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Angi Inc. (ANGI)
NASDAQ:ANGI
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Angi
(NASDAQ:ANGI)
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Rating:60Neutral
Price Target:
$12.50
▲(60.67% Upside)
Action:ReiteratedDate:02/12/26
The score reflects improving fundamentals led by a strong, debt-free balance sheet and better profitability, supported by management’s margin/cash-flow focus. These positives are tempered by continued revenue pressure and inconsistent free-cash-flow conversion, while technical signals remain bearish and limit near-term confidence despite a reasonable P/E.
Positive Factors
Debt-free balance sheet
A debt-free trailing twelve months balance sheet materially lowers financial risk and preserves strategic optionality. With no interest burden management can fund AI/product investments, absorb revenue volatility, and pursue opportunistic M&A or targeted reinvestment without near-term refinancing pressure.
Margin and profitability recovery
Management doubled adjusted EBITDA over three years and closed the year near $140M, guiding to ~$145–150M. Structural cost reductions and targeted capex cuts have created a higher-margin operating base, improving cash generation resilience and funding room for selective growth spend.
AI/product traction and better customer metrics
Early LLM/AI integration drives materially higher conversion where deployed and management reports large NPS gains, lower churn and higher repeat rates. Durable UX-driven conversion improvements can raise lifetime value, lower acquisition cost, and support a structural shift toward higher-quality proprietary revenue.
Negative Factors
Top-line decline trend
Revenue has shown meaningful declines recently and guidance implies only low single-digit growth, indicating sustained demand and mix headwinds. Persistent top-line weakness limits operating leverage, constrains reinvestment capacity, and makes margin improvements dependent on continued cost cuts or channel recovery.
SEO & network channel disruption
Material SEO volatility and a strategic shift that reduced network revenue have removed a prior revenue source and introduced channel uncertainty. Dependence on recoveries in search ranking and network re-acceleration creates structural risk to lead volumes and revenue durability until mix and monetization fully stabilize.
Inconsistent free cash flow conversion
While trailing cash flow is positive, FCF conversion has been volatile and recently fell ~28%, with earlier years showing negative FCF. This inconsistency reduces predictability for funding product initiatives, delays, or increased marketing, and weakens the company's ability to sustainably self-fund growth without relying on structural savings.
Angi (ANGI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$312.01M
Dividend YieldN/A
Average Volume (3M)1.10M
Price to Earnings (P/E)8.3
Beta (1Y)2.05
Revenue Growth-13.14%
EPS Growth17.25%
CountryUS
Employees2,800
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)0.17
Shares Outstanding40,104,748
10 Day Avg. Volume926,925
30 Day Avg. Volume1,096,856
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)0.65
Price to Sales (P/S)0.59
P/FCF Ratio13.26
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue0.51
Enterprise Value/Gross Profit0.57
Enterprise Value/Ebitda4.19
Forecast
1Y Price Target
$14.17Price Target Upside82.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.4
Revenue Forecast (FY)$1.04B
Angi Business Overview & Revenue Model
Company DescriptionAngi Inc. connects home service professionals with consumers in the United States and internationally. Its Angi Ads business, which connects consumers with service professionals for local services through the Angi nationwide online directory of service professionals in various service categories; provides consumers with valuable tools, services, and content, including verified reviews, to help them research, shop, and hire for local services; and sells term-based website, and mobile and digital magazine advertising to service professionals, as well as provides quoting, invoicing, and payment services. The company also owns and operates Angi Leads digital marketplace service that connects consumers with service professionals for home repair, maintenance, and improvement projects; offers consumers with tools and resources to find local, pre-screened, and customer-rated service professionals, as well as online appointment booking; and connects consumers with service professionals by telephone, and home services-related resources. In addition, it operates Handy, a platform for household services, primarily cleaning and handyman services; Angi Roofing, which provides roof replacement and repair services; and home services marketplaces under the Travaux, MyHammer, Werkspot, MyBuilder, and Instapro names. As of December 31, 2021, it had a network of approximately 206,000 transacting service professionals; and approximately 38,000 advertising service professionals. The company was formerly known as ANGI Homeservices Inc. and changed its name to Angi Inc. in March 2021. The company was incorporated in 2017 and is headquartered in Denver, Colorado. Angi Inc. is a subsidiary of IAC/InterActiveCorp.
