Exzeo Group, Inc.

Rank #187Hypergrowth

XZO · NYSE · Financial Services

Exzeo Group, Inc. (XZO) — Rank #187 by gross profitability (GP/assets 0.34) · ROE 28.7% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001873951 · all metrics point-in-time as of the filing date.

About

Exzeo Group, Inc. provides turnkey insurance technology and operations solutions to insurance carriers and agents in the United States.

The company offers Exzeo Platform, an Insurance-as-a-Service (IaaS) platform that provides technology-based solutions for operational and administrative activities, such as quoting and underwriting, policy management, claims management, data reporting, and financial reporting; and streamlines and automates interactions between insurance carriers and policyholders. It also provides CasaClue, a data repository; Harmony, a policy administration platform that streamlines the entire policy lifecycle; AtlasViewer, a mapping and data visualization platform that integrates location-based data from multiple sources; and Mercury, a workflow solution designed to ensure uniform routing and policy change tracking. In addition, the company offers ClaimColony, an End-to-end claims management platform; AtlasViewer, a tool to look at claims and manage the claims lifecycle; JustEZ app which helps sync inspections from various carriers, schedule appointments, sync photos to cloud, and write scoping reports; Exahub, a centralized data platform; and ExzeoIQ that provides transparent reporting for customers. The company was formerly known as TypTap Insurance Group, Inc. Exzeo Group, Inc.

was founded in 2012 and is based in Tampa, Florida. Exzeo Group, Inc. is a subsidiary of HCI Group, Inc.

Industry: Insurance - Diversified
Sector: Financial Services
State: FL
Filer Category: Emerging growth company
Fiscal Year End: December 31
Website: exzeo.com

Price History

XZO-23.8% · -27.4% CAGRSPY+13.7% · +16.4% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$1.49B

P/E (annual)

16.8

P/S (annual)

6.9

P/B

5.2

P/OCF (annual)

14.9

Shareholder Yield

-3.5%

Employees

354

Industry

Insurance - Diversified

Exchange

NYSE

Signal Flags

4 green1 yellow

Revenue growth acceleratingGrowth rate increasing year over year

Operating leverage expandingOperating income growing faster than revenue

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Quality Profile

Profitability

1/1 pass

GP / assets

0.34

Return on equity

28.7%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.34

Current ratio

1.85×

Net cash

$136.73M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

1.2%

Growth

1/2 pass

Revenue growth

62.0%

Piotroski F-Score

5 / 9

Share dilution

3.5%

Terry Smith quality gate

Passes 4/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

2.5%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 3.5% — per-share value needs a total required return of 5.9% once share-count change is priced in.

vs. own 6-year median revenue growth: 62.0%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-1.5%

r = 10% (base)

2.5%

r = 12%

5.9%

Net debt / market cap: -10.3%

Base FCF: $97.5M3Y mean FCF: $97.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

16.8xCheap

16.8xmed 37.8x110.9x

P / S

Price / revenue per share

6.1xCheap

6.1xmed 9.6x14.3x

P / GP

Price / gross profit per share

10.2xCheap

10.2xmed 24.2x73.3x

P / FCF

Price / free cash flow per share

13.7xCheap

13.7xmed 28.1x183.4x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.34

Primary signal (Novy-Marx).

46th pctl of 38 SIC 7372 peers

Return on equity

28.7%

Gross margin

60.4%

27th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

62.0%

RPO growth (YoY)

34.0%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2023	2024	2025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.34

75th pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

1.85×

49th pctl of 38 SIC 7372 peers

Quick ratio

1.51×

Net cash

$136.73M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$97.45M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.18

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2023-2025

20232025

Hypergrowth

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