OPENOpendoor Technologies Inc.
Real Estate Agents & Managers (for Others)
- Revenue
- $4.4B
- 15% YoY
- Operating margin
- -6.6%
- 5.7% YoY
- EBITDA
- −$256M
- 11% YoY
- Market cap
- $1.7B
- Employees
- 680
- $6M revenue each
- Net debt / EBITDA
- —
- −$450M net debt
- AI in 10-K
- 10.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$741M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes59% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$6M · 93rd pctBottom quartile of its SIC industry
- Quiet on AINo10.7 per 10K words · 93rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$84K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $8.0B | $15.6B | $6.9B | $5.2B | $4.4B | 15% |
| Operating income | −$568M | −$931M | −$386M | −$320M | −$287M | 10% |
| Net income | −$662M | −$1.4B | −$275M | −$392M | −$1.3B | 232% |
| Operating cash flow | −$5.8B | $730M | $2.3B | −$595M | $1.0B | 276% |
| Capex | $33M | $37M | $37M | $25M | $12M | 52% |
| Stock-based comp | $536M | $171M | $126M | $114M | $159M | 39% |
| Buybacks | $0 | — | — | — | — |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Nov 30, 2020 | DEFM14A | Social Capital Hedosophia Holdings Corp. II | $0.00 | 100% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 24, 2025 | ACCESS INDUSTRIES MANAGEMENT, LLC | SCHEDULE 13D/A | 2.4% | Passive |
| Sep 16, 2025 | ACCESS INDUSTRIES MANAGEMENT, LLC | SCHEDULE 13D/A | 11.5% | Passive |
| May 6, 2024 | ACCESS INDUSTRIES MANAGEMENT, LLC | SC 13D/A | 19.8% | Passive |
| Oct 6, 2021 | ACCESS INDUSTRIES MANAGEMENT, LLC | SC 13D/A | 26.7% | Passive |
| Aug 24, 2021 | ACCESS INDUSTRIES MANAGEMENT, LLC | SC 13D/A | 7.9% | Passive |
| Dec 28, 2020 | ACCESS INDUSTRIES MANAGEMENT, LLC | SC 13D | 6.4% | Active |
Insider trading
- Open-market buys, 12 mo
- $2M · 3
- Open-market sells, 12 mo
- $2M · 7
- Net
- $84K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $741M | $428M | 19 | 125 |
| FY2024 | — | — | 5 | 117 |
| FY2023 | — | — | 14 | 104 |
| FY2022 | — | — | 4 | 77 |
| FY2021 | — | — | 47 | 112 |