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Research HubSoftware & Cloud ServicesEverCommerce Inc. (EVCM)
Open Live 3-Statement Model
Coverage:KVYODDOGCRWDNOWSNOWPLTRADBECRMPANWNETSHOPMDB
SEC 10-K / 10-Q Equity ResearchSoftware & Cloud ServicesTicker: EVCM

EverCommerce Inc. (EVCM) DCF Valuation & Fundamental Primer

EverCommerce Inc. (EVCM) currently trades at $11.88 with an enterprise value of $2.60B. Our proprietary institutional model rates EverCommerce Inc. at 77/100 (Grade: A · High-Quality Compounder). The current market price prices in an implied 5-year revenue CAGR of 19.5% vs. historical growth of 20.0% (Fairly Priced to Fundamentals).

GDA Quality Score
A77/100
High-Quality Compounder
Share Price / DCF Base
$11.88 / $12.10
Enterprise Value
$2.56B
TTM Revenue
$698.8M (+20.0%)
Gross Margin
67.3%
Rule of 40 Score
33.4%
EV / TTM Revenue
3.7×
Structural Moat: Enterprise Software & Cloud Services Switching Costs & Recurring Workflow Integration
Key Growth Catalyst: AI workflow automation, multi-module expansion across enterprise cohorts, and operating margin leverage at EverCommerce Inc..

Institutional fundamental teardown of EverCommerce Inc. (EVCM) covering SEC 10-K/10-Q cash flow conversion, SBC dilution friction, and Reverse-DCF valuation hurdles.

Seed EVCM in Interactive 3-Statement Model
Jump to Section:1. DCF Valuation & Sandbox2. Quality Scorecard3. Reverse-DCF Hurdle4. 5-Year Forecast5. Peer Multiples6. Multiple Stress Test7. Investor FAQ8. Sector Peers
Section 1 · Intrinsic Valuation Engine

EverCommerce Inc. (EVCM) 3-Scenario DCF Valuation Range

WACC: 10.0% · Terminal Growth: 2.5% · Diluted Shares: 182.7M
bear Case DCFSensitivity
$4.02
Implied Equity Value:$733.8M
vs Current ($11.88):-66.2%
base Case DCFPrimary Benchmark
$12.10
Implied Equity Value:$2.21B
vs Current ($11.88):+1.8%
bull Case DCFSensitivity
$23.31
Implied Equity Value:$4.26B
vs Current ($11.88):+96.2%
Interactive What-If DCF SandboxSim Rule of 40: 33.5%

Stress-test EVCM's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.

Seed Custom Drivers in /model
1-Click Regimes:
20.0%
2%Hist: 20%50%
13.5%
5%Base: 13.5%45%
10.0%
6.5%Base: 10%14.5%
2.5%
1.0%Implies 13.7× Y5 FCF4.0%
Accounting Lens:
Simulated Implied Price$12.14
Spread vs Market+2.2%
Simulated EV$2.61B
Effective FCF Margin13.5%
Simulated 5-Year Cash Flow Trajectory (Unlevered FCF vs. Discounted PV)Cumulative 5Y PV: $617.0M
Year 1$838.5M
FCF:$113.2M
PV:$102.9M
Year 2$1.01B
FCF:$135.8M
PV:$112.3M
Year 3$1.21B
FCF:$163.0M
PV:$122.5M
Year 4$1.45B
FCF:$195.6M
PV:$133.6M
Year 5$1.74B
FCF:$234.7M
PV:$145.7M
Enterprise Value Composition Bridge$2.61B

Split between 5-Year Explicit Cash Flows and Discounted Terminal Value

5Y Explicit PV: $617.0M (23.6%)Terminal PV: $1.99B (76.4%)
(+) Balance Sheet Cash & Equivalents+$135.8M
(−) Total Debt Obligations−$527.9M
(=) Implied Equity Value (182.7M shs)$2.22B

2D Institutional Valuation Sensitivity Heatmap

Implied share price & upside/downside spread across 25 valuation states (Current Price: $11.88).

WACC \ Terminal1.5%2.0%2.5%3.0%3.5%
8.5%
$13.77
+16%
$14.79
+25%
$15.98
+35%
$17.39
+46%
$19.07
+61%
9.3%
$12.12
+2%
$12.92
+9%
$13.84
+17%
$14.91
+26%
$16.17
+36%
10.0%
$10.76
-9%
$11.40
-4%
$12.14
+2%
$12.97
+9%
$13.94
+17%
10.8%
$9.62
-19%
$10.15
-15%
$10.74
-10%
$11.41
-4%
$12.17
+2%
11.5%
$8.66
-27%
$9.10
-23%
$9.58
-19%
$10.13
-15%
$10.74
-10%
Section 2 · Fundamental Underwriting

Institutional Software Quality Scorecard (77/100 · Grade A)

High-Quality Compounder

Strong fundamentals, above-average cash generation, and robust competitive positioning.

