EverCommerce Inc. (EVCM) Stock Price & How to Invest

EverCommerce sells vertically-tailored SaaS to service-based small and medium businesses, organised into three brands: EverPro for home services (contractors, HVAC, roofing, home maintenance), EverHealth for health services (physician practices, therapists) and EverWell for wellness (salons, spas). As of the end of 2025 the platform served more than 745,000 customers. Each vertical follows the same pattern: business management software becomes the system of record for scheduling and job management, then billing and payment solutions ride on top of it, then customer experience tools (reviews, messaging, marketing) layer on. Payments are the monetisation engine, with roughly ~$13.0B of annualized processing volume as of the fourth quarter of 2025 against a customer base the company estimates could eventually run more than $100B through it. Nearly all of the revenue base, about ~97%, is recurring or re-occurring.

The company was assembled by acquisition under Providence Strategic Growth and Silver Lake, IPO'd in July 2021 at $17, and has spent the last two years doing the opposite of buying: it sold its Fitness Solutions business in 2025, sold Marketing Technology Solutions in October 2025, and has bought back stock rather than companies. What remains is a cleaner but slower business. Second quarter 2026 revenue of ~$152.0M grew ~2.7% year over year, and only ~2.0% on the company's own pro forma basis, meaning essentially all of the growth is now organic and organic growth is low single digits. Adjusted EBITDA of ~$44.5M was flat against the year-ago quarter, and management guided full-year 2026 results toward the lower end of the ~$612M to ~$632M revenue and ~$183M to ~$191M adjusted EBITDA ranges. Founder Eric Remer stepped down as CEO and Chairman effective August 6, 2026, with Alex Goor taking the seat. The investment question is whether embedded payments and AI-driven workflow tools can lift growth back into the mid single digits, or whether EVCM stays a mid-single-digit-grower carrying ~3.0x gross leverage and a goodwill balance larger than its book equity.

Growth is the central problem: ~2.7% reported and ~2.0% pro forma revenue growth with net revenue retention at ~94% describes a business where churn and downgrades are nearly cancelling out new sales and price increases, and management has already guided 2026 to the low end. The capital structure amplifies that, with ~$523.9M of principal debt against ~$133.5M of cash for roughly ~2.2x net and ~3.0x gross leverage on trailing adjusted EBITDA, on a floating term loan priced at SOFR plus 2.00% (about ~5.65% at June 30, 2026) maturing in July 2030. Goodwill of ~$892.5M and intangibles of ~$142.0M make up roughly ~76% of the ~$1.36B asset base and exceed the ~$715.3M of book equity, so tangible book value is negative and further impairment is a live possibility given the 2024 and 2025 precedents. Ownership is highly concentrated, with PSG at ~48.3% and Silver Lake at ~37.9% as of the April 2026 proxy, leaving a float near 14%, Nasdaq controlled-company status and a steady stream of Form 144 filings, which means a block sale, a take-private or continued sponsor selling are all outcomes a minority holder does not control. A putative class action filed January 31, 2024 in Delaware Chancery (Vladimir Gusinsky Revocable Trust v. Eric Remer, Penny Baldwin, et al., Case No. 2024-0077) challenges the sponsors' veto right over hiring and firing the CEO under DGCL Section 141(a), with oral argument scheduled for October 19, 2026; it is a governance suit seeking declaratory relief, not a securities-fraud claim. Beyond that, the customer base is cyclical home services and small healthcare practices, payments revenue depends on third-party processors including Worldpay and PayPal, and AI-native competitors are attacking the same workflows with lower price points.

6 analysts publish price targets on EVCM, averaging $11.00 against a $10.19 price as of August 2026, or +7.9%. The published targets run from $8.00 to $13.00, a moderate spread, and the ratings split 3 buy, 3 hold, 2 sell. Over the last six months there have been 2 raises and 5 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full EVCM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on EverCommerce Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Payments attach on an installed base that is already there. EverCommerce processes roughly ~$13.0B of annualized volume for customers whose total payment flow it estimates at more than $100B. The most optimistic published target, $13.00, assumes this works close to its best case.

The case against. Growth is the central problem: ~2.7% reported and ~2.0% pro forma revenue growth with net revenue retention at ~94% describes a business where churn and downgrades are nearly cancelling out new sales and price increases, and management has already guided 2026 to the low end. The most pessimistic target, $8.00, is roughly what EVCM is worth if this bites instead.

Read the full bull and bear case on EVCM, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see EverCommerce Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$598.1M, with Q2 2026 revenue of ~$152.0M up ~2.7% year over year and ~2.0% pro forma
• Adjusted EBITDA (TTM): ~$175.8M, about a ~29% margin; Q2 2026 was ~$44.5M versus ~$45.0M a year earlier
• GAAP net income (TTM): ~$34M from continuing operations, or ~$0.05 per share in the June quarter
• Free cash flow (TTM): ~$72M, from ~$107M of operating cash flow less ~$35M of capital expenditure and capitalized software
• Net debt and leverage: ~$390M net (~$523.9M principal less ~$133.5M cash), roughly ~2.2x net and ~3.0x gross trailing adjusted EBITDA
• Valuation: ~$1.80B market cap at ~$10.19 and ~$2.19B enterprise value, about ~3.0x sales, ~3.7x EV/revenue and ~12.5x EV/adjusted EBITDA

Full-year 2026 guidance calls for ~$612M to ~$632M of revenue and ~$183M to ~$191M of adjusted EBITDA, with management saying in August that results should trend toward the lower end of both. On the low end that puts the stock near ~12x forward EV/adjusted EBITDA, which is cheap against high-growth vertical SaaS and unremarkable against a business compounding revenue at ~2%. Goodwill of ~$892.5M against ~$1.36B of total assets is the arithmetic signature of the roll-up: the market is currently valuing the whole enterprise at roughly 2.4x the goodwill carried from past deals.

Other names that sit close to EVCM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get EVCM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so EVCM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where EVCM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

EverCommerce is a profitable, deleveraging vertical software roll-up whose growth has flattened to low single digits, and its valuation mostly turns on whether payments attach and the new CEO can reaccelerate it before the sponsors decide how they exit.

Whether EVCM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is EVCM a buy or a sell?, and where the stock could go from here in the EVCM stock forecast.

For income investors, whether EVCM pays a dividend and how the payout looks is covered in does EVCM pay a dividend? And to weigh EVCM against a peer, read the full side-by-side comparisons: EVCM vs TTAN and EVCM vs FOUR.