OPEN · Real estate(real estate agents & managers (for others)) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Opendoor Technologies Inc. reported revenue of $4.4 billion in fiscal 2025. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of -1.49 is in the distress zone and its Beneish M-score is below the -1.78 line; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 20254.4B
Operating margin-6.6%gross margin 8.0%
Return on invested capital—
Free cash flow after stock pay878.0M20.1% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/8tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
5-for-1 before fiscal 2021.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-5.0B05.0B10.0B15.0B20.0B
2017
2018Revenue 1.8BOperating income -163.7M
2019Revenue 4.7BOperating income -248.0M
2020
2020Revenue 2.6BOperating income -186.0M
2021Revenue 8.0BOperating income -568.0M
2022Revenue 15.6BOperating income -931.0M
2023Revenue 6.9BOperating income -386.0M
2024Revenue 5.2BOperating income -320.0M
2025Revenue 4.4BOperating income -287.0M
2017201820192020202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-34.5%
+11.1%
—
Free cash flow per share
+7.0%
+2.1%
—
Shares
+6.9%
+7.0%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-129.4%
Return on assets
-54.0%
Asset turnover
1.82×
Research & development
1.8% of revenue
Overheads (SG&A)
5.4% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-7.5B-5.0B-2.5B02.5B
2017
2018Net income -241.3MFree cash flow -1.2BAfter stock-based pay -1.2B
2019Net income -341.0MFree cash flow -300.0MAfter stock-based pay -313.0M
2020
2020Net income -253.0MFree cash flow 665.0MAfter stock-based pay 627.0M
2021Net income -662.0MFree cash flow -5.8BAfter stock-based pay -6.4B
2022Net income -1.4BFree cash flow 693.0MAfter stock-based pay 522.0M
2023Net income -275.0MFree cash flow 2.3BAfter stock-based pay 2.2B
2024Net income -392.0MFree cash flow -620.0MAfter stock-based pay -734.0M
2025Net income -1.3BFree cash flow 1.0BAfter stock-based pay 878.0M
2017201820192020202020212022202320242025
Per share
Earnings per shareFree cash flow per shareDividend per share
$-10.00$-5.00$0.00$5.00
2017
2018Earnings per share $-0.61Free cash flow per share $-3.05
2019Earnings per share $-0.85Free cash flow per share $-0.75
2020
2020Earnings per share $-0.46Free cash flow per share $1.22
2021Earnings per share $-1.12Free cash flow per share $-9.83
2022Earnings per share $-2.16Free cash flow per share $1.11
2023Earnings per share $-0.42Free cash flow per share $3.51
2024Earnings per share $-0.56Free cash flow per share $-0.89
2025Earnings per share $-1.70Free cash flow per share $1.35
2017201820192020202020212022202320242025
Shares outstanding
Diluted shares
300.0M400.0M500.0M600.0M700.0M800.0M
2017
2018Diluted shares 392.8M
2019Diluted shares 399.9M
2020Diluted shares 540.7M
2020Diluted shares 546.5M
2021Diluted shares 592.6M
2022Diluted shares 627.1M
2023Diluted shares 657.1M
2024Diluted shares 699.5M
2025Diluted shares 766.5M
2017201820192020202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-1.0B-500.0M0500.0M1.0B
2017
2018
2019Net debt 669.1M
2020
2020Net debt -931.2M
2021
2022
2023
2024
2025
2017201820192020202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
-2× operating income ÷ interest
Current ratio
7.03 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 8 tests passed
✕ProfitableReturn on assets above zerofailed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-1.49distress zone
1.12.6
Working capital ÷ assets 0.82 × 6.56+5.37
Retained earnings ÷ assets -2.09 × 3.26-6.82
Operating income ÷ assets -0.12 × 6.72-0.80
Equity ÷ liabilities 0.72 × 1.05+0.75
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-7.09below the -1.78 line
-1.78
Receivables vs sales 1.00 (not reported, set to 1)+0.92
Gross margin slipping 1.05+0.55
Soft assets 1.30+0.52
Sales growth 0.85+0.76
Slower depreciation 0.76+0.09
Overheads vs sales 1.54-0.27
Profit not in cash -0.98-4.57
Leverage rising 0.80-0.26
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (12M) is well below depreciation (31M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
The effective tax rate is -0.0%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$100,0021 purchase(s) by 1 insider(s)
Sold on the open market$210,1872 sale(s) by 2 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (real estate agents & managers (for others)) first, then the rest of real estate.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
