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Opendoor Technologies (OPEN) Financials

Opendoor Technologies logo
$1.95 +0.10 (+5.41%)
Closing price 04:00 PM Eastern
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$1.94 -0.01 (-0.72%)
As of 08:00 PM Eastern
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Annual Income Statements for Opendoor Technologies

Annual Income Statements for Opendoor Technologies

This table shows Opendoor Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -241 -341 -253 -662 -1,353 -275 -392
Consolidated Net Income / (Loss)		 -240 -339 -253 -662 -1,353 -275 -392
Net Income / (Loss) Continuing Operations		 -240 -339 -253 -662 -1,353 -275 -392
Total Pre-Tax Income 		-240 -339 -253 -661 -1,351 -274 -391
Total Operating Income		 -164 -248 -186 -568 -931 -386 -320
Total Gross Profit		 133 301 220 730 667 487 433
Total Revenue		 1,838 4,741 2,583 8,021 15,567 6,946 5,153
Operating Revenue		 1,838 4,741 2,583 8,021 15,567 6,946 5,153
Total Cost of Revenue		 1,705 4,440 2,363 7,291 14,900 6,459 4,720
Operating Cost of Revenue		 1,705 4,440 2,363 7,291 14,900 6,459 4,720
Total Operating Expenses		 297 549 406 1,298 1,598 873 753
Selling, General & Admin Expense		 72 114 132 620 346 206 182
Marketing Expense		 196 384 189 544 1,006 486 413
Research & Development Expense		 28 51 56 134 169 167 141
Impairment Charge		 - - 0.00 0.00 60 0.00 0.00
Restructuring Charge		 - - 29 0.00 17 14 17
Total Other Income / (Expense), net		 -76 -91 -67 -93 -420 112 -71
Interest Expense		 60 110 79 143 410 -5.00 135
Other Income / (Expense), net		 -15 19 12 50 -10 107 64
Income Tax Expense		 0.38 0.00 0.00 1.00 2.00 1.00 1.00
Basic Earnings per Share		 ($3.16) ($4.26) ($2.31) ($1.12) ($2.16) ($0.42) ($0.56)
Weighted Average Basic Shares Outstanding		 78.56M 79.98M 109.30M 592.57M 627.11M 657.11M 699.46M
Diluted Earnings per Share		 ($3.16) ($4.37) ($2.31) ($1.12) ($2.16) ($0.42) ($0.56)
Weighted Average Diluted Shares Outstanding		 78.56M 79.98M 109.30M 592.57M 627.11M 657.11M 699.46M
Weighted Average Basic & Diluted Shares Outstanding		 - - 577.23M 620.13M 642.56M 679.64M 723.52M

Quarterly Income Statements for Opendoor Technologies

This table shows Opendoor Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 -399 -101 23 -106 -91 -109 -92 -78 -113 -85 -29
Consolidated Net Income / (Loss)		 -399 -101 23 -106 -91 -109 -92 -78 -113 -85 -29
Net Income / (Loss) Continuing Operations		 -399 -101 23 -106 -91 -109 -92 -78 -113 -85 -29
Total Pre-Tax Income 		-399 -101 24 -106 -91 -109 -91 -78 -113 -85 -29
Total Operating Income		 -271 -124 -68 -79 -115 -87 -72 -67 -94 -56 -13
Total Gross Profit		 71 170 149 96 72 114 129 105 85 99 128
Total Revenue		 2,857 3,120 1,976 980 870 1,181 1,511 1,377 1,084 1,153 1,567
Operating Revenue		 2,857 3,120 1,976 980 870 1,181 1,511 1,377 1,084 1,153 1,567
Total Cost of Revenue		 2,786 2,950 1,827 884 798 1,067 1,382 1,272 999 1,054 1,439
Operating Cost of Revenue		 2,786 2,950 1,827 884 798 1,067 1,382 1,272 999 1,054 1,439
Total Operating Expenses		 342 294 217 175 187 201 201 172 179 155 141
Selling, General & Admin Expense		 23 66 44 48 48 47 48 46 41 33 28
Marketing Expense		 194 188 124 85 89 113 116 96 88 98 86
Research & Development Expense		 48 40 39 42 46 41 37 30 33 21 21
Restructuring Charge		 - - 10 0.00 - 0.00 0.00 0.00 - 3.00 6.00
Total Other Income / (Expense), net		 -128 23 92 -27 24 -22 -19 -11 -19 -29 -16
Interest Expense		 138 -4.00 -51 47 3.00 37 31 34 33 33 26
Other Income / (Expense), net		 10 19 41 20 27 15 12 23 14 4.00 10
Income Tax Expense		 - 0.00 1.00 0.00 - 0.00 1.00 0.00 - 0.00 0.00
Basic Earnings per Share		 ($0.65) ($0.16) $0.04 ($0.16) ($0.14) ($0.16) ($0.13) ($0.11) ($0.16) ($0.12) ($0.04)
Weighted Average Basic Shares Outstanding		 627.11M 641.92M 646.06M 662.15M 657.11M 682.46M 693.45M 705.36M 699.46M 723.54M 729.48M
Diluted Earnings per Share		 ($0.64) ($0.16) $0.03 ($0.16) ($0.13) ($0.16) ($0.13) ($0.11) ($0.16) ($0.12) ($0.04)
Weighted Average Diluted Shares Outstanding		 627.11M 641.92M 667.16M 662.15M 657.11M 682.46M 693.45M 705.36M 699.46M 723.54M 729.48M
Weighted Average Basic & Diluted Shares Outstanding		 642.56M 648.78M 659.20M 670.03M 679.64M 691.58M 703.00M 715.07M 723.52M 728.90M 735.95M

