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Insurance brokers · Financial Services · Fiscal year ends Dec 31
Ethos Technologies reported revenue of $388M in the fiscal year ended Dec 2025, up 52.0% from the year before. Operating income was $73M, an operating margin of 18.8%, and net income was $71M. Operating cash flow of $36M less capital expenditure of $1M left free cash flow of $35M.
Ranks among the 15 insurance brokers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 255 | 388 |
| Cost of revenue | 6.5 | 6.7 |
| Gross profit | 248 | 381 |
| Selling, general & admin | 171 | 269 |
| Operating income | 48.7 | 72.9 |
| Pre-tax income | 53.9 | 75.7 |
| Income tax | 5.1 | 4.6 |
| Net income | 48.8 | 71.2 |
| Diluted EPS | 0.85 | 1.22 |
| Diluted shares | 57.6 | 58.4 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash & equivalents | 35.1 | 91.1 |
| Receivables | 30.3 | 36.5 |
| Current assets | 175 | 246 |
| Net PP&E | 7.4 | 8.2 |
| Goodwill | 2.2 | 2.2 |
| Total assets | 396 | 515 |
| Payables | 24.3 | 55.1 |
| Deferred revenue | – | 0.0 |
| Current liabilities | 67.6 | 113 |
| Total liabilities | 99.0 | 135 |
| Shareholders' equity | −107 | −24.1 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating cash flow | −10.9 | 36.2 |
| Capital expenditure | 0.8 | 1.5 |
| Free cash flow | −11.7 | 34.7 |
| Depreciation & amortisation | 5.4 | 5.4 |
| Stock-based compensation | 3.2 | 10.6 |
| Dividends paid | – | 0.0 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue growth (YoY) | – | 52.0% |
| Operating income growth (YoY) | – | 49.6% |
| EPS growth (YoY) | – | 43.5% |
| Gross margin | 97.4% | 98.3% |
| Operating margin | 19.1% | 18.8% |
| Net margin | 19.2% | 18.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.8% | 18.1% |
| Free cash flow margin | −4.6% | 9.0% |
| Cash conversion (CFO ÷ net income) | −0.22x | 0.51x |
| Receivable days | 43 | 34 |
| Payable days | 1359 | 2985 |
| Current ratio | 2.59x | 2.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.