Exzeo Group, Inc.
XZO · Technology · $1.5B mkt cap · FY2025 filings · · Narrow moat ·
On the watchlist
The five investor questions
2023–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $88.3M to $217M, increasing; diluted EPS 0.15 to 0.99, increasing.
Median gross margin 39.7% over 3y, variable.
Not enough years of ROIC data to score returns on capital.
Net cash position — no leverage risk.
Owner earnings changed +96.4%/yr over up to the ten most recent annual observations.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $45.3M
- $5.54
- $5.54
- $16.69
- 201% above value if growth stopped today
What today’s price assumes: owner earnings growing ~25%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.
Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Oct 18, 2026.
Exactly which 50 companies?
FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
4 years of fundamentals
The business, in plain English
Exzeo Group, Inc. booked $217M of revenue in FY2025 in the Technology sector and kept 60.4% of it as gross profit — a high-margin business by that measure. After every other cost, 38.1% of each revenue dollar reached the bottom line.
XZO's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Exact FY and FY-1 financing invested-capital inputs are required.
Exact FY and FY-1 financing invested-capital inputs are required.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 19, 2026.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for XZO; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Track record
How Exzeo Group, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored XZO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, XZO did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Technology context
#84 of 752 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #82Q QNITY ELECTRONICS, INC.74.8 out of 100, Narrow moatNarrow moat
- #83ALRM ALARM.COM HOLDINGS, INC.74.7 out of 100, Narrow moatNarrow moat
- #85IA INNOVATIVE SOLUTIONS AND SUPPORT, INC.74.6 out of 100, Narrow moatNarrow moat
- #86TYL TYLER TECHNOLOGIES, INC.74.3 out of 100, Narrow moatNarrow moat
Compare XZO with its nearest peers →All Technology companies on the Index →
Common questions about XZO
- Does Exzeo Group, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Exzeo Group, Inc. (XZO) 74.7 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 100, pricing power 38, returns on capital not measurable from the filings, balance-sheet safety 100, capital allocation 60.
- Is XZO trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $5.54 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $16.69, that is 201% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has XZO's Moat Score changed over time?
- The record logs 27 readings since Jul 18, 2026; the latest reads 74.7 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.