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Angi Inc. (formerly ANGI Homeservices Inc.) is an internet services company formed in 2017 by the merger of Angie's List and HomeAdvisor.[3] The company has its earliest roots in American home services website Angie's List, founded in 1995 as an online directory that allows users to read and publish crowd-sourced reviews of local businesses and contractors.

Key Information

For the quarter ending on June 30, 2018, ANGI reported total revenue of US$1,132,000,000 and a net income of US$77,507,000.[4] On May 1, 2017, The Wall Street Journal reported that IAC planned to buy Angie's List. By September 2017 the new publicly traded company was called ANGI Homeservices Inc.[5] Shares started trading in early October, 2017.[6]

In March 2019, Angi moved its corporate headquarters to Denver, Colorado.[1]

History

[edit]

William S. Oesterle and Angie Hicks founded Angie's List in 1995. The idea resulted from Hicks's search for a reliable construction contractor in suburban Columbus, Ohio, on behalf of Oesterle, a venture capitalist who was Hicks's boss. Hicks moved to Columbus to join Oesterle in creating Columbus Neighbors, a call-in service, and publication with reviews of local home and lawn care services. The name and concept were based on Unified Neighbors in Indianapolis, Indiana. Hicks went door-to-door, signing up consumers as members and collecting ratings of local contractors. After Hicks recruited over 1,000 members in Columbus within one year, she turned to Oesterle to raise money from investors to develop the business.[7]

In 2013, Angie's List investors worried that the company had been in business for more than 18 years, yet never had shown an annual profit and that valuations of the company were unrealistic based on the actual revenue the company produces.[8] But by 2015 growth estimates indicate a significant earnings-per-share growth, with a long-term growth rate at 19%. Combine this with stock estimates rising in 2015 by 13.3%, some Securities research firms such as Zacks Investment Research indicated ANGI is well-positioned for future earnings growth.[9]

HomeAdvisor

[edit]

In 1998, ServiceMagic was founded by Rodney Rice and Michael Beaudoin who were part of the founding management team of Einstein Bros Bagels.[10] In 2004, IAC acquired the website for an undisclosed price.[11]

On July 22, 2004, IAC acquired ServiceMagic.[12] In October 2008, ServiceMagic acquired the French business 123Devis.com and Travaux.com, as well as UK business 123GetAQuote.co.uk to create ServiceMagic Europe. In March 2009, the UK business was rebranded as ServiceMagic.co.uk.[13]

In 2012, the firm changed its name to HomeAdvisor.[14]

In 2013, HomeAdvisor acquired Werkspot.nl, the leading Dutch home improvement platform.[15] In 2014,[16] Werkspot.nl opens her twin company in Italy: Instapro.[17]

By 2015, the firm had achieved more than $300 million in annual revenue, been used by more than 30 million homeowners, had nearly 100,000 pre-screened service professionals in its network and almost 3 million verified reviews.[18]

In 2016, HomeAdvisor acquired the German home services company, MyHammer.[19] In 2017, it acquired Canada's leading home services platform, HomeStars,[20] and MyBuilder, the UK's leading home services platform connecting homeowners and tradesmen.[21]

Angi

[edit]
Main article: Angi

In 1996, the company bought Unified Neighbors from its creator and moved the company's headquarters to Indianapolis.

In 2010, Angie's List raised a total of $25 million in capital from investors. In September 2010, Wasatch Funds and Battery Ventures invested $22 million.[22] In November 2010, Saints Capital led an additional funding of $2.5 million.[23] On November 17, 2011, the firm began trading on the NASDAQ exchange under the ticker symbol ANGI. It priced 8.8M shares at $13 and opened for trading at $18, a 33% premium.[24]

In July 2016, Angie's List was made a freemium service; the basic membership tier, with access to more than 10 million reviews, was made free, alongside subscription tiers offering additional functionality.[25][26]

On October 2, 2017, IAC announced that it had agreed to acquire Angie's List for $781.4 million.[1] and it merged Angie's List and HomeAdvisor, renaming the merged company to ANGI Homeservices, retaining Angie's List ticker symbol and stock history.[25][27]