Annual Cash Flow Statements for Opendoor Technologies

This table details how cash moves in and out of Opendoor Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 309 279 821 1,072 -787 -251 -777
Net Cash From Operating Activities		 -1,180 -272 682 -5,794 730 2,344 -595
Net Cash From Continuing Operating Activities		 -1,180 -272 682 -5,794 730 2,344 -595
Net Income / (Loss) Continuing Operations		 -240 -339 -253 -662 -1,353 -275 -392
Consolidated Net Income / (Loss)		 -240 -339 -253 -662 -1,353 -275 -392
Depreciation Expense		 13 27 39 47 83 65 48
Amortization Expense		 0.00 12 24 8.00 7.00 7.00 5.00
Non-Cash Adjustments To Reconcile Net Income		 -964 40 26 463 1,092 -2.00 169
Changes in Operating Assets and Liabilities, net		 11 -12 846 -5,650 901 2,549 -425
Net Cash From Investing Activities		 -7.43 -95 -22 -476 234 44 28
Net Cash From Continuing Investing Activities		 -7.43 -95 -22 -476 234 44 28
Purchase of Property, Plant & Equipment		 -20 -28 -17 -33 -37 -37 -25
Acquisitions		 -4.86 -33 0.00 -34 -10 0.00 -2.00
Purchase of Investments		 -23 -79 -175 -486 -28 0.00 0.00
Sale and/or Maturity of Investments		 40 45 170 92 331 80 55
Other Investing Activities, net		 - - 0.00 -15 -22 1.00 0.00
Net Cash From Financing Activities		 1,496 646 161 7,342 -1,751 -2,639 -210
Net Cash From Continuing Financing Activities		 1,496 646 159 7,342 -1,751 -2,639 -212
Repayment of Debt		 -1,185 -3,511 -2,254 -6,077 -11,979 -2,882 -715
Issuance of Debt		 2,014 3,842 1,434 12,644 10,222 238 498
Issuance of Common Equity		 0.00 0.00 0.00 886 2.00 2.00 5.00
Other Financing Activities, net		 6.89 3.00 1,022 -82 4.00 3.00 0.00
Cash Interest Paid		 45 86 57 122 355 203 121

Quarterly Cash Flow Statements for Opendoor Technologies

This table details how cash moves in and out of Opendoor Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -1,288 867 146 -426 -838 -254 -375 143 -291 -70 492
Net Cash From Operating Activities		 1,395 2,162 940 -216 -542 -178 -399 62 -80 -279 823
Net Cash From Continuing Operating Activities		 1,395 2,162 940 -216 -542 -178 -399 62 -80 -279 823
Net Income / (Loss) Continuing Operations		 -399 -101 23 -106 -91 -109 -92 -78 -113 -85 -29
Consolidated Net Income / (Loss)		 -399 -101 23 -106 -91 -109 -92 -78 -113 -85 -29
Depreciation Expense		 24 22 17 11 15 14 12 11 11 10 12
Non-Cash Adjustments To Reconcile Net Income		 275 -25 -46 61 8.00 36 61 33 39 16 34
Changes in Operating Assets and Liabilities, net		 1,494 2,264 944 -183 -476 -121 -381 95 -18 -221 806
Net Cash From Investing Activities		 24 30 15 3.00 -4.00 22 9.00 - -3.00 2.00 -2.00
Net Cash From Continuing Investing Activities		 24 30 15 3.00 -4.00 22 9.00 - -3.00 2.00 -2.00
Purchase of Property, Plant & Equipment		 -4.00 -8.00 -9.00 -11 -9.00 -8.00 -8.00 -6.00 -3.00 -4.00 -2.00
Net Cash From Financing Activities		 -2,707 -1,325 -809 -213 -292 -98 15 81 -208 207 -329
Net Cash From Continuing Financing Activities		 -2,707 -1,325 -809 -213 -292 -98 15 81 -210 207 -329
Repayment of Debt		 -3,655 -1,551 -822 -216 -293 -100 -202 -122 -291 -370 -499
Issuance of Debt		 948 224 12 2.00 - 0.00 217 200 81 576 170
Cash Interest Paid		 107 74 52 43 34 34 28 31 28 31 31

Annual Balance Sheets for Opendoor Technologies

This table presents Opendoor Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 2,232 2,176 9,506 6,608 3,567 3,126
Total Current Assets		 2,088 2,053 9,340 6,466 3,445 2,997
Cash & Equivalents		 405 1,413 1,731 1,137 999 671
Restricted Cash		 280 93 847 654 541 92
Short-Term Investments		 44 48 484 144 69 8.00
Inventories, net		 1,312 466 6,096 4,460 1,775 2,159
Other Current Assets		 45 25 175 71 61 67
Plant, Property, & Equipment, net		 35 29 45 58 66 48
Total Noncurrent Assets		 109 94 121 84 56 81
Goodwill		 31 31 60 4.00 4.00 3.00
Other Noncurrent Operating Assets		 66 54 49 68 47 78
Total Liabilities & Shareholders' Equity		 2,232 2,176 9,506 6,608 3,567 3,126
Total Liabilities		 1,583 623 7,258 5,522 2,600 2,413
Total Current Liabilities		 1,126 393 4,400 1,505 70 529
Short-Term Debt		 1,074 346 4,247 1,376 0.00 432
Accounts Payable		 33 25 137 110 64 92
Other Current Liabilities		 13 21 4.00 7.00 5.00 2.00
Other Current Nonoperating Liabilities		 5.81 1.00 12 12 1.00 3.00
Total Noncurrent Liabilities		 457 230 2,858 4,017 2,530 1,884
Long-Term Debt		 362 136 2,816 3,979 2,510 1,870
Capital Lease Obligations		 48 47 - 38 19 13
Other Noncurrent Operating Liabilities		 46 47 42 0.00 1.00 1.00
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -733 1,553 2,248 1,086 967 713
Total Preferred & Common Equity		 -733 1,553 2,248 1,086 967 713
Total Common Equity		 -733 1,553 2,248 1,086 967 713
Common Stock		 57 2,596 3,955 4,148 4,301 4,438
Retained Earnings		 -790 -1,043 -1,705 -3,058 -3,333 -3,725
Accumulated Other Comprehensive Income / (Loss)		 0.02 0.00 -2.00 -4.00 -1.00 0.00

