AGNT

Revenue is primarily a function of housing transactions and volumes, which are interest‑rate sensitive and cyclical. The company guided 2026 revenue to 4.85 to 5.15 billion and delivered Q1 and Q2 within expectations, but visibility is still tied to macro drivers and evolving compensation practices.

International revenue was 13% of total in 2025, offering only modest diversification. We view the model as cash generative but not a toll‑like annuity.