Who are NerdWallet's biggest customers?

Customer one accounts for 26% of NerdWallet's revenue (FY2025 10-K).

NRDSNerdWallet, Inc.

Communication Services

$10.94-3.8% 1Y

$10.94

$7.5852 weeks$15.93

Is the business good?

Good

A genuinely good business: earnings fully cash-backed (2.6×) and margins widening.

2 good, 1 neutral, 1 without data

Profits arrive as cash2.60×derived · Jun 30, 2026

Operating profit is fully backed by cash. Conversion is worsening vs a year ago.

Margin direction, 3 years+11.1 pts

Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.

Where ROE comes from14% ROA

Efficiency-driven, thin margins turned over fast (the retail model). ROE 18% = margin × turnover × leverage.

Unless marked, from derived.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

How good a business is NRDS?

NerdWallet, Inc. keeps 10% of every revenue dollar as operating profit, against 5.7% for the median Internet Content & Information name.

10%

Operating margin · Internet Content & Information median 5.7% · 12 months to Q2 2026

Cash conversion: 2.60×
Cash conversion · 3.94× a year ago · operating cash flow covers the operating profit after tax
Share count, year on year: −14%
Share count, year on year · bought back, each share owns more of the company
R&D as % of revenue: 7.7%
R&D as % of revenue

Operating margin by fiscal year
Year	Operating margin
FY2020	0.77%
FY2021	−10%
FY2022	−3.5%
FY2023	0.60%
FY2024	1.4%
FY2025	7.8%

Details›

Gross margin12 months to Q2 2026: 94%
Operating margin12 months to Q2 2026: 10%
Net margin12 months to Q2 2026: 7.6%
Free cash flow margin: 19%
R&D as % of revenue: 7.7%
Revenue, trailing twelve months: $860M
Free cash flow, trailing twelve months: $163M
Net income, trailing twelve months: $65M

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Customers and suppliers

Who buys from NRDS and who it buys from, as the companies report it.

26%of revenue comes from customer one

Customerswho buys

Customer one
26%
Share of revenue · FY2025 10-K

Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NRDS’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.

Internet Content & Information

Ranks #4 of 30 by RyuScore