Quarterly Balance Sheets for Opendoor Technologies

This table presents Opendoor Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets		 9,784 5,112 4,223 3,947 3,404 3,372 3,411 3,277 2,907
Total Current Assets		 9,584 4,972 4,093 3,819 3,284 3,249 3,263 3,152 2,797
Cash & Equivalents		 1,327 1,143 1,120 1,154 953 790 829 559 789
Restricted Cash		 1,752 1,515 1,684 1,224 333 121 225 134 396
Short-Term Investments		 178 108 90 72 37 19 8.00 0.00 0.00
Inventories, net		 6,093 2,118 1,149 1,311 1,881 2,234 2,145 2,362 1,530
Other Current Assets		 234 88 50 58 80 85 56 97 82
Plant, Property, & Equipment, net		 62 59 62 68 66 71 59 44 37
Total Noncurrent Assets		 138 81 68 60 54 52 89 81 73
Goodwill		 62 4.00 4.00 4.00 4.00 4.00 3.00 3.00 3.00
Other Noncurrent Operating Assets		 69 66 55 49 46 46 86 78 70
Total Liabilities & Shareholders' Equity		 9,784 5,112 4,223 3,947 3,404 3,372 3,411 3,277 2,907
Total Liabilities		 8,296 4,076 3,137 2,927 2,505 2,527 2,610 2,632 2,276
Total Current Liabilities		 3,601 443 88 74 74 393 721 1,053 643
Short-Term Debt		 3,372 355 15 0.00 - 315 643 946 550
Accounts Payable		 209 77 65 67 69 73 71 102 86
Other Current Liabilities		 6.00 7.00 7.00 6.00 4.00 4.00 4.00 2.00 2.00
Other Current Nonoperating Liabilities		 14 4.00 1.00 1.00 1.00 1.00 3.00 3.00 5.00
Total Noncurrent Liabilities		 4,695 3,633 3,049 2,853 2,431 2,134 1,889 1,579 1,633
Long-Term Debt		 4,656 3,598 3,028 2,832 2,412 2,116 1,868 1,565 1,626
Capital Lease Obligations		 - - 21 20 18 18 19 13 6.00
Other Noncurrent Operating Liabilities		 39 35 - 1.00 1.00 0.00 2.00 1.00 1.00
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,488 1,036 1,086 1,020 899 845 801 645 631
Total Preferred & Common Equity		 1,488 1,036 1,086 1,020 899 845 801 645 631
Total Common Equity		 1,488 1,036 1,086 1,020 899 845 801 645 631
Common Stock		 4,152 4,198 4,224 4,263 4,341 4,379 4,413 4,455 4,470
Retained Earnings		 -2,659 -3,159 -3,136 -3,242 -3,442 -3,534 -3,612 -3,810 -3,839
Accumulated Other Comprehensive Income / (Loss)		 -5.00 -3.00 -2.00 -1.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Opendoor Technologies

