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OPEN Opendoor Technologies$2.12-$0.21 (-8.84%)

NASDAQ · As of 4:00 PM ET 10/16/26

Opendoor Technologies (OPEN -8.84%), a digital home buying, selling, and settlement platform, closed at $2.12, down 8.84% on Oct. 16, 2026. Friday's slide followed reports of fresh 52-week lows and higher debt costs, while investors are watching early November earnings for guidance, liquidity, and margin trends.

Trading volume reached 64.6 million shares, coming in about 53% above its three-month average of 42.1 million shares. Opendoor Technologies IPO'd in 2020 and has fallen 80% since going public.

How the markets moved todayS&P 500 (SNPINDEX: ^GSPC) closed at 7,659, down 1.09%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) finished at 26,140, down 2.14%. Among U.S. online residential real estate transactions and iBuying peers, Zillow Group (ZG -1.70%) closed at $31.88, down 1.70%, as housing and rate sensitivity kept the sector under pressure.

What this means for investorsOpendoor Technologies stock fell today, Oct. 16, as shares still felt the sting of this week’s plunge to a historical all-time low of $1.93 per share during intraday trading on Oct. 15. The stock had recovered from the low as a sharp drop in the 10-year Treasury yield fueled a small rally. That trend reversed today as a sluggish housing market battling rising interest rates kept Wall Street investors concerned about the company and the real estate sector in general.

Last week, Opendoor said its home-loan unit exited beta and added fixed and adjustable mortgages, which could broaden the platform and support transaction volume. The new offering is intended to streamline the homebuying process for consumers with loan pre-qualification happening in minutes.

The company is working to transform its business amid declining sales. In the second quarter, Opendoor reported revenue of $883 million, a massive drop from 2025's $1.6 billion. Adding to the dismal picture, its costs rose, resulting in a Q2 net loss of $162 million, up from a loss of $29 million in the prior year. That said, Opendoor forecasted Q3 sales to grow 20% year over year. Investors will be closely watching the next earnings report to see if Opendoor can deliver.

Like many housing-related stocks amid rising interest rates and a chilly real estate market, Opendoor Technologies (OPEN -3.93%) has been a broken home in 2026. Shares of the home flipper have plummeted 61% this year, down a brutal 94% from their peak coming out of the pandemic a little more than five years ago.

Opendoor is the country's largest iBuyer, offering homeowners the ability to sell their homes instantly at a market-discounted price. Opendoor's goal is to make any cost-effective repairs and remodel to sell the home at a premium.

Image source: Getty Images.

Home is where the heart is Unfortunately for Opendoor, you need hungry buyers and sellers for the iBuyer business model to work. With home sales hovering near a 30-year low and mortgage rates rising for the seventh consecutive week to hit a three-year high, this is a rough scenario for Opendoor stock.

Homeowners don't want to sell and give up their lower current mortgage rates to move somewhere else. Potential buyers are seeing rising rates diminish the value of properties they can afford.

Opendoor isn't just getting pinched on weak supply and demand. It also means struggling to flip homes profitably in the current environment. But it won't always be that way.

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Stealing home Revenue is declining sharply for the fourth consecutive year. Analysts see Opendoor turning an adjusted profit by 2028, but that also assumes revenue will more than double by then. It's a rough market, and there's a reason why the country's two largest real estate portals pulled out of the iBuyer market years ago.

Just 0.2% of homes are being sold this way, but market conditions change. In the meantime, Opendoor has spent the last few years shaving operating expenses and even making the process of acquiring a property substantially cheaper.

Opendoor has $2 billion in current liabilities and long-term debt, but more than $2.7 billion in cash and inventory. The risks are there if a turnaround in the real estate market doesn't materialize in the next couple of years, but the backyard trampoline is also there for Opendoor to jump on at the moment the climate turns in its favor. The ceiling is high, but buyers need to know the sinkhole risks.

Rick Munarriz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways Opendoor targets mortgage licenses in roughly 35-40 states by 2026-end as it integrates buying and financing.Colorado mortgage uptake tops half of upcoming Opendoor home sales; Texas reached nearly 20% within six weeks.Opendoor says its loan officers can handle 50 mortgages monthly versus about 10 across the industry. Opendoor Technologies Inc. (OPEN - Free Report) is expanding its home loan business, targeting mortgage licenses in roughly 35 to 40 states by 2026-end. The initiative forms part of the company’s strategy to integrate home buying and financing, simplify the purchase process and improve the economics of its housing platform.

The offering addresses financing challenges that can delay or prevent home purchases. Opendoor is incorporating lending into the buying process from the outset, with the aim of reducing friction between selecting a home and securing a loan. The company views competitive mortgage rates as a way to accelerate inventory turnover and release capital for additional home acquisitions.

Early buyer interest in Opendoor’s mortgage offering is encouraging. In Colorado, more than half of the company’s upcoming home sales are expected to be financed through Opendoor Home Loans. In Texas, the corresponding share stood at nearly 20% within six weeks of launch. This uptake precedes the planned introduction of FHA, VA and adjustable-rate loans. The company expects adoption rates to vary across markets and fluctuate as the business expands.

Operating efficiency is central to the strategy. Opendoor has developed its own mortgage point-of-sale and loan origination systems, focusing on common loan types and automating much of the process. The company stated that its loan officers can handle 50 mortgages per month, compared with approximately 10 across the industry.

Overall, Opendoor’s mortgage expansion supports its broader objectives of improving unit economics and capital efficiency. The company sees room for higher adoption as it refines the offering and introduces additional loan types. However, licensing timelines and execution remain key considerations.

OPEN’s Competitive LandscapeZillow Group, Inc. (ZG - Free Report) is expanding its mortgage business by integrating preapproval into home search, helping buyers assess affordability earlier in the purchase process. Second-quarter mortgage revenues rose 75% year over year to $84 million, supported by 95% growth in purchase loan origination volume. Zillow reported double-digit adoption of Zillow Home Loans within its integrated experience and positive per-mortgage unit economics after accounting for fixed and variable costs. According to the company, its loan officers originate roughly twice the industry average of purchase loans per month, while its existing audience supports lower customer acquisition costs. However, Zillow expects higher mortgage rates to weigh on fourth-quarter loan conversion.

Offerpad Solutions Inc. (OPAD - Free Report) is pursuing transaction growth through better home selection, pricing discipline and operating efficiency. SCOUT and HENRY are being developed to refine acquisition decisions, while Cash Offer Marketplace and Brokerage Services broaden the range of sellers it can serve and generate fee-based revenues with little or no balance sheet capital. Offerpad’s monthly contract signings increased from 129 in April to 256 in June without a meaningful increase in marketing spending. Second-quarter non-aged homes sold in approximately 82 days, ahead of its 100–120-day target. Offerpad targets roughly 1,000 quarterly transactions to reach breakeven under its current cost structure, compared with 295 in the second quarter, underscoring the importance of higher volumes to its profitability objectives.

OPEN’s Stock Price Performance, Valuation & EstimatesShares of Opendoor have declined 70.6% in the past year compared with the industry’s 1.2% fall.

OPEN One-Year Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, OPEN trades at a forward price-to-sales (P/S) multiple of 0.34, significantly below the industry’s average of 4.38.

OPEN’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for OPEN's 2026 loss per share suggests a 42.3% year-over-year improvement. Loss per share estimates for 2026 have remained unchanged in the past 30 days.

EPS Trend of OPEN Stock
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Housing stocks are sliding in unison on Wednesday while the broader market barely flinches, and the reason why Opendoor is falling twice as hard as its closest peers cuts to the heart of what makes iBuyers structurally different from every…

Housing-linked stocks are moving lower together in Wednesday morning trading, with the iBuyers taking the sharpest hits and the homebuilder fund pulling back in step. The move is landing on housing rather than on the wider market, so the frame for the session is a rate-sensitive group giving back ground while broad indexes hold.

The iShares U.S. Home Construction ETF (NYSEARCA:ITB) is down 1% in Wednesday morning trading. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.61%, down moderately on the same session.

Meanwhile, Opendoor Technologies (NASDAQ:OPEN) stock is at $2.62, down 5%, while Zillow Group Class A (NASDAQ:ZG | ZG Price Prediction) stock is at $30.59, down 3%, and Offerpad Solutions (NYSE:OPAD) stock is at $3.37, down 3%.

The Housing Group Moves Together No company-specific disclosure has been verified for Opendoor on Wednesday’s session, which leaves a housing-wide down move as the mechanism the figures support. A coordinated pullback across three iBuyer and online real estate names alongside the homebuilder fund gives this interpretation weight, since it’s unusual for the group to move together this cleanly without a shared input.

The benchmark 10-year Treasury note yield was last published at 5.08%, up 2.19% over the past 24 hours. Opendoor, Zillow and Offerpad all sit downstream of that number in different ways, from financing costs on carried inventory to mortgage origination volumes to advertising demand from agents. The level of the yield reads as standing background pressure on housing rather than as a same-day shock, so the sourced backdrop favors a slow bleed over a jolt.

The ITB fund holds none of Opendoor, Zillow or Offerpad. It’s included as a barometer for assets sensitive to mortgage rates, not as a holder of these names. Its move alongside the iBuyers is the piece that argues this is a rate-sensitive housing move rather than a stock-specific event.

Why Carrying Homes on the Balance Sheet Matters The structural point that shapes any read on Opendoor is that Opendoor buys homes and holds them on its own balance sheet. A rise in mortgage rates lifts Opendoor’s financing cost on that carried inventory and slows the clearance of homes it already owns at the same time. That stacks two pressures onto one business, which is why Opendoor stock tends to move harder than a portal name on the same rate news.

Offerpad carries homes the same way, and Offerpad stock’s sensitivity to a rate-driven housing slowdown runs through that same channel of financing cost plus resale friction. Zillow operates a portal and doesn’t hold homes on its own balance sheet, so the same rate move reaches Zillow through advertising economics, mortgage origination and rentals rather than through inventory financing costs.

When Opendoor holds a home, the financing cost on that home ticks higher as the benchmark yield ticks higher, and the resale timeline stretches at the same time because buyers face higher mortgage rates too. That combination is what shapes profitability and how quickly aged inventory clears, and it’s why Opendoor stock tends to react to rate moves that Zillow shrugs off.

What to Look For Now These housing-linked names and the ITB fund are lower while the broad market fund is barely moved, so this is a housing session rather than a market session. Opendoor is nonetheless down by more than either peer and by more than the homebuilder fund. The group explains the direction of the Opendoor move but not the size of it.

