NerdWallet, Inc. (NRDS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+232.3%

$36.55

vs $11.00 price

Levered DCF

$53.14

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.87

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.53×	33.25×	-98.13×	-68.57×	-24.68×	351.55×	76.49×
P/B	2.69×	2.79×	3.08×	1.98×	4.05×	22.53×	232.89×
P/S	1.2×	1.48×	1.88×	1.26×	2.75×	7.6×	8.16×
EV / EBITDA	7.83×	17.75×	18.77×	31.11×	-95.72×	106.71×	48.04×
Gross margin	92.4%	90.8%	91.0%	92.6%	92.5%	91.3%	92.9%
Operating margin	8.3%	1.4%	0.6%	-3.5%	-10.3%	0.8%	12.4%
Net margin	5.8%	4.4%	-2.0%	-1.9%	-11.2%	2.2%	10.6%
Current ratio	3.45×	3.27×	5.32×	2.61×	3.69×	5.39×	4.01×
Debt / equity	0×	0.02×	0.03×	0.04×	0.06×	0.55×	6.18×
Interest coverage	116×	13.43×	4.5×	-7.6×	-30×	1.73×	25.82×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	8.3%	-3.2%	-3.0%	-16.5%	6.4%	302.5%
Return on invested capital	12.7%	2.5%	-1.8%	-2.7%	-13.0%	0.8%	19.0%
Return on assets	10.6%	6.9%	-2.8%	-2.4%	-11.7%	2.1%	16.7%
Free cash flow yield	12.9%	7.0%	3.8%	-1.1%	-1.5%	-0.2%	0.9%
Earnings yield	4.8%	3.0%	-1.0%	-1.5%	-4.1%	0.3%	1.3%
Enterprise value	$908.5M	$960.1M	$1B	$606.6M	$890.2M	$1.8B	$1.8B
Net debt / EBITDA	-0.85×	-1.06×	-1.64×	-3.65×	16.42×	-2.24×	-0.47×
Cash conversion cycle (days)	17	7	38	30	17	-35	19