This table displays calculated financial ratios and metrics derived from Opendoor Technologies' official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 157.93% -45.52% 210.53% 94.08% -55.38% -25.81%
EBITDA Growth		 0.00% -14.24% 41.58% -317.12% -83.80% 75.68% 1.93%
EBIT Growth		 0.00% -27.86% 24.02% -197.70% -81.66% 70.35% 8.24%
NOPAT Growth		 0.00% -51.52% 25.00% -205.38% -63.91% 58.54% 17.10%
Net Income Growth		 0.00% -41.29% 25.37% -161.66% -104.38% 79.67% -42.55%
EPS Growth		 0.00% -38.29% 47.14% 51.52% -92.86% 80.56% -33.33%
Operating Cash Flow Growth		 0.00% 76.94% 350.74% -949.56% 112.60% 221.10% -125.38%
Free Cash Flow Firm Growth		 0.00% 0.00% 147.86% -910.70% 117.16% 127.65% -124.86%
Invested Capital Growth		 0.00% 0.00% -63.00% 1,101.73% -27.23% -58.56% 19.70%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 80.34% -5.84% -22.24% 4.33%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -19.71% -19.19% 44.35% 1.46%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -19.72% -17.92% 38.27% 3.03%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -6.72% -22.18% 28.78% 6.16%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -26.09% -18.17% 52.83% -5.95%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -38.27% -18.03% 54.84% -5.66%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 7.43% 231.53% -45.25% 43.71%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 386.11% -46.37% 45.21%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -2.75% -27.37% 32.68% -0.53%
Profitability Metrics		 - - - - - - -
Gross Margin		 7.26% 6.35% 8.52% 9.10% 4.28% 7.01% 8.40%
EBITDA Margin		 -9.05% -4.01% -4.30% -5.77% -5.47% -2.98% -3.94%
Operating Margin		 -8.90% -5.23% -7.20% -7.08% -5.98% -5.56% -6.21%
EBIT Margin		 -9.74% -4.83% -6.74% -6.46% -6.04% -4.02% -4.97%
Profit (Net Income) Margin		 -13.05% -7.15% -9.79% -8.25% -8.69% -3.96% -7.61%
Tax Burden Percent		 100.16% 100.00% 100.00% 100.15% 100.15% 100.37% 100.26%
Interest Burden Percent		 133.76% 148.03% 145.40% 127.61% 143.57% 98.21% 152.73%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -24.65% -13.50% -11.73% -12.05% -8.39% -10.80%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -68.19% 76.76% -29.46% -30.79% -8.60% -24.41%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -79.91% -9.49% -23.11% -69.11% -18.40% -35.87%
Return on Equity (ROE)		 0.00% -104.57% -22.99% -34.83% -81.16% -26.79% -46.67%
Cash Return on Invested Capital (CROIC)		 0.00% -224.65% 78.48% -181.00% 19.47% 74.42% -28.74%
Operating Return on Assets (OROA)		 0.00% -10.26% -7.90% -8.87% -11.68% -5.48% -7.65%
Return on Assets (ROA)		 0.00% -15.19% -11.48% -11.33% -16.79% -5.41% -11.71%
Return on Common Equity (ROCE)		 0.00% 118.23% -8.56% -34.83% -81.16% -26.79% -46.67%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 46.24% -16.29% -29.45% -124.59% -28.44% -54.98%
Net Operating Profit after Tax (NOPAT)		 -115 -174 -130 -398 -652 -270 -224
NOPAT Margin		 -6.23% -3.66% -5.04% -4.96% -4.19% -3.89% -4.35%
Net Nonoperating Expense Percent (NNEP)		 0.00% 43.53% -90.25% 17.74% 18.74% 0.22% 13.61%
Return On Investment Capital (ROIC_SIMPLE)		 - -23.10% -6.25% -4.27% -10.06% -7.73% -7.40%
Cost of Revenue to Revenue		 92.74% 93.65% 91.48% 90.90% 95.72% 92.99% 91.60%
SG&A Expenses to Revenue		 3.94% 2.40% 5.11% 7.73% 2.22% 2.97% 3.53%
R&D to Revenue		 1.55% 1.08% 2.17% 1.67% 1.09% 2.40% 2.74%
Operating Expenses to Revenue		 16.16% 11.58% 15.72% 16.18% 10.27% 12.57% 14.61%
Earnings before Interest and Taxes (EBIT)		 -179 -229 -174 -518 -941 -279 -256
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -166 -190 -111 -463 -851 -207 -203
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.76 3.98 0.68 3.10 1.60
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.78 4.11 0.69 3.13 1.61
Price to Revenue (P/Rev)		 0.16 0.06 0.46 1.12 0.05 0.43 0.22
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.73 0.29 2.07 0.92 2.08 1.19
Enterprise Value to Revenue (EV/Rev)		 0.00 0.51 0.06 1.61 0.27 0.56 0.52
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.22 0.00 5.74 1.67 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.20 0.00 3.98 1.64 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 2.29 0.34 3.14 4.97 2.62 3.25
Long-Term Debt to Equity		 0.00 0.63 0.12 1.25 3.70 2.62 2.64
Financial Leverage		 0.00 1.17 -0.12 0.78 2.24 2.14 1.47
Leverage Ratio		 0.00 3.44 2.00 3.07 4.83 4.96 3.98
Compound Leverage Factor		 0.00 5.10 2.91 3.92 6.94 4.87 6.08
Debt to Total Capital		 0.00% 69.60% 25.41% 75.86% 83.24% 72.34% 76.45%
Short-Term Debt to Total Capital		 0.00% 50.36% 16.62% 45.61% 21.24% 0.00% 14.27%
Long-Term Debt to Total Capital		 0.00% 19.24% 8.79% 30.24% 62.00% 72.34% 62.19%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 64.77% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% -34.37% 74.59% 24.14% 16.76% 27.66% 23.55%
Debt to EBITDA		 0.00 -7.81 -4.77 -15.25 -6.34 -12.22 -11.40
Net Debt to EBITDA		 0.00 -3.98 9.23 -8.64 -4.06 -4.44 -7.61
Long-Term Debt to EBITDA		 0.00 -2.16 -1.65 -6.08 -4.72 -12.22 -9.28
Debt to NOPAT		 0.00 -8.55 -4.06 -17.76 -8.28 -9.36 -10.33
Net Debt to NOPAT		 0.00 -4.36 7.87 -10.06 -5.31 -3.40 -6.89
Long-Term Debt to NOPAT		 0.00 -2.36 -1.41 -7.08 -6.16 -9.36 -8.41
Altman Z-Score		 0.00 1.92 2.30 1.78 2.22 2.21 0.94
Noncontrolling Interest Sharing Ratio		 0.00% 213.06% 62.76% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 1.85 5.22 2.12 4.30 49.21 5.67
Quick Ratio		 0.00 0.40 3.72 0.51 0.85 15.26 1.28
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,582 757 -6,138 1,053 2,398 -596
Operating Cash Flow to CapEx		 -5,891.70% -971.43% 4,011.76% -17,557.58% 1,972.97% 6,335.14% -2,380.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -14.38 9.58 -42.92 2.57 0.00 -4.41
Operating Cash Flow to Interest Expense		 -19.51 -2.47 8.63 -40.52 1.78 0.00 -4.41
Operating Cash Flow Less CapEx to Interest Expense		 -19.84 -2.73 8.42 -40.75 1.69 0.00 -4.59
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 2.12 1.17 1.37 1.93 1.37 1.54
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 3.38 2.66 2.22 2.82 2.07 2.40
Fixed Asset Turnover		 0.00 137.00 81.22 216.78 302.27 112.03 90.40
Accounts Payable Turnover		 0.00 134.64 81.52 90.01 120.65 74.24 60.51
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 107.89 137.35 164.25 129.29 176.17 152.11
Days Payable Outstanding (DPO)		 0.00 2.71 4.48 4.06 3.03 4.92 6.03
Cash Conversion Cycle (CCC)		 0.00 105.18 132.87 160.20 126.27 171.25 146.08
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 1,408 521 6,261 4,556 1,888 2,260
Invested Capital Turnover		 0.00 6.73 2.68 2.37 2.88 2.16 2.48
Increase / (Decrease) in Invested Capital		 0.00 1,408 -887 5,740 -1,705 -2,668 372
Enterprise Value (EV)		 0.00 2,438 151 12,951 4,194 3,922 2,688
Market Capitalization		 300 300 1,176 8,950 736 3,002 1,144
Book Value per Share		 $0.00 ($9.17) $30.01 $3.67 $1.71 $1.44 $1.00
Tangible Book Value per Share		 $0.00 ($9.71) $29.24 $3.55 $1.69 $1.43 $0.99
Total Capital		 0.00 2,133 2,082 9,311 6,479 3,496 3,028
Total Debt		 0.00 1,485 529 7,063 5,393 2,529 2,315
Total Long-Term Debt		 0.00 410 183 2,816 4,017 2,529 1,883
Net Debt		 0.00 756 -1,025 4,001 3,458 920 1,544
Capital Expenditures (CapEx)		 20 28 17 33 37 37 25
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 1,307 452 6,125 4,402 1,766 2,129
Debt-free Net Working Capital (DFNWC)		 0.00 2,035 2,006 9,187 6,337 3,375 2,900
Net Working Capital (NWC)		 0.00 961 1,660 4,940 4,961 3,375 2,468
Net Nonoperating Expense (NNE)		 125 165 123 264 701 4.80 168
Net Nonoperating Obligations (NNO)		 0.00 760 -1,032 4,013 3,470 921 1,547
Total Depreciation and Amortization (D&A)		 13 39 63 55 90 72 53
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 27.57% 17.50% 76.36% 28.28% 25.42% 41.32%
Debt-free Net Working Capital to Revenue		 0.00% 42.93% 77.66% 114.54% 40.71% 48.59% 56.28%
Net Working Capital to Revenue		 0.00% 20.28% 64.27% 61.59% 31.87% 48.59% 47.89%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($2.62) ($1.12) ($2.16) ($0.42) ($0.56)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 109.30M 592.57M 627.11M 657.11M 699.46M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($2.62) ($1.12) ($2.16) ($0.42) ($0.56)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 109.30M 592.57M 627.11M 657.11M 699.46M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 577.23M 620.13M 642.56M 679.64M 723.52M
Normalized Net Operating Profit after Tax (NOPAT)		 -115 -174 -110 -398 -598 -260 -212
Normalized NOPAT Margin		 -6.23% -3.66% -4.25% -4.96% -3.84% -3.75% -4.12%
Pre Tax Income Margin		 -13.03% -7.15% -9.79% -8.24% -8.68% -3.94% -7.59%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -2.96 -2.08 -2.20 -3.62 -2.30 0.00 -1.90
NOPAT to Interest Expense		 -1.90 -1.58 -1.65 -2.78 -1.59 0.00 -1.66
EBIT Less CapEx to Interest Expense		 -3.29 -2.34 -2.42 -3.85 -2.39 0.00 -2.08
NOPAT Less CapEx to Interest Expense		 -2.23 -1.83 -1.86 -3.01 -1.68 0.00 -1.84
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% -0.89% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -16.34% -1.77% -17.00% -4.38% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Opendoor Technologies