Investors can watch for whether the ITB pullback steepens as the session runs and whether any incremental housing data or rate commentary lands into the afternoon. For those holding Opendoor, Zillow or Offerpad, sizing their positions to reflect the extra volatility that balance-sheet inventory brings, especially at Opendoor and Offerpad, is where risk gets managed rather than in trying to time a single session.

Contact [email protected] for any questions or corrections.

Opendoor Technologies (NASDAQ:OPEN) has posted a sharp monthly decline amid a small group of housing-linked names, and the bulls-versus-bears question in front of Opendoor shareholders is whether the drop reflects a housing-wide de-rating or something specific to the company.

Wall Street is waiting for Friday’s CPI report, which could determine whether the Federal Reserve raises interest rates next week.

August CPI is expected to rise 0.4% from July and 3.4% from a year earlier, while core inflation is forecast at 0.2% monthly and 2.4% annually.

Markets are pricing roughly a 70% chance of a quarter-point Fed hike, while the 10-year Treasury yield has climbed close to 5%.

A softer core reading could give five rate-sensitive stocks an outsized lift.

Opendoor is directly exposed to housing turnover and financing conditions.

Lower Treasury yields can feed into cheaper mortgages, improving transaction activity while easing the cost of holding homes on its balance sheet.

JPMorgan analyst Dae K Lee remains constructive even without a macro recovery.

Lee maintained an Overweight rating and $8 target, arguing Opendoor “could reach ANI profitability” with no housing rebound required.

That makes a cool CPI print additive rather than essential. If mortgage-rate expectations fall sharply, investors could quickly reassess one of the market’s most rate-sensitive housing names.

Rocket Companies has an even cleaner link to rates, as mortgage demand is highly sensitive to borrowing costs, meaning lower Treasury yields can support refinancing and home-purchase activity.

Morgan Stanley analyst Jeffrey Adelson upgraded Rocket to Overweight with a $19 target.

According to The Fly, Adelson said the shares were effectively pricing mortgage rates of 6.5% or higher “indefinitely”, while forecasting “strong EPS growth from here”.

A softer CPI print could challenge that assumption. If traders price lower policy rates and mortgage costs, Rocket’s earnings outlook could improve alongside its valuation.

Affirm stands to benefit if cooler inflation reduces funding pressure while keeping consumer borrowing affordable enough to support transaction growth.

Loop Capital recently initiated coverage with a Buy rating and $105 target.

According to TipRanks, analyst Reginald Smith described Affirm as one of the “highest-quality growth stories in consumer fintech” and expects gross merchandise volume and revenue growth above 25%.

Lower yields would not remove credit risk, but they could improve the financing backdrop supporting that growth.

For Affirm, the best CPI outcome is one that lowers funding costs without signalling weaker consumer demand.

Carvana’s sensitivity comes through vehicle affordability.

Used-car buyers focus heavily on monthly payments, making financing rates a major part of purchasing power.

Lower borrowing costs can improve affordability without requiring Carvana to cut vehicle prices aggressively.

Citizens analyst Andrew Boone recently lowered his target to $83 but continued to describe Carvana as a “Structural Winner.”

A downside CPI surprise could strengthen that thesis by easing one of the biggest macro pressures facing auto buyers.

Coinbase has the least direct operational connection to interest rates, but potentially the most explosive reaction if CPI triggers a broader risk-on reversal.

A cooler reading could pull Treasury yields and the dollar lower, reduce Fed-hike expectations and support Bitcoin and other cryptocurrencies.

Higher crypto prices generally encourage trading activity, an important driver of Coinbase revenue.

Morgan Stanley initiated coverage on Thursday with an Equal Weight rating and $250 target.

“We are more constructive on the franchise than the shares at current valuation,” analyst Michael Cyprys said, according to Investing.com.

His caution reflects Coinbase’s wide range of outcomes, but that is also why the stock belongs here.

Opendoor Home Loans now offers 30-, 20-, and 15-year fixed-rate mortgages, plus 5/6, 7/6, 10/6 adjustable-rate mortgages for any home purchase in markets where Opendoor Home Loans is licensed.  | Source: Opendoor Technologies Inc.

SAN FRANCISCO, Sept. 04, 2026 (GLOBE NEWSWIRE) -- Opendoor (NASDAQ: OPEN), the e-commerce platform for residential real estate, today announced that Opendoor Home Loans has exited beta and now offers 30-, 20-, and 15-year fixed-rate mortgages, plus 5/6, 7/6, and 10/6 adjustable-rate mortgages.

The announcement comes as mortgage rates move higher. Freddie Mac’s weekly survey reached 6.71% for a 30-year fixed mortgage and 6.04% for a 15-year fixed mortgage on September 3, with the 30-year average at its highest level in 13 months.

For homebuyers, when financing gets more expensive, the rate matters. So do lender fees, paperwork, delays, and the back-and-forth required to keep the home purchase and mortgage on track. When those processes are handled in separate systems, each question or document can create another delay. Opendoor built its mortgage experience around the homebuying process, with software handling more of the repeatable work in one place.

“Buying a home is two things: the home and the money,” said Kaz Nejatian, Chief Executive Officer of Opendoor. “They’re handled by separate systems, with separate incentives and too much avoidable cost. We built Opendoor Home Loans for the way most people buy a home. We can’t control the market rate, but we can control the cost and friction around it. The pork-barrel buffet around mortgage costs has to end.”

Opendoor Home Loans lets buyers handle more of the process online, with access to licensed mortgage professionals when they need help. The current experience includes:

Prequalification in minutes without a hard credit pull.A digital application with online income and asset verification.Online document verification, with fewer handoffs through closing.
Opendoor Home Loans is available for any home purchase in markets where it is licensed, not just for purchases of Opendoor homes. Eligibility, rates, terms, and availability vary by borrower, property, loan amount, loan-to-value ratio, credit profile, state, and other factors.

Buyers can learn more at opendoor.com/mortgage.

About Opendoor

Opendoor exists to tilt the world in favor of homeowners by making homeownership simpler, faster, and fairer for everyone. Since 2014, Opendoor has given people a more convenient, more certain way to buy and sell a home, whether they already own or are working hard to become homeowners. Opendoor currently operates in markets across the U.S. For more information, please visit www.opendoor.com.

Mortgage disclosure

Opendoor Home Loans LLC. NMLS ID #2810193. Verify our license at NMLS Consumer Access. All mortgage lending products and information provided by Opendoor Home Loans LLC.

This is not a commitment to lend. All loans are subject to credit approval, underwriting, and property approval. Programs, rates, terms, and conditions are subject to change without notice.

© 2026 Opendoor Home Loans LLC. An Equal Housing Lender.

Contact

Kaz Nejatian on X.

[email protected]

Opendoor Technologies (OPEN -2.74%) stock is trading down 26% over the past year despite new management, many changes, and improving metrics. The market doesn't seem confident in its claim to be getting closer to profitability. Alternatively, it might just be pessimistic, as the housing market remains under pressure.

With shares priced at just $3.22 as of this writing, should you avoid this stock trading near its 52-week low?

Image source: Getty Images.

Could Opendoor be a turnaround story? Opendoor buys and sells residential real estate through its online platform. It distinguishes itself by making instant cash offers on homes, repairing the properties it purchases, and relisting them for sale.

Opendoor's second-quarter report was chock-full of good news. Some highlights include:

Revenue increased 23% quarter over quarter. It signed 6,908 acquisition contracts on $5 million of marketing spend, whereas the last time it signed more than 6,000 contracts, it spent $81 million on marketing. The percentage of homes on the market for over 120 days declined sequentially from 10% to 9%, compared with a market average of 27%. Operations expense per acquisition close was $3,000, down from $5,000 last quarter and $8,400 last year.

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CEO Kaz Nejatian said, "The alternative to buying growth is earning it by shipping great products." He boasted that the path toward becoming adjusted net income positive on a go-forward, 12-month basis is clear when you see the lower costs, increasing revenue, and building unit economics.

However, the market still seems to be extremely concerned. The year-over-year performance was still down on the top and bottom lines, and adjusted net loss increased from $9 million last year to $30 million this year.

So, should you avoid Opendoor stock? At the current price, you can buy 100 shares for $322. If you have that much to lose, you can feel comfortable taking the risk on this stock. But you should avoid making it a significant position until Opendoor demonstrates more progress.

Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways OPEN targets ANI breakeven by end-2026, based on 6,000 quarterly transactions and a $9B run rate.Contribution margin hit 5.8% as operating expense per acquisition fell to $3,000 in the second quarter.OPEN expects third-quarter contribution margin to moderate to 4-4.5% due to seasonality and Doma integration. Opendoor Technologies Inc. (OPEN - Free Report) has outlined a quantitative framework for reaching adjusted net income (ANI) breakeven on a 12-month go-forward basis by the end of 2026. The framework assumes roughly 6,000 quarterly transactions at $375,000 each, implying an annualized revenue run rate of approximately $9 billion.

Acquisition activity is moving toward the scale required by this model. OPEN generated 6,908 acquisition contracts in the second quarter, up from 5,136 in the first quarter. The company is also signing more than 500 contracts per week, with one recent week reaching roughly 700 — its highest weekly total in years. Still, contract volume does not translate directly into reported revenues. Some agreements will not close, while acquired homes generally progress through renovation, listing and resale before revenues are recognized.

Improving unit economics provides another important component of the profitability framework. Contribution margin reached 5.8% in the second quarter, within OPEN’s targeted 5-7% range. Operations expense per acquisition declined to $3,000 from $5,000 in the first quarter and $8,400 a year earlier. OPEN’s illustrative framework assumes that marketing, variable operations and fixed operating costs would represent a combined 2.9% of acquisition GMV. Based on the current dollar cost structure, these expenses would equal approximately 2.4% of revenues at a $9 billion run rate, below the 3-4% range previously associated with ANI profitability.

Still, maintaining these economics as volume expands will be critical. OPEN expects contribution margin to moderate to 4-4.5% in the third quarter because of seasonality and the temporary impact of the Doma integration. Net interest expense also remains slightly above 2% of revenues, increasing the importance of resale velocity and inventory discipline.

OPEN’s Breakeven Path Versus Zillow and OfferpadZillow Group, Inc. (ZG - Free Report) provides an adjusted-earnings benchmark, although its digital marketplace is less capital intensive than OPEN’s inventory-based iBuying model. Zillow reported second-quarter adjusted net income of $118 million and adjusted EBITDA of $176 million, translating into an adjusted EBITDA margin of 23%. Zillow also noted that Zillow Home Loans now generates positive unit economics across fixed and variable costs, highlighting the operating leverage available from integrated real estate services.