In October 2018, ANGI Homeservices bought Handy for $165.5 million.[1] In March 2021, Angie's List changed its name to Angi, and ANGI Homeservices Inc. changed its name to Angi Inc.[28]

In May 2023, William Oesterle, who co-founded the company with Angie Hicks, died.[29]

Lawsuits

[edit]

In 2014, Angie's List Inc. paid $2.8 million to settle a lawsuit alleging that it automatically renewed members at a higher rate than they were led to believe.[30]

In August 2016, HomeAdvisor has agreed to settle three lawsuits for a payment of $1,400,000. The class action lawsuits focused on HomeAdvisor acceptance of advertising payments from service providers, and whether those payments affect service providers’ letter-grade ratings, reviews, and place in search-result rankings. HomeAdvisor denies plaintiffs’ claims, but disclosed that revenue from service providers can affect the order of search-result rankings of the service provider under certain settings (Moore vs. AngiesList).[31]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Angi Inc.

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from Grokipedia
Angi Inc. is an American domiciliary services platform that connects homeowners with local professionals for home improvement, repair, and maintenance projects across more than 500 categories, including plumbing, roofing, cleaning, and landscaping. Founded in 1995 as Angie's List, a subscription-based directory of vetted contractors, the company initially focused on consumer reviews and ratings to facilitate informed hiring decisions. In 2017, IAC-owned HomeAdvisor merged with Angie's List to form ANGI Homeservices Inc., creating a publicly traded entity (NASDAQ: ANGI) that combined lead generation with review services to serve a broader market in the $500 billion home services industry. The company rebranded to Angi Inc. in March 2021, unifying its brands under a single platform emphasizing mobile app integration, project booking, cost estimates, and professional tools to help users "love where they live." As of 2023, Angi operated through three main segments—Ads and Leads, Services, and International—generating revenue primarily from service professional subscriptions and consumer transactions while having helped more than 150 million people historically. On March 31, 2025, Angi became fully independent following a spin-off from IAC Inc., with IAC shareholders receiving direct ownership of shares, marking a new phase of standalone operations. Today, headquartered in Denver, Colorado, Angi supports hundreds of thousands of small businesses and processes service requests every second, leveraging technology for matching, verification, and project management.

History

Origins as Angie's List

Angie's List was founded in 1995 by William S. Oesterle, a venture capitalist, and Angie Hicks, his former assistant, in , with an initial investment of $50,000. The concept originated from Oesterle's frustration in locating reliable local contractors for home renovations and Hicks's own experiences navigating similar challenges as a recent graduate seeking trustworthy service providers. Initially operating as Columbus Neighbors, the company began as a simple call-in service and printed newsletter compiling consumer ratings of local businesses, emphasizing verified feedback to foster consumer trust in an era before widespread online reviews. The core business model centered on a subscription-based directory that allowed paying members access to detailed, member-submitted reviews and ratings of service providers, such as plumbers, electricians, and landscapers. Reviews were graded on a strict A-to-F scale based on criteria including , value, , and , with only verified member contributions accepted to ensure authenticity and reduce spam— a key differentiator that built credibility in the nascent digital review space. By , the service had been renamed Angie's List following a merger with a similar Indianapolis-based operation, Unified Neighbors, which added 5,000 members and prompted a relocation of headquarters to ; membership grew rapidly through efforts like solicitations, reaching 1,500 subscribers by spring 1996. Annual membership fees started at nominal rates of $20 to $30, providing access via phone, , or monthly print editions distributed in markets, which included feature articles and aggregated ratings tailored to each community. Expansion accelerated in the early , evolving from a regional operation in Columbus to a national platform serving over 100 markets by 2002, with 100,000 subscribers, 65 employees, and $5 million in revenue. The launch of AngiesList.com in 1999 enabled online access to the directory, while print magazines continued as a staple, reaching members in 48 markets by the late with localized content on home services and health providers. Key milestones included the introduction of a in the early , enhancing on-the-go review access, and steady membership growth to over 1 million by 2015 amid 200 markets and more than 500 service categories. In November 2011, Angie's List went public on the under the ticker , raising $114 million to fund enhancements to its digital platform and further national rollout. This subscription approach laid the groundwork for later evolutions toward lead-generation services while prioritizing consumer-verified insights.

