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Better Home & Finance Holding

BETR on Nasdaq. Loan brokers. Market value $169m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
Not reported

We don't have this figure for this company.

Price to book
quarterly report to June 2026
3.1×

What you pay for each dollar of net assets: $3.08.

Earnings yield
past 12 months to June 2026
-101.1%

Profit per $100 you pay: $-101.07.

Quality score: 16 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$11.13 a share, 13% above its 1-year low

Over the past year the price has ranged from $9.81 to $92.69.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/a$378m$72m$108m$165m
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
n/a0.30bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsShrinking, 24.2% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $55 million last quarter, up 28% on a year ago.
  • A loss of $31 million, compared with a loss of $36 million a year ago.
  • Over the past 12 months it spent $166 million more cash than it brought in, compared with $242 million a year earlier.
  • 23% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$29m
December 2024$25m
March 2025$31m
June 2025$43m
September 2025$44m
December 2025$44m
March 2026$47m
June 2026$55m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$54m
December 2024-$59m
March 2025-$51m
June 2025-$36m
September 2025-$39m
December 2025-$40m
March 2026-$70m
June 2026-$31m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 March 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

None of the long-term investors we follow own it. 89 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

11 investors own more than 5%.

  • Garg Vishal
    Insider or founder
    at least 13.7%0.0 pts
    (filed with 3 related holders)
    Since 5 October 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented to include the following information: As previously disclosed, the Reporting Persons filed a consent solicitation statement on Schedule 14A with the Securities and Exchange Commission to, among other things, remove…

    Read the filing
  • at least 12.8%0.0 pts
    (filed with 7 related holders)
    Since 28 April 2025
    What they said

    Exchange of Convertible Notes On April 28, 2025, pursuant to the terms of the Exchange Agreement and as previously disclosed, the Exchange Agreement closed. As a result, SB Northstar LP exchanged the Convertible Notes for the Senior Secured Notes and $110,000,000 in cash…

    Read the filing
  • Spencer Vance
    Passive investor
    at least 12.4%
    (filed with 5 related holders)
    Since 31 March 2026
  • Steven Sarracino
    at least 8.9%0.0 pts
    (filed with 10 related holders)
    Since 25 August 2026
    What they said

    This Amendment No. 7 hereby amends and supplements Item 4 of the Schedule 13D by adding the following thereto: "On August 17, 2026, Vishal Garg and affiliated entities (the "Garg Group") filed with the SEC a preliminary consent statement on Schedule 14A, as amended by Amendment…

    Read the filing
  • Thor Bjorgolfsson
    Passive investor
    at least 7.3%+1.1 pts
    (filed with 2 related holders)
    Since 9 May 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented to include the following: Purchaser by Telco Holding Trust: Between May 7, 2026 and May 8, 2026, Telco Holding Trust purchased an aggregate of 298,756 shares of Class A Common Stock of the Issuer in open market…

    Read the filing
  • 5.9%
    Since 31 December 2025
  • Orange Capital Ventures LP
    Passive investor
    5.8%+0.8 pts
    Since 21 October 2025
  • Millennium Management LLC
    Passive investor
    at least 5.5%
    (filed with 3 related holders)
    Since 16 September 2026
  • BlackRock, Inc.
    Passive investor
    5.2%
    Since 30 June 2026
  • LCG4 BEST, L.P.
    Passive investor
    at least 4.8%
    (filed with 4 related holders)
    Since 19 March 2025
    What they said

    Item 4 of Schedule 13D is hereby amended and supplemented to add the following at the end thereof: On August 16, 2024, the Issuer effected a 1-for-50 reverse stock split of its Common Stock (the "Reverse Stock Split"), as a result of which every 50 shares of its issued and…

    Read the filing
  • Global Investment Ventures LLC
    at least 4.7%
    (filed with 1 related holder)
    Since 12 August 2026
    What they said

    The Reporting Persons acquired the Shares for investment purposes. On August 13, 2026, Mr. Bobulinski, on behalf of GIV, executed a written consent of stockholder in lieu of a meeting consenting to the removal, without cause, of Harit Talwar, Arnaud Massenet, Bhaskar Menon,…

    Read the filing
  • Sold down below 5%
    Since 30 June 2026
  • Macquarie Group Limited
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Activant Holdings I, Ltd.
    Passive investor
    Sold down below 5%
    Since 22 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Sold down below 5%
    Since 22 September 2025
  • Livenandro Holdings Limited
    Sold down below 5%
    Since 16 May 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented to include the following: NCSL Sale to NCSL On December 16, 2024, NCSL sold 196,724 shares of Class A Common Stock of the Issuer to NCL at a price per share of $10.97. NCSL Sale to Prabhu Narasimhan On May 16, 2025,…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 6 insiders bought $3m of shares on the open market. 3 sold $3m, $3m of it under preset trading plans.

  • Tuffin Paula
    General Counsel and CCO
    Sold
    Date
    17 September 2026
    Shares
    3,108
    Price
    $12.36
    Value
    $38,413
  • Smith Chad M.
    President, BMC
    Sold
    Date
    19 August 2026
    Shares
    3,307
    Price
    $12.85
    Value
    $42,508
  • FRATER HUGH R
    Director
    Bought
    Date
    11 June 2026
    Shares
    5,150
    Price
    $24.34
    Value
    $125,351
  • Talwar Harit
    Director
    Bought
    Date
    22 May 2026
    Shares
    5,000
    Price
    $25.34
    Value
    $126,700
  • Garg Vishal
    Chief Executive Officer, Director
    Bought
    under a preset trading plan
    Date
    21 May 2026
    Shares
    15,600
    Price
    $24.89
    Value
    $388,284
  • Garg Vishal
    Chief Executive Officer, Director
    Bought
    Date
    20 May 2026
    Shares
    15,600
    Price
    $25.00
    Value
    $389,994
  • Garg Vishal
    Chief Executive Officer, Director
    Bought
    under a preset trading plan
    Date
    18 May 2026
    Shares
    15,600
    Price
    $24.87
    Value
    $387,989
  • Advani Loveen
    Chief Financial Officer
    Bought
    Date
    12 May 2026
    Shares
    400
    Price
    $30.55
    Value
    $12,220
  • Advani Loveen
    Chief Financial Officer
    Bought
    Date
    11 May 2026
    Shares
    100
    Price
    $31.25
    Value
    $3,125
  • Talwar Harit
    Director
    Bought
    Date
    8 May 2026
    Shares
    3,000
    Price
    $30.43
    Value
    $91,290

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 13 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “As a result of this process, following the review and evaluation of the proposals from participating firms, on March 16, 2026, the Audit Committee approved the dismissal of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm.”

    From an 8-K filed 19 March 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 24.2% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.