Opendoor Technologies Inc.
- Open
- 3.25
- Day high
- 3.27
- Day low
- 3.15
- Prev close
- 3.29
- Volume
- 32.0M
- Mkt cap
- $3.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.4
- P/S
- 1.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$110K over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions accumulating (13F)
Opendoor Technologies Inc. (OPEN) is a Real Estate company listed on NASDAQ. The stock is down 37% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4). Drillr has 1 published research article covering OPEN.
Opendoor Technologies Inc. (OPEN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OPEN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $-0.07 | $-0.17 | -139.2% | $883M | -2.5% |
| May 7, 2026 | $-0.05 | $-0.18 | -260.0% | $720M | +8.1% |
| Feb 19, 2026 | $-0.08 | $-0.07 | +12.5% | $736M | -28.5% |
| Nov 6, 2025 | $-0.08 | $-0.08 | -4.7% | $915M | +7.7% |
| Feb 27, 2025 | $-0.14 | $-0.11 | +21.4% | $1.1B | +13.2% |
| Nov 7, 2024 | $-0.14 | $-0.10 | +28.6% | $1.4B | +33.6% |
| Aug 1, 2024 | $-0.11 | $-0.04 | +63.6% | $1.5B | +5.6% |
| May 2, 2024 | $-0.17 | $-0.12 | +29.4% | $1.2B | +6.5% |
| Feb 15, 2024 | $-0.18 | $-0.15 | +16.7% | $870M | +0.9% |
| Nov 2, 2023 | $-0.17 | $-0.11 | +35.3% | $980M | -9.9% |
| Aug 3, 2023 | $-0.38 | $-0.31 | +18.4% | $2.0B | +0.2% |
| May 4, 2023 | $-0.71 | $-0.64 | +9.9% | $3.1B | +16.5% |
OPEN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 14, 2026 | Nejatian Kasradirector, officer: Chief Executive Officer | Buy | 27,625 | $3.62 |
| Jul 17, 2026 | Nguyen Giangofficer: Chief Operating Officer | Sell | 3,591 | $4.68 |
| Jun 16, 2026 | Benson David Cdirector | Sell | 40,000 | $4.83 |
| Jun 15, 2026 | HAMILTON DANAdirector | Grant | 41,667 | — |
| Jun 15, 2026 | Wu Eric Chung-Weidirector | Grant | 41,667 | — |
| Jun 15, 2026 | Rabois Keithdirector | Grant | 41,667 | — |
| Jun 15, 2026 | Benson David Cdirector | Grant | 41,667 | — |
| Jun 15, 2026 | Feder Ericdirector | Grant | 41,667 | — |
| Jun 15, 2026 | Bain Adamdirector | Grant | 41,667 | — |
| May 19, 2026 | Schwartz Christinaofficer: Chief Financial Officer | Sell | 74,348 | $4.33 |
| May 12, 2026 | Nejatian Kasradirector, officer: Chief Executive Officer | Buy | 100,000 | $4.88 |
| Apr 17, 2026 | Nguyen Giangofficer: Chief Operating Officer | Sell | 10,866 | $4.65 |
| Apr 17, 2026 | Schaub Sydneyofficer: Chief Legal Officer | Tax | 16,459 | $7.64 |
| Apr 17, 2026 | Schaub Sydneyofficer: Chief Legal Officer | Tax | 101,597 | $9.07 |
| Feb 19, 2026 | Schwartz Christinaofficer: Chief Financial Officer | Sell | 74,248 | $4.32 |
Source: OPEN SEC Form 4 filings, latest Aug 14, 2026. For informational purposes only — not investment advice.
See the full OPEN insider & 13F page →Opendoor Technologies Inc. company profile
Overview
Opendoor Technologies Inc. (NASDAQ:OPEN) is a digital real estate platform company founded in 2013 and based in Tempe, Arizona. The company went public in June 2020 through a SPAC merger. Opendoor operates as an "iBuyer" - using technology and data analytics to purchase homes directly from sellers, renovate them if needed, and resell them to buyers. The company has positioned itself as a technology-driven alternative to the traditional real estate transaction process, aiming to simplify home buying and selling through its digital platform.
Business
Opendoor operates in the residential real estate services industry, specifically in the emerging "iBuying" sector. The company's core business model revolves around purchasing homes directly from homeowners, holding them as inventory, and then reselling them to buyers. This process eliminates many traditional real estate transaction steps like showings, negotiations, and lengthy closing processes. The company's primary service is its cash offer platform, where homeowners can request an instant cash offer for their property online. Opendoor uses proprietary algorithms and market data to generate these offers, typically completing the entire process within days rather than the weeks or months required in traditional real estate transactions. Once purchased, homes may undergo light renovations or repairs before being listed for resale on Opendoor's platform and traditional MLS systems. Beyond its core iBuying business, Opendoor has expanded into complementary services including List with Opendoor (a traditional listing service), Marketplace (connecting buyers and sellers without Opendoor purchasing the home), and ancillary services like title insurance and escrow. The company also operates Mainstay, a property management and single-family rental platform, though this was spun off as an independent entity in 2024. The iBuying model addresses several pain points in traditional real estate: the uncertainty of sale timing, the hassle of showings and negotiations, and the complexity of coordinating buying and selling homes simultaneously. However, it requires significant capital to purchase and hold inventory, and exposes the company to real estate market volatility and pricing risks.
