Opendoor Technologies Inc
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Opendoor Technologies Inc AI Insights
Informational only. Not investment advice.Snapshot
- Asset turnover 1.54x vs industry median 0.12x - 12x capital efficiency advantage from inventory-light iBuying model[Asset Turnover TTM]
- Gross margin 8% vs industry median 61% - razor-thin spreads leave no room for execution error[Gross Margin TTM]
- FCF of 887M TTM despite -317M net loss driven by 461M inventory liquidation - not sustainable[Free Cash Flow TTM]
Watch Triggers
- Gross Margin TTM: Sustains above 10% for 2 consecutive quarters — 10%+ margin covers opex and interest - inflection to profitability
- Inventory: Rises above 1.5B while gross margin falls below 7% — Signals return to volume-over-margin strategy that failed in 2022
- Interest Expense TTM: Exceeds 150M or 40% of gross profit — Debt service consuming margin gains would invalidate turnaround thesis
Bull Case
962M cash + 887M FCF TTM provides 18+ month runway to reach profitability without dilution. Inventory reduction shows capital discipline.
P/S 1.17x vs industry median 4.5x - if margins normalize to 5% net, stock trades at 23x earnings on current revenue base.
Bear Case
Debt 1.79B at 2.2x equity with 135M interest expense TTM consumes 36% of gross profit. Rising rates compress already thin margins.
Revenue -35% 3Y CAGR with gross profit -37% YoY - business shrinking faster than costs. Model unproven at scale.
Bull vs Bear Balance
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Forward Thesis
Path to profitability requires gross margin expansion to 12%+ without volume collapse
- Current 8% gross margin cannot cover 12% opex ratio
- Inventory down 461M TTM signals pricing discipline
- R&D of 94M (2% of revenue) limits tech differentiation
Valuation Context
Caveats
Public Strategies Rankings
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OPEN Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.13B | — | ||
$4.49B | — | ||
0.00 | — | ||
$4.37B | -15.2% | — | |
$-1.70 | — | ||
-6.34% | -0.5% | — | |
-29.7% | -22.1% | — | |
$1.04B | — | ||
-151% | -104.7% | — | |
Beta 5Y (Monthly) | unknown | — |
OPEN Dividend History
OPEN Stock Splits
OPEN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/19/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/15/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
11/10/21 | 09/30/21 | 10-Q | |
08/11/21 | 06/30/21 | 10-Q | |
05/12/21 | 03/31/21 | 10-Q | |
03/04/21 | 12/31/20 | 10-K | |
11/10/21 | 09/30/20 | 10-Q | |
08/11/21 | 06/30/20 | 10-Q | |
05/12/21 | 03/31/20 | 10-Q |