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Opendoor Technologies Inc. (OPEN)

NASDAQ / Real Estate / Real Estate - Services

Share price

2.32 USD Market dataClose of Oct 15, 2026

Market capitalisation

2.25B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 19, 2026
Ratios computed
Oct 15, 2026
Filed years
8, FY2018 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-129.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

1.77x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

58.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2017 Revenue: 711.1M USDFY2017 Net income: -84.8M USDFY2018 Revenue: 1.84B USDFY2018 Net income: -241.3M USDFY2019 Revenue: 4.74B USDFY2019 Net income: -341.0M USDFY2020 Revenue: 2.58B USDFY2020 Net income: -253.0M USDFY2021 Revenue: 8.02B USDFY2021 Net income: -662.0M USDFY2022 Revenue: 15.57B USDFY2022 Net income: -1.35B USDFY2023 Revenue: 6.95B USDFY2023 Net income: -275.0M USDFY2024 Revenue: 5.15B USDFY2024 Net income: -392.0M USDFY2025 Revenue: 4.37B USDFY2025 Net income: -1.30B USD
Revenue Net income9 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -129.3% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Real Estate - Services industry (30 companies), -129.3% sits at the 7th percentile; the middle half of that group runs from -31.7% to 5.0%.

Is it safe

Current ratio was 7.03 in FY2025, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Real Estate sector (35 companies), 7.03 sits at the 94th percentile; the middle half of that group runs from 1.10 to 2.77.

Year by year against peers
Whether Opendoor Technologies Inc.'s return on equity stayed above the median of the Real Estate sector, year by year. (FY2020 to FY2025, 6 fiscal years of Opendoor Technologies Inc. with a comparable figure)
The direction
Which way Opendoor Technologies Inc.'s gross margin has moved, and how steadily. (FY2017 to FY2025, 9 filed years of Opendoor Technologies Inc.)
What could explain it
What in Opendoor Technologies Inc.'s filed statements could explain the movements. (4 readings drawn from the statement lines Opendoor Technologies Inc. filed)
What to check next
What to check next on Opendoor Technologies Inc., and where in its filings. (3 questions for Opendoor Technologies Inc.)
In one paragraph
One paragraph on Opendoor Technologies Inc.'s returns, cash, balance sheet and price. (8 of sixteen figures read for Opendoor Technologies Inc.)

These are OPEN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research OPENPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 19, 2026, accession 0001801169-26-000010.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Opendoor Technologies Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Return on equity-129.3% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Return on capital employed, pre-tax-13.8% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Return on assets-54.0% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Gross margin8.0% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Operating margin-6.6% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Net margin-29.7% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
OPEN -29.7%
CWK 0.9%FSV 3.5%CIGI 4.0%
-29.7%4.0%
Net margin: OPEN against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Opendoor Technologies Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Current ratio7.03 ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Quick ratio7.03 ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Altman Z-score0.24 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Total assets 2.41BTotal liabilities 1.40BShareholders' equity 1.00BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Opendoor Technologies Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 19, 2026, 0001801169-26-000010).

Opendoor Technologies Inc: balance sheet position
Total assets2.41B FiledFY2025 10-K, filed Feb 19, 2026
Total liabilities1.40B FiledFY2025 10-K, filed Feb 19, 2026
Shareholders' equity1.00B FiledFY2025 10-K, filed Feb 19, 2026
Cash962.0M FiledFY2025 10-K, filed Feb 19, 2026
Total debtn/a FiledFY2025 10-K, filed Feb 19, 2026
Net debtn/a
Current ratio7.03
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Opendoor Technologies Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
P/E on trailing twelve months
Why n/a

Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.77x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Price to sales0.41x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Enterprise value to EBITDA
Why n/m

EBITDA is zero or negative, so a multiple of it is not meaningful.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Diluted earnings per share-1.70 USD FiledFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010

