Porch Group operates an integrated home services and insurance platform that leverages proprietary property data, software and partnerships to deliver high margin insurance and home solutions. The company achieved a 23% RWP to adjusted EBITDA conversion rate in Q4, with expectations for further margin improvement in 2026.
Cyborg Score Rationale
Porch demonstrates strong momentum with aggressive 2026 guidance ($600M premium, $98-105M adjusted EBITDA), 11x EBITDA growth in 2025, and positive analyst upgrades. Recent analyst activity shows Keefe, Bruyette & Woods upgraded their outlook from Market Perform to Outperform, though housing headwinds remain a potential constraint.
Top Insights
Adjusted EBITDA hit $77 million for 2025 (11x growth) with reciprocal written premium reaching $126 million in Q4, helped by more agencies and nearly tripled quote volumes.
Porch Insurance launched statewide in Texas, offering unique features and higher commissions for agents.
Statutory surplus at the reciprocal grew to $155 million, up $49 million, providing ample capacity for premium growth.
Despite weak U.S. housing activity, Insurance Services growth has more than offset market softness.
Named Competitors
Homeowners Insurance — Traditional and digital homeowners insurance providers
Home Services Software — Home services and contractor management platforms
Recent Developments
(February 2026) Keefe, Bruyette & Woods upgraded their outlook from Market Perform to Outperform
(February 2026) Management raised 2026 guidance, targeting $600 million in organic RWP (25% growth) and $98–$105 million in adjusted EBITDA.
(Q4 2025) Reciprocal written premium reached $126 million in Q4, helped by more agencies and nearly tripled quote volumes.
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