Opendoor Technologies Inc
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.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Re-examined against the quarterly report as of June 30, 2026: no solvency problem ($896 million of unrestricted cash, all financial covenants met), but no earnings turnaround either — buying has turned, earnings have not, hence still amber.
What the thesis turns on
Assessment: Opportunities & Risks
Opendoor is buying again: 4,378 homes in the second quarter of 2026 after 1,757 a year earlier, with healthy inventory (9 percent listed longer than 120 days) and a 9.7 percent gross margin. Revenue, at $883 million, still lags the prior year by 44 percent, and the net loss was $162 million, $119 million of it stock-based compensation. In August the company used a zero-coupon $650 million convertible to fund its first share buyback (about 45.3 million shares) and further growth; the queue of potential shares remains long at 261.5 million plus up to 137.96 million from the note. Not investment advice.
Inventory quality and buying
The share of homes listed for more than 120 days stood at 9 percent as of June 30, 2026, after 36 percent a year earlier; gross margin rose to 9.7 percent in the second quarter after 8.2 percent. At the same time Opendoor bought 4,378 homes after 1,757 in the prior-year quarter, and inventory grew to 5,459 homes.
Business trajectory
Revenue was $883 million in the second quarter of 2026, 44 percent below the prior-year quarter ($1,567 million), on 2,339 homes sold instead of 4,299. Across the years: $6,946 million (2023), $5,153 million (2024), $4,371 million (2025). For the third quarter the company guides to revenue growth of at least 20 percent on the prior-year quarter.
Earnings power
Loss from operations was negative in each of the three years: minus $386 million (2023), minus $320 million (2024), minus $287 million (2025), plus minus $303 million in the first half of 2026 after minus $69 million a year earlier. Management's target — break-even on adjusted net income by the end of 2026 — excludes stock-based compensation, which last ran at $119 million a quarter. The accumulated deficit stood at $5,368 million as of June 30, 2026.
Balance sheet and liquidity
As of June 30, 2026 unrestricted cash stood at $896 million and equity at $914 million; in August roughly $440 million net came in from a zero-coupon convertible, per the company. The roughly $1.8 billion of inventory financing sits without recourse in special purpose entities, and all financial covenants were met. Against that stand $964 million of cash outflow in the first half, only $25 million of undrawn committed credit lines and a $650 million note due in 2030.
Dilution
Shares outstanding rose from 733,592,980 (June 30, 2025) to 968,626,958 (June 30, 2026), up 32 percent. The August 17, 2026 buyback cut that to about 926 million by arithmetic. The overhang of potential shares stood at 261.5 million as of June 30, plus up to 137.96 million from the new convertible note — although Opendoor intends to settle its principal in cash.
Compensation and governance
Stock-based compensation reached $239 million in the first half of 2026, including $205 million for price-linked awards whose market conditions were entirely unmet as of June 30, 2026; $551 million of expense is still to come. At the annual meeting on June 11, 2026 roughly 41 percent voted against executive compensation, after the chief executive publicly campaigned against the proxy advisers' recommendations.
Worth Noting
Opendoor reached our research list through the Reddit mention screen of July 27, 2026 — an attention signal, not a quality verdict. The lists of our in-house stock scanner are recomputed nightly, so a snapshot would already be stale the following day.
Recency status (update of October 3, 2026): the basis is the annual report (10-K) for 2025 filed February 19, 2026 and the quarterly report (10-Q) as of June 30, 2026 filed August 4, 2026. Every document filed from that day on was reviewed — the Form 8-K of August 4, 2026 with the earnings press release, the Forms 8-K of August 13 and 19, 2026 on the convertible note and the share repurchase, the Schedule 13G/A by Morgan Stanley of August 13, 2026 and the insider filings (Form 4) of August 14 and September 16, 2026; plus the Schedule 13G by BlackRock of July 29, 2026. A complete transcript of the August 4, 2026 earnings call was not available.