How the Company Makes MoneyAngi generates revenue primarily through a subscription model and lead generation services. Home service professionals pay for access to Angi's platform, which allows them to connect with potential customers. This includes subscription fees for premium listings and advertisements that increase visibility on the platform. Additionally, Angi earns revenue by charging service providers for leads generated through the site, where users express interest in their services. The company also benefits from partnerships with various home improvement brands and platforms, further enhancing its service offerings and revenue streams through collaborative promotions and cross-marketing opportunities.
Angi Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyAngi Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presents a constructive operational and margin story: management has meaningfully improved profitability, cash flow, and customer metrics while positioning the business for AI-driven product enhancements and selective brand reinvestment. However, near-term top-line growth faces clear headwinds from Google SEO volatility and a materially weaker network channel, plus short-term product timing and monetization challenges. Taken together, the company appears operationally healthier and better capitalized for growth, but execution and channel recovery risks temper the outlook.Q4-2025 Updates
Positive Updates
Material Margin and Cash-Flow Improvement
Doubled adjusted EBITDA over the last three years, cut capital expenditures in half, and swung from negative free cash flow to positive free cash flow; finished last year with ~$140M adjusted EBITDA and are guiding to $145–$150M next year (excludes certain one-time items).
Operational Improvements in Customer Metrics
Homeowner NPS improved by more than 30 points, churn reduced by more than 30%, customer success rates improved over 20%, and customer repeat rate turned positive (~+10% in Q4).
Proprietary Revenue Growth
Proprietary business grew 17% for full-year 2025 and represented ~23% growth in Q4; management expects proprietary to be a mid-single-digit (and potentially low-double-digit) grower long term and to comprise over 90% of the business acceleration.
AI & LLM Initiatives Showing Early Potential
Deployed LLM/AI technology in core UX where ~35% of homeowners touch the experience and those users convert ~3.3x to a pro selection versus users who do not touch it; active technical conversations with every major LLM, announced a deal with Amazon Alexa and submitted an app to another major LLM.
Restructuring Savings and Cost Base Reset
Announced $70–$80M of annualized savings (mid‑$60M in-year savings) with ~$25M of that as capitalized labor reduction; exit fixed cost base is expected to be approximately $40M lower year-over-year vs prior plan, freeing capital for growth investments.
Returning to Brand and Pro Marketing
Reinvesting in offline brand spend (returning to 2024 levels after 2025 pullback); Q1 sales & marketing expected to increase by ~8 percentage points of revenue versus Q4; management expects the Q1 brand ramp to add ~$35–$40M incremental revenue into Q2 (with ~$10–$12M incremental marketing spend to get that growth).
Network Pro Capacity & Re-acceleration Plan
Although nominal active pro counts are down year-over-year, capacity per pro and revenue per pro have increased; acquired-pro declines are narrowing (down 23% in the most recent quarter vs down 41% earlier), with expectations for acquired-pro growth in 2026 and nominal active-pro growth in 2027.
Clear Cash/Profitability Targets by Quarter
Management expects Q2 and Q3 adjusted EBITDA in the mid-$40M range and Q4 adjusted EBITDA in the low-$40M range under seasonal assumptions, demonstrating a defined profit cadence through the year.
Negative Updates
Significant Google SEO Headwinds
SEO performance has been volatile and materially down at various points (mid‑30s to 40% YoY declines in 2024 at troughs, with intermittent recovery to mid/low‑20s); management is conservatively assuming SEO remains at a lower level for the year and currently cites SEO as ~7% of SRs/leads revenue exposure.
Large Network Revenue Declines Impacting Near‑Term Growth
Network channel weakness is severe in the near term (management baked in a ~60% network decline for Q1), the business gave up over $250M of network revenue related to homeowner-choice changes, and earlier commentary referenced giving up ~ $500M of lower‑quality revenue over three years.
Near-Term Revenue Guidance and Product Timing Challenges
Company now expects Q1 revenue to be modestly negative (‑1% to ‑3%) and full-year revenue to be low single digits (roughly 1–3%) due in part to product roadmap delay and conservative assumptions on SEO/network recovery.
Revenue per Lead Pressure
Revenue-per-lead declined because subscription pros receive additional leads beyond contract caps (leading to unmonetized leads); management plans product changes to better monetize but this exerts downward pressure on near‑term monetization metrics.
