Opendoor Technologies Inc (OPEN)
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Opendoor sold 1,921 homes in the first quarter of 2026 instead of 2,946, and revenue fell 38 percent to $720 million. The reported loss doubled to $173 million — yet the company's own adjusted operating measure barely moved, at minus $31 million. The difference is $120 million of stock-based compensation, $105 million of it for awards whose price targets, per the filing, have not been met. Not investment advice — just the question of who ends up owning this house.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIOpendoor 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; 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.
„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.
„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
Filings Reviewed: 10-K 2026-02-19 · 10-Q 2026-05-07
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| 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 | -0.11 | 23.20 | 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 | -0.08 | 20.00 | 915 | -33.60 | -9.80 | 435 | 432 |
| 2025: Q4 | -0.07 | 34.90 | 736 | -32.10 | -148.90 | 70 | 67 |
| 2026: Q1 | -0.05 | 58.30 | 720 | -37.60 | -24.00 | -246 | -250 |
- 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.
Assessment: Opportunities & Risks
The share of homes listed for more than 120 days fell from 27 percent (March 31, 2025) to 10 percent (March 31, 2026); gross margin rose over the same period from 8.6 percent to 10.0 percent and inventory valuation adjustments fell from $13 million to $9 million. Inventory stood at 3,420 homes as of March 31, 2026, after 7,080 a year earlier.
Revenue fell from $1,153 million to $720 million in the first quarter of 2026, down 38 percent, on 1,921 homes sold instead of 2,946. Across the years: $6,946 million (2023), $5,153 million (2024), $4,371 million (2025). The U.S. market is running at roughly four million existing home sales a year, per the filing a 30-year low.
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 $159 million in the first quarter of 2026 alone after minus $56 million a year earlier. The accumulated deficit stood at $5,206 million as of March 31, 2026, more than five times shareholders' equity.
As of March 31, 2026 unrestricted cash stood at $999 million, up $37 million from year-end, with equity of $954 million on total assets of $2,349 million. The $1,138 million of inventory financing sits in special purpose entities without recourse to the group, and all financial covenants were met per the filing. Against that stand $350 million of mezzanine debt at 12.50 percent interest and $135 million of convertible notes maturing on August 15, 2026.
Shares outstanding rose from 726,835,454 (March 31, 2025) to 963,283,777 (March 31, 2026), up 32.5 percent in twelve months. The overhang of potential shares grew over the same period from 54.7 million to 267.4 million — 27.8 percent of the count. The largest items are 104.3 million price-linked awards and 99.6 million warrants expiring on November 20, 2026.
Stock-based compensation rose from $14 million to $120 million in the first quarter of 2026, including $105 million for price-linked awards whose market conditions were entirely unmet as of March 31, 2026; $654 million of expense is still to come. At the annual meeting on June 11, 2026, 172,038,806 shares voted against and 243,135,496 for executive compensation — roughly 41 percent opposition, after the chief executive publicly campaigned against the proxy advisers' recommendations on June 2, 2026.
Opendoor has cleaned up its inventory: the share of homes listed more than 120 days fell from 27 percent to 10 percent, gross margin rose to 10.0 percent, and unrestricted cash stood at $999 million on March 31, 2026. At the same time the business is shrinking fast — $720 million of revenue in the first quarter of 2026 instead of $1,153 million, 1,921 homes sold instead of 2,946 — and the share count rose 32.5 percent in twelve months to 963,283,777. Behind it wait another 267.4 million potential shares, up from 54.7 million a year earlier, plus $654 million of compensation expense not yet recognized for awards whose price targets have not been reached. Not investment advice.
- 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: the basis is the annual report (10-K) for 2025 filed February 19, 2026 and the quarterly report (10-Q) as of March 31, 2026 filed May 7, 2026. Every document filed afterwards was reviewed — the Form 8-K of May 7, 2026 on first-quarter results, the additional proxy material (DEFA14A) of June 2, 2026, the Form 8-K of June 12, 2026 on the annual meeting results, and Forms 4 and 144 from May, June and July 2026.
- On valuation: the market capitalization was cross-checked — 964,736,632 shares per the quarterly report cover page (as of April 30, 2026) times the $3.84 closing price of July 24, 2026 gives roughly $3.70 billion; the figure from the fundamental data stands at $3.6998 billion, a deviation below one percent. A note on confusion: the former name Social Capital Hedosophia Holdings Corp. II belonged to a special purpose acquisition company with no operations of its own, so figures from before December 2020 are not comparable. The Form 25 entries of 2020 and 2021 relate to units and warrants of that shell, not to today's common stock.
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.
| IPO Year | 2020 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 27, 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.