Offerpad Solutions Inc. OPAD
We are a real estate solutions company focused on giving homeowners more control, flexibility, and choice when buying and selling a home.
Founded in 2015, we combine proprietary technology with local real estate expertise to simplify the home sale process and reduce friction across the transaction lifecycle, helping customers move forward with speed, transparency, and confidence. We provide cash offers, brokerage services, access to additional cash buyers through marketplace-enabled capabilities, and renovation services that support both internal transactions and third-party partners. We provide these real estate services through the following solutions:
•Renovate, in which we leverage our existing logistics, operations, technology and skill-sets to provide renovation services to other businesses, allowing other companies and homeowners to utilize our renovations team to update their portfolio of homes for rent or to sell.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $567.8M | $918.8M | $1.31B | $3.95B | $2.07B | $1.06B | $1.08B | — |
| Cost of revenue | $525.8M | $846.6M | $1.24B | $3.77B | $1.86B | $976.5M | $1.00B | — |
| Gross profit | $42.0M | $72.2M | $70.2M | $182.4M | $207.8M | $87.8M | $74.4M | — |
| R&D | $3.4M | $4.5M | $7.9M | $12.1M | $10.9M | $7.3M | $7.5M | — |
| SG&A | $26.2M | $40.6M | $50.1M | $58.7M | $30.3M | $17.5M | $15.1M | — |
| Total operating expenses | $75.4M | $118.2M | $174.6M | $309.7M | $188.0M | $101.5M | $107.8M | — |
| Operating income | -$33.4M | -$46.0M | -$104.4M | -$127.3M | $19.8M | -$13.8M | -$33.4M | — |
| Interest expense | $13.4M | $18.7M | $18.9M | $46.0M | $15.8M | $10.0M | $18.3M | — |
| Pre-tax income | -$45.9M | -$62.1M | -$117.1M | -$148.3M | $6.6M | -$23.0M | -$51.7M | — |
| Income tax | $441.0K | $31.0K | $163.0K | $359.0K | $170.0K | $163.0K | $254.0K | — |
| Net income | -$46.4M | -$62.2M | -$117.2M | -$148.6M | $6.5M | -$23.1M | -$52.0M | — |
| EPS, basic | -1.50 | -2.27 | -4.44 | -9.09 | 0.82 | -0.40 | -0.90 | — |
| EPS, diluted | -1.50 | -2.27 | -4.44 | -9.09 | 0.68 | -0.40 | -0.90 | — |
| Shares, diluted (wtd. avg.) | $31.0M | $27.4M | $26.4M | $16.3M | $9.5M | $57.9M | $57.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.5M | $43.0M | $76.0M | $140.3M | $194.4M | $50.7M | $29.9M | $17.3M |
| Receivables | $7.9M | $3.8M | $9.9M | $2.4M | $6.2M | $2.3M | — | — |
| Inventory | $93.8M | $214.2M | $276.5M | $664.7M | $1.13B | $171.4M | — | — |
| Total current assets | $131.7M | $294.2M | $371.6M | $814.2M | $1.34B | $227.3M | — | — |
| Property, plant and equipment | $14.7M | $9.1M | $4.5M | $5.2M | $5.1M | $8.2M | — | — |
| Total assets | $154.8M | $313.1M | $379.7M | $825.1M | $1.35B | $235.9M | — | — |
| Accounts payable | $1.7M | $1.9M | $4.9M | $4.6M | $6.4M | $2.1M | — | — |
| Total current liabilities | $88.8M | $251.0M | $276.0M | $699.0M | $1.07B | $190.3M | — | — |
| Total liabilities | $116.6M | $265.4M | $277.9M | $703.2M | $1.10B | $195.0M | — | — |
| Retained earnings | -$506.4M | -$460.0M | -$397.9M | -$280.7M | -$132.1M | -$138.5M | — | — |
| Total equity | $38.2M | $47.7M | $101.8M | $121.9M | $257.6M | -$143.3M | -$121.5M | -$60.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.8M | $20.8M | $261.6M | $305.4M | -$921.9M | $154.9M | -$109.0M | — |
| Depreciation and amortisation | $979.0K | $611.0K | $728.0K | $1.0M | $523.0K | $400.0K | $400.0K | — |
| Stock-based compensation | $2.8M | $8.1M | $7.9M | $8.3M | $3.1M | $1.4M | $1.3M | — |
| Capital expenditure | $1.1M | $5.4M | $127.0K | $1.1M | $13.7M | $2.9M | $1.0M | — |
| Investing cash flow | -$1.1M | -$5.3M | $2.0M | -$1.1M | -$11.7M | -$2.9M | -$979.0K | — |
| Financing cash flow | -$111.2M | -$21.8M | -$324.0M | -$358.5M | $1.08B | -$131.1M | $122.5M | — |
| Buybacks | — | — | — | — | — | — | $10.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170316.
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