On valuation: no filing states the share count after the buyback yet. The calculation uses 971,091,050 shares per the quarterly report cover page (as of July 28, 2026) less the roughly 45.3 million repurchased, about 926 million, times the $2.44 closing price of October 2, 2026 — roughly $2.26 billion. The figure from the fundamental data ($2.354 billion) still uses the older share count and sits about 4 percent higher.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.90 $ to 9.40 $ · Last price: 1.80 $ (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: Real Estate Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Opendoor Technologies Inc OPEN | 1.7 | – | -5.8 | 8.6 | -21.7 | -15.2 | -75.2 |
| CBRE Group Inc Class A CBRE | 37.5 | 30.5 | 21.9 | 18.5 | 2.7 | 13.4 | -15.7 |
| Ke Holdings Inc BEKE | 19.5 | 42.0 | 12.0 | 24.0 | 6.7 | 1.2 | 4.9 |
| Jones Lang LaSalle Incorporated JLL | 16.5 | 20.7 | 10.6 | 51.2 | 3.3 | 11.5 | 16.5 |
| CoStar Group Inc CSGP | 12.3 | 470.2 | 34.5 | 78.7 | 0.3 | 18.7 | -60.1 |
| Compass Inc COMP | 6.7 | 438.5 | 101.6 | 14.2 | -5.7 | 23.7 | 23.4 |
| Cushman & Wakefield plc CWK | 3.1 | 44.5 | 9.8 | 18.1 | 2.3 | 8.9 | -20.7 |
| Real Brokerage Inc REAX | 3.0 | – | -13.7 | 8.2 | – | 55.7 | -59.5 |
| IHS Holding Ltd IHS | 2.9 | 5.2 | 4.1 | 54.0 | 19.3 | -7.6 | 26.8 |
| Median of companies shown | 6.7 | 42.0 | 10.6 | 18.5 | 2.5 | 11.5 | -15.7 |
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) |
|---|---|---|---|---|---|---|---|
| 2017 | 711 | -62 | -85 | -2.12 | -219 | – | – |
| 2018 | 1,838 | -164 | -241 | -0.44 | -1,180 | 667 | 1,842 |
| 2019 | 4,741 | -248 | -341 | -4.26 | -272 | -733 | 2,232 |
| 2020 | 2,583 | -186 | -253 | -2.31 | 682 | 1,553 | 2,176 |
| 2021 | 8,021 | -568 | -662 | -1.12 | -5,794 | 2,248 | 9,506 |
| 2022 | 15,567 | -931 | -1,353 | -2.16 | 730 | 1,086 | 6,608 |
| 2023 | 6,946 | -386 | -275 | -0.42 | 2,344 | 967 | 3,567 |
| 2024 | 5,153 | -320 | -392 | -0.56 | -595 | 713 | 3,126 |
| 2025 | 4,371 | -287 | -1,300 | -1.70 | 1,049 | 1,005 | 2,407 |
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
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
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: Q2 | -0.04 | 86.70 | 1,511 | -23.50 | -6.10 | -399 | -407 |
| 2024: Q3 | -0.10 | 9.10 | 1,377 | 40.50 | -5.70 | 62 | 56 |
| 2024: Q4 | -0.16 | -14.30 | 1,084 | 24.60 | -10.40 | -80 | -83 |
| 2025: Q1 | -0.12 | 0.00 | 1,153 | -2.40 | -7.40 | -279 | -283 |
| 2025: Q2 | -0.01 | 75.00 | 1,567 | 3.70 | -1.90 | 823 | 821 |
| 2025: Q3 | -0.12 | -20.00 | 915 | -33.60 | -9.80 | 435 | 432 |
| 2025: Q4 | -0.07 | 56.30 | 736 | -32.10 | -148.90 | 70 | 67 |
| 2026: Q1 | -0.05 | 58.30 | 720 | -37.60 | -24.00 | -246 | -250 |
| 2026: Q2 | -0.17 | -1,600.00 | 883 | -43.70 | -18.30 | -718 | -723 |
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 3 of our scanner strategies — each hit links to the scanner.
Growth
Research
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. 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 | -0.19 | -0.20 – -0.17 | 3,828 | 26.0% | 3 |
| 12/31/2027 | -0.02 | -0.06 – 0.00 | 7,283 | 88.8% | 3 |
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
Fortgeschrieben am 03.10.2026 mit dem Quartalsbericht (10-Q) zum 30.06.2026 (eingereicht 04.08.2026): Einstufung bestätigt. Opendoor setzt KI und maschinelles Lernen durchgängig im eigenen Betrieb ein — Preisfindung, Zustandsbewertung per Bildverarbeitung, Reparaturplanung und zentralisierte Abwicklung —, verkauft aber keine KI-Produkte oder -Dienste; der neue Bericht nennt die Fähigkeit, KI für operative Effizienz zu nutzen, ausdrücklich als Erfolgsfaktor. KI ist damit Kostenhebel und Bewertungswerkzeug, nicht Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„The platform combines proprietary data, software, and AI-driven tools to give sellers a simple, primarily digital experience while allowing us to respond quickly to changing market conditions. Our AI models and computer-vision tools help us assess home condition, and estimate the cost and time required to bring a home to “sale-ready” condition."