We publish no fair value or price target of our own. Value OPEN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Opendoor Technologies Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Opendoor Technologies Inc: valuation
Share price2.32 USD
Market capitalisation2.25B USD
Enterprise value to EBITDAn/m
Graham numbern/m
Diluted earnings per share, FY2025-1.70 USD

Price to earnings on trailing twelve months: Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

Companies like Opendoor Technologies Inc

  1. Cushman & Wakefield plc (CWK)Market cap 2.73B USD
  2. FirstService Corporation (FSV)Market cap 6.18B USD
  3. Colliers International Group Inc. (CIGI)Market cap 4.51B USD

Same industry (Real Estate - Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Opendoor Technologies Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield58.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Free cash flow1.04B USD ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Free cash flow margin23.7% ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
FY2017 Free cash flow: -221.4M USDFY2017 Net income: -84.8M USDFY2018 Free cash flow: -1.20B USDFY2018 Net income: -241.3M USDFY2019 Free cash flow: -300.0M USDFY2019 Net income: -341.0M USDFY2020 Free cash flow: 665.0M USDFY2020 Net income: -253.0M USDFY2021 Free cash flow: -5.83B USDFY2021 Net income: -662.0M USDFY2022 Free cash flow: 693.0M USDFY2022 Net income: -1.35B USDFY2023 Free cash flow: 2.31B USDFY2023 Net income: -275.0M USDFY2024 Free cash flow: -620.0M USDFY2024 Net income: -392.0M USDFY2025 Free cash flow: 1.04B USDFY2025 Net income: -1.30B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Opendoor Technologies Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.77xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
58.3%FY2025Oct 15, 2026
n/aFY2025Feb 19, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2025Oct 15, 2026
n/a The only dividend lines on the filed cash flow statement are zeros the filer did not tag as the common dividend paid, so they say nothing about what reached the common holders.
n/aFY2025Feb 19, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
7.03FY2025Feb 19, 2026
0.41xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.24FY2025Oct 15, 2026
-4.11FY2025Feb 19, 2026
4/9FY2025Feb 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 8 filed fiscal years on record, FY2018 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

9 fiscal years, FY2017 to FY2025. 8 read from the annual reports Opendoor Technologies Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Opendoor Technologies Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20254.37B-287.0M-1.30B-1.701.04B-6.6%-129.3%10-K, Feb 19, 20260001801169-26-000010
FY20245.15B-320.0M-392.0M-0.56-620.0M-6.2%-55.0%10-K, Feb 27, 20250001801169-25-000017
FY20236.95B-386.0M-275.0M-0.422.31B-5.6%-28.4%10-K, Feb 15, 20240001801169-24-000016
FY202215.57B-931.0M-1.35B-2.16693.0M-6.0%-124.6%10-K, Feb 23, 20230001801169-23-000024
FY20218.02B-568.0M-662.0M-1.12-5.83B-7.1%-29.4%10-K, Feb 24, 20220001801169-22-000027
FY20202.58B-186.0M-253.0M-2.31665.0M-7.2%-16.3%10-K, Mar 4, 20210001801169-21-000011
FY20194.74B-248.0M-341.0M-4.37-300.0M-5.2%n/m10-K, Mar 4, 20210001801169-21-000011
FY20181.84B-163.7M-241.3M-3.16-1.20B-8.9%n/a10-K, Mar 4, 20210001801169-21-000011
FY2017711.1M-61.6M-84.8M-2.12-221.4M-8.7%n/aMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2017 to FY2025: 25.5%
  • Earnings: Earnings was not positive in both 2017 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2017 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2017 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Opendoor Technologies Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-4.11 ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Piotroski F-score4/9 ComputedFY2025 10-K, filed Feb 19, 2026, 0001801169-26-000010
Named tests met0 of 30 Computed
Beta2.24 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 21 not met, 9 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High yield, low payout; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: EBITDA is zero or negative, so a multiple of it is not meaningful.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them Debt to Equity, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 9 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 8 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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