Opendoor Technologies
OPENNASDAQUSD
- 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.
- $1.31 Prior regular-session close from the quote source.
- $1.32–$1.40 Regular-session low and high so far today.
- 29.5M 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.
- $1.26–$9.46 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 OPEN if Opendoor can earn durable value by combining data-driven pricing, owned inventory financing and efficient turn/renovation operations to capture spread on home transactions and grow recurring services — but that depends on holding attractive unit.
OPEN price history
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Investment thesis
What must happen next
Opendoor’s data-driven pricing and operating processes can sustain positive gross margin per home so the core transaction remains profitable across cycles.StrengtheningMateriality: High
gross_profit remained positive across 2022025 and improved to $350,000,000 in FY2025 (from $433,000,000 in FY2024 and $487,000,000 in FY2023). If true, each transaction contributes cash and the company can scale profitably; if false, growth increases losses and requires more capital or higher fees, pressuring valuation.
Watch: a low-cost competitor or large brokerage with cheaper financing undercuts Opendoor’s buy/sell spreads, forcing lower prices to sellers or higher fees to buyers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit remained positive across 2022025 and improved to $350,000,000 in FY2025 (from $433,000,000 in FY2024 and $487,000,000 in FY2023).
Open source ↗When Opendoor turns homes quickly it converts the gross spread into positive operating cash flow, letting it fund growth without repeated equity dilution.HoldingMateriality: High
operating_cash_flow was strongly positive in FY2022 ($730,000,000) and FY2023 ($2,344,000,000) and again positive in FY2025 ($1,049,000,000), showing the business can generate cash when turnover and spreads permit. Sustained positive operating_cash_flow reduces dependence on external capital and supports reinvestment in markets and services; prolonged negative cash flow forces dilution or curtailed growth.
Watch: a prolonged housing slowdown that lengthens hold times increases carrying costs and turns operating_cash_flow persistently negative.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow was strongly positive in FY2022 ($730,000,000) and FY2023 ($2,344,000,000) and again positive in FY2025 ($1,049,000,000), showing the business can.
Open source ↗Opendoor’s on-balance-sheet inventory and cash position give it the capital flexibility to opportunistically scale market share and win local markets, creating a distribution advantage.HoldingMateriality: Medium
assets (inventory/capital) remain material: $2,407,000,000 at FY2025, indicating retained capacity to hold homes despite reductions from earlier peaks. If it can deploy balance-sheet capacity efficiently, Opendoor can outbid or outpace competitors in pockets of demand and cement local supply chains; without capital, growth stalls and rivals with cheaper financing win.
Watch: further large reductions in assets and cash that reflect forced asset sales or inability to refinance inventory lines.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
assets (inventory/capital) remain material: $2,407,000,000 at FY2025, indicating retained capacity to hold homes despite reductions from earlier peaks.
Open source ↗Operational improvements and expense discipline can continue shrinking operating losses toward breakeven, turning historical operating_income deficits into positive operating profit over time.StrengtheningMateriality: Medium
operating_income improved from -$931,000,000 in FY2022 to -$287,000,000 in FY2025, a multi-year narrowing of operating losses. Moving to positive operating_income validates the business model and supports a valuation re-rating; failure means ongoing dilution or write-down risk.
Watch: renewed investment in marketing or expansion that outpaces margin gains and widens operating losses.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income improved from -$931,000,000 in FY2022 to -$287,000,000 in FY2025, a multi-year narrowing of operating losses.
Open source ↗
Full investment case & evidence
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Original research
Opendoor’s data-driven pricing and operating processes can sustain positive gross margin per home so the core transaction remains profitable across cycles. If true, each transaction contributes cash and the company can scale profitably; if false, growth increases losses and requires more capital or higher fees, pressuring valuation.
When Opendoor turns homes quickly it converts the gross spread into positive operating cash flow, letting it fund growth without repeated equity dilution. Sustained positive operating_cash_flow reduces dependence on external capital and supports reinvestment in markets and services; prolonged negative cash flow forces dilution or curtailed growth.
Opendoor’s on-balance-sheet inventory and cash position give it the capital flexibility to opportunistically scale market share and win local markets, creating a distribution advantage. If it can deploy balance-sheet capacity efficiently, Opendoor can outbid or outpace competitors in pockets of demand and cement local supply chains; without capital, growth stalls and rivals with cheaper financing win.
Operational improvements and expense discipline can continue shrinking operating losses toward breakeven, turning historical operating_income deficits into positive operating profit over time. Moving to positive operating_income validates the business model and supports a valuation re-rating; failure means ongoing dilution or write-down risk.
All standing thesis claims
Original report summary
Opendoor can earn durable value by combining data-driven pricing, owned inventory financing and efficient turn/renovation operations to capture spread on home transactions and grow recurring services — but that depends on holding attractive unit.
Bull case and bear case
Bull case and bear case for Opendoor Technologies
Where the evidence on Opendoor Technologies stands: Holding on the latest evidence (Nov 7, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Opendoor’s data-driven pricing and operating processes can sustain positive gross margin per home so the core transaction remains profitable across cycles.
When Opendoor turns homes quickly it converts the gross spread into positive operating cash flow, letting it fund growth without repeated equity dilution.
Opendoor’s on-balance-sheet inventory and cash position give it the capital flexibility to opportunistically scale market share and win local markets, creating a distribution advantage.
Operational improvements and expense discipline can continue shrinking operating losses toward breakeven, turning historical operating_income deficits into positive operating profit over time.
Bear case: what would count against it
a low-cost competitor or large brokerage with cheaper financing undercuts Opendoor’s buy/sell spreads, forcing lower prices to sellers or higher fees to buyers.
a prolonged housing slowdown that lengthens hold times increases carrying costs and turns operating_cash_flow persistently negative.
further large reductions in assets and cash that reflect forced asset sales or inability to refinance inventory lines.
Thesis-Break Engine
Thesis-break watch · Opendoor Technologies
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- a low-cost competitor or large brokerage with cheaper financing undercuts Opendoor’s buy/sell spreads, forcing lower prices to sellers or higher fees to buyers.
- a prolonged housing slowdown that lengthens hold times increases carrying costs and turns operating_cash_flow persistently negative.
- further large reductions in assets and cash that reflect forced asset sales or inability to refinance inventory lines.
- renewed investment in marketing or expansion that outpaces margin gains and widens operating losses.
OPEN news
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Financial statements
OPEN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
OPEN: quick answers
- What is OPEN's short interest?
- As of October 30, 2026, 228M OPEN shares were sold short, 24.5% of its shares outstanding, up 0.9% from the count before. At the stock's average daily volume that is 7.0 days to cover. FINRA publishes the count twice a month. OPEN short interest history
- Have members of Congress traded OPEN?
- 4 trades in OPEN have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed OPEN trade