Die Plattform verbindet eigene Daten, Software und KI-gestützte Werkzeuge, um Verkäufern ein einfaches, überwiegend digitales Erlebnis zu bieten und uns zugleich zu erlauben, schnell auf veränderte Marktbedingungen zu reagieren. Unsere KI-Modelle und Bildverarbeitungswerkzeuge helfen uns, den Zustand eines Hauses zu beurteilen und die Kosten und die Zeit zu schätzen, die nötig sind, um ein Haus in einen verkaufsfertigen Zustand zu bringen.
10-K · 2026-02-19 · View SEC filing
„Our business is driven by proprietary systems that integrate AI models, data, and software across the entire home transaction lifecycle."
Unser Geschäft wird von eigenen Systemen getragen, die KI-Modelle, Daten und Software über den gesamten Lebenszyklus einer Haustransaktion hinweg zusammenführen.
10-K · 2026-02-19 · View SEC filing
„Platform efficiency improvements through greater use of generative AI, automation and self-service"
Effizienzgewinne der Plattform durch den stärkeren Einsatz generativer KI, von Automatisierung und Selbstbedienung
10-Q · 2026-05-07 · View SEC filing
„our ability to leverage artificial intelligence (“AI”) to drive operational efficiency;"
unsere Fähigkeit, künstliche Intelligenz (KI) zur Steigerung der operativen Effizienz zu nutzen;
10-Q · 2026-08-04 · View SEC filing
Filings Reviewed: 10-Q 2026-08-04 · 10-K 2026-02-19 · 10-Q 2026-05-07
Rated on October 3, 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 -34.5%
- More than 10% revenue growth is expected for the coming year -74.2%
- Share count grows by less than 3% a year 6.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.6%
- Gross margin at 40% or higher and without meaningful erosion 8.0%
- Goodwill from acquisitions does not grow faster than revenue 0.1%
- Net debt below twice EBITDA 769 m net cash
- Operating cash flow covers the profits of the last three years 4,765 m
- Return on capital at 15% or higher, or up versus two years ago -13.8%
- Insiders hold at least 10% or are net buyers 4.9%
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
5/10The 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% 25.5%
- Exp. sales growth 3Y > 5% 29.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 29.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -129.7%
- ROCE > 15% -13.8%
- Expected return > 10% 106.3%
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 15, 2026 | Nguyen Giang | Chief Operating Officer | Sell | 10,393 | 1.97 | 20,516 |
| Sep 15, 2026 | Schwartz Christina | Chief Financial Officer | Other | 42,242 | 2.65 | 111,941 |
| Sep 15, 2026 | Schwartz Christina | Chief Financial Officer | Other | 59,658 | 0.97 | 57,868 |
| Aug 14, 2026 | Nejatian Kasra | Chief Executive Officer | Buy | 27,625 | 3.62 | 100,003 |
The company
About the Company
Opendoor Technologies Inc. operates a digital platform for residential real estate transactions in the United States. It buys and sells homes through online e-commerce platform. The company also resells the home to a home buyer. In addition, it offers real estate brokerage, title insurance and settlement, and escrow services, as well as property and casualty insurance, real estate licenses, and construction services. The company was formerly known as Social Capital Hedosophia Holdings Corp. II and changed its name to Opendoor Technologies Inc. Opendoor Technologies Inc. was incorporated in 2013 and is based in Tempe, Arizona.
- Employees
- 1,042
- Headquarters
- Tempe, AZ
- Address
- 1295 West Washington Street, 85288 Tempe, United States
- Phone
- 480 618 6760
- Website
- opendoor.com
- IPO Date
- 06/18/2020
- ISIN
- US6837121036
Management
| Name | Title | Birth Year |
|---|---|---|
| Keith Rabois J.D. | Co-Founder & Chairman | 1969 |
| Michael Judd | Director of Capital Markets & Investor Relations | – |
| Rishi Kotiya | Chief Legal Officer & Corporate Secretary | – |
| Renee Grace Mauldin Atwood | Chief People Officer | 1980 |
| Julie Marie Todaro | Strategic Advisor | 1971 |
| Brad Bonney | Chief Business Officer | – |
| Morgan Brown | Chief Growth Officer | – |
| Margaret Syms | Chief Information Security Officer | – |
| Vu Tran | Chief AI Officer | – |
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).
- 10/29/2026 Opendoor Technologies Inc. (OPEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/21/2026 Opendoor Technologies Inc. (OPEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/19/2026 Opendoor Technologies Inc. (OPEN): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Opendoor Technologies Inc. (OPEN): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/04/2026 Opendoor Technologies Inc. (OPEN): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits 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.