Offerpad Solutions Inc. (OPAD - Free Report) offers a more direct iBuying comparison. The company generated approximately $78 million in revenues from 295 real estate transactions and recorded an adjusted EBITDA loss of $6.2 million. Offerpad’s contribution profit after interest reached $13,500 per transaction. The company targets exiting 2026 at a run rate of roughly 1,000 quarterly transactions and attaining positive adjusted EBITDA on a year-end run-rate basis. Although Offerpad’s adjusted EBITDA objective is not directly comparable with OPEN’s adjusted net income target, both companies depend on transaction scale, resale velocity and disciplined inventory economics.

Taken together, OPEN’s higher contract activity, improved unit economics and lower operating expense per acquisition likely strengthen its prospects of reaching adjusted net income breakeven on a 12-month go-forward basis by year-end 2026.

OPEN’s Stock Price Performance, Valuation & EstimatesShares of Opendoor have declined 20.1% in the past year compared with the industry’s 13.7% fall.

OPEN One-Year Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, OPEN trades at a forward price-to-sales (P/S) multiple of 0.52, significantly below the industry’s average of 3.97.

OPEN’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for OPEN's 2026 loss per share suggests a 42.3% year-over-year improvement. Loss per share estimates for 2026 have widened in the past 30 days.

EPS Trend of OPEN Stock
Image Source: Zacks Investment Research

A brutally frozen housing market has taken a toll on the stock prices of many different businesses. Homebuilders, makers of construction supplies, and real estate brokerages are all in the doldrums. One previously hot stock trying to turn things around amid this headwind is Opendoor Technologies (OPEN -3.07%).

The iBuying platform operator got a new CEO last year and recently announced it had taken out convertible debt to raise funds to repurchase 5% of its outstanding stock. Despite these headlines, its shares continue to fall due to the pain in the housing market and the business's inability to generate a profit.

Here's what the transaction means for the company, and whether Opendoor stock looks like a good value right now.

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Financial engineering, but at what cost? Convertible notes are bonds with low interest rates -- sometimes as low as zero percent. But investors in said bonds can convert them into newly issued shares of stock at a certain price, which is a good deal if the stock is trading above that level.

Opendoor just took out 0% 2030 convertible notes -- meaning they are due in 2030 -- worth $650 million. It is using $158 million of this capital to repurchase around 5% of its common stock, as announced in a press release. The convertible price for these bonds is just $4.71, which is about a 32% premium versus Wednesday's closing share price of $3.58.

To offset potential dilution, Opendoor bought capped calls, which artificially inflate the conversion price. In this case, the new converted price is $6.98, below which no shareholder dilution will occur.

While management may proclaim that this is a bond with no upfront costs, the actual cost to shareholders will be borne in these capped-call transactions (a direct cash cost at the time of bond issuance), and in potential dilution years down the line. Bondholders could see significant gains if the stock price rises from here, which existing shareholders will pay for through new share issuance. Otherwise, Opendoor will be forced to repay the principal in cash.

Image source: Getty Images.

A business model in need of repair Financial engineering can create value for shareholders, provided a business is doing well. Opendoor is on a shaky financial footing.

Last quarter, revenue fell by nearly half year over year to $883 million. With slim gross margins on the iBuying business, its gross profit was just $86 million. The business model is to buy homes directly from consumers and resell them, which comes with low gross margins and requires stuffing existing inventory on the balance sheet, sometimes funded with debt.

Existing home sales in the United States are down to around 4 million a year, as compared to over 5 million a year prior to the COVID-19 pandemic. Opendoor has failed to gain market share with its iBuying strategy, which has been a double-edged sword amid this macroeconomic environment. The company posted a net loss of $162 million last quarter, and it has never generated a profit.

OPEN Gross Profit (TTM) data by YCharts.

Should you buy Opendoor stock? Management taking out a nifty convertible bond does not change anything about Opendoor's failed business model. The company is trying to pivot to new business strategies, such as automated pricing and offering new services to homebuyers and sellers, but it is failing to generate interest at the moment.

A frozen housing market is going to make it difficult for even the best businesses in the sector, let alone one that has never generated a profit. Right now, Opendoor's market cap of $3.25 billion is more than 10 times its trailing gross profit generation. (We cannot value Opendoor relative to its earnings since it has none.) Gross profits have been declining for many quarters.

Add everything up, and this repurchase authorization fueled by debt is likely a bad sign for the company, not a good one. Avoid buying the dip on Opendoor stock.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Shares of Opendoor Technologies (NASDAQ:OPEN) are down 42% year to date (YTD), trading at $3.41 as of Tuesday afternoon. The iBuyer’s decline reflects what a two-decade high in long-end Treasury yields has done to companies carrying housing inventory on their balance sheets. Every real estate technology name in this group has felt pressure this year, though intensity varies with each business model.

The 30-year Treasury yield hit a 19-year high Tuesday, topping 5.3%, while the 10-year note, the main benchmark for mortgage rates, sat at 4.7%. Long-end rates parked at multi-decade highs keep mortgage costs elevated, suppressing home-sale volumes and squeezing any business tied to transaction velocity.

Opendoor Technologies buys homes directly and resells them, so the company holds inventory and carries financing costs throughout the holding period. That exposure makes Opendoor stock more sensitive to both transaction volumes and rates than an asset-light marketplace would be, since carrying costs eat directly into contribution margin. For clarity on peer figures that follow, Opendoor’s YTD reading runs through Tuesday afternoon, while peer and fund YTD figures are settled through Monday’s close.

How the Housing Tech Peers Stack Up Zillow Group (NASDAQ:Z | Z Price Prediction) stock is down 49% year to date, though the shares are up 3% Tuesday to $34.83. The company runs the most visited real estate app and website in the United States and is shifting its agent partnership model toward a performance-based structure where agents pay on closing rather than legacy advertising economics. Zillow Home Loans is now a top-25 purchase lender, giving the marketplace another leg on its transaction revenue stool.

Meanwhile, Compass (NYSE:COMP) stock is up 17% year to date through Monday’s close and is down 0.3% Tuesday to $12.36. The brokerage has benefited from its January acquisition of Anywhere Real Estate and concentrated exposure to higher-end markets that tend to be less rate sensitive than the broader housing base. Its shares are the only real estate technology name in this group with a positive YTD line into the back half of the year.

Also, Offerpad Solutions (NYSE:OPAD) stock is up 246% year to date and is up 1% Tuesday to $4.24. The company buys homes directly through its Cash Offers business, mirroring Opendoor’s iBuying model on a much smaller operating base. Its shares trade with a market cap of $20.47 million, marking the name as a micro-cap with volatility and liquidity risk that classification implies for position sizing.

The Homebuilders ETF Tells a Different Story For context, the SPDR S&P Homebuilders ETF (NYSEARCA:XHB) is up 3.5% year to date, and the ETF is down 2% Tuesday to $106.41. This fund tracks homebuilders and housing-related suppliers rather than real estate technology or iBuying platforms, explaining much of the divergence between XHB and the transaction-dependent names above. Builders can lean on price incentives and mortgage buydowns to move inventory, tools that resale-dependent iBuyers can’t easily match.

XHB’s sector-concentration profile cuts both ways for investors weighing the ETF as a housing proxy. Its exposure sits in a single slice of the housing complex, so shareholders carry cycle risk tied to builders and suppliers alone rather than the full residential value chain. The fund has weathered the rate backdrop better than iBuyers and marketplace names in 2026, but it isn’t a diversified play on any broader housing recovery.

What the Rate Backdrop Means from Here Existing home sales sat at 4.06 million on an annualized basis in July, and housing starts fell to 1.24 million that same month. Those readings explain why transaction-dependent business models are being repriced in 2026 and why Opendoor Technologies has been the sharpest expression of the slump this year.

Compass is the counterexample among these five names, with exposure to less rate-sensitive luxury inventory and a growth story tied to the Anywhere integration. Zillow Group carries operating leverage as it pivots toward a performance-based agent model, while Offerpad Solutions carries balance-sheet strain alongside its micro-cap status.

Traders may want to keep an eye on whether long-end Treasury yields ease enough to unlock transaction volume into the fall selling season. Until that happens, the split between the SPDR S&P Homebuilders ETF and the real estate technology names looks likely to persist, with Opendoor stock as the most rate-sensitive point on the map. Position sizing should reflect the wide dispersion across the group, particularly for micro-cap Offerpad stock.

Contact [email protected] for any questions or corrections.

Kasra Nejatian, Chief Executive Officer of Opendoor Technologies Inc. (OPEN -0.27%), purchased 27,625 shares of common stock on August 14, 2026, as disclosed in a recent SEC Form 4 filing.

Transaction summaryMetricValueShares purchased (directly held)27,625Transaction value~$100,000Post-transaction shares (directly held)83,605,924Post-transaction value$304.33 millionTransaction value based on SEC Form 4 weighted average purchase price ($3.62); post-transaction value based on August 14, 2026 market close ($3.64).

Key questionsHow does this purchase affect the CEO's overall equity exposure?
The acquisition marginally expands a substantial core position of 83,605,924 shares, which currently represents a market value of $304.33 million based on the August 14, 2026 market close.What was the execution price relative to recent market activity?
The shares were purchased at a weighted average price of $3.62, compared to a closing price of $3.65 as of the August 13, 2026 market close.What is the fundamental profile of the company at the time of this trade?
Opendoor operates with a market capitalization of $3.5 billion and reports trailing-twelve-month revenue of $3.3 billion, though it remains in a net loss position of $1.5 billion over the same period.Company OverviewMetricValueShare Price (as of market close 2026-08-13)$3.65Market Capitalization$3.5 billionRevenue (TTM)$3.3 billionNet Income (TTM)-$1.5 billionCompany SnapshotOpendoor operates a digital ecosystem enabling residential real estate transactions entirely online, generating revenue through home sales facilitation, title insurance services, and escrow offerings across the United States.The company's business model centers on providing an efficient, technology-driven alternative to traditional real estate transactions, capturing value through transaction volumes and ancillary service offerings.Opendoor primarily serves individual homebuyers and sellers seeking streamlined, digital-first residential real estate solutions, targeting consumers who value convenience and transparency in property transactions.Opendoor Technologies operates at significant scale with $3.3 billion in trailing 12-month revenue, positioning itself as a transformative force in residential real estate through its fully digital transaction platform. The company's competitive advantage lies in its technology infrastructure and operational efficiency, which enable customers to complete home purchases and sales online without traditional intermediaries.

Despite current net losses of $1.5 billion in the trailing 12 months, the company continues to expand its market presence and ancillary service offerings to drive profitability and shareholder value.

What this transaction means for investorsThe Aug. 14 purchase of Opendoor Technologies shares by CEO Kasra Nejatian suggests he is bullish about the stock's outlook. He certainly didn't need to buy more, given he directly held over 80 million shares before this transaction.

