NerdWallet remains a Buy despite 30% drop, with strong cash, margins, and growth in affiliate revenue.

NerdWallet's stock has dropped about 30% from its December highs, but it remains a Buy due to its attractive valuation. The company offsets declines in search-driven revenue by growing affiliate income from insurance and brokerage accounts. With gross margins around 95% and $98.3 million in cash and no debt, NerdWallet has strong financial flexibility. Low stock-based compensation dilution supports earnings quality, making current growth challenges seem well priced in.