Nextdoor Holdings, Inc. (NXDR)

Price$2.20Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

User and monetization trends have turned positiveNextdoor is showing renewed engagement growth while extracting more advertising revenue from each active user.

Q2 Platform Weekly Active Users reached a record 22.9 million, up 5% year over year, after a second consecutive quarter of sequential growth. Platform ARPU increased 9% to $3.26 and revenue rose 15% to $74.6 million, driven by higher advertiser spending and more active users. The platform reaches more than 110 million verified neighbors, giving advertisers differentiated hyperlocal intent, but sustained engagement growth remains essential.

Profitability inflection is meaningful but GAAP losses remainCost discipline and better ad monetization produced positive adjusted EBITDA and operating cash flow, although stock compensation remains substantial.

Q2 operating loss narrowed to $5.7 million from $20.3 million and adjusted EBITDA improved to $9.5 million from negative $2.2 million. First-half operating cash flow was positive $9.6 million versus $3.3 million a year earlier. However, first-half stock-based compensation was $29.6 million, materially exceeding operating cash generation. Management raised 2026 guidance to low-teens revenue growth and an adjusted EBITDA margin of approximately 10%.

Cash-rich valuation is reasonable, not obviously cheapA large liquid balance sheet reduces downside risk, but the remaining enterprise valuation already assumes continued profitable growth.

At $2.48 and approximately 381.1 million shares, market capitalization is about $945 million. Nextdoor reported $378 million of cash, cash equivalents and marketable securities and explicitly stated it had no funded debt; the supplied $27.7 million debt figure corresponds to operating lease liabilities. Excluding leases, enterprise value is about $567 million, roughly 2.0x estimated 2026 revenue based on low-teens growth. Applying management's approximately 10% adjusted EBITDA margin implies an EV/adjusted-EBITDA multiple around 20x.

Buybacks offset dilution, while platform risks remainNextdoor has substantial capacity to retire shares, but advertising cyclicality, competition and equity compensation remain important risks.

During H1 2026 Nextdoor repurchased 17.0 million shares for $28.7 million at an average $1.69 and entered Q3 with a fresh $100 million authorization running through June 2028. That authorization equals more than 10% of current market capitalization. Risks include competition from larger social and advertising platforms, advertiser budget volatility, privacy and content-moderation regulation, difficulty sustaining WAU growth, reliance on U.S. advertising, significant recurring stock compensation and dual-class voting control.

AI: News

Local-business product overhaul expands monetization potentialNextdoor's latest strategic product release strengthens local recommendations and introduces additional ways to monetize high-intent neighborhood demand.

On September 2, Nextdoor announced major improvements to local business discovery across the U.S., Canada and U.K. New features include improved business onboarding and dashboards, business participation in neighborhood feeds and Opportunity Alerts, a paid service that routes neighbor requests directly to local providers. The initiative could diversify monetization beyond conventional display advertising, though financial contribution has not yet been disclosed.

Q2 produced record users, revenue and higher guidanceAugust results provided the clearest evidence yet that Nextdoor's engagement and profitability turnaround is gaining traction.

Q2 revenue increased 15% to $74.6 million, Platform WAU increased 5% to 22.9 million and adjusted EBITDA reached $9.5 million. Management guided Q3 revenue to $76-$78 million and adjusted EBITDA to $6.5-$8 million, while raising full-year expectations to low-teens revenue growth and roughly a 10% adjusted EBITDA margin. No later material financial filing was identified through September 17.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$257.6M	$247.3M	$218.3M	$212.8M	$192.2M	$123.3M
Gross profit	$216.7M	$205.4M	$176.7M	$173.8M	$163.4M	$101.7M
Gross margin	84.09%	83.08%	80.94%	81.68%	85.01%	82.49%
Research & development	$135.2M	$127.9M	$150.0M	$127.1M	$97.1M	$69.2M
Operating expenses	$329.6M	$368.9M	$390.6M	$357.0M	$287.0M	$199.9M
Operating income	−$71.9M	−$121.6M	−$172.3M	−$144.2M	−$94.8M	−$76.7M
Operating margin	−27.92%	−49.19%	−78.92%	−67.78%	−49.33%	−62.17%
EBITDA	−$70.0M	−$117.7M	−$166.5M	−$138.5M	−$90.6M	−$73.6M
EBITDA margin	−27.17%	−47.62%	−76.27%	−65.12%	−47.16%	−59.69%
Net income	−$54.2M	−$98.1M	−$147.8M	−$137.9M	−$95.3M	−$75.2M
Net profit margin	−21.04%	−39.66%	−67.69%	−64.82%	−49.60%	−61.02%
Basic EPSper basic share	-$0.14	-$0.25	-$0.39	-$0.36	-$0.65	-$0.83
Diluted EPSper diluted share	-$0.14	-$0.25	-$0.39	-$0.36	-$0.65	-$0.83

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Owners

Reported shareholders

Reference date Jun 30, 2026

8.43%of listed shares

BlackRock, Inc.21.5M shares · Jun 30, 2026

View holders

Top 20 reported holders of NXDR
Holder	% owned
BlackRock, Inc.	8.43%21.5M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.99%10.17M shares
ACADIAN ASSET MANAGEMENT LLC	3.83%9.77M shares
STATE STREET CORP	2.37%6.04M shares
GEODE CAPITAL MANAGEMENT, LLC	2.35%5.98M shares
MACKENZIE FINANCIAL CORP	2.33%5.95M shares
Bond Capital Management, LP	2.14%5.46M shares
WESTERLY CAPITAL MANAGEMENT, LLC	1.90%4.85M shares
MILLENNIUM MANAGEMENT LLC	1.74%4.43M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.52%3.87M shares
Quinn Opportunity Partners LLC	1.45%3.69M shares
ALGERT GLOBAL LLC	1.41%3.6M shares
Qube Research & Technologies Ltd	1.30%3.31M shares
AQR CAPITAL MANAGEMENT LLC	1.19%3.03M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	1.14%2.91M shares
TUDOR INVESTMENT CORP ET AL	1.07%2.72M shares
AWM Investment Company, Inc.	1.04%2.66M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.03%2.63M shares
CITADEL ADVISORS LLC	0.90%2.29M shares
DIMENSIONAL FUND ADVISORS LP	0.89%2.26M shares

Percentages use 255.06M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$499.0K disclosed value

Sells (SEC code S)24$1.25M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Schwartz SophiaGeneral Counsel and Secretary	SellClass A Common Stock	28.6K	$2.25	$64.4K	307.8K
Apr 16, 2026Form 4 · 10b5-1	Schwartz SophiaGeneral Counsel and Secretary	SellClass A Common Stock	43.0K	$1.53	$65.8K	336.4K
Apr 16, 2026Form 4 · 10b5-1	How AntoinetteChief Accounting Officer	SellClass A Common Stock	15.6K	$1.51	$23.6K	24.3K
Feb 18, 2026Form 4 · 10b5-1	Schwartz SophiaGeneral Counsel and Secretary	SellClass A Common Stock	2.5K	$1.65	$4.1K	286.6K
Jan 16, 2026Form 4 · 10b5-1	How AntoinetteChief Accounting Officer	SellClass A Common Stock	13.9K	$1.95	$27.2K	18.3K