Merger with HomeAdvisor

On May 1, 2017, IAC/InterActiveCorp announced a definitive agreement to combine its wholly owned HomeAdvisor with Angie's List, Inc., forming a new publicly traded company named ANGI Homeservices Inc. The transaction was completed on September 29, 2017, at which point Angie's List became a wholly owned of ANGI Homeservices, and the combined entity began trading on the stock exchange under the ANGI on October 2, 2017. Under the merger agreement, each share of Angie's List entitled holders to elect either one share of ANGI Homeservices Class A or $8.50 in , subject to proration provisions designed to ensure IAC's reached at least 83.5% of the outstanding shares in the combined company. In practice, the proration resulted in IAC holding approximately 87% of ANGI Homeservices post-merger, with the deal valuing Angie's List at more than $500 million based on the $8.50 per-share option, representing a 44% premium over Angie's List's closing price prior to the announcement. HomeAdvisor, which IAC had owned since acquiring it in 2004, traced its origins to 1999 when it launched as ServiceMagic, an online platform facilitating connections between homeowners and local service providers through a pay-per-lead model where professionals paid for customer inquiries. The company rebranded to in 2012 to emphasize its focus on home-related services and expanded its network to millions of users and professionals nationwide. The merger's strategic rationale centered on leveraging complementary strengths to dominate the home services market: Angie's List's subscription-based model, which emphasized verified consumer reviews to foster trust and quality assurance, paired with HomeAdvisor's high-volume lead-generation engine to build a unified marketplace serving both consumers and professionals. This integration aimed to capture a larger share of the $400 billion U.S. home services sector, with the combined operations projected to generate over $700 million in annual revenue and achieve a target of 20% to 25%. In the immediate aftermath, ANGI Homeservices relocated its operational base to the , metropolitan area, building on HomeAdvisor's established presence in nearby Golden, and prioritized platform integration to drive early revenue synergies through cross-selling opportunities and enhanced matching algorithms for service requests. These efforts contributed to accelerated growth, with pro forma revenue for the combined entity reaching $736 million in 2017, reflecting the foundational scale from the merger.

Rebranding and Acquisitions

In 2021, ANGI Homeservices underwent a significant to Inc., aiming to unify its various platforms under the single "" brand to better reflect its mission of helping consumers improve their living spaces through comprehensive home services. This change included the launch of the Angi Pro app, a mobile tool designed specifically for service professionals to manage leads, schedules, and customer interactions more efficiently, enhancing operational coordination post-merger. The company pursued strategic acquisitions to expand its service offerings during this period. In 2018, Angi acquired Handy Technologies for approximately $165 million, integrating its on-demand platform to enable instant booking for cleaning and handyman services, thereby broadening access to gig economy workers for smaller, immediate jobs. In 2021, it further acquired Total Home Roofing for $25.4 million, strengthening its position in the residential roofing segment by incorporating a specialized provider to handle end-to-end installation and repair services; however, Angi sold Total Home Roofing in November 2023. Angi also focused on operational expansions, including entry into smart home services and key partnerships to generate project leads. Partnerships with major retailers, such as a 2022 collaboration with , allowed Angi to offer over 150 home services directly through Walmart's online and in-store channels, driving for professionals in areas like assembly and installation. These initiatives supported robust growth, with annual surpassing $1.1 billion in 2018 for the first time and reaching a peak of $1.68 billion in 2021 amid heightened activity, before facing market slowdowns in subsequent years.

