Today we’re doing a monthly overview of companies in The Lead Index. Looking at current market cap and changes to stock prices. All prices are taken from market close yesterday (8/31).
Who is/isn’t included on the Index
As I’ve previously outlined, the focus is on companies that make money through lead generation. I ignore companies like Google and Facebook because they supply platforms that can generate traffic, and they also charge on a CPM/CPC model.
Yelp is also not on the list for similar reasons, though they might get included at some point in the future.
Zillow - You may not think of them as a lead generation company, but ultimately they get paid as a result of people filling out forms, so I chose to include them.
Zeta Global - Historically, I’ve considered them a lead gen company, but they’re positioning themselves as a tech and AI business. It’s a bit outside my purview to push back on that, and their filings only break down revenue by US vs. International and Direct Platform vs. Integrated Platform.
Gen Digital - While they own MoneyLion, they also own Norton Antivirus. Unfortunately, it can get wonky reporting on segments vs. whole businesses.
Porch - They seem to have pivoted into Insurance and Home Warranty.
A note on Employee Counts
Companies are only required to disclose the number of employees on the annual filing or 10-K. It is not required on quarterly reports (10-Q), so the data will generally have a bit of a lag. I use employee numbers for general analysis like revenue per employee, etc. Zillow also had a layoff in August of ~500 employees, which is not reflected in the tally from 12/31/25.