Better Home & Finance Holding Company
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The platform is growing, and the Tinman volume is real — but here cash and control decide the quality question. Documented are a governance breakdown (a board appointed by a single director, Nasdaq independence rules not met) and cash that, at the current rate of outflow, lasts a little over three quarters on paper (just under four measured by the actual third-quarter cash decline). The filings contain no going-concern warning; in August, Better considered its funds adequate for at least twelve months, and the bank sale is expected to bring in about $65 million. If you are waiting, check: does Better submit a plan to Nasdaq by Nov. 27, 2026, with how many independent directors, what does the quarterly report as of Sept. 30, 2026, show about cash, and does the bank sale close? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Better Home & Finance is the camp trap in its purest form: a public fight between founder Vishal Garg and the board ended on Oct. 5, 2026, with a board appointed by Garg as the sole remaining director and a Nasdaq deadline of Nov. 27, 2026. Underneath is a mortgage lender with growing volume but persistent losses ($100.9 million in the first half of 2026), $81 million in cash and about $8 million of costs for the fight in a single quarter. Not investment advice.
Platform & growth
Loan volume is growing against the market: $4.7 billion in 2025 (+32 percent), $1.395 billion in the third quarter of 2026 (+15 percent, preliminary). Volume through the Tinman platform rose 64 percent in the third quarter to about $790 million; partners such as Intuit Credit Karma are set to distribute HELOCs.
Earnings power
Since 2022, the net loss has not been smaller than revenue in any year (2025: $165.9 million loss on $164.9 million revenue). In the first half of 2026 Better lost $100.9 million, and $33.1 million to $34.1 million in the third quarter of 2026 (preliminary); revenue missed the company’s own guidance.
Cash & funding
Cash excluding the UK bank of $81 million on Sept. 30, 2026 (preliminary) — barely more than at the end of 2025, even though $83.4 million of fresh capital came in through June. On paper, at an adjusted EBITDA loss of about $25 million per quarter, the cash lasts a little over three quarters, or just under four measured by the actual third-quarter cash decline ($21.3 million); the bank sale and a loan against the bank are meant to create room.
Governance
Five directors removed by written consent on Sept. 30, 2026, four new ones appointed on Oct. 5, 2026, by the sole remaining director Vishal Garg, two of them employees. Nasdaq found that its independence rules are not met and set a deadline of Nov. 27, 2026.
Balance sheet & dilution
$57.9 million of equity (June 30, 2026) against $198.8 million of secured SoftBank notes whose interest is paid in additional notes. The UK bank sits on the balance sheet at $63.3 million net; the share count rose 18.7 percent in the first half of 2026.
Worth Noting
Better caught our eye with the price jump on Oct. 15, 2026 (+32.5 percent to $10.76 on 3.39 million shares traded). The latest periodic report is the 10-Q as of June 30, 2026 (filed Aug. 11, 2026, after an NT 10-Q extension); all current reports through Oct. 15, 2026, have been reviewed. The Q3 figures are preliminary and unaudited; the quarterly report as of Sept. 30, 2026, was not yet available on Oct. 16, 2026.
Market value (about $204 million) calculated from 18,998,579 shares across all three classes (as of July 31, 2026) and the closing price of Oct. 15, 2026; the figure in the fundamental data ($204.6 million) matches. The last price cited in a filing ($44.84 on April 7, 2026, 424B5 prospectus supplement) predates the share price collapse and is not usable as a cross-check. Net bank ($63.3 million) = assets minus liabilities of the discontinued operation per the 10-Q, our calculation.
Cash runway is our own calculation: $81 million of cash (Sept. 30, 2026, preliminary) divided by the third-quarter adjusted EBITDA loss ($24.8 million to $25.8 million); adjusted EBITDA is a company measure without a U.S. GAAP definition and not a cash flow. Cross-check with the actual third-quarter cash decline ($102.3 million to $81 million = $21.3 million): about 3.8 quarters. Note: the report files carry the “aurcu” prefix of the former blank-check company Aurora Acquisition Corp.
Trading volume: 3.39 million shares on Oct. 15, 2026, against an average daily volume of about 775,000 shares over the last 50 trading days including that day (fundamental data, as of Oct. 16, 2026) — about 4.4 times. Board: eight members per the 10-Q as of June 30, 2026, minus five removed (Sept. 30, 2026), minus the resignations of Michael Farello (Sept. 28, 2026, 8-K of Oct. 2, 2026) and Hugh Frater (Oct. 1, 2026, 8-K of Oct. 6, 2026) — leaving Garg.
