third-party publishers, and algorithm changes or loss of inventory have hurt the financial vertical in the past 1. If these sources narrow, costs or volumes could change.
- Telemarketing and privacy rulesmixed
Laws such as the TCPA and rules on commercial email and personal data can change client demand and how data is collected 1. The effect is mixed, since rules can restrict activity but can also push clients toward compliant offers.
- Artificial intelligence in optimizationtailwind
The company invests in AI-based optimization algorithms and says they are its main competitive advantage 2. If the applications add productivity, margins could widen, though outcomes remain uncertain.
Competitive position
Competition comes from advertising and direct marketing agencies, which control most large client marketing budgets and are sometimes also clients of the company 1. It also comes from online marketing and media companies, usually active in one vertical, and from large platforms that sell directly to agencies or clients 1.
Competition is based on return on marketing spend, price, access to targeted media, volume and reliability 1. The company's advantage comes from its media buying power, proprietary technologies and campaign experience 1.
- LendingTreeTREE
Online marketing company in the financial services vertical, named by the company as a direct rival 1.
- MediaAlphaMAX
Online marketing company in financial services, identified in the sources as a competitor 1.
- GoogleGOOGL
Search platform that can take client budgets directly, cited among competitors 1.
- MetaMETA
Social platform cited as a direct destination for online marketing budgets 1.
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
- QuinStreet CFO Gregory Wong Sells 11,704 SharesYahoo Finance — News · 02 Sept 2026 · EN
The latest news item in our archive is from 02 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
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report03 Nov 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Proxy statement16 Sept 2026
- Annual report26 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report (amendment)13 Mar 2026Financial statements and exhibits
- Quarterly report06 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / QuinStreet, Inc. · 26 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / QuinStreet, 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.