Compass
COMPNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $9.99 Prior regular-session close from the quote source.
- $9.80–$10.27 Regular-session low and high so far today.
- 12.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $6.37–$13.96 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own COMP if its agent-centered brokerage platform can keep taking transaction share while turning a cyclical housing recovery into durable GAAP profitability and cash flow.
COMP price history
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Investment thesis
What must happen next
Compass’s platform continues to attract and retain productive agents, so housing transactions convert into company revenue rather than simply following the market cycle.StrengtheningMateriality: High
FY2025 annual GAAP revenue was $6.962 billion, up from $5.629 billion in FY2024. If agent productivity and retention hold, revenue recovery can reflect share gain; if agents leave or require richer economics, growth becomes lower quality.
Watch: eXp Realty, Anywhere Real Estate, Keller Williams, RE/MAX, or local independent brokerages win productive Compass agents by offering better commission splits or lower platform fees.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP revenue was $6.962 billion, up from $5.629 billion in FY2024.
Open source ↗Compass’s fixed technology, office, and corporate infrastructure can absorb higher transaction volume without a proportional rise in operating costs.StrengtheningMateriality: High
FY2025 annual GAAP operating loss improved to $63.4 million from a $154.8 million loss in FY2024. This is the bridge from being a large broker to being a valuable broker: without operating leverage, revenue growth will not create durable equity value.
Watch: Compass raises agent splits, recruiting bonuses, or team guarantees to defend market share, preventing incremental revenue from reaching operating income.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating loss improved to $63.4 million from a $154.8 million loss in FY2024.
Open source ↗Compass can fund the brokerage platform through internally generated cash rather than relying on repeated external capital.StrengtheningMateriality: Medium
FY2025 annual GAAP operating cash flow was positive $216.7 million. Positive cash generation gives shareholders a path to compounding; renewed cash burn would make the business more dependent on financing conditions and dilution risk.
Watch: A prolonged housing downturn forces Compass to increase agent advances, guarantees, or other working-capital support to retain producers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating cash flow was positive $216.7 million.
Open source ↗Compass has enough liquidity and balance-sheet flexibility to ride residential real estate cyclicality without being forced into unfavorable financing.HoldingMateriality: Medium
Cash and cash equivalents were $199.0 million at FY2025 year-end. A cyclical brokerage can survive downturns if liquidity holds; if liquidity tightens, shareholders may face dilution or strategic constraints before the housing cycle recovers.
Watch: Mortgage rates and affordability remain unfavorable long enough to depress residential transaction volumes and cash receipts.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $199.0 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Compass’s platform continues to attract and retain productive agents, so housing transactions convert into company revenue rather than simply following the market cycle. If agent productivity and retention hold, revenue recovery can reflect share gain; if agents leave or require richer economics, growth becomes lower quality.
Compass’s fixed technology, office, and corporate infrastructure can absorb higher transaction volume without a proportional rise in operating costs. This is the bridge from being a large broker to being a valuable broker: without operating leverage, revenue growth will not create durable equity value.
Compass can fund the brokerage platform through internally generated cash rather than relying on repeated external capital. Positive cash generation gives shareholders a path to compounding; renewed cash burn would make the business more dependent on financing conditions and dilution risk.
Compass has enough liquidity and balance-sheet flexibility to ride residential real estate cyclicality without being forced into unfavorable financing. A cyclical brokerage can survive downturns if liquidity holds; if liquidity tightens, shareholders may face dilution or strategic constraints before the housing cycle recovers.
All standing thesis claims
Original report summary
its agent-centered brokerage platform can keep taking transaction share while turning a cyclical housing recovery into durable GAAP profitability and cash flow.
Bull case and bear case
Bull case and bear case for Compass
Where the evidence on Compass stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Compass’s platform continues to attract and retain productive agents, so housing transactions convert into company revenue rather than simply following the market cycle.
Compass’s fixed technology, office, and corporate infrastructure can absorb higher transaction volume without a proportional rise in operating costs.
Compass can fund the brokerage platform through internally generated cash rather than relying on repeated external capital.
Compass has enough liquidity and balance-sheet flexibility to ride residential real estate cyclicality without being forced into unfavorable financing.
Bear case: what would count against it
eXp Realty, Anywhere Real Estate, Keller Williams, RE/MAX, or local independent brokerages win productive Compass agents by offering better commission splits or lower platform fees.
Compass raises agent splits, recruiting bonuses, or team guarantees to defend market share, preventing incremental revenue from reaching operating income.
A prolonged housing downturn forces Compass to increase agent advances, guarantees, or other working-capital support to retain producers.
Thesis-Break Engine
Thesis-break watch · Compass
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Compass filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Compass filed an SEC 8-K on 2026-10-14: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Compass filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- eXp Realty, Anywhere Real Estate, Keller Williams, RE/MAX, or local independent brokerages win productive Compass agents by offering better commission splits or lower platform fees.
- Compass raises agent splits, recruiting bonuses, or team guarantees to defend market share, preventing incremental revenue from reaching operating income.
- A prolonged housing downturn forces Compass to increase agent advances, guarantees, or other working-capital support to retain producers.
- Mortgage rates and affordability remain unfavorable long enough to depress residential transaction volumes and cash receipts.
COMP news
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Financial statements
COMP income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
COMP: quick answers
- Which well-known investors own COMP?
- 2 of the 37 well-known funds tracked here reported COMP shares in their latest 13F filings. By share of the fund's portfolio: Maverick Capital, 0.6%; D1 Capital Partners (Dan Sundheim), 0.5%. Fund portfolios
COMP in well-known investors’ portfolios
2 of 37 funds reported COMP shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Maverick Capital | 0.64% | $72.9M | +14.3% | Q2 2026 |
| Dan SundheimD1 Capital Partners | 0.54% | $188M | New | Q2 2026 |