Spin-off from IAC

On March 7, 2025, IAC's approved the spin-off of and declared a special distributing all of IAC's shares in to its shareholders, following an initial announcement of the plan on January 13, 2025. This move marked the culmination of IAC's ownership of , which began with the 2017 merger acquiring control of the company. The spin-off was completed on March 31, 2025, with the record date set for March 25, 2025, transforming Angi into a fully independent listed on under the ticker ANGI. IAC shareholders received approximately 0.5251 shares of Angi Class A for each share of IAC stock held as of the record date, on a tax-free basis, eliminating Angi's prior dual-class share structure in favor of one share, one vote . The primary motivations for the spin-off included enabling IAC to sharpen its focus on core assets within its broader portfolio, such as Dotdash Meredith, and pursue new growth opportunities, while allowing Angi greater strategic flexibility to address challenges in the home services market through agile decision-making. For Angi, independence was seen as enhancing its ability to attract talent, execute , and utilize equity more effectively for amid competitive pressures. Immediately following the spin-off, transitioned from his role as CEO of IAC to serve as Executive Chairman of , providing oversight to CEO Jeff Kip and guiding the company's direction. Post-spin-off, 's emphasized operational efficiencies, fixed cost control, and platform unification to drive profitability, with targeting mid-single-digit growth by 2026 through enhancements in proprietary channels and pro retention.

Business Operations

Core Services and Platform

Angi Inc. operates a digital marketplace that connects homeowners with local service professionals through its and , facilitating access to over 500 home service categories including , HVAC, roofing, services, , , and remodeling. Users can submit service requests, receive instant quotes from vetted professionals, book appointments with upfront pricing, and access verified customer reviews to inform their decisions. The platform also provides project cost estimators and guides based on data from millions of completed home projects, helping users plan budgets for both essential repairs and larger renovations. In 2025, Angi reported approximately 20 million annual service requests, with approximately two-thirds categorized as non-discretionary (such as urgent repairs) and one-third as discretionary (like elective upgrades). Key offerings include Angi Leads, a pay-per-lead service that matches qualified homeowner inquiries with professionals, providing detailed project information to improve job conversion rates. Professionals can manage these leads end-to-end via the , which supports communication, tracking, and scheduling. The Angi Certified program vets professionals through background checks, license verification, and a minimum 3.5-star average rating from verified , ensuring users connect with reliable providers across the platform's network of over 200,000 pros. Complementing these is the Handy app, rebranded as Angi Services, which enables on-demand booking for tasks like , work, and care, with real-time pro tracking and 24/7 support. Technologically, Angi's platform in 2025 emphasizes an AI-first approach, with features like the AI Helper integrated into service requests to assist users in describing needs, resulting in 33% adoption and 2.7 times higher conversion rates for pro matches. Additional AI tools optimize matching, block spam to reduce refund requests by 33%, and enhance internal processes like marketing and design. Mobile enhancements for professionals include improved scheduling tools, such as Instant Booking and calendar syncing, allowing pros to control availability and confirm appointments directly in the app. The platform supports virtual consultations for certain projects, like remodeling, via video calls to discuss details remotely. While primarily U.S.-focused, Angi extends coverage through international operations in Europe and Canada, with Handy facilitating pilots for on-demand services in the UK and Canada.

Revenue Model

Angi Inc. generates the majority of its revenue through a marketplace model that connects homeowners seeking home services with local professionals, primarily monetizing these interactions via fees paid by the professionals. The core mechanism involves service professionals paying for access to inquiries, with revenue recognized upon delivery of leads or services. This approach has evolved significantly since the company's origins, shifting from a consumer subscription focus to one dominated by professional-paid leads and ads. The primary revenue streams include lead fees, where professionals pay $15 to $85 per qualified lead based on the service type, location, and project complexity, with costs occasionally exceeding $100 in competitive markets. Homeowners contribute through optional membership subscriptions, such as the Angi Key plan priced at $29.99 annually, which provides discounts of up to 20% on pre-priced projects and enhanced support features. Premium advertising options, including featured listings and term-based ad packages, allow professionals to boost visibility on the platform, with contracts typically spanning one year and recognized ratably over the term. Additional income sources encompass commissions from bookings facilitated through the Handy platform (now ), where is derived from completed pre-priced jobs, recognized net of professional payouts since 2023. Professionals also subscribe to software tools via , with annual membership fees around $300, enabling access to business management features like quoting and invoicing. Partnerships with corporate accounts and affiliates further supplement through shared leads and promotional arrangements. The has transitioned from a subscription-heavy structure during the Angie's List era, emphasizing homeowner memberships, to a lead-generation dominant framework following the 2017 merger with HomeAdvisor, with approximately 90% of sourced from professionals by 2025. In 2025, Angi implemented quality-focused pricing adjustments, prioritizing higher-value leads over volume to enhance profitability, which contributed to short-term declines but improved lead conversion rates. This evolution underscores a high customer acquisition cost structure, driven by expenditures to attract homeowners, balanced by the lifetime value of recurring professional subscriptions and multi-year ad commitments.

