Opendoor Technologies Inc. OPEN
Our mission is to tilt the world in favor of homeowners, by making homeownership simpler, faster, and fairer for everyone.
We are a leading e-commerce platform for residential real estate transactions and the largest U.S. iBuyer. Since founding Opendoor in 2014, our goal has been to reinvent one of life's most important transactions by enabling homeowners to buy, sell, and move through a simple, certain, and largely digital experience. By leveraging artificial intelligence, data science and purpose-built software, we enable consumers to transact directly with Opendoor, eliminating traditional friction and intermediaries. Our platform combines product design and operations to create what we believe will be the future of how people buy or sell a home.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.37B | $5.15B | $6.95B | $15.57B | $8.02B | $2.58B | $4.74B | $1.84B | — |
| Cost of revenue | $4.02B | $4.72B | $6.46B | $14.90B | $7.29B | $2.36B | $4.44B | $1.70B | — |
| Gross profit | $350.0M | $433.0M | $487.0M | $667.0M | $730.0M | $220.0M | $301.0M | $133.4M | — |
| R&D | $79.0M | $141.0M | $167.0M | $169.0M | $134.0M | $56.0M | $51.0M | $28.5M | — |
| SG&A | $238.0M | $182.0M | $206.0M | $346.0M | $620.0M | $132.0M | $114.0M | $72.3M | — |
| Total operating expenses | $637.0M | $753.0M | $873.0M | $1.60B | $1.30B | $406.0M | $549.0M | $297.1M | — |
| Operating income | -$287.0M | -$320.0M | -$386.0M | -$931.0M | -$568.0M | -$186.0M | -$248.0M | -$163.7M | — |
| Interest expense | $131.0M | $133.0M | $211.0M | $385.0M | $143.0M | $68.0M | $110.0M | $60.5M | — |
| Pre-tax income | -$1.30B | -$391.0M | -$274.0M | -$1.35B | -$661.0M | -$253.0M | -$339.0M | -$239.6M | — |
| Income tax | $0 | $1.0M | $1.0M | $2.0M | $1.0M | $0 | $0 | $377.0K | — |
| Net income | -$1.30B | -$392.0M | -$275.0M | -$1.35B | -$662.0M | -$253.0M | -$341.0M | -$241.3M | — |
| EPS, basic | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 | -2.31 | -4.26 | -3.16 | — |
| EPS, diluted | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 | -2.31 | -4.37 | -3.16 | — |
| Shares, diluted (wtd. avg.) | $766.5M | $699.5M | $657.1M | $627.1M | $592.6M | $109.3M | $80.0M | $78.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $962.0M | $671.0M | $999.0M | $1.79B | $2.58B | $1.51B | $685.0M | $406.0M | $96.3M |
| Short-term investments | $0 | $8.0M | $69.0M | $144.0M | $484.0M | $48.0M | $43.6M | — | — |
| Total current assets | $2.30B | $3.00B | $3.44B | $6.47B | $9.34B | $2.05B | $2.09B | — | — |
| Property, plant and equipment | $27.0M | $48.0M | $66.0M | $58.0M | $45.0M | $29.0M | $34.6M | — | — |
| Goodwill | $3.0M | $3.0M | $4.0M | $4.0M | $60.0M | $31.0M | $30.9M | — | — |
| Other intangibles | $0 | $0 | $5.0M | $12.0M | $12.0M | $9.0M | $12.4M | — | — |
| Total assets | $2.41B | $3.13B | $3.57B | $6.61B | $9.51B | $2.18B | $2.23B | — | — |
| Accounts payable | $80.0M | $92.0M | $64.0M | $110.0M | $137.0M | $25.0M | $33.0M | — | — |
| Short-term debt | — | — | — | — | — | $346.3M | $1.07B | — | — |
| Total current liabilities | $327.0M | $529.0M | $70.0M | $1.50B | $4.40B | $393.0M | $1.13B | — | — |
| Long-term debt | — | — | — | — | — | $135.5M | — | — | — |
| Total liabilities | $1.40B | $2.41B | $2.60B | $5.52B | $7.26B | $623.0M | $1.58B | — | — |
| Retained earnings | -$5.03B | -$3.73B | -$3.33B | -$3.06B | -$1.71B | -$1.04B | -$790.5M | — | — |
| Total equity | $1.00B | $713.0M | $967.0M | $1.09B | $2.25B | $1.55B | -$733.0M | -$414.0M | -$150.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.05B | -$595.0M | $2.34B | $730.0M | -$5.79B | $682.0M | -$272.0M | -$1.18B | — |
| Depreciation and amortisation | $31.0M | $33.0M | $38.0M | $37.0M | $27.0M | $22.0M | $15.0M | $4.6M | — |
| Stock-based compensation | $159.0M | $114.0M | $126.0M | $171.0M | $536.0M | $38.0M | $13.0M | $8.4M | — |
| Capital expenditure | $12.0M | $25.0M | $37.0M | $37.0M | $33.0M | $17.0M | $28.0M | $20.0M | — |
| Investing cash flow | -$12.0M | $28.0M | $44.0M | $234.0M | -$476.0M | -$22.0M | -$95.0M | -$7.4M | — |
| Financing cash flow | -$499.0M | -$210.0M | -$2.64B | -$1.75B | $7.34B | $161.0M | $646.0M | $1.50B | — |
| Buybacks | — | — | — | — | $0 | $0 | $3.0M | $37.8M | — |
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 0001140361-26-017460.
Others in SIC 6531
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| JLL | JONES LANG LASALLE INC | $16.67B | 22.1x | 11.4% |
| COMP | Compass, Inc. | $8.42B | — | 23.7% |
| VAC | MARRIOTT VACATIONS WORLDWIDE Corp | $3.67B | — | 1.0% |
| NMRK | NEWMARK GROUP, INC. | $2.72B | 22.4x | 21.9% |
| MMI | Marcus & Millichap, Inc. | $1.21B | — | 8.5% |
| AGNT | AGNT, Inc. | $673.5M | — | 4.5% |
| DOUG | Douglas Elliman Inc. | $164.5M | 10.6x | 3.8% |
| FTHM | Fathom Holdings Inc. | $23.2M | — | 25.4% |