Nextdoor Holdings, Inc. (NXDR)
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Our Rating
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Buy today and, net of cash, you are paying roughly $460 million for an advertising business whose visitor count has been stuck around 22 million for five quarters. Wait, and the next quarterly report (10-Q) gives you four lines to check: weekly active neighbors against 22.3 million, revenue per neighbor against $2.77, the Class A share count against 253,892,530 (as of May 4, 2026), and cash and securities against $373.2 million. If the audience grows two quarters in a row, the case changes. The decision is yours.
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
Nextdoor ranks 38th in our in-house Big Earnings Surprise screen (U.S. selection, as of July 25, 2026): four quarters in a row the reported loss per share came in smaller than analysts expected. We read the 2025 annual report (10-K), the quarterly report (10-Q) for March 31, 2026, and everything filed with the U.S. securities regulator, the SEC, since — and found three numbers that belong side by side: more than 105 million registered neighbors, 22.3 million weekly active ones, and $373.2 million sitting in the bank. Whether that becomes a business is decided by the number in the middle.
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AINextdoor setzt KI und maschinelles Lernen operativ ein — zur Personalisierung des neuen Feeds, für Werbemittel-Werkzeuge der Anbieter und in der Inhalte-Moderation —, verkauft aber kein KI-Produkt und weist keinen KI-Umsatz aus.
View the full file — quotes, sources, reviewed filings
„This evolution expands the platform beyond primarily neighbor-generated content to a dynamic feed enriched with timely, locally relevant information — including news and alerts — with artificial intelligence (“AI”) and machine learning (“ML”) used to help surface and personalize content for neighbors."
Diese Weiterentwicklung erweitert die Plattform über die überwiegend von Nachbarn erzeugten Inhalte hinaus zu einem dynamischen Feed, angereichert mit zeitnahen, örtlich relevanten Informationen — darunter Nachrichten und Warnmeldungen —, wobei künstliche Intelligenz („KI“) und maschinelles Lernen („ML“) dabei helfen, Inhalte für Nachbarn auszuwählen und zu personalisieren.
„In 2025, we expanded our creative capabilities with AI-powered tools that help advertisers generate locally relevant copy and imagery at scale."
2025 haben wir unsere Gestaltungsmöglichkeiten um KI-gestützte Werkzeuge erweitert, die Werbetreibenden helfen, örtlich passende Texte und Bilder in großer Zahl zu erzeugen.
„We are continuing to make investments in AI initiatives, including to recommend relevant content across our products, enhance our advertising tools, and develop new product features using generative AI."
Wir investieren weiterhin in KI-Vorhaben, unter anderem um in unseren Produkten passende Inhalte zu empfehlen, unsere Werbewerkzeuge zu verbessern und neue Produktfunktionen mit erzeugender KI zu entwickeln.
Filings Reviewed: 10-K 2026-02-18 · 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-07 · 10-Q 2025-05-07 · 10-K 2025-02-27
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.04 | 55.60 | 63 | 11.30 | -67.60 | -5 | -6 |
| 2024: Q3 | -0.04 | 60.00 | 66 | 17.00 | -22.70 | -13 | -13 |
| 2024: Q4 | -0.04 | 55.60 | 65 | 17.40 | -18.60 | 12 | 12 |
| 2025: Q1 | -0.06 | 14.30 | 54 | 1.90 | -40.50 | 0 | 0 |
| 2025: Q2 | -0.04 | 0.00 | 65 | 2.80 | -23.60 | 3 | 3 |
| 2025: Q3 | -0.02 | 50.00 | 69 | 5.00 | -18.70 | -6 | -7 |
| 2025: Q4 | -0.01 | 75.00 | 70 | 6.50 | -5.80 | 10 | 9 |
| 2026: Q1 | -0.03 | 50.00 | 62 | 13.80 | -18.50 | 1 | 1 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
As of March 31, 2026 the balance sheet held $373.2 million in cash and marketable securities with not a single financial liability, an equity ratio of 88.6 percent and an Altman Z-score of 7.45. That is roughly 45 percent of a market value of about $835 million (share price $2.19 on July 24, 2026).
The operating loss fell from $172.3 million (2023) through $121.6 million (2024) to $71.9 million (2025); in 2025 operations generated cash for the first time (positive $6.5 million). In the first quarter of 2026 adjusted EBITDA reached negative $0.2 million, against negative $9.2 million a year earlier.
