TakeoverPE & activists

OPENOpendoor Technologies Inc.

Real Estate Agents & Managers (for Others) · $1.7B market cap · 680 employees

0.4×

Less likely than average to be taken private

Top 38% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $6M · 93rd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    10.7 per 10K words · 93rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    1 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $84K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Nov 30, 2020DEFM14ASocial Capital Hedosophia Holdings Corp. II$0.00100%

Key numbers

Revenue
$4.4BFY2021: $8.0BFY2022: $15.6BFY2023: $6.9BFY2024: $5.2BFY2025: $4.4B
15% YoY
Operating margin
-6.6%FY2021: -7.1%FY2022: -6.0%FY2023: -5.6%FY2024: -6.2%FY2025: -6.6%
5.7% YoY
EBITDA
−$256MFY2021: −$541MFY2022: −$894MFY2023: −$348MFY2024: −$287MFY2025: −$256M
11% YoY
Net debt / EBITDA
—
−$450M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$8.0B$15.6B$6.9B$5.2B$4.4B 15% FY2021: $8.0BFY2022: $15.6BFY2023: $6.9BFY2024: $5.2BFY2025: $4.4B
Operating income−$568M−$931M−$386M−$320M−$287M 10% FY2021: −$568MFY2022: −$931MFY2023: −$386MFY2024: −$320MFY2025: −$287M
Net income−$662M−$1.4B−$275M−$392M−$1.3B 232% FY2021: −$662MFY2022: −$1.4BFY2023: −$275MFY2024: −$392MFY2025: −$1.3B
Operating cash flow−$5.8B$730M$2.3B−$595M$1.0B 276% FY2021: −$5.8BFY2022: $730MFY2023: $2.3BFY2024: −$595MFY2025: $1.0B
Capex$33M$37M$37M$25M$12M 52% FY2021: $33MFY2022: $37MFY2023: $37MFY2024: $25MFY2025: $12M
Stock-based comp$536M$171M$126M$114M$159M 39% FY2021: $536MFY2022: $171MFY2023: $126MFY2024: $114MFY2025: $159M
Buybacks$0————

13D filers

FiledFilerFormStakeIntent
Sep 24, 2025ACCESS INDUSTRIES MANAGEMENT, LLCSCHEDULE 13D/A2.4%Passive
Sep 16, 2025ACCESS INDUSTRIES MANAGEMENT, LLCSCHEDULE 13D/A11.5%Passive
May 6, 2024ACCESS INDUSTRIES MANAGEMENT, LLCSC 13D/A19.8%Passive
Oct 6, 2021ACCESS INDUSTRIES MANAGEMENT, LLCSC 13D/A26.7%Passive
Aug 24, 2021ACCESS INDUSTRIES MANAGEMENT, LLCSC 13D/A7.9%Passive
Dec 28, 2020ACCESS INDUSTRIES MANAGEMENT, LLCSC 13D6.4%Active

Insider trading

+$84Knet buying by insiders, open market, last 12 months
Bought $2M · 3 tradesSold $2M · 7 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$741M$428M19125
FY2024——5117
FY2023——14104
FY2022——477
FY2021——47112