Porch Group, Inc.

Worth knowing

• Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

  Porch's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

• Shareholders being diluted. Shares outstanding up 34% from December 2022 to July 2026.

  Porch had 34% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Porch had 34% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $77M vs $6M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Porch recorded $77M of stock-based pay expense and spent $6M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Porch recorded $77M of stock-based pay expense and spent $6M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Earnings slid into a loss. Loss per share this year after a profit last year.

  Porch made a loss per share in its latest year after a profit the year before.