Revenue model
Opendoor generates revenue primarily through home sales, earning the difference between what it pays sellers and what it receives from buyers (the "spread"). The company targets contribution margins of 5-7% annually, meaning it aims to sell homes for 5-7% more than its total acquisition and holding costs. These costs include the purchase price, renovation expenses, carrying costs (taxes, insurance, utilities), and transaction fees. The company's customers are primarily individual homeowners looking to sell their properties and homebuyers seeking to purchase renovated homes. Opendoor has also developed partnership channels with real estate agents, homebuilders, and online platforms to source additional inventory and reach more potential sellers. Key factors that influence Opendoor's margins include home price appreciation or depreciation in local markets, as the company is exposed to real estate market volatility during the time it holds inventory. Interest rates significantly impact both buyer demand and Opendoor's financing costs for inventory. Housing market liquidity affects how quickly homes can be resold - slower markets require longer holding periods and higher carrying costs. Renovation and repair costs can vary based on labor availability and material prices. The company also faces competition from traditional real estate agents and other iBuyers, which can pressure the spreads it can achieve. Opendoor has been developing asset-light revenue streams including listing commissions from its traditional listing service and referral fees from its marketplace product, which generate income without requiring capital to purchase homes. These services represent a smaller portion of total revenue but offer higher margins and lower risk.
Competitive moat
Opendoor's competitive moat is relatively narrow and faces significant challenges. The company's primary advantages lie in its technology platform and data analytics capabilities for automated home valuation and pricing, which enable faster decision-making than traditional real estate processes. The company has also built operational expertise in home acquisition, light renovation, and resale processes across multiple markets. However, these advantages are not particularly defensible. The iBuying model has attracted well-funded competitors including Zillow (which later exited the space), Offerpad, and RedfinNow. Traditional real estate brokerages are also developing competing instant offer programs. The core technology for automated valuation models is not proprietary, and established players like Zillow have superior data assets and market reach. The company's brand recognition and market presence in its operating markets provides some competitive advantage, but this is limited by the local nature of real estate markets. Opendoor's operational scale allows for some cost efficiencies, but the business model inherently requires significant capital and carries substantial market risk. The most significant competitive threat comes from market structure changes, including recent NAR settlement changes that may alter commission structures and potentially favor alternative transaction models. However, traditional real estate agents maintain strong relationships with consumers and significant market share. The company's moat is best characterized as weak, with competitive advantages that are primarily operational rather than structural, making it vulnerable to well-capitalized competitors and market disruption.
Risks & safety
Opendoor's margin of safety appears moderate but with significant operational risks: Liquidity and Solvency: - Cash position: $559 million as of Q1 2025 - Current ratio: 2.99x indicating adequate short-term liquidity - Free cash flow: -$283 million in Q1 2025, showing continued cash burn - Debt-to-equity ratio: 3.92x, indicating high leverage primarily from inventory financing Valuation Metrics: - Trading at 1.14x book value, below historical averages - Negative earnings make traditional P/E ratios meaningless - EV/EBITDA negative due to losses, but improving operational metrics - Revenue multiple appears reasonable given asset-heavy business model Other Considerations: - Inventory risk exposure to real estate market downturns - Seasonal cash flow patterns create working capital pressures - Path to profitability visible but dependent on market conditions - Recent cost reductions and operational improvements show management discipline
Recent development
Over the past few years, Opendoor has undergone significant strategic pivots in response to challenging market conditions and operational losses. The company has shifted from a growth-focused strategy to emphasizing profitability and risk management. Key developments include implementing substantial cost reductions, with workforce reductions of 17% in 2024 and 22% in 2023, resulting in over $85 million in annual savings. The company has expanded beyond its core iBuying model by launching asset-light products including "List with Opendoor" (traditional listing service) and "Marketplace" (connecting buyers and sellers without Opendoor purchasing homes). These services generate revenue through commissions and referral fees without requiring capital investment in inventory. Opendoor has also focused on improving unit economics by increasing spreads, enhancing pricing algorithms, and optimizing marketing spend. The company achieved positive contribution margins in 2024 after negative margins in 2023, demonstrating operational improvements. Additionally, Opendoor spun off its Mainstay property management business as an independent entity, allowing management to focus on core real estate operations. The company has expanded its partnership channels with real estate agents, homebuilders, and online platforms to source inventory more efficiently. Recent initiatives include piloting new agent partnership models in 11 markets and transitioning from direct buyer broker commissions to buyer concessions in response to NAR settlement changes.
OPEN company profile · for informational purposes only — not investment advice.
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