Cash Conversion25 / 25
Actual: 37403% of EBITTarget: Target: ≥100%

Elite deferred revenue float; FCF exceeds operating income by >20%

Dilution Friction25 / 25
Actual: 3.8% of RevTarget: Target: ≤8%

Minimal dilution friction; management compensation aligned with shareholders

Unit Economics15 / 25
Actual: 67% GM / R40: 33%Target: Target: ≥75% GM / ≥40% R40

Solid gross margins with potential for operating leverage at scale

Balance Sheet12 / 25
Actual: -$392.2M Net DebtTarget: Target: Net Cash > 0

Moderate leverage or cash burn; monitor liquidity runway

Core Investment Strengths & Moats

  • High-grade cash conversion: FCF is 37403% of EBIT driven by upfront annual collections
  • Low dilution friction: SBC is only 3.8% of revenue

Key Operational & Dilution Risks

    Section 3 · Expectations Investing

    Reverse-DCF Solver: What Growth is Priced Into EVCM?

    Fairly Priced to Fundamentals

    Market implies 19.5% annual revenue growth over next 5 years (24.1% dilution-adjusted), in line with company run-rate.

    Implied 5-Year Revenue CAGR
    19.5%
    Required to justify $2.56B EV
    Historical Run-Rate CAGR
    20.0%
    Audited multi-year top-line trajectory
    Growth Hurdle Spread
    -0.4%
    Implied hurdle minus historical growth
    Implied FCF Margin @ Hist. Growth
    13.3%
    Steady-state FCF margin needed at current CAGR
    Institutional Dilution-Adjusted Hurdle Lens

    Headline Reverse-DCF ignores Stock-Based Compensation (3.8% of revenue) and annual share dilution (0.5%/yr). Accounting for both requires 24.1% 5-year revenue CAGR to justify $11.88/sh on a true per-share economic cash flow basis.

    True Economic Hurdle24.1%
    SBC & Dilution Hurdle Tax+4.5% / yr
    Section 4 · 5-Year Forecast Schedule

    EverCommerce Inc. (EVCM) 5-Year Fundamental Forecast

    Customize in Live Engine
    Statement Line ItemTTM Audited BaseTTMY1Y2Y3Y4Y5
    Revenue$698.8M$698.8M$838.2M$1.01B$1.21B$1.45B$1.74B
    Gross Profit$470.4M$470.4M$564.3M$676.8M$811.9M$973.8M$1.17B
    Operating Income (EBIT)$252.0K$279.5K$335.3K$402.2K$482.4K$578.6K$694.1K
    Stock-Based Compensation (SBC)$26.5M$26.5M$31.8M$38.1M$45.7M$54.8M$65.8M
    Unlevered Free Cash Flow (FCF)$94.3M$94.3M$113.1M$135.6M$162.7M$195.1M$234.1M
    SBC-Adjusted True Cash Flow$67.8M$67.8M$81.3M$97.5M$117.0M$140.3M$168.3M
    Section 5 · Relative Valuation Multiples & Regression

    Software & Cloud Services Peer Comparables & Rule of 40 Regression

    Click any peer node or ticker to open its dedicated equity research report

    Rule of 40 vs. EV / Revenue Multiple Regression

    OLS Fit: EV/Rev = -19.3 + 0.61 × (Rule of 40) · R² = 77%

    Stocks below the gold regression line trade at a discount relative to their Rule of 40 compounding efficiency.

    EVCM Actual vs. Reg. Multiple3.7× vs 2.0× fair
    Reg.-Implied Share Price$5.50 (+83.5% Premium)
    0×6×12×17×23×5%20%34%49%63%Rule of 40 Score (Revenue Growth % + Unlevered FCF Margin %) →EV / TTM Revenue (×)▲ Attractive Alpha Zone (Discount to Efficiency)▼ Valuation Premium ZoneEVCMNOWWDAYCRMDDOGSNOWHUBS
    EVCMEverCommerce Inc.·Rule of 40: 33.4%·Actual EV/Rev: 3.7×·Regression Fair Multiple: 2.0×
    +83.5% Above Trendline (Premium)Open EVCM Report
    CompanyTickerMarket CapTTM RevenueGross MarginFCF MarginRule of 40SBC % RevEV / Rev
    EverCommerce Inc.EVCM$2.17B$698.8M67.3%13.5%33.4%3.8%3.7×
    ServiceNowNOW$152.61B$10.98B79.2%31.1%54.2%15.9%13.9×
    Workday, Inc.WDAY$50.35B$8.00B75.0%27.4%43.9%19.0%6.4×
    SalesforceCRM$217.10B$37.90B77.2%32.8%42.8%8.4%5.8×
    DatadogDDOG$46.05B$2.68B80.8%31.1%57.7%21.3%17.4×
    Snowflake Inc.SNOW$71.79B$3.63B66.5%25.2%57.7%40.8%20.0×
    HubspotHUBS$19.89B$2.63B85.0%21.3%52.7%19.2%7.7×
    Peer Cohort Median Benchmark (N=6)78.2%29.2%53.5%19.1%10.8×
    Section 6 · Downside Protection & Multiple Sensitivity