At the time he acquired more Opendoor stock for a weighted average price of $3.62, shares were not far from the 52-week low of $3.06 reached last year. This indicates Nejatian believes Opendoor is a buy at this level.

While Opendoor managed to gain about 20% over the past 12 months, the stock is down substantially from its 52-week high of $10.87. The cause is a sluggish housing market impacted by elevated mortgage rates, combined with the company's uninspiring business performance.

In the second quarter, Opendoor reported revenue of $883 million, a significant decline from 2025's $1.6 billion. Moreover, the company's costs increased, resulting in a Q2 net loss of $162 million, up from a loss of $29 million in the prior year. That said, Opendoor forecasted Q3 sales to see a 20% year-over-year increase.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

$650 million of 0% coupon convertible notes, concurrent $158 million share repurchase, and capped call transactions, all structured for no expected net share issuance until stock exceeds $10.38 per share, ~3x the current price $650 million of 0% coupon convertible notes, concurrent $158 million share repurchase, and capped call transactions, all structured for no expected net share issuance until stock exceeds $10.38 per share, ~3x the current price

The housing and travel sectors are evolving as digital platforms redefine how we stay and where we live. Investors must decide between Airbnb (ABNB -2.37%) and Opendoor Technologies (OPEN -1.96%) for 2026.

Airbnb operates a capital-light marketplace for short-term rentals, while Opendoor utilizes an iBuying model to purchase and resell homes directly. Both companies aim to modernize the industry through technology, yet they face very different financial trajectories and market cycles in the current economic environment.

The case for AirbnbAirbnb connects property owners with travelers seeking unique stays or experiences. The company operates a global marketplace that spans over 220 countries and regions. Approximately 61% of its revenue was generated outside the United States in the most recent fiscal year. It maintains key commercial relationships with third-party community support providers and uses mobile app integrations to drive traffic.

In FY 2025, revenue reached nearly $12.2 billion, representing an increase of approximately 10.3% compared to the prior year. The company reported net income of approximately $2.5 billion for the period. This resulted in a net margin of roughly 20.5%. While the net margin remains healthy, it has trended downward from the roughly 48.3% margin reported in 2023.

As of its December 2025 balance sheet, the debt-to-equity ratio is roughly 0.3x, which measures total debt against shareholder equity. The current ratio stands at approximately 1.4x, suggesting the company can cover short-term liabilities with its current assets. Free cash flow, or the cash left after capital investments, was nearly $4.6 billion. Note that stock-based compensation represented roughly 34.3% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

Opendoor serves residential sellers and buyers through a digital e-commerce platform that simplifies real estate investing across the contiguous United States. It utilizes a nationwide trade-in alliance with Lennar to help homeowners transition between properties. Following recent asset acquisitions, the company is integrating new technology to further streamline the home-selling process for its customers. By operating in over 50 markets, it has transacted more than 300,000 homes since its inception.

In FY 2025, revenue reached approximately $4.4 billion, which was a decrease of roughly 15.2% from the previous year. The company reported a net loss of nearly $1.3 billion during this period. This led to a negative net margin of roughly 29.7%. This trend reflects ongoing challenges in the residential housing market, as revenue has declined steadily since 2023.

As of its December 2025 balance sheet, the company maintains a debt-to-equity ratio of approximately 1.3x. Its current ratio is roughly 7.0x, indicating a high level of short-term assets relative to short-term obligations. Free cash flow was nearly $1.0 billion for the year. This cash flow represents the cash remaining after the company pays for its operations and capital investments, providing liquidity for its inventory-heavy business model.

Risk profile comparisonAirbnb faces significant competitive threats from travel search engines and Booking Holdings. Regulatory challenges are also mounting, including localized short-term rental bans in cities like New York and new European Union regulations. Tax audit risks in Italy and intellectual property disputes in the United States add further uncertainty. Additionally, Airbnb relies heavily on infrastructure from Amazon and Alphabet to maintain its digital marketplace.

Opendoor is highly sensitive to the U.S. residential real estate market, particularly fluctuations in mortgage interest rates. Competitive pressure comes from traditional brokers and other digital platforms entering the space. The company faces inventory risk, as market volatility can lead to sudden valuation adjustments for the homes it holds. Recent executive orders and industry changes following major legal settlements also pose regulatory and antitrust risks for institutional property buyers.

Valuation comparisonAirbnb carries a premium valuation reflecting its profitability, while Opendoor trades at a deep discount to sales due to its current net losses and revenue contraction.

MetricAirbnbOpendoor TechnologiesForward P/E34.8xN/AP/S ratio8.6x0.8xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?I'd go with Airbnb, though Opendoor deserves credit for making operational progress underneath some difficult headline numbers. Home acquisitions surged dramatically in the most recent quarter and AI is driving impressive productivity gains across its operations. Management is targeting profitability by year-end, and there is a credible path to get there.

But Opendoor is still deeply unprofitable, missed estimates on both revenue and earnings in Q2, and operates in a housing market that is showing little sign of loosening up. The stock trades near historic lows, and the path to sustainable profitability depends heavily on macro conditions outside the company's control.

Airbnb is running a tighter, more focused operation with a much cleaner financial profile. Revenue is growing at a healthy pace, free cash flow is substantial, and the platform is expanding into new categories that could broaden its reach over time. The travel demand environment is holding up well, and Airbnb sits at the center of it.

For a long-term investor, Airbnb offers a profitable, cash-generating business with durable demand behind it. Opendoor is still working to prove its model can thrive across a full housing cycle.

Shares of Opendoor Technologies (NASDAQ:OPEN) are down 9% to $3.43 Thursday afternoon, leading a real estate selloff triggered by disappointing iBuyer earnings and renewed pressure on mortgage-sensitive names. Meanwhile, Rocket Companies (NYSE:RKT | RKT Price Prediction) stock is falling 5% to $13.10 ahead of its Q2 2026 earnings report tonight after the close.

The iShares U.S. Home Construction ETF (CBOE:ITB) is down 3% to $98.17, capturing broader housing-sector weakness as long-dated Treasury yields press higher. Offerpad Solutions (NYSE:OPAD) stock is the outlier, edging up 1% to $4.67 despite reporting a weak quarter earlier this week.

The action reflects a market losing patience with iBuyers and mortgage originators as home sales stay soft and financing costs grind higher. Traders are separating names by unit economics and forward pipeline rather than by top-line headlines.

Weak Q2 Earnings Drive Opendoor’s Slide Opendoor’s Q2 2026 earnings landed short on both lines. The company’s revenue of $883 million came in down 44% year over year (YoY) and below the $899.9 million consensus, while the GAAP loss of $0.17 per share was wider than the $0.07 loss expected.

Furthermore, Opendoor’s adjusted EBITDA came in at negative $4 million, and homes sold fell to 2,339 as the company works through inventory in a demand-constrained housing market. OPEN stock is now down 41% year to date (YTD), including today’s slide.

The market is telling Opendoor investors that volume is still the core issue. Cost discipline and margin improvement can’t fully offset a top line that keeps shrinking as buyers wait on rates.

Opendoor’s Q2 miss also comes against one of the tougher housing backdrops in recent years. Constrained demand and elevated delistings leave iBuyers with less room to grow revenue even when their per-transaction economics improve.

Rocket Companies Slides Into Tonight’s Report Rocket Companies stock is dropping ahead of its earnings release after the close, with analysts calling for roughly $2.82 billion in revenue and $0.17 in EPS. Those numbers imply meaningful YoY growth in the top line.

The pressure on RKT shares heading into the report is straightforward. Higher mortgage rates and weak existing-home sales weigh on origination volumes and refinancing activity, and traders are trimming exposure to the mortgage complex broadly. Rocket Companies shares are down 32% YTD.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rocket Companies didn't make the cut. Grab the names FREE today.

Rocket stock’s YTD decline reflects broader housing-finance headwinds as the 10-year Treasury yield sits near 12-month highs. That backdrop directly compresses refinance demand and pressures purchase-loan volumes, since mortgage rates track the long end of the curve.

The setup into tonight matters for the whole group. Guidance on Q3 origination volumes, gain-on-sale margins, and integration progress can either stabilize housing-finance sentiment or push the selloff into Friday.

Offerpad Resists the Sector Selloff Offerpad’s Q2 numbers looked unfavorable on the surface. The company’s revenue of $77.7 million was down 52% YoY and short of the $85.2 million consensus, and the company posted a GAAP loss of $1.94 per share. Moreover, Offerpad’s Q3 revenue guidance of about $95 million also missed the $115.6 million consensus.

Still, Offerpad stock is grinding higher on the day. Shareholders appear willing to look through the headline miss on the argument that a deliberate pullback in transaction volume can rebuild unit economics before scale returns. Offerpad stock is up sharply on a YTD basis.

The takeaway for OPAD holders is that this reaction has more to do with improving unit economics than with the reported top line. Note that OPAD is a comparatively small-cap, thinly traded stock; modest flows can move the shares quickly in either direction, and volatility risk is a real factor for anyone sizing a position.

What to Watch Rocket Companies’ conference call tonight is the near-term hinge for the entire group. Incremental caution on mortgage demand or margin compression can pull Opendoor and Offerpad shares along, while an upbeat tone can spark a relief bid across the housing complex.

For traders seeking indirect housing exposure, the iShares U.S. Home Construction ETF is a homebuilder-focused vehicle. It doesn’t hold OPEN, RKT, or OPAD directly, and its narrow sector concentration means that the fund can amplify housing headwinds when interest rates climb.

Investors may want to watch for whether long-dated yields keep pressing higher, since that pressure is the common thread across all four names today. Position sizing matters in a market this jumpy, and cautious exposure is warranted until the mortgage-rate picture clarifies.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rocket Companies didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Opendoor Technologies (OPEN -8.74%) stock fell 8.5% on Wednesday while the S&P 500 and the Nasdaq Composite were down 0.2% and 0.9%, respectively.

Opendoor, the digital home-buying company, slid following its second-quarter earnings, which landed after Tuesday's close. The report showed revenue and profits well below where they were a year ago.

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Revenue and home sales fell sharply year over year Revenue for the company's Q2 came in at $883 million, down heavily from $1.57 billion in the same quarter last year, when the company sold 4,299 homes. It sold just 2,339 homes this quarter.

Adjusted earnings before interest taxed depreciation, and amortization (EBITDA) -- a rough measure of operating profitability -- swung to a $4 million loss from a $23 million profit a year ago.

Image source: Getty Images.

New leadership is aggressively rebuilding inventory This was driven by a decision by the company's previous leadership to buy far fewer homes, leaving Opendoor with fewer homes to sell. It's now taking a different tack. The company bought 4,378 homes in the quarter, up from 1,757 a year ago, and signed 6,908 contracts to buy more, the most since the second quarter of 2022.