Market Position and Competitors

Angi Inc. holds a prominent position as a leading digital marketplace in the U.S. home services industry, operating within a valued at $657 billion annually, encompassing , maintenance, and emergency repairs across over 665 million projects each year. The company's platform facilitates connections between homeowners and service professionals, capturing a significant portion of in this fragmented sector, though precise percentages for online home services leads remain undisclosed in public filings. Key strengths bolstering Angi's market standing include its extensive database of verified customer reviews, which provides homeowners with trusted insights into professional performance, and a nationwide network exceeding 200,000 vetted service providers across diverse categories such as , , and renovation. These assets enable Angi to differentiate through transparency and scale, fostering higher homeowner satisfaction scores, including an 11-point (NPS) improvement when customers select preferred professionals. Despite these advantages, Angi faces notable challenges, including a post-pandemic slowdown in discretionary home spending and broader economic pressures on the housing market, which contributed to declines throughout 2025, such as a 10% year-over-year drop to $265.6 million in the third quarter. The company has also experienced erosion in app monthly active users () relative to rivals, prompting strategic shifts to prioritize lead quality over volume. Angi's primary competitors include Thumbtack, which emphasizes targeted and has gained ground in app-based user engagement through detailed professional profiles; Home Depot's ProReferral service, a retailer-backed platform offering loyalty incentives for contractors; , leveraging its vast review ecosystem to integrate home services bookings; and , an emerging app-focused player specializing in on-demand tasks. In response to these competitive dynamics and market headwinds, has intensified its 2025 "jobs done well" initiative, which focuses on enhancing pro training programs, such as the launch of a 13-member Pro Council representing key trades, and elevating metrics through AI-powered matching and self-enrollment tools for higher-value professionals. This approach aims to drive sustainable growth by improving job completion rates and homeowner trust, with early indicators showing stabilized proprietary channel leads comprising approximately 90% of total volume.

Leadership and Ownership

Key Executives

As of November 2025, following Angi's spin-off from IAC on March 31, the company's leadership team is led by Chief Executive Officer Jeffrey W. Kip, who assumed the role in April 2024 after serving as President since November 2023. Kip, aged 57, brings extensive experience in finance, sales, marketing, and human resources from his prior positions at Angi and IAC, including as CEO of HomeAdvisor International since 2016 and CFO of IAC from 2012 to 2016. He holds a BA from Williams College and an MBA from Duke University. Under Kip's guidance, Angi has focused on operational efficiencies and growth strategies post-spin-off, enabling more autonomous decision-making independent of IAC oversight. The is Andrew Russakoff, who oversees finance and accounting functions. Russakoff, 46, joined Angi from IAC where he served as of Financial Planning and Analysis; his earlier roles include positions at Media, Pellucid Analytics, and . He earned an MBA from and a BA from . Russakoff's expertise has been instrumental in financial restructuring efforts during the transition to independence. Kris Boon serves as , a position he took up on March 31, 2025, while also acting as President of Angi's . Boon, 40, previously held roles as Chief Product and Officer at and co-founded InsideGamer, which was acquired by . He has led the merger of technology platforms across seven countries, emphasizing AI-driven enhancements and improved user experiences launched in 2025. Other key executives include Bailey Carson, who manages sales, customer care, and operations after previously serving as Chief Customer Experience Officer; she holds an MBA from and a BS from . Chief Growth Officer Glenn Orchard directs growth and marketing initiatives, drawing from his experience as SVP of Digital and Growth at and prior roles at Dixons Retail and PhotoBox Group. Chief Customer Officer Angie Hicks, a co-founder of Angie's List in 1995, continues in her role with a focus on customer-centric strategies; she served as until the 2017 acquisition and holds an MBA from and a BA in from DePauw University. Executive Chairman , formerly CEO of IAC, provides strategic oversight in partnership with Kip but is no longer involved in day-to-day operations post-spin-off. The board has seen increased independence since the 2025 spin-off, with new appointees bringing tech-savvy perspectives to support Angi's evolution as a standalone entity.