Organizational Restructuring and Platform Timing
Restructuring reduced headcount materially (management referenced a ~40% organizational reduction), which extended the single-platform timeline by a quarter or two; potential execution/timing risk on rebuilt homeowner/pro experiences remains.
Capital Allocation Constraints and Share Buyback Pause
Share repurchases are paused for a multi‑year window following the spin (management referenced roughly a two‑year constraint), and the company has a ~$500M bond outstanding (corrected maturity noted as August 2028), constraining near-term capital return optionality.
Macro Weakness and Demand Pressure
Management noted softer consumer demand late in the year and into January (consumer confidence down ~20–30% in recent months), with pressure on volumes and a lower mix of job values embedded in guidance.
Company Guidance
The company guided to a modestly down Q1 revenue of -1% to -3% (with a roughly 60%-ish network decline baked in), full-year revenue of low single digits (about 1%–3%), and a continued mid-single‑digit-plus trajectory for proprietary revenue (proprietary grew 17% in 2025 and was ~23% in Q4; management expects high‑single to low‑double digits in Q1 for proprietary). Adjusted EBITDA is targeted at $145–$150M (or roughly $155–$160M if you add back the ~$20M of one‑time items management referenced), with capex around $55M (vs ~$60M last year), implying stronger free cash flow and “mid‑teens” cash generation on modest revenue growth; the company expects restructuring to deliver $70–$80M of annualized savings (mid‑$60M in‑year, including ~$25M of capitalized labor) and to lower exit fixed costs by roughly $40M YoY. Near‑term marketing and cadence metrics: Q1 sales & marketing is ~8 percentage points higher versus Q4, Q2 should see incremental revenue of $35–$40M versus Q1 with ~$10–$12M incremental marketing spend to acquire those SRs, which management expects to drive a ~mid‑$20M uplift to EBITDA in Q2 and adjusted EBITDA in the mid‑$40M range for Q2 and Q3 (falling to low‑$40M in Q4 under seasonal dynamics).Angi Financial Statement Overview
Summary
Financials are improving but not fully stable. Profitability has returned (Income Statement score 62) and the balance sheet is a major strength with no debt (Balance Sheet score 78). Offsetting this, revenue is still declining and free-cash-flow conversion is uneven with a notable recent FCF drop (Cash Flow score 56).Income Statement
Profitability has improved meaningfully versus earlier loss years: TTM (Trailing-Twelve-Months) shows positive operating profit and net income, with very strong gross profitability. That said, the business is still facing demand/volume pressure, with revenue declining in the most recent periods (TTM down ~2.6% and 2024 slightly down), and bottom-line margins remain modest, leaving less cushion if growth stays negative.62
Positive
Balance Sheet
The balance sheet is a clear strength: TTM (Trailing-Twelve-Months) shows no debt and a solid equity base, which materially reduces financial risk and improves flexibility. Returns on equity have turned positive in TTM after being negative in prior years, though the current return level is still moderate rather than high.78
Positive
Cash Flow
Cash generation is positive in TTM (Trailing-Twelve-Months), with operating cash flow and free cash flow both in the black, but conversion is weaker than ideal: free cash flow trails net income in TTM, and free cash flow declined versus the prior period (down ~28%). Earlier years also showed volatility, including periods of negative free cash flow, which tempers confidence in consistency.56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.03B | 1.19B | 1.36B | 1.76B | 1.62B |
| Gross Profit | 935.98M | 1.13B | 1.30B | 1.43B | 1.34B |
| EBITDA | 130.12M | 128.90M | 93.49M | 16.85M | 4.70M |
| Net Income | 43.83M | 36.00M | -40.94M | -128.45M | -71.38M |
Balance Sheet | |||||
| Total Assets | 1.68B | 1.83B | 1.86B | 1.91B | 2.01B |
| Cash, Cash Equivalents and Short-Term Investments | 303.70M | 416.43M | 364.04M | 321.15M | 428.14M |
| Total Debt | 497.67M | 580.65M | 616.94M | 585.22M | 600.07M |
| Total Liabilities | 753.00M | 767.93M | 811.71M | 856.40M | 866.55M |
| Stockholders Equity | 927.37M | 1.06B | 1.04B | 1.05B | 1.13B |
Cash Flow | |||||
| Free Cash Flow | 45.47M | 105.45M | 57.06M | -88.41M | -64.01M |
| Operating Cash Flow | 105.07M | 155.94M | 104.84M | 27.07M | 6.21M |
| Investing Cash Flow | -59.45M | -50.41M | -46.23M | -116.09M | -72.93M |
| Financing Cash Flow | -158.34M | -53.76M | -16.98M | -17.23M | -317.31M |
Angi Technical Analysis
Negative
7.78
Price Trends
11.60
Negative
12.17
Negative
14.45
Negative
Market Momentum
-1.23
Positive
25.56
Positive
25.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANGI, the sentiment is Negative. The current price of 7.78 is below the 20-day moving average (MA) of 9.76, below the 50-day MA of 11.60, and below the 200-day MA of 14.45, indicating a bearish trend. The MACD of -1.23 indicates Positive momentum. The RSI at 25.56 is Positive, neither overbought nor oversold. The STOCH value of 25.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANGI.