Can Opendoor finally turn a profit? Management expects its recent strategy shift to start bearing fruit soon, with CEO Kaz Nejatian saying the company is "now on a clear path to sustained ANI profitability."

While I do expect the numbers to improve moving forward, I'm skeptical of the company turning an actual GAAP profit, which it's never done. And with the chance of interest rate hikes in the near future, this is not a stock I would own.

Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

PSP did not sell any shares in Suja Life's initial public offering and expects to increase its ownership through open-market purchases

, /PRNewswire/ -- Paine Schwartz Partners, LLC, together with its affiliated investment funds and entities (collectively, "PSP"), today announced its intention to purchase shares of Class A common stock ("Common Stock") of Suja Life, Inc. (Nasdaq: SUJA) ("Suja Life") in open-market transactions.

PSP has been an investor in Suja Life since August 2021 and did not sell any shares in connection with Suja Life's initial public offering. Based solely on information publicly disclosed by Suja Life, PSP believes the current trading price of Suja Life's Common Stock presents a company-specific investment opportunity for PSP.

"We believe Suja Life is a strong business with a leading portfolio of plant-based, better-for-you beverages that consumers love, and with long-term potential. Our view of Suja Life's strategy and underlying fundamentals has not changed," said Kevin Schwartz, Chief Executive Officer and Managing Partner of Paine Schwartz Partners.

Purchases by PSP, if any, would be made in the open market, subject to applicable securities laws. The timing, size and amount of any purchases would be determined by PSP in its discretion based on market conditions, the trading price of Suja Life's Common Stock and other factors PSP considers relevant. PSP undertakes no obligation to purchase any specific amount of Common Stock, and there can be no assurance that PSP will purchase any shares of Common Stock at all. PSP reserves the right to delay, suspend or discontinue purchases at any time without further announcement.

About Paine Schwartz Partners
Paine Schwartz Partners is the largest private equity firm dedicated to sustainable food chain investing, with ~$6.5 billion of AUM and over 20 years of experience. The firm invests across specific segments of the food and agribusiness value chain, with a focus on two core investment themes: productivity and sustainability and health and wellness. Through its proactive, thesis-driven approach, the firm targets value-added and differentiated companies and makes primarily control buyout investments, with a smaller allocation to growth companies. For further information, please see www.paineschwartz.com.

Forward-Looking Statements

This press release contains certain forward-looking statements that are based on PSP's beliefs and assumptions and on information currently available to PSP. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "opportunity," "plan," "potential," "predict," "project," "seek," "should," "will," "would" or similar expressions and the negatives of those terms. These forward-looking statements relate to, among other things, PSP's intention to purchase shares of Common Stock, the estimated timing and size of such purchases, if any, and PSP's views on its investments and on Suja Life's business and long-term potential.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from PSP's expectations include, among other things: Suja Life's future business and financial results and the trading price of its Common Stock. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent PSP's beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that the actual future results may be materially different from what PSP expects. Except as required by law, PSP assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

PSP Contact:
Paine Schwartz Media Contact
Andy Brimmer / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

SOURCE Paine Schwartz Partners

Revenue up 23% QoQ. Contribution Profit up 59% QoQ. Contribution Margin up 140bps both QoQ and YoY. Homes purchased up 77% QoQ and 149% YoY. Inventory Health Improved 1% QoQ and 27% YoY. Combined Marketing and Operations per acquisition contract lowest in Company history1. Opendoor to be ANI positive on a twelve-month go-forward basis at the end of 2026.

SAN FRANCISCO, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported quarterly financial results for its quarter ended June 30, 2026.

In May, Opendoor set guideposts for Q2 around acquisition contracts, revenue, margin and adjusted EBITDA. Q2 delivered on all four.

“For three quarters, I’ve been saying Opendoor will be ANI positive on a twelve-month go-forward basis at the end of this year. You no longer have to take my word for it. Run Q2 forward. At current contract volumes and unit economics, and with our existing cost base, we will generate positive Adjusted Net Income as those acquisition cohorts flow through to resale. We are now on a clear path to sustained ANI profitability. That outcome does not require an improved growth engine, margin expansion, or a housing-market recovery. In fact, at this volume, our operating model supports Adjusted Net Income profitability even if contribution margins decline and even if you adjust down for seasonality.”

“We built the model to reach profitability without relying on market tailwinds. Against one of the most challenging housing markets in decades - with constrained demand and delistings at record levels - Opendoor delivered exactly what we said we would. We grew acquisitions, expanded contribution margins, and reduced our exposure to housing-market risk. We achieved this through faster inventory turns and by scaling Cash Now, More Later - our capital-light offering that generates attractive returns while placing substantially less capital at risk per home.”

“When the product gets better, you don’t need to buy growth with heavy marketing or excess risk. We generated over 6,900 acquisition contracts in Q2 2026 on $5 million of marketing spend. The last time we generated more than 6,000 acquisition contracts, in Q2 2022, we spent $81 million. The alternative to buying growth is earning it by shipping great products.”

“We are also seeing early signs that our mortgage product is doing exactly what we built it to do: letting buyers purchase an Opendoor home through a single integrated transaction with an Opendoor mortgage as the default choice. As of today, we expect over half of our scheduled resale closes in Colorado, the first market we launched, to be financed with Opendoor Home Loans. In Texas, which launched just six weeks ago, it is already nearly 1 in 5 of our scheduled resale closes. And that is before the addition of FHA, VA, or adjustable-rate products, which we're shipping now. These percentages will fluctuate, and each state we launch will have its own dynamics. But Texas shows where a market can be just six weeks in, and Colorado shows where one can get to with some seasoning. Neither is a ceiling.”

We are executing against three management objectives critical to reaching profitability. The table below shows our progress against each objective this quarter.

Management ObjectiveHow You Can Hold Us AccountableHow We’re Executing(1) Scale Acquisitions- Acquisition contract dashboard on accountable.opendoor.com.
- Homes purchased increased 77% from the prior quarter.- We generated 6,908 acquisition contracts in 2Q26 on $5 million of marketing spend. The last time we topped 6,000 contracts, 2Q22, marketing spend was $81 million.

(2) Improve Unit Economics and Resale Velocity- % of Homes on the market for greater than 120 Days (Reported quarterly).- Product, feature & partnership launches tracked on accountable.opendoor.com

- % of homes on the market over 120 Days declined from 10% to 9% quarter-over-quarter, compared to 27% for the overall market.- As of today, we expect over half of all our scheduled resale closes in Colorado to be financed with Opendoor Home Loans.

(3) Build Operating Leverage2
- Fixed operating expenses hold relatively steady as we rescale volumes (Reported quarterly).
- Operations expense per acquisition close was $3.0 thousand in 2Q26, down from $5.0 thousand in 1Q26 and $8.4 thousand in 2Q25.3- Fixed operating expenses held steady at $35 million in 2Q26 compared to $33 million in 1Q26, up only $2 million quarter-over-quarter.- Trailing 12-month operations expense as a % of trailing 12-month revenue holds relatively steady or decreases over time. (Reported quarterly.)- Trailing 12-month operations expense as a % of revenue increased to 1.6% in 2Q26 compared to 1.3% in 1Q26. Trailing 12-month operations expense decreased modestly to $51 million in 2Q26 from $52 million in 1Q26.
    Second Quarter 2026 Key Highlights

​ Three Months Ended  (In millions, except percentages and non-dollar amounts) June 30,
2026 June 30,
2025 ChangeRevenue $883  $1,567  $(684)Gross profit $86  $128  $(42)Gross Margin  9.7%  8.2%  Net loss $(162) $(29) $(133)Homes sold  2,339   4,299   (1,960)Homes purchased  4,378   1,757   2,621 Homes in inventory (at period end)  5,459   4,538   921 Inventory (at period end) $1,845  $1,530  $315 Homes under contract to purchase (at period end)  2,310   393   Non-GAAP Financial Highlights(1)      Contribution Profit $51  $69  $(18)Contribution Margin  5.8%  4.4%  Adjusted EBITDA $(4) $23  $(27)Adjusted EBITDA Margin (0.5)%  1.5%  Adjusted Net Loss $(30) $(9) $(21)              (1)   See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.

Guide Posts

We're focused on making the right long-term decisions to rebuild Opendoor rather than managing short-term guidance. We're making meaningful progress and remain focused on execution. With that context, we want to provide you with the following guideposts:

We are driving to Adjusted Net Income positive by the end of 2026, measured on a twelve-month go-forward basis.Q3 2026 Outlook: Acquisitions: You can track our acquisition contracts on accountable.opendoor.com4.Revenue: We expect revenue to increase at least 20% year-over-year.Contribution Profit5: We expect Contribution Profit dollars to more than double year over year. We expect Contribution Margin to be around 4% to 4.5%. While Q3 is historically a seasonally weaker margin quarter - with historical Q2-to-Q3 contribution margin drops averaging nearly 500 basis points, excluding 2023 - this year’s expected sequential decline is significantly narrower, reflecting the structural health of our underlying cohorts.Adjusted EBITDA5: We continue to expect to be Adjusted EBITDA profitable on a twelve-month go-forward basis as of Q2 2026.Stock-Based Compensation: We expect Q3 SBC of approximately $110 million. You can continue to follow our progress on home acquisition contracts and product and feature launches every single week at accountable.opendoor.com.

Conference Call and Webcast Details

Opendoor will host a webcast to discuss its financial results on August 4, 2026, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call.

About Opendoor

Opendoor’s mission is to tilt the world in favor of homeowners, by making homeownership simpler, faster, and fairer for everyone. Since 2014, the Company has provided people across the U.S. with a simpler, more certain way to sell and buy a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com.

Opendoor investors and others should note that we have used, and intend to continue to use, our website (including accountable.opendoor.com and investor.opendoor.com), press releases, Securities and Exchange Commission (“SEC”) filings, blogs, community hub and social media accounts, as well as the X (formerly known as Twitter) accounts of its Chief Executive Officer, @Nejatian, and @Opendoor, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Opendoor encourages investors and others to review the information Opendoor makes public in the foregoing locations as such information could be deemed to be material information. Please note that this list may be updated from time to time. Investors should subscribe to these social media accounts and Opendoor’s investor alerts, in addition to following its press releases, SEC filings, public conference calls and webcasts.