Ownership Structure Post-Spin-off

Following the completion of its spin-off from IAC on March 31, 2025, operates as a fully independent , with shares traded on the under the ANGI—a listing it has maintained since 2017. The transaction distributed IAC's entire ownership stake directly to IAC shareholders on a pro-rata basis, resulting in no single majority owner and a fully public float of 100%. Major shareholders post-spin-off consist primarily of institutional investors, including Inc. with a 13% stake and holding approximately 10%, as of September 2025, and residual holdings from former IAC affiliates under 5%. Angi's governance features a board of ten directors, the majority of whom (seven) are independent, ensuring balanced oversight. Concurrent with independence, the company eliminated its dual-class stock structure in 2025, granting equal voting rights to all outstanding shares. Executives collectively hold approximately 2% of the company's equity, while programs have been expanded to align broader team incentives with interests following the spin-off. This decentralized ownership structure has enabled to prioritize creation, highlighted by a $50 million authorization approved by the board in 2025. Prior to the spin-off, IAC maintained a exceeding 85% in the company.

Regulatory Actions by FTC and State AGs

In January 2023, the reached a settlement with HomeAdvisor, Inc., a of Inc., requiring the company to pay up to $7.2 million in redress to affected home service professionals for deceptively marketing the quality and value of its leads. The FTC alleged that HomeAdvisor misrepresented the likelihood that leads would result in paying customers, often providing low-quality or duplicate leads while charging professionals high fees, and failed to disclose that many leads came from unverified sources like pop-up ads. As part of the order, was mandated to implement clear disclosures on lead conversion rates and costs, cease misleading claims, and undergo ongoing FTC monitoring for compliance with lead-generation transparency practices. By November 2023, the FTC had distributed over $3 million in initial refunds to impacted businesses under this settlement. In January 2025, the FTC and the New York Attorney General's Office settled with Handy Technologies, Inc., doing business as Angi Services, for $2.95 million over allegations of misleading gig workers about potential earnings. The agencies claimed Handy promised cleaners and handymen hourly wages of $20 to $45 but deducted undisclosed fees, commissions, and penalties that often reduced net pay significantly below advertised rates, violating consumer protection laws. The settlement required Angi to provide refunds to affected workers, clearly disclose all deductions in advance, and reform its pay structure to ensure transparency in earnings calculations. In October 2025, the Attorney General's Office announced a $100,000 settlement with Angi Inc. for deceptive practices involving the "Angi Certified Pro" designation. The state alleged that the term falsely implied government endorsement or official certification of professionals, misleading consumers about the vetting process and credentials of listed service providers. Under the agreement, Angi agreed to discontinue use of "Angi Certified Pro" and similar terms in , direct users to state licensing verification resources, and implement clearer disclosures about professional qualifications. These regulatory actions, totaling approximately $10 million in penalties from 2023 to 2025, prompted to adopt broader policy changes, including enhanced fee transparency and lead quality assurances across its platforms. The FTC's post-2023 oversight continued into 2025, with a mandated compliance report submitted by detailing improvements in lead-generation disclosures and worker pay practices.

