# Exzeo Group, Inc. (XZO)

> Source: Nexqual · https://nexqual.com/XZO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Exzeo Group, Inc. (XZO), nexqual.com/XZO" · informational, not investment advice.

**Price:** USD 17 (+3.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.48 · day 16.78–17.38 · 52w 12.36–24.6 · market cap $1.53B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $222M, net income $86.8M (39.1% margin), free cash flow $81.5M (SEC filings).
- Valuation: P/E 17.6x (avg 23.5x at the last 1 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 36 Form 4 filings, $1.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 26 (range 25–27).
- Total return with dividends: 1Y -19.1% vs S&P 500 +14.9%; 5Y -12.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.26, revenue estimate $55.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $88.3M | $134M | $217M | $222M |
| Gross profit | $17.3M | $53.2M | $131M | — |
| Operating income | $2.6M | $38.0M | $106M | $108M |
| Net income | $21.5M | $45.3M | $82.7M | $86.8M |
| EPS (diluted) | $0.15 | $0.44 | $0.99 | — |
| Free cash flow | $6.9M | $45.9M | $97.5M | $81.5M |
| Gross margin | 19.6% | 39.7% | 60.4% | — |
| Operating margin | 2.9% | 28.4% | 48.8% | 48.5% |
| Net margin | 24.3% | 33.8% | 38.1% | 39.1% |
| Revenue growth | — | +51.6% | +62.0% | — |
| Cash + short-term investments | $15.1M | $54.5M | $305M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.6x · P/S 6.9x · P/FCF 18.8x · P/B 5.3x · FCF yield 5.32% · Earnings yield 5.67%
P/E at fiscal year-ends: Dec 2025 23.5x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
36 purchases, $1.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-27 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.67 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.26 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Patel Paresh | Chief Executive Officer | 2,000 | $26K | 12.92 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Patel Paresh | Chief Executive Officer | 2,000 | $26K | 12.82 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-20 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.33 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.69 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-18 | Patel Paresh | Chief Executive Officer | 2,000 | $28K | 13.93 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.68 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Patel Paresh | Chief Executive Officer | 2,000 | $28K | 13.75 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.55 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Patel Paresh | Chief Executive Officer | 2,000 | $28K | 13.85 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Patel Paresh | Chief Executive Officer | 2,000 | $28K | 13.99 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08 | Patel Paresh | Chief Executive Officer | 2,000 | $27K | 13.52 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-07 | Patel Paresh | Chief Executive Officer | 2,000 | $30K | 15.11 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Patel Paresh | Chief Executive Officer | 2,000 | $35K | 17.31 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 26 (low 25, high 27).

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-05) | 5Y (from 2025-11-03) |
|---|---|---|
| Total return | -19.1% | -12.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 62.0% | 62.6% |
| Max drawdown | -48.3% (Dec 2025→Jun 2026) | -43.0% (Dec 2025→May 2026) |

## Peers (Insurance - Diversified)
PLGO (Pelagos Insurance Capital Limit) USD 26.21 +2.26% · IGIC (International General Insurance) USD 25.07 +0.72% · WDH (Waterdrop Inc.) USD 1.01 +0.00% · BNT (Brookfield Wealth Solutions Ltd) USD 38.26 +2.05% · AEG (Aegon Ltd. New York Registry Sh) USD 8.21 -2.15% · ACGL (Arch Capital Group Ltd.) USD 102.69 +2.40%

## More
Full page: https://nexqual.com/XZO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in XZO's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1873951/000119312526076686/xzo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Florida | "Through the Exzeo Platform, we provide services in the following states where our customers have active operations: Florida, Connecticut, Georgia, Massachusetts, Montana, North Carolina, New Jersey, New Mexico, Nevada, R…" |
| Partner | Century Park Holding | "Our lease agreement with Century Park Holding, LLC will expire on December 31, 2032." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Underwriting Management & Claims Services | $51.5M | 89.1% | -1.3% |
| Underwriting & Management Services | $48.3M | 83.7% | +6.7% |
| Claim Services | $6.7M | 11.7% | -21.8% |
| Technology Service | $2.7M | 4.7% | +24.3% |
| Total revenue | $57.8M | 100% | — |
The lines above cover 189.1% of total revenue.

## Customer concentration

Period ended 2024-12-31: 91% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.26 | $0.26 | +0.0% | $55.4M | 1 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.26 | -3.8% | $55.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.00 | $1.00 | +0.0% | $224.3M | 1 |
| Next fiscal year (ends 2027-12-31) | $1.15 | $1.15 | +0.0% | $260.8M | 1 |