    EV / Revenue Multiple Compression Stress Test

    Multiple ScenarioEV / RevenueImplied Enterprise ValueImplied Equity ValueImplied Share PriceDelta vs Current
    Current Multiple3.7×$2.56B$2.17B$11.880.0%
    -20% Multiple Compression2.9×$2.05B$1.66B$9.07-20.0%
    -35% Multiple Compression2.4×$1.67B$1.27B$6.97-35.0%
    Software Baseline Floor (5.0× EV/Rev)5.0×$3.49B$3.10B$16.98+36.4%
    Section 7 · Investor Diligence FAQ

    Frequently Asked Questions: EverCommerce Inc. (EVCM) Valuation

    What is EverCommerce Inc. (EVCM)'s intrinsic DCF valuation and implied share price?

    Based on audited SEC 10-K/10-Q filings and a 5-year 3-statement discounted cash flow (DCF) model, EverCommerce Inc. (EVCM) has a Base Case implied value of $12.10 per share (with a Bear Case of $4.02 and a Bull Case of $23.31), compared to its current price of $11.88. The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.

    What is EverCommerce Inc. (EVCM)'s Rule of 40 score and Free Cash Flow margin?

    EverCommerce Inc. achieves a Rule of 40 score of 33.4%, combining a 20.0% revenue growth run-rate with a 13.5% TTM free cash flow margin on $698.8M in trailing twelve-month revenue. In the Software & Cloud Services peer cohort, the median Rule of 40 benchmark is 53.5%.

    What revenue growth rate is priced into EVCM stock according to Reverse-DCF analysis?

    At $11.88 per share (Enterprise Value of $2.56B), our Reverse-DCF solver indicates the market is pricing in a 5-year implied revenue CAGR of 19.5%, compared to EverCommerce Inc.'s historical CAGR of 20.0%. Overall market expectations are rated as "Fairly Priced to Fundamentals".

    How does EverCommerce Inc. compare to Software & Cloud Services software peers?

    EverCommerce Inc. (EVCM) earns an institutional Software Quality Score of 77/100 (Grade A — High-Quality Compounder). Across its Software & Cloud Services peer group (NOW, WDAY, CRM, DDOG, SNOW), the cohort trades at a median EV/TTM Revenue multiple of 10.8× and a median gross margin of 78.2%.

    How does Stock-Based Compensation (SBC) impact EverCommerce Inc. (EVCM)'s valuation?

    EverCommerce Inc. recorded $26.5M in TTM stock-based compensation (3.8% of revenue). When treating SBC as a cash-equivalent compensation expense, EverCommerce Inc.'s SBC-adjusted free cash flow yield is 3.1%, scoring 25/25 on our Shareholder Dilution Friction pillar.

    Section 8 · Sector Coverage Universe

    Related Software & Cloud Services Equity Research Reports

    View All Coverage
    NOWServiceNow, Inc.
    DCF Valuation, Rule of 40 & SEC Filing Teardown
    WDAYWorkday, Inc.
    DCF Valuation, Rule of 40 & SEC Filing Teardown
    CRMSalesforce, Inc.
    DCF Valuation, Rule of 40 & SEC Filing Teardown
    DDOGDatadog, Inc.
    DCF Valuation, Rule of 40 & SEC Filing Teardown
    SNOWSnowflake Inc.
    DCF Valuation, Rule of 40 & SEC Filing Teardown
    HUBSHubSpot, Inc.
    DCF Valuation, Rule of 40 & SEC Filing Teardown

    Model EverCommerce Inc. (EVCM) Live in the Autonomous Financial Engine

    Stress-test EverCommerce Inc.'s revenue growth, gross margin, R&D capitalization, and WACC assumptions in real time, or retain Golden Door Asset for institutional M&A and software diligence.

    Open EVCM Interactive 3-Statement ModelRetain Institutional Research Advisory

    Research only — not investment advice. Figures are sourced from public SEC EDGAR Form 10-K and 10-Q filings and institutional modeling assumptions. Past performance is not indicative of future results.