Class Action and Other Lawsuits

In 2017, a class action lawsuit was filed in the U.S. District Court for the District of Kansas by Steve Strauss, owner of Classic Tree Care Inc., against Angie's List, Inc. (now Angi Inc.), alleging that the company manipulated search results and rankings to favor businesses that paid advertising fees rather than basing them on genuine customer reviews, in violation of the Lanham Act and the Kansas Consumer Protection Act. The suit claimed this practice deceived consumers and competing advertisers, with Strauss alleging he paid over $200,000 in fees from 2005 to 2016 without corresponding benefits after ceasing payments. The case was dismissed in November 2018 for failure to state a claim, as the court found insufficient evidence of specific false statements by Angie's List, though an appeal was denied by the Tenth Circuit in 2020. Between 2011 and 2013, Angie's List executives faced a securities lawsuit in the U.S. District Court for the Southern District of , accusing them of and making misleading statements about the company's growth and revenue to inflate stock prices before selling over $13 million in personally held shares. Filed in December 2013 by shareholders including Eva and Harold Baron, the suit alleged violations of federal securities laws, claiming executives like CEO Scott Durchslag and others benefited from artificial price inflation during the company's post-IPO period. The case was dismissed with prejudice in June 2015, with the court ruling that the plaintiffs failed to adequately plead material misstatements or , though it drew attention to potential ethical issues in executive stock sales. In 2022, consumer Karmen Anderson filed a proposed in the U.S. District Court for the Northern District of Georgia against Angie's List, alleging violations of the Telephone Consumer Protection Act (TCPA) through unsolicited text messages related to service leads, including failures to honor opt-out requests and provide required disclosures. The complaint centered on disputes over the quality and origination of leads provided to consumers for home services. In April 2023, the court granted Angie's List's arbitration based on the user's agreement terms, staying the case pending resolution in . Other lawsuits have included claims related to review authenticity and lead practices. In 2019, Pro Water Solutions, Inc. filed a putative in the U.S. District Court for the Central District of against Angie's List and Leads, alleging for providing non-exclusive leads despite promises of exclusivity, which led to increased competition and reduced value for paid service providers. The court granted partial dismissal in January 2021, rejecting some contract claims but allowing others to proceed, with the case highlighting ongoing professional complaints about lead sharing and exclusivity in Angi's platform. Broader industry disputes over manipulation have paralleled FTC deception claims in private litigation. In October 2025, a former sales representative filed a proposed collective and in the U.S. District Court for the District of against Angi Inc., alleging violations of the Fair Labor Standards Act and Colorado Wage Act for unpaid wages and overtime. The suit was voluntarily dismissed without prejudice on October 22, 2025. Most of these private lawsuits against Angi Inc. and its predecessors have been resolved through dismissal or out-of-court settlements, with total reported payouts from similar cases, such as a 2016 class action settlement over search manipulation amounting to $1.4 million, remaining under $5 million across documented actions. These resolutions have prompted enhancements in review verification processes, including better transparency in ranking algorithms and lead disclosures, to address recurring allegations of consumer and provider deception.

Financial Performance

Revenue and Key Metrics

Angi Inc. generated $1.19 billion in annual revenue in 2024. In the first quarter of 2025, revenue totaled $246 million, reflecting a 19% year-over-year decline primarily due to the company's emphasis on improving lead quality and . The second quarter saw revenue of $278.2 million, a 12% decrease from the prior year, as these initiatives continued to impact volume but enhanced overall performance. By the third quarter, revenue reached $265.6 million, down 10% year-over-year, signaling a narrowing decline amid stabilizing trends. Key operational metrics in 2025 highlighted a strategic pivot toward higher-quality engagements. The company reported proprietary lead growth of 16% year-over-year in Q3, though overall network channels declined significantly. Average monthly active professionals numbered approximately 118,000 as of Q3 2025, down 22% year-over-year. The company's improved by nearly 10 points year-over-year, reflecting enhancements in and service delivery. Revenue breakdown for 2025 consisted of roughly 70% from leads, 20% from memberships and , and 10% from commissions via the Handy platform. Gross margins held steady at approximately 95%, bolstered by cost discipline. Notable trends included a shift toward non-discretionary services, which comprised 65% of revenue, as prioritized essential home maintenance over cyclical projects. The company realized cost savings through streamlining its professional platform and reducing low-value expenditures, including a $36.7 million decrease in domestic selling and expenses in Q1. Looking ahead, Angi provided guidance for full-year 2025 revenue of $1.0 to $1.05 billion and adjusted EBITDA of $50 to $70 million, underscoring expectations for moderated declines and profitability gains from the spin-off's independent reporting structure.