Stock Watch
This analysis is as of October 16, 2026. Stock Watch will tell you what's changed at BETR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.10 $ to 77.90 $ · Last price: 20.80 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Mortgage Finance
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Better Home & Finance Holding Company BETR | 0.4 | – | -0.9 | 100.0 | -56.9 | 59.4 | -70.5 |
| Rocket Companies Inc RKT | 36.7 | – | 0.0 | 100.0 | 28.2 | 27.4 | -26.6 |
| PennyMac Finl Svcs Inc PFSI | 3.3 | – | 45.4 | 86.0 | 14.6 | 173.8 | -48.3 |
| UWM Holdings Corp UWMC | 2.6 | 5.1 | 22.1 | 100.0 | – | 65.8 | -71.0 |
| Guild Holdings Co GHLD | 1.2 | 9.9 | 0.0 | 100.0 | 23.6 | 60.9 | 71.1 |
| Walker & Dunlop Inc WD | 1.2 | – | 9.8 | 100.0 | 9.2 | 9.0 | -54.0 |
| Velocity Financial Llc VEL | 0.6 | 5.6 | 0.0 | 75.7 | – | 48.0 | -12.7 |
| Loandepot Inc LDI | 0.3 | – | 0.0 | 88.9 | -2.0 | 37.6 | -81.0 |
| Onity Group Inc. ONIT | 0.2 | 1.3 | 54.0 | 93.5 | – | -0.2 | -25.8 |
| Median of companies shown | 1.2 | 5.3 | 0.0 | 100.0 | 11.9 | 48.0 | -48.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2015 | 184 | 37 | 10 | 0.13 | 47 | 15 | 361 |
| 2016 | 271 | 60 | 27 | 0.38 | -1 | 52 | 838 |
| 2019 | – | – | – | – | -324 | – | – |
| 2020 | – | 0 | 0 | – | 0 | – | – |
| 2021 | 1,312 | -240 | -301 | -0.41 | 361 | 676 | 3,300 |
| 2022 | 395 | -859 | -877 | -1.19 | 938 | -168 | 1,083 |
| 2023 | 89 | -291 | -536 | -2.10 | -160 | 123 | 906 |
| 2024 | 120 | -188 | -206 | -13.65 | -380 | -58 | 913 |
| 2025 | 191 | -123 | -166 | -10.82 | -232 | 37 | 1,505 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -3.58 | 89.50 | 27 | 33.70 | -202.70 | -11 | -14 |
| 2024: Q4 | -3.91 | 0.20 | 47 | 314.80 | -125.40 | -55 | -55 |
| 2025: Q1 | -3.33 | 2.50 | 35 | 28.40 | -145.30 | -57 | -60 |
| 2025: Q2 | -1.99 | 27.40 | 51 | 80.60 | -70.70 | -61 | -61 |
| 2025: Q3 | -1.86 | 48.10 | 44 | 65.40 | -88.40 | 4 | 1 |
| 2025: Q4 | -1.70 | 56.50 | 53 | 12.80 | -74.90 | -39 | -39 |
| 2026: Q1 | -2.69 | 19.20 | 53 | 53.00 | -132.10 | -77 | -77 |
| 2026: Q2 | -1.74 | 12.60 | 61 | 18.70 | -50.20 | -121 | -121 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
- Below the 50- & 200-SMA
- Beneish M-Score
- Going Concern (Distress Proxy)
- Pradeep Bonde: $ Breakout Bearish
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -3.92 | -5.05 – -2.66 | 204 | 54.3% | 4 |
| 12/31/2027 | -0.72 | -3.53 – 1.02 | 269 | 81.7% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Better Home & Finance vermarktet seine Abwicklungsplattform als „Tinman AI Platform“ und bietet sie laut Geschäftsbericht für 2025 Partnern an, die sie in ihre eigenen Abläufe einbauen und dafür je über die Plattform abgewickeltem Kredit Gebühren zahlen; laut Quartalsbericht zum 30.06.2026 bringt Better über Tinman „KI-getriebene Effizienz“ zu Kreditgebern, Banken und Finanzinstituten. KI ist damit Teil eines Angebots, das Umsatz erzeugt — der Großteil des Umsatzes stammt allerdings weiterhin aus Gewinnen beim Verkauf selbst vergebener Kredite (Q2 2026: 51,5 von 54,7 Mio. US-Dollar), und Teile der Kreditbearbeitung erfordern laut Bericht weiterhin Menschen.
View the full file — quotes, sources, reviewed filings
„In certain arrangements, partners integrate Tinman into their existing internal digital operations to support mortgage origination activities and pay fees to the Company based on funded loans processed through the platform."
In bestimmten Vereinbarungen integrieren Partner Tinman in ihre bestehenden internen digitalen Abläufe, um die Hypothekenvergabe zu unterstützen, und zahlen dem Unternehmen Gebühren auf Basis der über die Plattform abgewickelten finanzierten Kredite.
10-K · 2026-03-13 · View SEC filing
„Through Tinman®, we partner with lenders, banks, and financial institutions to bring AI-driven efficiency and savings to their own customers, helping transform an industry long overdue for change."
Über Tinman® arbeiten wir mit Kreditgebern, Banken und Finanzinstituten zusammen, um deren eigenen Kunden KI-getriebene Effizienz und Einsparungen zu bringen, und helfen so, eine Branche zu verändern, deren Wandel längst überfällig ist.
10-Q · 2026-08-11 · View SEC filing
„Tinman is a digital loan origination and workflow platform that uses AI and automation to integrate customer-facing applications, internal operational tools, and third-party systems to support mortgage origination and related homeownership services."
