LendingTree: Looks Cheap Even After The Leadership Transition

LendingTree is an online marketplace connecting consumers with lenders and insurers across three segments: Home, Consumer, and Insurance. Founder-CEO Doug Lebda died unexpectedly in October 2025. He was succeeded by COO Scott Peyree, who built TREE's Insurance segment as founder of the acquired QuoteWizard. Performance looks steady, with 2026 guidance of revenue at $1.30–$1.35bn, variable marketing margin $378–$395mn, and adjusted EBITDA of $152–$162mn. I think shares are around 30% undervalued, with some macro and key-figure/execution risks to take into account.

LendingTree ( TREE ) is a roughly 30-year-old online marketplace connecting consumers with lenders and insurers across Home, Consumer, and Insurance segments. I last covered TREE in September of 2025 , recommending a Hold. Shares are down