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Opendoor Technologies

OPEN on Nasdaq. Opendoor sells houses to home buyers and buys houses from home sellers. Market value $2.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. 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

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-21.5%low

For every $100 of what the whole company costs, it produced $-21.50 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 52 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.27 a share, at its 1-year low

Over the past year the price has ranged from $2.25 to $9.60.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-5.8
0.7
2.3
-0.6
1.0
-0.5
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $474 million in the past 12 months, $1 billion in the year to December 2025.

Revenue
$8.0bn$15.6bn$6.9bn$5.2bn$4.4bn
Operating margin
-7.1%-6.0%-5.6%-6.2%-6.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.63bn0.67bn0.72bn0.77bn0.97bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 11.1% a year
  • Buying back its own sharesNo, 53% more shares since 2021

The quarter to June 2026

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

  • Sales: $883 million last quarter, down 44% on a year ago.
  • A loss of $162 million, compared with a loss of $29 million a year ago.
  • It loses 16 cents on each $1 of sales, compared with 4 cents a year earlier.
  • Over the past 12 months it spent $474 million more cash than it brought in. A year earlier it had $511 million spare.
  • 32% more shares than a year ago. Each share owns a bit less of the company.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.4bn
December 2024$1.1bn
March 2025$1.2bn
June 2025$1.6bn
September 2025$915m
December 2025$736m
March 2026$720m
June 2026$883m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$78m
December 2024-$113m
March 2025-$85m
June 2025-$29m
September 2025-$90m
December 2025-$1.1bn
March 2026-$173m
June 2026-$162m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

None of the long-term investors we follow own it. 391 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

7 investors own more than 5%.

  • Morgan Stanley
    Passive investor
    at least 11.5%+1.3 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • 7.3%
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    7.1%+5.4 pts
    Since 30 June 2026
  • Charlie E. Carnegie
    Passive investor
    5.7%
    Since 9 May 2025
  • JANE STREET GROUP, LLC
    Passive investor
    at least 3.0%−2.5 pts
    (filed with 4 related holders)
    Since 31 December 2025
  • Access Industries Management, LLC
    at least 2.4%−3.4 pts
    (filed with 2 related holders)
    Since 22 September 2025
  • David E. Shaw
    Passive investor
    at least 2.2%−4.2 pts
    (filed with 2 related holders)
    Since 31 December 2025
  • Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Sold down below 5%
    Since 30 June 2025

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

What insiders did

In the last 12 months, 1 insider bought $2m of shares on the open market. 3 sold $1m, $852,702 of it under preset trading plans.

  • Nejatian Kasra
    Chief Executive Officer, Director
    Bought
    Date
    14 August 2026
    Shares
    27,625
    Price
    $3.62
    Value
    $100,003
  • Nguyen Giang
    Chief Operating Officer
    Sold
    under a preset trading plan
    Date
    15 July 2026
    Shares
    3,591
    Price
    $4.68
    Value
    $16,823
  • Benson David C
    Director
    Sold
    under a preset trading plan
    Date
    16 June 2026
    Shares
    40,000
    Price
    $4.83
    Value
    $193,200
  • Schwartz Christina
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    15 May 2026
    Shares
    74,348
    Price
    $4.33
    Value
    $321,927
  • Nejatian Kasra
    Chief Executive Officer, Director
    Bought
    Date
    11 May 2026
    Shares
    100,000
    Price
    $4.88
    Value
    $488,000
  • Nguyen Giang
    Chief Operating Officer
    Sold
    Date
    15 April 2026
    Shares
    10,866
    Price
    $4.65
    Value
    $50,527
  • Schwartz Christina
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    17 February 2026
    Shares
    74,248
    Price
    $4.32
    Value
    $320,751
  • Schwartz Christina
    See Remarks
    Sold
    Date
    17 November 2025
    Shares
    73,951
    Price
    $7.90
    Value
    $584,213
  • Nejatian Kasra
    Chief Executive Officer, Director
    Bought
    Date
    11 November 2025
    Shares
    125,000
    Price
    $8.04
    Value
    $1m

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 warning signs we check for were found.

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 19 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.

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

Cheap for a reason is the question the numbers cannot answer.

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.