Weekly active neighbors across five quarters ran 22.0 / 21.8 / 21.6 / 21.0 / 22.3 million, down 5 percent year over year in the fourth quarter of 2025. Revenue growth comes almost entirely from price: revenue per neighbor rose from $2.46 to $2.77 in the first quarter.
Stock-based compensation cost $65.3 million in 2025 (a quarter of revenue) and, at $14.8 million in the first quarter of 2026, exceeded the net loss of $11.4 million. As of March 31, 2026, $113.6 million was unrecognized and 74.1 million potentially dilutive securities were outstanding — close to 20 percent of 377.6 million shares.
Platform WAU and Platform ARPU are computed by the company itself and not validated by an independent third party; an iOS bug forced a revision of the figures for Q1 2024 through Q1 2025, and the definition was narrowed at the same time. Class B shares carry ten votes each and secure insiders the voting majority (as of March 31, 2026).
A market value of roughly $835 million equals about 3.2 times trailing twelve-month revenue of $265.1 million and about 2.1 times book value (as of July 25, 2026). Strip out the $373.2 million of cash and securities and the operating business costs roughly $460 million — about 1.7 times revenue. There is no price-earnings ratio, because there are no earnings.
Nextdoor is the neighborhood network built on a verified home address — more than 105 million people are registered, but only 22.3 million open the app in an average week. That is where the case sits: revenue rose to $257.6 million in 2025 and by 13.8 percent in the first quarter of 2026, yet the audience has been flat for five quarters; what grew was the price per neighbor. Operationally the progress is real — the operating loss has more than halved since 2023, 2025 brought the first positive operating cash flow, and the balance sheet holds $373.2 million with no debt. Against that stand stock compensation larger than the loss, close to 20 percent of potential dilution, and metrics the company computes itself and has already had to correct once. Not investment advice.
- NXDR came onto the research list as rank 38 of 81 U.S. hits in our in-house Big Earnings Surprise ranking (as of July 25, 2026, relative strength rating 72) — part of our series filling the top 50 of that ranking with analyses. The screen lists are recalculated daily.
- All four surprises in the streak are loss figures: the reported loss per share came in smaller than estimated (Q1 2026: minus $0.03 against minus $0.04). The ranking measures deviation from the estimate, not earning power.
- Possible confusion: the ticker was "KIND" until July 21, 2025 — price, options and filing history before that date live there. The SEC register also carries the former name "Khosla Ventures Acquisition Co. II" (February 12, 2021 to November 3, 2021), the shell company behind the November 5, 2021 listing. Not to be confused with the KIND identifier used by other issuers.
- Recency note: the most recent quarterly report (10-Q) is dated May 6, 2026. Filings submitted after it have been reviewed — the current report 8-K of June 15, 2026 (Item 5.07, results of the annual meeting held June 9, 2026) and Rule 144 notices from June and July 2026; none of them changes the picture. Fundamental data list August 4, 2026 as the expected reporting date for second-quarter 2026 results (as of July 25, 2026).
About the Company
Nextdoor Holdings, Inc. operates a neighborhood network that connects neighbors, businesses, and public agencies in the United States and internationally. The company provides local news, events, relevant discussions, and exchange goods and services, as well as discovers and supports local businesses. It operates in 11 countries. The company is headquartered in San Francisco, California.
| Employees | 463 |
|---|---|
| Headquarters | San Francisco, CA |
| Website | nextdoor.com |
| IPO Date | 24. Mar 2021 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Nirav N. Tolia | Co-Founder, CEO, President & Chairperson of the Board | 1972 |
| Indrajit Ponnambalam | Treasurer & CFO | 1974 |
| Sophia Contreras Schwartz | Chief Legal Officer & Secretary | 1985 |
| Craig Lisowski | President of Products | – |
| Michael Kiernan | Chief Revenue Officer | 1985 |
| Sarah C. Leary | Co-Founder, Head of Marketing, Community & Business Operations | 1971 |
| Antoinette How | Chief Accounting Officer | 1976 |
| John T. Williams | Head of Investor Relations | – |
| Kelsey Grady | Executive VP of Communications | – |
| Tony Castellanos | Executive Vice President of People | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.