QuinStreet
QNSTNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $19.04 Prior regular-session close from the quote source.
- $18.44–$19.37 Regular-session low and high so far today.
- 844.3K Regular-session shares traded · Nov 10, 4:00 PM ET.
- Feb 4 projected Projected for 2027-02-04 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $10.29–$22.29 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own QNST if QuinStreet builds and monetizes high-intent performance marketplaces for financial-services and home-services advertisers by owning/matching scarce unbranded traffic with clients using proprietary tech, scale data and media-buying — generating repeatable per-action revenue and improving margins.
QNST price history
Loading recent earnings…
INVESTMENT THESIS
What must happen next
QuinStreet's scale, proprietary matching/optimization technology and data will preserve access to high-intent unbranded traffic and keep per-action economics sufficiently above media costs so gross profit scales with revenue.StrengtheningMateriality: High
gross_profit rose from 46,246,000 (FY2024) to 110,871,000 (FY2025) to 145,809,000 (FY2026) while revenue increased, showing scaling of gross profit with revenue. If true, revenue growth translates into expanding gross profit and sustainable margins; if false, media price pressure will compress gross profit and profitability.
Watch: Consolidation of media sources or platform algorithm changes that reduce available unbranded/high-intent traffic or raise media costs (named driver from MD&A).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit rose from 46,246,000 (FY2024) to 110,871,000 (FY2025) to 145,809,000 (FY2026) while revenue increased, showing scaling of gross profit with.
Open source ↗Because a large share of revenue stems from the financial-services vertical (notably auto insurance), QuinStreet's top-line is materially exposed to swings in advertiser budgets and industry loss ratios; advertiser pullbacks will directly reduce revenue and margins.HoldingMateriality: High
MD&A: financial services client vertical represented 69% of net revenue in fiscal 2026 (and 75% in fiscal 2025). If vertical concentration persists, macro or industry shocks to auto insurance advertising spend will cause outsized revenue and cash-flow volatility for the company.
Watch: Failure to diversify client mix or to replace lost auto-insurance budgets with other verticals or direct-response clients.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: financial services client vertical represented 69% of net revenue in fiscal 2026 (and 75% in fiscal 2025).
Open source ↗QuinStreet's use of acquisitions and strategic partnerships materially expands access to targeted media inventory and client budgets, accelerating revenue growth more efficiently than organic-only sourcing.StrengtheningMateriality: Medium
assets increased materially from 337,155,000 (FY2023) to 431,107,000 (FY2025) to 721,302,000 (FY2026), consistent with acquisitions and business combinations. If acquisitions reliably add durable, margin-accretive media supply, they compound growth and justify capital deployment; if not, they can dilute margins and create goodwill/impairment risk.
Watch: Poor integration leading to failure to convert acquired traffic into repeatable revenue or goodwill/intangible impairments on future statements.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
assets increased materially from 337,155,000 (FY2023) to 431,107,000 (FY2025) to 721,302,000 (FY2026), consistent with acquisitions and business combinations.
Open source ↗Improving operating cash flow reflects higher-quality, repeatable cash generation from performance marketing programs; this cash flow will enable shareholder returns, debt reduction or selective M&A without damaging core operations.StrengtheningMateriality: Medium
operating_cash_flow increased from 12,039,000 (FY2024) to 84,980,000 (FY2025) to 131,303,000 (FY2026), indicating stronger cash conversion. Sustained positive operating cash flow gives management optionality to return capital or invest in media/tech, supporting per-share value even if top-line growth moderates.
Watch: If media costs rise faster than client prices (CPA), cash flow could reverse materially.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow increased from 12,039,000 (FY2024) to 84,980,000 (FY2025) to 131,303,000 (FY2026), indicating stronger cash conversion.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
QuinStreet's scale, proprietary matching/optimization technology and data will preserve access to high-intent unbranded traffic and keep per-action economics sufficiently above media costs so gross profit scales with revenue. If true, revenue growth translates into expanding gross profit and sustainable margins; if false, media price pressure will compress gross profit and profitability.
Because a large share of revenue stems from the financial-services vertical (notably auto insurance), QuinStreet's top-line is materially exposed to swings in advertiser budgets and industry loss ratios; advertiser pullbacks will directly reduce revenue and margins. If vertical concentration persists, macro or industry shocks to auto insurance advertising spend will cause outsized revenue and cash-flow volatility for the company.
QuinStreet's use of acquisitions and strategic partnerships materially expands access to targeted media inventory and client budgets, accelerating revenue growth more efficiently than organic-only sourcing. If acquisitions reliably add durable, margin-accretive media supply, they compound growth and justify capital deployment; if not, they can dilute margins and create goodwill/impairment risk.
Improving operating cash flow reflects higher-quality, repeatable cash generation from performance marketing programs; this cash flow will enable shareholder returns, debt reduction or selective M&A without damaging core operations. Sustained positive operating cash flow gives management optionality to return capital or invest in media/tech, supporting per-share value even if top-line growth moderates.
All standing thesis claims
Original report summary
QuinStreet builds and monetizes high-intent performance marketplaces for financial-services and home-services advertisers by owning/matching scarce unbranded traffic with clients using proprietary tech, scale data and media-buying — generating repeatable per-action revenue and improving margins.
BULL CASE / BEAR CASE
Bull case and bear case for Quinstreet
Where the evidence on Quinstreet stands: Holding on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
QuinStreet's scale, proprietary matching/optimization technology and data will preserve access to high-intent unbranded traffic and keep per-action economics sufficiently above media costs so gross profit scales with revenue.
Because a large share of revenue stems from the financial-services vertical (notably auto insurance), QuinStreet's top-line is materially exposed to swings in advertiser budgets and industry loss ratios; advertiser pullbacks will directly reduce revenue and margins.
QuinStreet's use of acquisitions and strategic partnerships materially expands access to targeted media inventory and client budgets, accelerating revenue growth more efficiently than organic-only sourcing.
Improving operating cash flow reflects higher-quality, repeatable cash generation from performance marketing programs; this cash flow will enable shareholder returns, debt reduction or selective M&A without damaging core operations.
Bear case: what would count against it
Consolidation of media sources or platform algorithm changes that reduce available unbranded/high-intent traffic or raise media costs (named driver from MD&A).
Failure to diversify client mix or to replace lost auto-insurance budgets with other verticals or direct-response clients.
Poor integration leading to failure to convert acquired traffic into repeatable revenue or goodwill/intangible impairments on future statements.
Thesis-Break Engine
Thesis-break watch · Quinstreet
No break has crossed Quinstreet’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
Quinstreet filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDDirector or principal officer change.
Quinstreet filed an SEC 8-K on 2026-11-03: Director or principal officer change. It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Quinstreet filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Consolidation of media sources or platform algorithm changes that reduce available unbranded/high-intent traffic or raise media costs (named driver from MD&A).
- Failure to diversify client mix or to replace lost auto-insurance budgets with other verticals or direct-response clients.
- Poor integration leading to failure to convert acquired traffic into repeatable revenue or goodwill/intangible impairments on future statements.
- If media costs rise faster than client prices (CPA), cash flow could reverse materially.
QNST news
Loading headlines…
FINANCIAL STATEMENTS
QNST income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
QNST: quick answers
- When does Quinstreet (QNST) report earnings next?
- Quinstreet's next results are projected for February 4, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is QNST's short interest?
- As of October 30, 2026, 4.9M QNST shares were sold short, down 4.8% from the count before. At the stock's average daily volume that is 6.6 days to cover. FINRA publishes the count twice a month. QNST short interest history
- Have members of Congress traded QNST?
- 2 trades in QNST have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed QNST trade