This table displays calculated financial ratios and metrics derived from Opendoor Technologies' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -25.25% -39.43% -52.93% -70.84% -69.55% -62.15% -23.53% 40.51% 24.60% -2.37% 3.71%
EBITDA Growth		 -138.38% -169.83% -113.79% 94.04% 69.92% 30.86% -487.50% 31.91% 4.23% 26.79% 119.15%
EBIT Growth		 -121.19% -209.38% -175.00% 92.73% 66.28% 31.43% -122.22% 25.42% 9.09% 27.78% 95.00%
NOPAT Growth		 -165.69% -173.56% -390.92% 90.25% 57.56% 29.84% 22.66% 15.19% 18.26% 35.63% 81.94%
Net Income Growth		 -108.90% -460.71% 142.59% 88.58% 77.19% -7.92% -500.00% 26.42% -24.18% 22.02% 68.48%
EPS Growth		 -106.45% -500.00% 133.33% 89.12% 79.69% 0.00% -533.33% 31.25% -23.08% 25.00% 69.23%
Operating Cash Flow Growth		 1,168.18% 39.48% 149.66% 32.92% -138.85% -108.23% -142.45% 128.70% 85.24% -56.74% 306.27%
Free Cash Flow Firm Growth		 126.07% 165.96% 238.25% 1,293.45% 70.76% -93.78% -121.09% -118.69% -116.92% -421.31% 162.41%
Invested Capital Growth		 -27.23% -54.28% -81.56% -77.32% -58.56% -9.88% 88.15% 59.66% 19.70% 23.52% -30.95%
Revenue Q/Q Growth		 -15.00% 9.21% -36.67% -50.40% -11.22% 35.75% 27.94% -8.87% -21.28% 6.37% 35.91%
EBITDA Q/Q Growth		 70.09% 65.68% 90.12% -487.50% -51.06% 21.13% 16.07% 31.91% -112.50% 39.71% 121.95%
EBIT Q/Q Growth		 67.86% 59.77% 74.29% -118.52% -49.15% 18.18% 16.67% 26.67% -81.82% 35.00% 94.23%
NOPAT Q/Q Growth		 66.54% 54.24% 24.92% 15.14% -45.57% 24.35% 17.24% 6.94% -40.30% 40.43% 76.79%
Net Income Q/Q Growth		 57.00% 74.69% 122.77% -560.87% 14.15% -19.78% 15.60% 15.22% -44.87% 24.78% 65.88%
EPS Q/Q Growth		 56.46% 75.00% 118.75% -633.33% 18.75% -23.08% 18.75% 15.38% -45.45% 25.00% 66.67%
Operating Cash Flow Q/Q Growth		 533.23% 54.98% -56.52% -122.98% -150.93% 67.16% -124.16% 115.54% -229.03% -248.75% 394.98%
Free Cash Flow Firm Q/Q Growth		 477.17% 68.76% 114.80% -12.71% -46.03% -93.85% -828.10% 22.66% 51.13% -16.77% 241.41%
Invested Capital Q/Q Growth		 -27.37% -51.12% -43.56% 13.21% 32.68% 6.30% 17.84% -3.93% -0.53% 9.69% -34.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 2.49% 5.45% 7.54% 9.80% 8.28% 9.65% 8.54% 7.63% 7.84% 8.59% 8.17%
EBITDA Margin		 -8.26% -2.60% -0.40% -4.80% -8.16% -4.74% -3.11% -2.32% -6.27% -3.56% 0.57%
Operating Margin		 -9.49% -3.97% -3.44% -8.06% -13.22% -7.37% -4.77% -4.87% -8.67% -4.86% -0.83%
EBIT Margin		 -9.14% -3.37% -1.37% -6.02% -10.11% -6.10% -3.97% -3.20% -7.38% -4.51% -0.19%
Profit (Net Income) Margin		 -13.97% -3.24% 1.16% -10.82% -10.46% -9.23% -6.09% -5.66% -10.42% -7.37% -1.85%
Tax Burden Percent		 100.00% 100.00% 95.83% 100.00% 100.00% 100.00% 101.10% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 152.87% 96.19% -88.89% 179.66% 103.41% 151.39% 151.67% 177.27% 141.25% 163.46% 966.67%
Effective Tax Rate		 0.00% 0.00% 4.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -19.11% -10.61% -9.24% -13.10% -19.95% -12.20% -8.37% -9.11% -15.08% -7.77% -1.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 -24.71% -11.38% -5.44% -15.05% -20.43% -16.38% -13.29% -12.42% -18.91% -10.88% -3.08%
Return on Net Nonoperating Assets (RNNOA)		 -55.45% -12.49% -7.31% -31.14% -43.69% -19.46% -11.63% -12.79% -27.77% -20.73% -5.27%
Return on Equity (ROE)		 -74.56% -23.10% -16.56% -44.24% -63.63% -31.66% -20.00% -21.89% -42.86% -28.50% -6.77%
Cash Return on Invested Capital (CROIC)		 19.47% 51.36% 115.63% 116.18% 74.42% -1.15% -74.83% -58.87% -28.74% -30.06% 28.56%
Operating Return on Assets (OROA)		 -17.65% -6.81% -2.15% -7.83% -13.81% -7.17% -4.75% -4.29% -11.36% -6.92% -0.32%
Return on Assets (ROA)		 -26.98% -6.55% 1.83% -14.07% -14.28% -10.85% -7.28% -7.60% -16.05% -11.31% -3.05%
Return on Common Equity (ROCE)		 -74.56% -23.10% -16.56% -44.24% -63.63% -31.66% -20.00% -21.89% -42.86% -28.50% -6.77%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -143.05% -129.37% -57.16% 0.00% -31.48% -47.10% -46.19% 0.00% -57.05% 0.00%
Net Operating Profit after Tax (NOPAT)		 -190 -87 -65 -55 -81 -61 -50 -47 -66 -39 -9.10
NOPAT Margin		 -6.64% -2.78% -3.30% -5.64% -9.25% -5.16% -3.34% -3.41% -6.07% -3.40% -0.58%
Net Nonoperating Expense Percent (NNEP)		 5.59% 0.76% -3.81% 1.95% 0.48% 4.18% 4.92% 3.32% 3.83% 3.11% 1.58%
Return On Investment Capital (ROIC_SIMPLE)		 -2.93% -1.74% -1.57% -1.43% -2.30% -1.83% -1.53% -1.41% -2.17% -1.24% -0.32%
Cost of Revenue to Revenue		 97.51% 94.55% 92.46% 90.20% 91.72% 90.35% 91.46% 92.37% 92.16% 91.41% 91.83%
SG&A Expenses to Revenue		 0.81% 2.12% 2.23% 4.90% 5.52% 3.98% 3.18% 3.34% 3.78% 2.86% 1.79%
R&D to Revenue		 1.68% 1.28% 1.97% 4.29% 5.29% 3.47% 2.45% 2.18% 3.04% 1.82% 1.34%
Operating Expenses to Revenue		 11.97% 9.42% 10.98% 17.86% 21.49% 17.02% 13.30% 12.49% 16.51% 13.44% 9.00%
Earnings before Interest and Taxes (EBIT)		 -261 -105 -27 -59 -88 -72 -60 -44 -80 -52 -3.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -236 -81 -8.00 -47 -71 -56 -47 -32 -68 -41 9.00
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.68 1.09 2.40 1.71 3.10 2.26 1.51 1.76 1.60 1.14 0.62
Price to Tangible Book Value (P/TBV)		 0.69 1.11 2.43 1.72 3.13 2.28 1.52 1.76 1.61 1.15 0.62
Price to Revenue (P/Rev)		 0.05 0.08 0.23 0.19 0.43 0.41 0.28 0.28 0.22 0.14 0.08
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.92 1.04 2.21 1.51 2.08 1.56 1.18 1.27 1.19 1.04 0.85
Enterprise Value to Revenue (EV/Rev)		 0.27 0.17 0.25 0.24 0.56 0.63 0.61 0.58 0.52 0.50 0.27
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.74 1.73 0.67 0.50 1.67 784.30 0.00 0.00 0.00 0.00 2.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.98 1.27 0.60 0.48 1.64 0.00 0.00 0.00 0.00 0.00 2.43
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.97 3.82 2.82 2.80 2.62 2.70 2.90 3.16 3.25 3.91 3.46
Long-Term Debt to Equity		 3.70 3.47 2.81 2.80 2.62 2.70 2.53 2.36 2.64 2.45 2.59
Financial Leverage		 2.24 1.10 1.35 2.07 2.14 1.19 0.88 1.03 1.47 1.91 1.71
Leverage Ratio		 4.83 3.96 4.17 5.47 4.96 4.40 3.93 4.04 3.98 4.33 4.25
Compound Leverage Factor		 7.39 3.81 -3.71 9.84 5.13 6.66 5.97 7.16 5.63 7.07 41.12