_____________________________
1 Company history refers to the period beginning in Q1 2018, the earliest period for which this metric is available on a consistent basis.
2 See Segment Information table.
3 Calculated using unrounded amounts. Amounts presented elsewhere are rounded to millions and may not recalculate.
4 The estimates and information presented at accountable.opendoor.com rely on assumptions and are subject to limitations; accordingly, no guarantee is made as to their accuracy. Acquisition contract volume represents contracts under which Opendoor has agreed to acquire a property, including through its Cash Now, More Later program, and does not reflect contracts that are subsequently cancelled.
5 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted Gross Profit, forecasted Contribution Margin to forecasted GAAP gross margin, nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our fiscal 2026 and third quarter of 2026 financial outlook; whether we are able to operate a level consistent with positive adjusted EBITDA or positive Adjusted Net Income going forward; scaling acquisitions, improving unit economics and resale velocity, and building operating leverage; transitioning to direct-to-consumer relationships and expanding our product suite; our future product offerings, including mortgage products and our ability to leverage AI to drive operational efficiency; the future health and status of our financial condition; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: our ability to implement our strategy; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share; our ability to leverage AI to drive operational efficiency; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain liquidity and to raise the funds necessary for any cash settlement upon conversion of our outstanding convertible notes or upon repurchasing our outstanding convertible notes; development and performance of our mortgage products; any dilutive effect on our common stock upon any settlement of our outstanding convertible notes through the conversion of notes into shares of our common stock; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock and warrants. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 19, 2026, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.

Contact Information

Investors:
[email protected]

Media:
Contact Kaz on X @Nejatian

 OPENDOOR TECHNOLOGIES INC.
FINANCIAL HIGHLIGHTS AND OPERATING METRICS
(In millions, except percentages, homes sold, homes purchased, and homes in inventory)
(Unaudited)
   ​ Three Months Ended(In millions, except percentages and non-dollar amounts) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025Revenue $883  $720  $736  $915  $1,567 Gross profit $86  $72  $57  $66  $128 Gross Margin  9.7%  10.0%  7.7%  7.2%  8.2%Net loss $(162) $(173) $(1,096) $(90) $(29)Homes sold  2,339   1,921   1,978   2,568   4,299 Homes purchased  4,378   2,474   1,706   1,169   1,757 Homes in inventory (at period end)  5,459   3,420   2,867   3,139   4,538 Inventory (at period end) $1,845  $1,139  $925  $1,053  $1,530 Percentage of homes “on the market” for greater than 120 days (at period end)  9%  10%  33%  51%  36%Non-GAAP Financial Highlights(1)          Contribution Profit $51  $32  $7  $20  $69 Contribution Margin  5.8%  4.4%  1.0%  2.2%  4.4%Adjusted EBITDA $(4) $(31) $(43) $(33) $23 Adjusted EBITDA Margin (0.5)% (4.3)% (5.8)% (3.6)%  1.5%Adjusted Net Loss $(30) $(49) $(62) $(61) $(9)                      (1)   See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.

 OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are presented in thousands, and per share amounts)
(Unaudited)    ​Three Months Ended Six Months Ended
June 30,​June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 2026
 2025
REVENUE$883  $720  $736  $915  $1,567  $1,603  $2,720 COST OF REVENUE 797   648   679   849   1,439   1,445   2,493 GROSS PROFIT 86   72   57   66   128   158   227 OPERATING EXPENSES:             Sales, marketing and operations 65   70   60   66   86   135   184 General and administrative 135   137   129   48   28   272   61 Technology and development 27   24   18   19   21   51   42 Restructuring 3   —   —   1   6   3   9 Total operating expenses 230   231   207   134   141   461   296 LOSS FROM OPERATIONS (144)  (159)  (150)  (68)  (13)  (303)  (69)(LOSS) GAIN ON EXTINGUISHMENT OF DEBT —   (1)  (933)  (1)  10   (1)  10 INTEREST EXPENSE (29)  (23)  (28)  (34)  (36)  (52)  (69)OTHER INCOME – Net 11   10   14   14   10   21   14 LOSS BEFORE INCOME TAXES (162)  (173)  (1,097)  (89)  (29)  (335)  (114)INCOME TAX EXPENSE —   —   1   (1)  —   —   — NET LOSS$(162) $(173) $(1,096) $(90) $(29) $(335) $(114)Net loss per share attributable to common shareholders:             Basic$(0.17) $(0.18) $(1.26) $(0.12) $(0.04) $(0.35) $(0.16)Diluted$(0.17) $(0.18) $(1.26) $(0.12) $(0.04) $(0.35) $(0.16)Weighted-average shares outstanding:             Basic 965,780   959,332   869,822   741,939   729,484   962,574   726,529 Diluted 965,780   959,332   869,822   741,939   729,484   962,574   726,529                               OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
     ​ June 30,
2026 December 31,
2025ASSETS    CURRENT ASSETS:    Cash and cash equivalents $896  $962 Restricted cash  66   339 Escrow receivable  13   4 Real estate inventory, net  1,845   925 Other current assets  30   69 Total current assets  2,850   2,299 PROPERTY AND EQUIPMENT – Net  24   27 RIGHT OF USE ASSETS  10   8 GOODWILL  3   3 OTHER ASSETS  74   70 TOTAL ASSETS $2,961  $2,407 LIABILITIES AND SHAREHOLDERS’ EQUITY   CURRENT LIABILITIES:   Accounts payable and other accrued liabilities $78  $80 Non-recourse asset-backed debt – current portion  691   52 Convertible senior notes – current portion  194   193 Interest payable  3   1 Lease liabilities – current portion  2   1 Total current liabilities  968   327 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion  1,071   1,068 LEASE LIABILITIES – Net of current portion  6   6 OTHER LIABILITIES  2   1 Total liabilities  2,047   1,402 SHAREHOLDERS’ EQUITY:    Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 968,626,958 and 957,245,487 shares issued, respectively; 968,626,958 and 957,245,487 shares outstanding, respectively  —   — Additional paid-in capital  6,283   6,038 Accumulated deficit  (5,368)  (5,033)Accumulated other comprehensive loss  (1)  — Total shareholders’ equity  914   1,005 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $2,961  $2,407            OPENDOOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
  ​Six Months Ended
June 30,​2026
 2025
CASH FLOWS FROM OPERATING ACTIVITIES:   Net loss$(335) $(114)Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities:   Depreciation and amortization 16   22 Amortization of right of use asset 1   1 Stock-based compensation 239   27 Inventory valuation adjustment 23   34 Change in fair value of equity securities —   3 Loss (gain) on early extinguishment of debt 1   (10)Other 5   4 Origination of mortgage loans held for sale (5)  — Proceeds from sale and principal collections of mortgage loans held for sale 5   — Changes in operating assets and liabilities:   Escrow receivable (9)  (4)Real estate inventory (932)  593 Other assets 37   (11)Accounts payable and other accrued liabilities (11)  (2)Interest payable 2   2 Lease liabilities (1)  (1)Net cash (used in) provided by operating activities (964)  544 CASH FLOWS FROM INVESTING ACTIVITIES:   Purchase of property and equipment (9)  (6)Proceeds from sales, maturities, redemptions and paydowns of marketable securities —   6 Purchase of non-marketable equity securities (5)  — Net cash (used in) provided by investing activities (14)  — CASH FLOWS FROM FINANCING ACTIVITIES:   Proceeds from issuance of convertible senior notes, net of discount —   75 Proceeds from issuance of common stock for ESPP 1   1 Proceeds from non-recourse asset-backed debt 781   671 Principal payments on non-recourse asset-backed debt (143)  (853)Payment of loan origination fees and debt issuance costs —   (16)Net cash provided by (used in) financing activities 639   (122)NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (339)  422 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,301   763 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period$962  $1,185 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest$46  $62 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:   Stock-based compensation expense capitalized for internally developed software$5  $2 Principal value of 2026 Notes extinguished in Debt Exchange$—  $(246)Principal value of 2030 Notes issued in Debt Exchange$—  $246 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:   Cash and cash equivalents$896  $789 Restricted cash 66   396 Cash, cash equivalents, and restricted cash$962  $1,185          Use of Non-GAAP Financial Measures

To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance.

The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results.

Adjusted Gross Profit and Contribution Profit

To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs.

Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit.

Adjusted Gross Profit / Margin

We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue.

We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort.

Contribution Profit / Margin

We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit as a percentage of revenue. Contribution Profit per Home Sold is calculated by dividing Contribution Profit by the number of homes sold in the period.

We view these metrics as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess the revenues and certain costs directly attributable to a specific resale cohort.

 OPENDOOR TECHNOLOGIES INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except percentages, and homes sold)
(Unaudited)  The following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:

​ Three Months Ended Six Months Ended
June 30,(in millions, except percentages and homes sold, or as noted) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 2026
 2025
Revenue (GAAP) $883  $720  $736  $915  $1,567  $1,603  $2,720 Gross profit (GAAP) $86 ​$72  $57  $66  $128  $158  $227 Gross Margin  9.7%​ 10.0%  7.7%  7.2%  8.2%  9.9%  8.3%Adjustments: ​​​ ​ ​ ​    Inventory valuation adjustment – Current Period(1)(2)  14 ​ 9   9   15   21   18   27 Inventory valuation adjustment – Prior Periods(1)(3)  (9)​ (14)  (21)  (17)  (14)  (18)  (19)Adjusted Gross Profit $91 ​$67  $45  $64  $135  $158  $235 Adjusted Gross Margin  10.3%​ 9.3%  6.1%  7.0%  8.6%  9.9%  8.6%Adjustments: ​​​ ​ ​ ​    Direct selling costs(4)  (29)​ (23)  (23)  (28)  (43)  (52)  (72)Holding costs on sales – Current Period(5)(6)  (3)​ (3)  (4)  (4)  (6)  (11)  (20)Holding costs on sales – Prior Periods(5)(7)  (8)​ (9)  (11)  (12)  (17)  (12)  (20)Contribution Profit $51  $32  $7  $20  $69  $83  $123 Homes sold in period  2,339   1,921   1,978   2,568   4,299   4,260   7,245 Contribution Profit per Home Sold(in thousands) $22  $17  $4  $8  $16  $19  $17 Contribution Margin  5.8%​ 4.4%  1.0%  2.2%  4.4%  5.2%  4.5% ________________

(1)   ​Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value.

(2)   Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end.

(3)   ​Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented.

(4)   Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. Selling costs are included in Sales, marketing and operations on the condensed consolidated statements of operations.

(5)   ​Holding costs primarily include property taxes, insurance, utilities, homeowners association dues and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations.

(6)   ​Represents holding costs incurred in the period presented on homes sold in the period presented.

(7)   ​Represents holding costs incurred in prior periods on homes sold in the period presented.

Adjusted Net Loss and Adjusted EBITDA

We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount.

Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss.

Adjusted Net Loss

We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment and the amortization of stock-based compensation capitalized to internally developed software (“IDSW”). It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and CEO make-whole provision. It also excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early; these expenses or gains are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date.