Stock and Market Valuation

Angi Inc. went public on October 2, 2017, following its merger with HomeAdvisor, with shares opening at approximately $25 per share on the Nasdaq under the ticker ANGI. The stock reached a peak of around $70 per share in February 2021 amid heightened demand for home services during the early stages of the COVID-19 pandemic. By early 2025, prior to the spin-off from IAC Inc., the stock had declined significantly, trading in the range of $1.60 to $3 per share, reflecting ongoing challenges in the home services sector and broader market pressures. The spin-off from IAC was completed on April 1, 2025, distributing 0.5251 shares of Angi Class A for each IAC share held, on a post-1-for-10 basis. Post-spin-off, Angi's shares debuted trading independently, with the adjusted price reflecting the reverse split and stabilizing around $17 per share in late March 2025 ahead of the distribution. As of the Q3 2025 earnings release on October 31, 2025, the closed at approximately $11.29, amid signs of stabilization in the home services market. As of November 14, 2025, the closed at $10.84, with a of about $510 million as of November 12, 2025. Angi's valuation metrics as of late 2025 reflect a recovery trajectory but remain pressured by historical losses. The price-to- () was approximately 16.93, having shifted from negative territory earlier in the year due to improved . The enterprise value-to-revenue (EV/Revenue) multiple hovered around 0.7x for the latest twelve months, significantly below the five-year average of 2.0x, indicating a discounted valuation relative to historical norms. Analyst price targets for 2025 averaged $21.50, with a range from $14 to $27.50, based on expectations of growth recovery in service requests and margin expansion. Key investor events post-spin-off included Angi's first independent earnings call on May 7, 2025, for Q1 results, where management outlined strategic priorities for standalone operations. In Q2 2025, the company announced and executed a program, buying back 3.7 million shares for $59.9 million between May 6 and August 1, 2025, signaling confidence in undervaluation. A new authorization for approximately 3.2 million shares was approved on September 17, 2025, with further repurchases of 1.3 million shares for $20.1 million occurring from August 4 to October 31, 2025. The stock has faced volatility tied to fluctuations in the housing market, including slower home improvement spending during economic uncertainty, which has dampened service demand. Compared to peers in the online marketplaces sector, such as and , Angi's P/E ratio of 9.7x trades at a discount to the peer average of 13.4x, while its EV/ multiple of 0.7x is below typical 1-2x ranges for similar growth-stage platforms, highlighting perceived risks but also potential upside.

References

  1. https://www.angi.com/landing/aboutus
  2. https://www.marketscreener.com/quote/stock/ANGI-INC-49649109/company/
  3. https://ir.angi.com/news-releases/news-release-details/angies-list-now-angi-new-way-help-people-love-where-they-live
  4. https://ir.angi.com/news-releases/news-release-details/iacs-homeadvisor-combine-angies-list
  5. https://ir.angi.com/news-releases/news-release-details/iacs-angi-homeservices-inc-makes-stock-market-debut
  6. https://finance.yahoo.com/quote/ANGI/profile/
  7. https://ir.angi.com/static-files/bcbb7912-1691-49a0-85d5-6251f6f34e3d
  8. https://ir.angi.com/
  9. https://ir.iac.com/news-releases/news-release-details/iac-completes-spin-angi-now-independent-company
  10. https://www.nytimes.com/2023/05/14/business/bill-oesterle-dead.html
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