Opendoor TechnologiesOPENRevenue: is the business selling more than it used to?
$4.4B−15% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $4.4B in 2025, compounding -35% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $3.3B, behind the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENNet income: how much of that revenue becomes profit?
$-1.3BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The company lost $1.3B in 2025, more than the $392M it lost the year before. The losses are widening - check the Health chapter for how long the cash lasts.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENHow fast is it growing, year by year?
-15.2%revenue growth, FY 2025
→Revenue grew -15% in 2025 against a five-year average of +42%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENRevenue per share: is your slice growing as fast as the company?
$5.70revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $5.70 in 2025, compounding -39% a year against -35% for OPEN as a whole. Dilution absorbed about 4.2 points of that growth. Free cash flow per share stands at $1.35.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENFree cash flow: what is left in real cash after everything?
$1.0BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $1.0B in 2025, compounding +14% a year since 2022. The trailing twelve months stand at $-474M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENWhere does each dollar of revenue actually go?
→Of $4.4B in 2025 sales, nothing survives to the bottom line - the journey ends $1.3B underwater.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→24 cents of every sales dollar became free cash in 2025, up 19 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is stock compensation, at 4% of revenue (research and development 2%, capital spending 0%). That share has risen since 2022, so the cost of competing is climbing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin has held near -7% since 2022. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -166% and ROCE of -14% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENWhat has the market paid for OPEN over time?
0.9xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 0.9x sales, the market is paying +55% more than OPEN's own 6-year median of 0.6x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENWhat cash return does the business throw off per dollar of market value?
-15.5%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -15.5% of annual free cash flow, less than its 6-year median of 36.6% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in OPEN's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENIs the company's own capital growing?
→The company's own capital shrank from $967M in 2023 to $914M (-5%). Buybacks or losses are drawing the buffer down - the distinction matters.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENHow much goes back, and how much leaks out as stock comp?
→OPEN returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENHow fast is your ownership being diluted - or concentrated?
→The share count grew 9.6% in 2025, averaging 6.9% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENDoes OPEN earn more on its capital than that capital costs?
→OPEN's return on capital is negative at -13.8% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENOPEN has issued or retired shares - did shareholders end up better off?
→OPEN issued +876% more shares from 2018 to 2025 and revenue per share still fell -76%. On this measure the new shares have not paid for themselves.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Opendoor TechnologiesOPENAre the people running it buying or selling?
→Insiders bought $7M and sold $2M on the open market, a net purchase of $5M. A further 29 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30