Debt to Total Capital		 83.24% 79.23% 73.83% 73.66% 72.34% 72.99% 74.35% 75.95% 76.45% 79.65% 77.57%
Short-Term Debt to Total Capital		 21.24% 7.12% 0.36% 0.00% 0.00% 0.00% 9.56% 19.30% 14.27% 29.85% 19.55%
Long-Term Debt to Total Capital		 62.00% 72.12% 73.47% 73.66% 72.34% 72.99% 64.78% 56.65% 62.19% 49.79% 58.02%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 16.76% 20.77% 26.17% 26.34% 27.66% 27.01% 25.65% 24.05% 23.55% 20.35% 22.43%
Debt to EBITDA		 -6.34 -3.77 -2.75 -7.67 -12.22 -13.35 -11.08 -12.28 -11.40 -13.43 -16.53
Net Debt to EBITDA		 -4.06 -1.13 -0.15 -1.08 -4.44 -6.08 -6.87 -7.13 -7.61 -9.74 -7.55
Long-Term Debt to EBITDA		 -4.72 -3.43 -2.74 -7.67 -12.22 -13.35 -9.66 -9.16 -9.28 -8.39 -12.36
Debt to NOPAT		 -8.28 -4.81 -3.44 -7.52 -9.36 -9.95 -9.91 -10.60 -10.33 -12.48 -13.55
Net Debt to NOPAT		 -5.31 -1.45 -0.19 -1.06 -3.40 -4.53 -6.15 -6.15 -6.89 -9.05 -6.19
Long-Term Debt to NOPAT		 -6.16 -4.38 -3.42 -7.52 -9.36 -9.95 -8.64 -7.91 -8.41 -7.80 -10.14
Altman Z-Score		 2.56 2.94 3.26 2.56 2.39 1.60 1.14 1.14 1.13 0.82 0.92
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.30 11.22 46.51 51.61 49.21 44.38 8.27 4.53 5.67 2.99 4.35
Quick Ratio		 0.85 2.82 13.75 16.57 15.26 13.38 2.06 1.16 1.28 0.53 1.23
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,515 2,557 5,493 4,795 2,588 159 -1,158 -896 -438 -511 723
Operating Cash Flow to CapEx		 34,875.00% 27,025.00% 10,444.44% -1,963.64% -6,022.22% -2,225.00% -4,987.50% 1,033.33% -2,666.67% -6,975.00% 41,150.00%
Free Cash Flow to Firm to Interest Expense		 10.98 0.00 0.00 102.01 862.50 4.30 -37.37 -26.35 -13.27 -15.49 27.80
Operating Cash Flow to Interest Expense		 10.11 0.00 0.00 -4.60 -180.67 -4.81 -12.87 1.82 -2.42 -8.45 31.65
Operating Cash Flow Less CapEx to Interest Expense		 10.08 0.00 0.00 -4.83 -183.67 -5.03 -13.13 1.65 -2.52 -8.58 31.58
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.93 2.02 1.58 1.30 1.37 1.18 1.20 1.34 1.54 1.53 1.65
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 2.82 3.90 2.92 2.28 2.07 2.29 2.44 2.62 2.40 2.22 2.53
Fixed Asset Turnover		 302.27 250.67 195.07 137.43 112.03 80.11 68.30 77.78 90.40 93.18 95.94
Accounts Payable Turnover		 120.65 126.64 81.06 61.21 74.24 62.68 59.87 65.49 60.51 55.05 59.92
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 129.29 93.53 125.06 159.97 176.17 159.49 149.45 139.57 152.11 164.51 144.19
Days Payable Outstanding (DPO)		 3.03 2.88 4.50 5.96 4.92 5.82 6.10 5.57 6.03 6.63 6.09
Cash Conversion Cycle (CCC)		 126.27 90.64 120.56 154.00 171.25 153.67 143.36 134.00 146.08 157.88 138.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,556 2,227 1,257 1,423 1,888 2,007 2,365 2,272 2,260 2,479 1,633
Invested Capital Turnover		 2.88 3.81 2.80 2.32 2.16 2.37 2.51 2.67 2.48 2.28 2.59
Increase / (Decrease) in Invested Capital		 -1,705 -2,644 -5,558 -4,850 -2,668 -220 1,108 849 372 472 -732
Enterprise Value (EV)		 4,194 2,318 2,778 2,142 3,922 3,137 2,791 2,874 2,688 2,569 1,386
Market Capitalization		 736 1,131 2,608 1,740 3,002 2,030 1,272 1,406 1,144 738 389
Book Value per Share		 $1.71 $1.61 $1.67 $1.55 $1.44 $1.32 $1.22 $1.14 $1.00 $0.89 $0.87
Tangible Book Value per Share		 $1.69 $1.59 $1.65 $1.53 $1.43 $1.31 $1.21 $1.14 $0.99 $0.89 $0.86
Total Capital		 6,479 4,989 4,150 3,872 3,496 3,329 3,294 3,331 3,028 3,169 2,813
Total Debt		 5,393 3,953 3,064 2,852 2,529 2,430 2,449 2,530 2,315 2,524 2,182
Total Long-Term Debt		 4,017 3,598 3,049 2,852 2,529 2,430 2,134 1,887 1,883 1,578 1,632
Net Debt		 3,458 1,187 170 402 920 1,107 1,519 1,468 1,544 1,831 997
Capital Expenditures (CapEx)		 4.00 8.00 9.00 11 9.00 8.00 8.00 6.00 3.00 4.00 2.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 4,402 2,118 1,126 1,295 1,766 1,887 2,241 2,123 2,129 2,352 1,519
Debt-free Net Working Capital (DFNWC)		 6,337 4,884 4,020 3,745 3,375 3,210 3,171 3,185 2,900 3,045 2,704
Net Working Capital (NWC)		 4,961 4,529 4,005 3,745 3,375 3,210 2,856 2,542 2,468 2,099 2,154
Net Nonoperating Expense (NNE)		 209 14 -88 51 11 48 42 31 47 46 20
Net Nonoperating Obligations (NNO)		 3,470 1,191 171 403 921 1,108 1,520 1,471 1,547 1,834 1,002
Total Depreciation and Amortization (D&A)		 25 24 19 12 17 16 13 12 12 11 12
Debt-free, Cash-free Net Working Capital to Revenue		 28.28% 15.65% 9.95% 14.50% 25.42% 37.69% 49.34% 42.98% 41.32% 45.89% 29.32%
Debt-free Net Working Capital to Revenue		 40.71% 36.08% 35.53% 41.92% 48.59% 64.11% 69.82% 64.49% 56.28% 59.41% 52.19%
Net Working Capital to Revenue		 31.87% 33.46% 35.40% 41.92% 48.59% 64.11% 62.88% 51.47% 47.89% 40.96% 41.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.65) ($0.16) $0.04 ($0.16) ($0.14) ($0.16) ($0.13) ($0.11) ($0.16) ($0.12) ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 627.11M 641.92M 646.06M 662.15M 657.11M 682.46M 693.45M 705.36M 699.46M 723.54M 729.48M
Adjusted Diluted Earnings per Share		 ($0.64) ($0.16) $0.03 ($0.16) ($0.13) ($0.16) ($0.13) ($0.11) ($0.16) ($0.12) ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 627.11M 641.92M 667.16M 662.15M 657.11M 682.46M 693.45M 705.36M 699.46M 723.54M 729.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 642.56M 648.78M 659.20M 670.03M 679.64M 691.58M 703.00M 715.07M 723.52M 728.90M 735.95M
Normalized Net Operating Profit after Tax (NOPAT)		 -190 -87 -56 -55 -81 -61 -50 -47 -66 -37 -4.90
Normalized NOPAT Margin		 -6.64% -2.78% -2.81% -5.64% -9.25% -5.16% -3.34% -3.41% -6.07% -3.22% -0.31%
Pre Tax Income Margin		 -13.97% -3.24% 1.21% -10.82% -10.46% -9.23% -6.02% -5.66% -10.42% -7.37% -1.85%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1.89 0.00 0.00 -1.26 -29.33 -1.95 -1.94 -1.29 -2.42 -1.58 -0.12
NOPAT to Interest Expense		 -1.37 0.00 0.00 -1.18 -26.83 -1.65 -1.63 -1.38 -1.99 -1.19 -0.35
EBIT Less CapEx to Interest Expense		 -1.92 0.00 0.00 -1.49 -32.33 -2.16 -2.19 -1.47 -2.52 -1.70 -0.19
NOPAT Less CapEx to Interest Expense		 -1.40 0.00 0.00 -1.41 -29.83 -1.86 -1.88 -1.56 -2.08 -1.31 -0.43
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Key Financial Trends