Adjusted EBITDA / Margin

We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue.

The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:

​ Three Months Ended Six Months Ended
June 30,(in millions, except percentages) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 2026
 2025
Revenue (GAAP) $883  $720  $736  $915  $1,567  $1,603  $2,720 Net loss (GAAP) $(162)​$(173) $(1,096) $(90) $(29) $(335) $(114)Adjustments: ​​​ ​ ​ ​ ​ ​Stock-based compensation  19 ​ 15   16   13   13   34   27 Stock-based compensation for market condition RSUs  100   105   89   14   —   205   — Equity securities fair value adjustment(1)  —   —   —   —   —   —   3 Amortization of stock-based compensation capitalized to IDSW  3   3   3   4   4   6   7 Inventory valuation adjustment – Current Period(2)(3)  14 ​ 9   9   15   21   18   27 Inventory valuation adjustment — Prior Periods(2)(4)  (9)​ (14)  (21)  (17)  (14)  (18)  (19)Restructuring(5)  3 ​ —   —   1   6   3   9 CEO make-whole provision(6)  4   5   5   —   —   9   — Loss (gain) on extinguishment of debt  —   1   933   1   (10)  1   (10)Other(7)  (2)​ —   —   (2)  —   (2)  (2)Adjusted Net Loss $(30)​$(49) $(62) $(61) $(9) $(79) $(72)Adjustments:     ​ ​      Depreciation and amortization, excluding amortization of intangibles  5 ​ 5   5   5   5   10   10 Property financing(8)  24 ​ 19   21   23   29   43   58 Other interest expense(9)  5 ​ 4   7   11   7   9   11 Interest income(10)  (8)​ (10)  (13)  (12)  (9)  (18)  (14)Income tax expense  — ​ —   (1)  1   —   —   — Adjusted EBITDA $(4)​$(31) $(43) $(33) $23  $(35) $(7)Adjusted EBITDA Margin (0.5)%​(4.3)% (5.8)% (3.6)%  1.5% (2.2)% (0.3)% ________________

(1)   Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period.

(2)   Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value.

(3)   Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end.

(4)   ​Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented.

(5)   Restructuring expense consists primarily of severance and other termination benefits for employees whose roles have been eliminated, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process.

(6)   In connection with the appointment of the Company's new Chief Executive Officer in September 2025, the Company granted two make-whole awards related to compensation forfeited from his former employer. The awards consist of (i) a $15 million cash award and (ii) a restricted stock unit award with a grant date value of $15 million. Both awards vest nine months after his start date, contingent upon his continued service as Chief Executive Officer through the vesting date, and are expensed over the requisite service period. The CEO make-whole provision adjustment reflects only the expense associated with the cash make-whole award. The expense associated with the restricted stock unit make-whole award is included in the stock-based compensation line item presented separately in the reconciliation above.

(7)   Primarily includes related party services income.

(8)   ​Includes interest expense on our non-recourse asset-backed debt facilities.

(9)   ​Includes (i) amortization of debt issuance costs, loan origination fees, commitment fees, unused fees, and other interest-related costs on our asset-backed debt facilities, and (ii) amortization of debt issuance costs and debt discounts and interest expense related to our convertible senior notes.

(10)   Consists mainly of interest earned on cash, cash equivalents and restricted cash.

 OPENDOOR TECHNOLOGIES INC.
SEGMENT INFORMATION
(In millions)
(Unaudited)
   ​ Three Months Ended(in millions) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025Revenue $883  $720  $736  $915  $1,567 Less:          Cost of revenue  (797)  (648)  (679)  (849)  (1,439)Direct selling costs(1)  (29)  (23)  (23)  (28)  (43)Holding costs(2)  (11)  (12)  (15)  (16)  (23)Advertising and other marketing expense(3)  (5)  (19)  (9)  (7)  (7)Operations(4)  (14)  (12)  (13)  (12)  (15)Fixed operating expense(5)  (35)  (33)  (35)  (37)  (31)CEO make-whole provision(6)  (4)  (5)  (5)  —   — Stock-based compensation  (19)  (15)  (16)  (13)  (13)Stock-based compensation for market condition RSUs  (100)  (105)  (89)  (14)  — Interest expense  (29)  (23)  (28)  (34)  (36)Interest income  8   10   13   12   9 Other(7)  (10)  (8)  (933)  (7)  2 Net loss $(162) $(173) $(1,096) $(90) $(29) ________________

(1)   ​Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes and are included in Sales, marketing and operations.

(2)   Represents holding costs incurred both in the period presented and in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs”). Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations in the period in which they are incurred (“GAAP Holding Costs”).

(3)   ​Advertising expenses are included in Sales, marketing and operations. Other marketing expenses include non-advertising marketing expenses such as acquisition leads and referrals and public relations services and are included in Sales, marketing and operations.

(4)   Represents operating expenses that are generally related to the volume of homes transacted during the period and tend to be variable in nature. Primarily includes workforce expenses in support of sales, and real estate inventory operations.

(5)   ​Represents operating expenses that are not directly correlated with home transaction volumes. These expenses generally include costs related to salaries and benefits for our leadership, finance, technology, human resources, legal, marketing and administrative personnel, as well as third-party professional services fees, rent expense and third-party software.

(6)   ​In connection with the appointment of the Company's new Chief Executive Officer in September 2025, the Company granted two make-whole awards related to compensation forfeited from his former employer. The awards consist of (i) a $15 million cash award and (ii) a restricted stock unit award with a grant date value of $15 million. Both awards vest nine months after his start date, contingent upon his continued service as Chief Executive Officer through the vesting date, and are expensed over the requisite service period. The CEO make-whole provision adjustment reflects only the expense associated with the cash make-whole award. The expense associated with the restricted stock unit make-whole award is included in the stock-based compensation line item presented separately in the reconciliation above.

(7)   ​Other segment income (expenses) are primarily made up of depreciation and amortization, gain on deconsolidation, net, restructuring, and amortization of stock-based compensation capitalized to internally developed software. This also includes the elimination of holding costs incurred in prior periods on homes sold in the periods presented, and includes holding costs incurred in the current period on homes remaining in inventory at period end.

Opendoor Technologies (NASDAQ:OPEN) has traveled a strange road: from iBuyer poster child to penny-stock refugee to retail-frenzy meme, and now to something that looks a lot like a strategic asset trading below replacement cost. Shares opened at $3.71 on July 30, 2026, up 78.0% over the trailing year but down 36.7% year to date. No deal talks have been reported. What follows is an exercise in strategic logic.

The pitch to a buyer is straightforward: a national iBuying stack, automated valuation models, direct-to-consumer transaction flow, and $999 million in cash against a market cap near $3.6 billion. New CEO Kaz Nejatian says “the machine is working,” with aged inventory collapsing from 51% to 10% of listings and acquisition contracts up 2x quarter-over-quarter.

Here are five potential acquirers, ranked from longest shot to best strategic fit.

5. Amazon: The Wildcard Amazon.com (NASDAQ:AMZN | AMZN Price Prediction) has $101.8 billion in cash and could write the check without noticing. But Amazon has no residential real estate footprint, and CEO Andy Jassy’s focus on “some of the biggest inflections of our lifetime” points at AI and AWS, not iBuying. This is the longest shot on the board.

4. Compass: Strategic Fit, Wrong Timing Compass (NYSE:CMP) just closed on Anywhere Real Estate and is carrying $3.14 billion in long-term debt. CEO Robert Reffkin says the team is “manically focused” on integration. Bolting on iBuying makes sense in theory, but the balance sheet says wait.

3. CoStar: The Acquirer With Cash CoStar Group (NASDAQ:CSGP) has $1.27 billion in cash, an aggressive M&A record, and a Homes.com push where Opendoor’s transaction data would slot in. CEO Andy Florance is chasing a “$100 billion total addressable market.”

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2. Zillow: The Ironic Reprise Zillow Group (NASDAQ:Z) shuttered Zillow Offers in 2021 after billions in losses. Yet with $200 million in Q1 operating cash flow and 220 million monthly users, buying a fixed iBuyer at a distressed price is philosophically tempting. Jeremy Wacksman calls Zillow “increasingly indispensable.” The scars argue against it.

1. Rocket Companies: The Cleanest Fit Rocket Companies (NYSE:RKT) already owns Redfin and Mr. Cooper, servicing $2.10 trillion unpaid principal balance across 9.4 million loans. CEO Varun Krishna’s mantra is “Hard market. Stronger Rocket.” Opendoor’s cash-offer engine and mortgage-attach potential would complete the stack.

Where a Strategic Investor or PE Fits The depressed equity, asset-backed debt structure, and capital intensity make Opendoor a natural take-private candidate. A PIPE or anchor investor could buy governance influence cheaply while Nejatian executes on the target of adjusted net income positive by the end of 2026.

What to Watch Catalysts that reprice the equity include a turn in the 4.6% 10-year yield, execution against Q2 guidance, and any 13D or unusual options activity. Analyst sentiment is neutral, but with a consensus price target of $4.95.

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Opendoor Technologies stock is feeling bearish pressure. What’s behind OPEN decline? The Chart Offered No CushionThe technical setup coming into Thursday gave buyers little to stand on. OPEN was already trading 16.1% below its 20-day moving average, 15.7% below its 50-day, 19.5% below its 100-day and 31.6% below its 200-day, a configuration that signals sellers have maintained control across every meaningful time frame.

A death cross established in March, when the 50-day dropped below the 200-day, continues to act as overhead resistance that limits how far rallies can travel before running into supply. MACD sits below its signal line with a negative histogram, pointing to fading upside pressure that makes multi-day bounces vulnerable to being sold.

Key resistance sits at $4.60 near the 50-day moving average while $4.28 represents the nearest support level around current prices. The 52-week range stretches from $1.70 to $10.87, and despite a 75% gain over the past year the stock remains well off its highs, a profile that tends to invite profit-taking when the market turns defensive.

Benzinga Edge assigns the stock a momentum score of 70.16, flagging it as bullish on the longer-window trend even after Thursday’s pullback. The risk embedded in that reading is straightforward: when momentum is the primary thesis rather than value or fundamental quality, the chart becomes everything, and losing key moving average levels can accelerate selling rapidly.

Earnings Are Around the CornerThe next concrete catalyst arrives Aug. 4 when Opendoor reports second-quarter results. Analysts are projecting a loss of 3 cents per share, worse than the 1 cent loss posted in the same period last year, on revenue of $900.86 million, down sharply from $1.57 billion a year ago.

In an environment where the market is already reducing risk, year-over-year declines on both the top and bottom line are the kind of numbers that keep cautious investors on the sidelines until management can demonstrate the trajectory is stabilizing.

