# ANGI Homeservices (ANGI.US)

Canonical: https://gigainvestors.com/s/ANGI

Analysis as of: 2026-10-16T07:26:31.355Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.46 per share; close as of 2026-10-15.

Estimated value: low $6.69 per share, central $7.04 per share, high $7.50 per share. Buy at or below the central value $7.04 per share. Valuation as of 2026-10-16T07:26:31.355Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 5.21×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: -0.20×

- FY2018: 0.06×

- FY2019: 0.03×

- FY2020: -0.00×

- FY2021: -0.04×

- FY2022: -0.04×

- FY2023: -0.02×

- FY2024: 0.02×

- FY2025: 0.08×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -1.6%

- ROIC, second-lowest year: -17.8%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 93.0%

- Recent gross margin (lower of latest and 3-year median): 90.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.2%

- FY2017: -42.3%

- FY2018: 20.2%

- FY2019: 12.9%

- FY2020: -2.0%

- FY2021: -17.8%

- FY2022: -13.9%

- FY2023: -5.1%

- FY2024: 6.4%

- FY2025: 22.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$90M

- Net income, five-year total: -$161M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: 1.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$66M

- FY2022: -$142M

- FY2023: $13M

- FY2024: $74M

- FY2025: $31M

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -1.2% vs 6.4%

- Per-share earnings: -0.19 to 0.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: -$2.8B

- Cumulative retained earnings: $111M

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.90

- Per-share value, starting three-year median: -$0.19

- Per-share value, ending three-year median: $0.71

- Buybacks concentrated in cheaper years (correlation): 0.63

- Average buyback yield: 3.7%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $134M

- Cumulative net income, 10 years: -$166M

- ROIC, first three-year median: -1.2%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.19

- FY2017: -$2.39

- FY2018: $1.51

- FY2019: $0.67

- FY2020: -$0.13

- FY2021: -$1.42

- FY2022: -$2.55

- FY2023: -$0.81

- FY2024: $0.71

- FY2025: $0.94

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 14.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -9.9%

- FY2018: -8.1%

- FY2019: -9.3%

- FY2020: -8.2%

- FY2021: -3.9%

- FY2022: -8.2%

- FY2023: -7.9%

- FY2024: -6.6%

- FY2025: -3.6%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 95% since Oct 2021 · sales -13%

Story as of 2026-10-16T09:58:18.607Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2024–2025

sales -13%; source https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm; observed 2026-02-20.

- FY2016: $323M 

- FY2017: $736M 

- FY2018: $1.1B 

- FY2019: $1.3B 

- FY2020: $1.5B 

- FY2021: $1.6B 

- FY2022: $1.8B 

- FY2023: $1.4B 

- FY2024: $1.2B 

- FY2025: $1.0B 

### Gross margin · FY2025

gross margin 90.8%; source https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm; observed 2026-02-20.

- FY2016: 87.5% 

- FY2017: 95.4% 

- FY2018: 95.1% 

- FY2019: 96.5% 

- FY2020: 88.2% 

- FY2021: 83.0% 

- FY2022: 80.9% 

- FY2023: 95.4% 

- FY2024: 95.1% 

- FY2025: 90.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are USD 1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm (filed 2026-02-20); FY2025: revenue 1030535000; grossProfit 935980000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ANGI.US: Angi Inc. connects home professionals with consumers in the United States and internationally. The company provides consumers with tools and resources to help them find local, pre-screened and customer-rated professionals, and refers consumers to independently established home professionals; and connects consumers with professionals in various service categories in its nationwide network through digital marketplace and certain third-party affiliate platforms. It also provides consumers access to online True Cost Guide which offers project cost information for various project types nationwide, ratings, reviews, and promotions, as well as a library of home services-related content that consists of articles relating to home improvement, repair and maintenance, and tools. In addition, the company sells membership subscriptions to approved professionals through its salesforce and online channels. Further, it provides pre-priced offerings, pursuant to which consumer requests services through the platform and pay for such services on the platform directly. Additionally, the company owns and operates international businesses that connect consumers with home professionals under HomeStars, MyBuilder, MyHammer, Travaux, and Werkspot home services marketplaces; and offers quoting and invoicing services. It operates under various brands, including Angi, Angie's List, HomeAdvisor, and Handy. The company was formerly known as ANGI Homeservices Inc. and changed its name to Angi Inc. in March 2021. Angi Inc. was founded in 1995 and is headquartered in Denver, Colorado.

### Why customers stay

Margins ranged from 90.8% to 95.4% during 2023–25; it lost 1.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 95.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 95.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 90.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,-0.012042528662012426],[2017,-0.42252830284222026],[2018,0.20221050066922544],[2019,0.1293803336536176],[2020,-0.020469219188672335],[2021,-0.17760839341397047],[2022,-0.1390918255921434],[2023,-0.0513552328148766],[2024,0.06369714116315939],[2025,0.22398687341024856]]; median -0.01625587392534238. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years; bought back USD 148.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 46976000; cash acquisitions 3669000; owner earnings 116864000. Growth capex plus acquisitions / owner earnings = 0.031395468236582694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 68804000; cash acquisitions 20341000; owner earnings 61422000. Growth capex plus acquisitions / owner earnings = 0.33116798541239295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 52488000; cash acquisitions 2264000; owner earnings 36752000. Growth capex plus acquisitions / owner earnings = 0.06160208968219417.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 47780000; cash acquisitions 0; owner earnings 12842000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 50492000; cash acquisitions 0; owner earnings 74164000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 59600000; cash acquisitions 0; owner earnings 31351000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,11355000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 148676000 USD.