Opendoor Technologies (NASDAQ: OPEN) continues to face challenges as reflected in its recent quarterly and annual financial results covering Q2 2022 through Q2 2025. Here’s a summary of the key financial trends and highlights observed over the last few years based on its income statements, cash flow statements, and balance sheets:

  • Revenue Growth: Operating revenue showed an overall upward trend from about $870 million in Q4 2023 to $1.57 billion in Q2 2025, indicating growth in the business scale and customer demand.
  • Improved Gross Profit Margin: Despite fluctuations, gross profit totals improved over the years—for instance, Q2 2025 posted $128 million gross profit compared to $71-85 million in 2022-2023 quarters, indicating better cost control or pricing power.
  • Significant Increase in Operating Cash Flow in Recent Quarters: Net cash from continuing operating activities swung from negative hundreds of millions in early 2024 quarters (e.g., -$399 million in Q2 2024) to a positive inflow of $823 million in Q2 2025, signaling operational improvements or working capital management.
  • Reduced Short-Term Debt: From highs above $900 million in early 2025 quarter, short-term debt lowered to around $550 million by Q2 2025, easing liquidity pressures.
  • Consistent Operating Expenses: SG&A, marketing, and R&D expenses remain relatively stable but elevated, typically ranging $20-$120 million quarterly, reflecting ongoing significant investment in growth and customer acquisition.
  • Maintained Infrastructure Investment: Capital expenditures on property, plant, and equipment hovered around $2-$11 million per quarter, consistent with corporate operations scale.
  • Steady Share Count: Weighted average diluted shares outstanding gradually increased from approximately 641 million in early 2023 to around 729 million by Q2 2025, indicating moderate dilution over time.
  • Persistent Net Losses: The company reported net losses in nearly all quarters reviewed, ranging from roughly $23 million in Q2 2023 to losses over $113 million in Q4 2024, and around $29 million in Q2 2025, underscoring ongoing unprofitability despite revenue growth.
  • High Debt Load: Long-term debt remains substantially high, above $1.5 billion in recent quarters through mid-2025, contributing to interest expenses and financial risk.
  • Negative Total Operating Income: Quarterly operating income was negative consistently, indicating core business is not profitable at current scale and cost structure.
  • Cash Interest Expense Remains High: Cash interest payments hovered around $28-$74 million per quarter, which along with high debt levels, suggests significant debt servicing costs pressuring cash flows.
  • Equity Remains Modest Compared to Liabilities: Shareholders’ equity sits around $600-$1,000 million range, significantly less than total liabilities typically above $2 billion, indicating financial leverage concerns.