Angi Risk Analysis
Angi disclosed 51 risk factors in its most recent earnings report. Angi reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Angi Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $568.10M | 6.00 | 53.19% | ― | 57.83% | 293.63% | |
71 Outperform | $1.37B | 9.88 | 20.02% | ― | 5.35% | 33.74% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $312.01M | 8.34 | 4.40% | ― | -13.14% | 17.25% | |
58 Neutral | $102.46M | ― | 0.15% | ― | -10.73% | ― | |
51 Neutral | $678.68M | -12.43 | -12.25% | ― | 6.65% | 50.32% | |
41 Neutral | $514.33M | -3.62 | ― | ― | -0.76% | -635.75% |
* Communication Services Sector Average
ANGI
Angi
7.78
-8.82
-53.13%
GRPN
Groupon
12.62
2.19
21.00%
YELP
Yelp
22.29
-11.31
-33.66%
EVER
EverQuote
15.80
-9.65
-37.92%
THRY
Thryv Holdings
2.32
-14.04
-85.82%
NXDR
Nextdoor Holdings
1.75
0.08
4.79%
Angi Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Angi Posts Q4 Loss in Revenue, Profitability Improves
Neutral
Feb 10, 2026
Angi Inc. reported its fourth-quarter 2025 results on February 10, 2026, showing a 10% year-over-year revenue decline to $240.8 million, driven by a 79% drop in Network Revenue following the January 2025 rollout of homeowner choice, partially offset by a 23% rise in Proprietary Revenue. Despite lower top-line performance and double-digit declines in total service requests and leads, operating income rose 175% to $5.9 million and adjusted EBITDA increased 25% to $39.7 million, reflecting restructuring, cost reductions, and more efficient Pro acquisition, while the company aggressively repurchased stock, buying back 19.9% of its shares outstanding since its March 31, 2025 spin-off from IAC.
Operationally, proprietary channels showed strength with double-digit gains in service requests and leads, even as network volumes plunged due to the strategic shift to homeowner choice, which management expects will support a return to revenue growth in fiscal 2026. Angi also recorded a $2.7 million income tax benefit and ended 2025 with no remaining authorization under its repurchase program, underscoring a capital allocation strategy focused on enhancing per-share metrics during a period of business model transition and workforce restructuring.
The most recent analyst rating on (ANGI) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Angi stock, see the ANGI Stock Forecast page.
Business Operations and StrategyFinancial Disclosures
Angi Announces Major Workforce Reduction and Cost Restructuring
Negative
Jan 7, 2026
On January 7, 2026, Angi Inc. announced it would reduce its global workforce by about 350 employees to cut operating expenses and optimize its organizational structure, citing AI-driven efficiency gains. The company expects to book restructuring charges of approximately $22 million to $30 million, split between the fourth quarter of 2025 and the first quarter of 2026, primarily for severance, benefits and related cash costs, with the workforce reduction substantially complete in the first quarter of 2026. Angi plans to exclude these restructuring charges from its non-GAAP measures such as adjusted EBITDA and estimates the actions will generate annual run-rate savings of $70 million to $80 million in operating and capital expenditures, signaling a significant cost base reset that could bolster profitability and long-term growth prospects.
The most recent analyst rating on (ANGI) stock is a Hold with a $18.00 price target. To see the full list of analyst forecasts on Angi stock, see the ANGI Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.