### Are managers owners

Insiders own 11.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ANGI.US SharesStats.PercentInsiders = 11.33 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate -0.03995874377230052. Price 6.46; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.43690958978093036 → FY2025 0.6748826796400741. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $77.00 per share

- 2016-11: $85.90 per share

- 2016-12: $82.30 per share

- 2017-01: $62.70 per share

- 2017-02: $53.30 per share

- 2017-03: $57.00 per share

- 2017-04: $58.80 per share

- 2017-05: $120.40 per share

- 2017-06: $127.90 per share

- 2017-07: $119.80 per share

- 2017-08: $121.60 per share

- 2017-09: $124.60 per share

- 2017-10: $125.00 per share

- 2017-11: $115.80 per share

- 2017-12: $104.60 per share

- 2018-01: $133.60 per share

- 2018-02: $147.90 per share

- 2018-03: $135.80 per share

- 2018-04: $133.60 per share

- 2018-05: $150.60 per share

- 2018-06: $153.80 per share

- 2018-07: $157.10 per share

- 2018-08: $216.60 per share

- 2018-09: $234.80 per share

- 2018-10: $191.40 per share

- 2018-11: $175.30 per share

- 2018-12: $160.70 per share

- 2019-01: $170.00 per share

- 2019-02: $164.20 per share

- 2019-03: $154.40 per share

- 2019-04: $173.80 per share

- 2019-05: $144.20 per share

- 2019-06: $130.10 per share

- 2019-07: $138.50 per share

- 2019-08: $77.60 per share

- 2019-09: $70.85 per share

- 2019-10: $68.50 per share

- 2019-11: $77.50 per share

- 2019-12: $84.70 per share

- 2020-01: $80.30 per share

- 2020-02: $71.30 per share

- 2020-03: $52.50 per share

- 2020-04: $67.75 per share

- 2020-05: $108.50 per share

- 2020-06: $121.50 per share

- 2020-07: $157.90 per share

- 2020-08: $138.75 per share

- 2020-09: $110.95 per share

- 2020-10: $106.00 per share

- 2020-11: $123.60 per share

- 2020-12: $131.95 per share

- 2021-01: $139.80 per share

- 2021-02: $149.45 per share

- 2021-03: $130.00 per share

- 2021-04: $160.10 per share

- 2021-05: $141.80 per share

- 2021-06: $135.20 per share

- 2021-07: $115.10 per share

- 2021-08: $106.40 per share

- 2021-09: $123.40 per share

- 2021-10: $125.30 per share

- 2021-11: $96.10 per share

- 2021-12: $92.10 per share

- 2022-01: $85.80 per share

- 2022-02: $68.90 per share

- 2022-03: $56.70 per share

- 2022-04: $44.10 per share

- 2022-05: $54.90 per share

- 2022-06: $45.80 per share

- 2022-07: $52.00 per share

- 2022-08: $40.60 per share

- 2022-09: $29.50 per share

- 2022-10: $21.50 per share

- 2022-11: $22.30 per share

- 2022-12: $23.50 per share

- 2023-01: $29.10 per share

- 2023-02: $25.60 per share

- 2023-03: $22.70 per share

- 2023-04: $23.00 per share

- 2023-05: $30.60 per share

- 2023-06: $33.00 per share

- 2023-07: $38.70 per share

- 2023-08: $24.60 per share

- 2023-09: $19.80 per share

- 2023-10: $16.10 per share

- 2023-11: $22.50 per share

- 2023-12: $24.90 per share

- 2024-01: $23.70 per share

- 2024-02: $28.70 per share

- 2024-03: $26.20 per share

- 2024-04: $21.10 per share

- 2024-05: $20.20 per share

- 2024-06: $19.20 per share

- 2024-07: $23.20 per share

- 2024-08: $27.00 per share

- 2024-09: $25.80 per share

- 2024-10: $23.80 per share

- 2024-11: $18.60 per share

- 2024-12: $16.60 per share

- 2025-01: $18.00 per share

- 2025-02: $16.80 per share

- 2025-03: $15.41 per share

- 2025-04: $11.46 per share

- 2025-05: $15.65 per share

- 2025-06: $15.26 per share

- 2025-07: $16.22 per share

- 2025-08: $17.72 per share

- 2025-09: $16.26 per share

- 2025-10: $13.27 per share

- 2025-11: $11.42 per share

- 2025-12: $12.93 per share

- 2026-01: $12.98 per share

- 2026-02: $7.78 per share

- 2026-03: $6.85 per share

- 2026-04: $7.34 per share

- 2026-05: $5.86 per share

- 2026-06: $5.95 per share

- 2026-07: $5.67 per share

- 2026-08: $4.65 per share

- 2026-09: $5.76 per share

- 2026-10: $6.46 per share

## Annual estimated value (USD per share)

- FY2020: low $24.79 per share, central $25.90 per share, high $27.38 per share

- FY2021: low $16.69 per share, central $17.90 per share, high $19.52 per share

- FY2022: low $15.28 per share, central $16.61 per share, high $18.37 per share

- FY2023: low $9.43 per share, central $9.82 per share, high $10.33 per share

- FY2024: low $10.17 per share, central $10.50 per share, high $10.94 per share

- FY2025: low $8.39 per share, central $8.70 per share, high $9.12 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1705110/000170511026000011/angi-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.