Tinman ist eine digitale Plattform für Kreditvergabe und Arbeitsabläufe, die KI und Automatisierung nutzt, um kundenseitige Anwendungen, interne Betriebswerkzeuge und Systeme Dritter zu verbinden und so die Hypothekenvergabe und damit verbundene Dienstleistungen rund um Wohneigentum zu unterstützen.
10-K · 2026-03-13 · View SEC filing
Filings Reviewed: 10-Q 2026-08-11 · 10-Q 2026-05-11 · 10-Q 2025-11-13 · 10-Q 2025-08-13 · 10-K 2026-03-13 · 10-K 2025-03-19
Rated on October 16, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -21.5%
- More than 10% revenue growth is expected for the coming year 6.4%
- Share count grows by less than 3% a year -72.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -62.5%
- Gross margin at 40% or higher and without meaningful erosion 77.7%
- Goodwill from acquisitions does not grow faster than revenue 0.7%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 137 m
- Return on capital at 15% or higher, or up versus two years ago -11.3%
- Insiders hold at least 10% or are net buyers 34.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 0.4%
- Exp. sales growth 3Y > 5% 18.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 18.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -3,946.5%
- ROCE > 15% -11.3%
- Expected return > 10% -51.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | Tuffin Paula | General Counsel and CCO | Sell | 1,225 | 10.48 | 12,838 |
| Oct 19, 2026 | Nicholas J. Calamari | Director | Sell | 1,320 | 10.53 | 13,900 |
| Oct 1, 2026 | Tuffin Paula | General Counsel and CCO | Other | 2,234 | 11.19 | 24,998 |
| Oct 1, 2026 | Garg Vishal | Director | Other | 1,236 | 11.19 | 13,831 |
| Oct 1, 2026 | Garg Vishal | Director | Other | 2,234 | 0.00 | – |
| Oct 1, 2026 | Advani Loveen | Chief Financial Officer | Other | 2,514 | 11.19 | 28,132 |
| Oct 1, 2026 | Advani Loveen | Chief Financial Officer | Other | 9,167 | 0.00 | – |
| Sep 17, 2026 | Tuffin Paula | General Counsel and CCO | Sell | 3,108 | 12.36 | 38,413 |
| Sep 4, 2026 | Feierstein Barry | Chief Operating Officer | Other | 18,750 | 0.00 | – |
| Sep 1, 2026 | Garg Vishal | Director | Other | 3,391 | 12.23 | 41,472 |
The company
About the Company
Better Home & Finance Holding Company operates as a homeownership company in the United States. The company provides government-sponsored enterprise (GSE) conforming loans, Federal Housing Administration insured loans, Department of Veterans Affairs guaranteed loans, and jumbo loans to GSEs, banks, insurance companies, asset managers, and mortgage real estate investment trusts. It offers real estate agent services, title insurance and settlement services, and homeowners insurance services. It also offers home equity lines of credit and closed-end second-lien loans. The company has a strategic collaboration with Coinbase Global, Inc. for the development of token-backed mortgage products. The company formerly known as Better Mortgage Corporation and changed its name to Better Home & Finance Holding Company in August 2023. Better Home & Finance Holding Company is headquartered in New York, New York.
- Employees
- 1,329
- Headquarters
- New York, NY
- Address
- 1 World Trade Center, 10007 New York, United States
- Phone
- 415 523 8837
- Website
- better.com
- IPO Date
- 08/24/2023
- ISIN
- US08774B5084
- Stock Split
- 1:50 on 08/19/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Vishal Garg | Founder & Director | 1978 |
| Paula A. Tuffin | General Counsel, Chief Compliance Officer, Director & Secretary | 1963 |
| Loveen Advani | CFO and Principal Financial & Accounting Officer | 1977 |
| Barry S. Feierstein | Chief Operating Officer | 1961 |
| Tarek Afifi | Corporate Finance & Investor Relations Manager | – |
| Sigurgeir Jonsson | Chief Technology Officer | – |
| Nicholas J. Calamari J.D. | Chief Administrative Officer, Director & Senior Counsel | 1979 |
| Nick Taylor | Head of Real Estate | – |
| Patrick Kandianis | Head of Business Development | – |
| Jerome John Selitto | Treasurer | 1942 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/26/2026 Better Home & Finance Holding Co (BETR): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 10/14/2026 Better Home & Finance Holding Co (BETR): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 10/13/2026 Better Home & Finance Holding Co (BETR): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 10/09/2026 Better Home & Finance Holding Co (BETR): Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing SEC ↗
- 10/08/2026 Better Home & Finance Holding Co (BETR): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Material Modifications to Rights of Security Holders; Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Financial Statements and Exhibits SEC ↗
- 10/06/2026 Better Home & Finance Holding Co (BETR): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Submission of Matters to a Vote of Security Holders SEC ↗
- 10/02/2026 Better Home & Finance Holding Co (BETR): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 09/08/2026 Better Home & Finance Holding Co (BETR): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.