The analyst community is deeply divided. The stock carries a consensus Hold rating with an average price target of $5.33, but the range of individual views tells a more complicated story. Keefe Bruyette raised its Underperform target to $2.65, Alliance Global Partners initiated with a Buy and an $8.00 target and Citigroup maintained its Sell with a target of $1.40.

OPEN Shares Are PlummetingOPEN Price Action: Opendoor shares were down 12.10% at $3.85 at the time of publication on Thursday, according to Benzinga Pro.

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Shares of Opendoor Technologies (NASDAQ:OPEN) are up 11% to $5.30 at midday Thursday, breaking away from the rest of the iBuyer group in an otherwise uneven session for beaten-down real estate names.

Peer Offerpad Solutions (NYSE:OPAD) is trailing at up 4% to $5.22, while Zillow Group (NASDAQ:Z | Z Price Prediction) stock has added 2% to $32.96. A week ago, these three names rallied in unison; today, Opendoor stock is the clear winner.

The divergence stands out because Opendoor stock is still down 10% year to date, so today’s pop looks more like an oversold bounce than a fundamental re-rating. Retail sentiment appears to be doing the heavy lifting today.

Retail Flow Drives the Move There’s no single news trigger behind OPEN stock’s jump. The action looks like retail and momentum flow into volatile small-cap real estate names, stacked on top of an oversold bounce off depressed levels. Reddit chatter has been quietly building.

Opendoor sentiment on Reddit stayed firmly bullish into the move, with sentiment scores ranging from 66 to 74 across the past several sessions. Discussion has migrated from r/wallstreetbets to r/stocks, suggesting broader retail interest beyond pure speculation.

The macro backdrop remains soft for Opendoor and its iBuyer peers. Housing starts fell to 1.18 million annualized in May, down from a March peak, and existing home sales slipped to 4.09M in June. Those readings keep OPEN and OPAD transaction volumes suppressed, which frames today’s move as a flow-driven rally rather than a fundamental shift.

The Valuation Irony Here’s the twist: today’s price winners are the two unprofitable iBuyers, while the one name actually earning money is lagging behind.

Opendoor stock carries no TTM P/E ratio and has TTM EPS of -$1.76. The company’s most recent quarter showed revenue down 38% year over year, and its analyst target sits at just $4.82, below today’s price. Offerpad is deeper in the red with TTM EPS of -$11.70 and a 50% year-over-year revenue decline; OPAD shares are down 59% year to date.

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Zillow is the profitable one, with TTM EPS of $0.25 and a TTM P/E ratio of 131x. The company saw Q1 2026 revenue growth of 18% and earnings growth of 5x year over year. Yet, Zillow shares remain down 52% year to date, and today’s small gain barely registers next to Opendoor’s double-digit jump.

Bull and Bear Cases on Opendoor The bull case rests on the “Opendoor 2.0” turnaround narrative, retail momentum, and index-flow interest. Management has guided to adjusted EBITDA breakeven for Q2, and CEO Kaz Nejatian has been vocal that the operating machine is working. That combination has pulled speculative capital into the name.

The bear case shouldn’t be overlooked, however. Opendoor is GAAP unprofitable, highly rate-sensitive, and carries a beta of 3.56, meaning big up days can flip to big down days quickly. Furthermore, Opendoor’s dilution risk sits at 964.7 million shares outstanding, and OPEN stock’s 52-week range of $0.73 to $10.87 tells you exactly how wide the swings can get. Thus, investors should keep their position sizing modest on this one.

For broader housing-theme exposure without single-stock iBuyer risk, the SPDR S&P Homebuilders ETF (NYSEARCA:XHB) offers a diversified alternative, though it doesn’t hold Opendoor or Offerpad.

What to Watch Now Investors can watch for whether Opendoor stock holds the $5 in the coming sessions and whether volume confirms the breakout attempt. The stock’s beta of 3.56 means a reversal could be just as sharp as today’s rally, so entries this late in the session carry above-average risk.

The next real test comes with Opendoor’s Q2 2026 report, when the adjusted EBITDA breakeven guide gets measured against actual results. Any slippage against that bar could unwind the recent retail bid quickly. Until then, momentum traders may keep OPEN and OPAD active into Friday.

Zillow shares remain the odd name out. Traders willing to look past the company’s elevated 131x TTM P/E and focus on the forward multiple of 15x may find the profitable property-tech name to be a more durable story once the retail bounce fades.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Opendoor Technologies didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Opendoor Technologies (OPEN 0.81%) stock dropped 21% in the first half of the year, according to data provided by S&P Global Market Intelligence. After it skyrocketed with the help of social media and retail investors last year, it's been slowly coming back to earth as the housing market remains under pressure.

A new CEO and strategy There's been a lot going on at Opendoor over the past year. A concerted effort by retail investors to shake things up resulted in the previous CEO being ousted and replaced by Kaz Nejatian, a Shopify veteran. He has changed the digital real estate company's focus, and there's been some progress.

There's been some of the garden variety of change, such as bringing in more artificial intelligence (AI) to become more efficient and work faster. Opendoor is also creating more options for customers, such as its cash now, more later product, which accounted for a third of acquisition contracts in the first quarter.

Image source: Getty Images.

The highlight of the strategy, though, and where it truly acts differently, is its focus on volume and velocity. Previously, it put efforts into finding bargains and focusing on spread. Nejatian's take was that this was leading to the purchase of worse homes, which were harder to sell. The new model is buying excellent homes and turning them over more quickly, even if it's a lower spread, and the results have been promising in the limited time it's been going on.

In the 2026 first quarter, it purchased 45% more homes sequentially, and it had 5,000 under contract, double the fourth-quarter number and the highest number since 2022. The number of homes on the market for more than 120 days decreased from 33% the quarter before to 10%, below the the 33% market average. Contribution margin improved every month since September, when this all got started, and recent monthly cohorts are selling faster than corresponding months for every year since the pandemic.

A reality check This kind of progress should send the stock up, not down. But after the stock had an astronomical rise last year, the company is now doing the practical work of demonstrating that it can meet the moment. Early progress is great, but Opendoor is unprofitable and operating in a challenging environment. Interest rates aren't coming down right now, and the housing market is still under pressure.

The market has already priced in a potential recovery, and the company is still proving itself.

Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- STARZ (NASDAQ: STRZ) announced today the company will report its second quarter financial results for 2026, ended June 30, 2026, on Friday, August 7. Senior management will also hold an analyst and investor call to discuss results at 5:00AM PT/8:00AM ET before market open on August 7. To listen to the live audio webcast, click here. A full replay will be available later the same evening by clicking here.

About STARZ
STARZ (NASDAQ: STRZ) is the leading premium entertainment destination for women and underrepresented audiences, and home to some of the most popular franchises and series on television. STARZ offers a robust programming mix for discerning adult audiences, including boundary-breaking originals and an expansive lineup of blockbuster movies, and is embodied by its brand positioning "We're All Adults Here." Complementary to any platform or service, STARZ is available across a wide range of digital OTT platforms and multichannel video distributors and is a bundling partner of choice. STARZ is powered by an industry-leading advanced technology, data analytics and digital infrastructure and the highly rated and first-of-its-kind STARZ app.

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Key Takeaways OPEN signed more than 5,000 acquisition contracts in Q1, its strongest quarterly volume since Q2 2022.Opendoor's resale contribution margin reached 4.4% in Q1, up 340 basis points sequentially.OPEN reduced homes on the market for more than 120 days to 10% from 51% two quarters earlier. Opendoor Technologies Inc. (OPEN - Free Report) is entering the back half of 2026 with seasonality becoming an important test for Opendoor 2.0. Although housing activity typically softens during this period, recent operating metrics suggest Opendoor 2.0 is giving the company a stronger operating base heading into the seasonal slowdown.

Seasonality is a meaningful factor in OPEN’s operating model. The company stated that the housing selling season typically begins shortly after the Super Bowl, peaks in early summer, tapers through the fall and bottoms in December. This pattern affects resale velocity, spread decisions and acquisition cadence. OPEN also noted that days on market usually lengthen in the back half of the year, while margins tend to compress in the fourth quarter.

OPEN enters this seasonal test with improved operating metrics. In the first quarter of 2026, the company entered into more than 5,000 contracts, its strongest quarterly contract volume since the second quarter of 2022. Resale contribution margin improved every month since September 2025 and closed the quarter at 4.4%, up 340 basis points sequentially. The percentage of homes on the market for more than 120 days fell to 10% from 51% two quarters earlier. This healthier inventory position gives OPEN a stronger starting point as seasonal demand moderates, with fewer aged homes reducing clearance pressure and supporting resale-margin stability.

The back half of 2026 will provide a key checkpoint for OPEN’s margin durability as seasonal housing demand moderates. The company’s ability to limit margin slippage will likely depend on fresh inventory, sustained resale velocity and continued contribution-margin stability as housing demand tapers.

Opendoor’s Competitor LandscapeZillow Group, Inc. (ZG - Free Report) provides a relevant benchmark for OPEN because it is navigating housing-market softness through a capital-light platform. Zillow’s integrated housing ecosystem spans search, touring, financing, agent workflows and closing, helping it support buyer and seller engagement without direct owned-home resale exposure. This positions Zillow as a lower-inventory-risk benchmark, while OPEN’s margin profile is more directly tied to resale execution and owned-home turns.

Offerpad Solutions Inc. (OPAD - Free Report) provides a closer operating comparison because it remains exposed to home-level execution, resale timing and capital discipline. Offerpad is expanding its Cash Offer, Cash Offer Marketplace, Brokerage Services and Renovate platform while using SCOUT and HENRY to improve seller routing, acquisition accuracy, renovation estimates and disposition decisions. These efforts are aimed at improving conversion and managing asset-level risk in a pressured housing market.

Against this backdrop, OPEN sits between Zillow’s capital-light housing platform and Offerpad’s more targeted seller-solutions model. Zillow benefits from platform breadth and lower inventory exposure, while Offerpad is focused on improving seller conversion and asset-level execution. OPEN’s differentiation lies in applying Opendoor 2.0 across a larger resale funnel, where tighter execution can have a greater impact on margin performance.

OPEN’s Stock Price Performance, Valuation & EstimatesShares of Opendoor have skyrocketed 719.9% in the past year against the industry’s 23.6% decline.

OPEN One-Year Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, OPEN trades at a forward price-to-sales (P/S) multiple of 0.75, significantly below the industry’s average of 3.55.

OPEN’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for OPEN's 2026 loss per share suggests a 53.9% year-over-year improvement. Loss per share estimates for 2026 have widened in the past 30 days.

EPS Trend of OPEN Stock
Image Source: Zacks Investment Research