Verdict
Undervalued
What is AGNT, Inc (AGNT) worth?
Currently $3.87 — 14% discount to Dolphy’s fair value · ● live
Cyclical
low confidence in the point estimate
— for this profile, read the range & what the price implies, not the single number
● live · as of 2026-07-23 21:13 · Market cap $645.0M
As of 2026-07-23, AGNT, Inc (AGNT) looks undervalued. Dolphy estimates a fair value of $4.50 versus a current price of $3.87 — a 14% discount to fair value.
Executive summary
AGNT, Inc (AGNT) - formerly eXp World Holdings - is a cloud-based, asset-light residential real estate brokerage that collects commissions and passes most through to ~82,000 affiliated agents. At $3.925 (as of 23-Jul-2026), market cap is $645m against $124m net cash and no debt.
The headline that AGNT trades at ~6x FCF (~$108m reported 2025 FCF) is misleading. That FCF is almost entirely the add-back of ~$140m/yr of stock-based agent/exec compensation - which is genuine, dilutive economic cost. Strip it out and the company is roughly breakeven on an economic basis at the current housing trough, consistent with its 2025 GAAP net loss of -$22.7m and negative operating income.
My fair value is ~$4.50, a modest ~15% premium to the current price. The stock is mildly cheap but not the deep-value story the reported FCF implies. The distribution is wide: a bear case sits near the ~$2.75 net-cash-plus-dividend floor, while a genuine housing recovery with SBC discipline supports ~$7 (matching the street). I hold low confidence in a single point because SBC treatment and cyclicality drive most of the range.
How we value it
Normalized (SBC-adjusted) FCF DCF, scenario-weighted; cross-checked vs net-cash floor and dividend support
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About AGNT, Inc
AGNT, Inc, together with its subsidiaries, provides cloud-based real estate brokerage services for residential homeowners and homebuyers. It operates through three segments: North American Realty, International Realty, and Other Affiliated Services. The company acts as a licensed broker for processing residential and commercial real estate transactions; and provides other real estate support services. It also offers FrameVR.io, a web-accessible proprietary technology offering immersive 3D platforms; magazine and its related media properties which provide training, classes, resources, and tools under the SUCCESS bran. It operates in Americas, Europe, the Middle East, Asia-Pacific, and South Africa. AGNT, Inc was formerly known as eXp World Holdings, Inc. and changed its name to AGNT, Inc in June 2026. The company was incorporated in 2008 and is headquartered in Bellingham, Washington.
Frequently asked questions
Is AGNT a buy?
As of 2026-07-23, AGNT, Inc (AGNT) looks undervalued. Dolphy estimates a fair value of $4.50 versus a current price of $3.87 — a 14% discount to fair value.
What is AGNT's fair value?
Dolphy's estimated fair value for AGNT, Inc (AGNT) is $4.50, versus a current market price of $3.87.
Is AGNT overvalued or undervalued?
AGNT, Inc (AGNT) currently looks undervalued — trading at a 14% discount to Dolphy's estimated fair value of $4.50.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.