LegalZoom (LZ)
Turns business formation into recurring compliance, advisory, and operations services.
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Runs a U.S.-concentrated online platform for business formation, compliance, attorney advice, legal forms, virtual mail, bookkeeping, and estate planning. Uses one reportable segment, while transaction purchases often become the entry point into recurring small-business subscriptions that now provide most revenue.
Operates an online legal-services platform for small businesses and consumers, combining software, an independent attorney network, and its own law firm. Offerings span business formation, compliance, intellectual-property protection, ongoing legal support, virtual mail, legal forms, bookkeeping, and estate planning.
Business formation is the usual entry point for small-business customers. Transaction purchases feed subscriptions such as registered agent, compliance, attorney advice, e-signature, virtual mail, trademark monitoring, and estate-planning bundles; subscriptions now account for most revenue.
Operations are concentrated in the United States, with services delivered across every state and thousands of counties. The model depends on converting formation customers into recurring services, maintaining trust in legal-service delivery, and operating within state-by-state legal-services rules.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | William Blair | Downgrade | ||
| Aug 6, 2026 | JP Morgan | Downgrade | ||
| Mar 4, 2026 | Barclays | Downgrade | ||
| Feb 20, 2026 | Morgan Stanley | Target | Target: $7 | Target: $6.50 |
| Feb 20, 2026 | UBS | Reiterate | Rating: —Target: $9 | Target: $8 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $167.2M · Total debt $15.1M · Total assets $466.4M · Shareholders' equity $127.2M
- Revenue
- $205.3M
- Operating income
- $10.7M
- Net income
- $5.2M
No dividends on record.
| Institutions | 96.07% | 164.53M shares | |
|---|---|---|---|
| 254 holders · as of Jun 30, 2026 | |||
| Insiders | 1.66% | 2.84M shares | |
| 7 holders · as of Aug 21, 2026 | |||
| Strategic holders | 6.21% | 10.63M shares | |
| 1 holder · as of Feb 22, 2022 | |||
| Adds to | 103.94% | ||
171.26M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 103.94%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Francisco Partners Management, LPInstitution | 16.71% | 28.63M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 10.51% | 18.00M | as of Jun 30, 2026 |
Technology Crossover Management Ix, Ltd.Institution | 9.57% | 16.40M | as of Jun 30, 2026 |
Institutional Venture Partners XIII, L.P.Institution | 7.56% | 12.94M | filed Feb 14, 2022 |
Vanguard Portfolio Management LLCInstitution | 6.31% | 10.82M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Noel Bertram Watson | officer: Chief Operating Officer & CFO | −83,629 | $5.83 |
| Aug 20, 2026 | Noel Bertram Watson | officer: Chief Operating Officer & CFO | −416,371 | $5.91 |
| Aug 18, 2026 | Nicole Miller | officer: CHIEF LEGAL OFFICER | −33,479 | $5.51 |
| Aug 17, 2026 | Nicole Miller | officer: CHIEF LEGAL OFFICER | −43,996 | $5.51 |
| May 18, 2026 | Noel Bertram Watson | officer: Chief Operating Officer & CFO | −15,000 | $6.45 |