In summary, Opendoor Technologies has shown encouraging revenue growth and improving cash flow from operations recently, which are positive indicators. However, the company still struggles with sustained profitability, high debt levels, and significant interest costs. Investors should weigh the company’s growth potential against ongoing operational losses and leverage risks when considering an investment in OPEN stock.

08/08/25 06:20 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Opendoor Technologies' Financials

When does Opendoor Technologies' fiscal year end?

According to the most recent income statement we have on file, Opendoor Technologies' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Opendoor Technologies' net income changed over the last 6 years?

Opendoor Technologies' net income appears to be on an upward trend, with a most recent value of -$392 million in 2024, rising from -$239.93 million in 2018. The previous period was -$275 million in 2023. View Opendoor Technologies' forecast to see where analysts expect Opendoor Technologies to go next.

What is Opendoor Technologies' operating income?
Opendoor Technologies' total operating income in 2024 was -$320 million, based on the following breakdown:
  • Total Gross Profit: $433 million
  • Total Operating Expenses: $753 million
How has Opendoor Technologies' revenue changed over the last 6 years?

Over the last 6 years, Opendoor Technologies' total revenue changed from $1.84 billion in 2018 to $5.15 billion in 2024, a change of 180.3%.

How much debt does Opendoor Technologies have?

Opendoor Technologies' total liabilities were at $2.41 billion at the end of 2024, a 7.2% decrease from 2023, and a 52.4% increase since 2019.

How much cash does Opendoor Technologies have?

In the past 5 years, Opendoor Technologies' cash and equivalents has ranged from $405.08 million in 2019 to $1.73 billion in 2021, and is currently $671 million as of their latest financial filing in 2024.

How has Opendoor Technologies' book value per share changed over the last 6 years?

Over the last 6 years, Opendoor Technologies' book value per share changed from 0.00 in 2018 to 1.00 in 2024, a change of 99.7%.


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This page (NASDAQ:OPEN) was last updated on 8/8/2025 by MarketBeat.com Staff
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