PRCHPorch Group, Inc.

Accident & Health Insurance

Revenue: $419M; 34% YoY
Operating margin: 8.7%; 142% YoY
EBITDA: $61M; 256% YoY
Market cap: $2.6B
Employees: 803; $522K revenue each
Net debt / EBITDA: 5.6×; $340M net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$522K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$30M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$192M	$276M	$287M	$313M	$419M	34%
Operating income	−$83M	−$177M	−$190M	−$65M	$37M	157%
Net income	−$107M	−$157M	−$134M	−$33M	−$3M	90%
Operating cash flow	−$35M	−$18M	$34M	−$32M	$66M	310%
Capex	$972K	$2M	$851K	$523K	$454K	13%
Stock-based comp	$39M	$27M	$21M	$27M	$29M	6.5%
Buybacks	$0	$2M	$6M	$0	$0

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 27, 2026	Ehrlichman Matt	SCHEDULE 13D/A	21.0%	Passive
Apr 29, 2026	Ehrlichman Matt	SCHEDULE 13D/A	21.8%	Passive
Mar 20, 2026	Ehrlichman Matt	SCHEDULE 13D/A	22.7%	Passive
Aug 8, 2025	Ehrlichman Matt	SCHEDULE 13D/A	20.6%	Passive
Nov 9, 2023	VILLERE ST DENIS J & CO LLC	SC 13D/A	2.4%	Passive
Sep 29, 2023	Ehrlichman Matt	SC 13D/A	22.1%	Passive
Sep 11, 2023	Ehrlichman Matt	SC 13D/A	21.0%	Passive
Apr 18, 2023	Ehrlichman Matt	SC 13D/A	19.8%	Passive
Nov 23, 2022	Ehrlichman Matt	SC 13D/A	18.0%	Passive
May 17, 2022	Ehrlichman Matt	SC 13D/A	17.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $30M · 77
Net: −$30M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$15M	$37M	64	248
FY2024	$13M	$22M	34	201
FY2023	$4M	$9M	22	148
FY2022	$14M	−$5M	13	95
FY2021	$1M	$13M	109	133