Growth OutlookThe print lowers the jump-off point for several KPIs which translates into a worse 2026 growth outlook.
Revenue GrowthThe revenue growth in the second quarter did not meet the expected acceleration, indicating a growth trajectory closer to 20% rather than the 30% investors once expected.
Valuation ConcernsThe stock is considered fully valued, even under assumptions of rapid bottom-line growth, and trades above the traditional measures of other insurance brokers.