Offerpad Solutions Inc Financials

OPAD

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 7/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Offerpad Solutions Inc has an operating margin of -5.0%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -7.9% the prior year.

Growth

Offerpad Solutions Inc's revenue declined 30.1% year-over-year, from $1.3B to $918.8M. This contraction results in a growth score of 0/100.

Leverage

Offerpad Solutions Inc has elevated debt relative to equity (D/E of 5.57), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Offerpad Solutions Inc's current ratio of 1.17 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.

Cash Flow

Offerpad Solutions Inc's free cash flow margin of 1.7% results in a low score of 8/100. Capital expenditures of $5.4M absorb a large share of operating cash flow.

Piotroski F-Score Neutral

4/9

Offerpad Solutions Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.34x

For every $1 of reported earnings, Offerpad Solutions Inc generates $-0.34 in operating cash flow ($20.8M OCF vs -$62.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-2.5x

Offerpad Solutions Inc earns $-2.5 in operating income for every $1 of interest expense (-$46.0M vs $18.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Offerpad Solutions Inc (OPAD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$918.8M

YoY-30.1%

5Y CAGR-3.1%

Offerpad Solutions Inc generated $918.8M in revenue in fiscal year 2024. This represents a decrease of 30.1% from the prior year.

EBITDA

-$45.4M

YoY+56.2%

Offerpad Solutions Inc's EBITDA was -$45.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.2% from the prior year.

Free Cash Flow

$15.4M

YoY-94.1%

Offerpad Solutions Inc generated $15.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 94.1% from the prior year.

Net Income

-$62.2M

YoY+47.0%

Offerpad Solutions Inc reported -$62.2M in net income in fiscal year 2024. This represents an increase of 47.0% from the prior year.

EPS (Diluted)

$-2.27

YoY+48.9%

Offerpad Solutions Inc earned $-2.27 per diluted share (EPS) in fiscal year 2024. This represents an increase of 48.9% from the prior year.

Cash & Debt

$43.0M

YoY-43.4%

5Y CAGR+13.5%

Offerpad Solutions Inc held $43.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

7.9%

YoY+2.5pp

5Y CAGR+1.0pp

Offerpad Solutions Inc's gross margin was 7.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin

-5.0%

YoY+2.9pp

5Y CAGR-1.9pp

Offerpad Solutions Inc's operating margin was -5.0% in fiscal year 2024, reflecting core business profitability. This is up 2.9 percentage points from the prior year.

Net Margin

-6.8%

YoY+2.2pp

5Y CAGR-1.9pp

Offerpad Solutions Inc's net profit margin was -6.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$4.5M

YoY-43.1%

5Y CAGR-9.5%

Offerpad Solutions Inc invested $4.5M in research and development in fiscal year 2024. This represents a decrease of 43.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$5.4M

YoY+4158.3%

5Y CAGR+39.1%

Offerpad Solutions Inc invested $5.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 4158.3% from the prior year.

OPAD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$918.8M-30.1%	$1.3B-66.7%	$4.0B+90.9%	$2.1B+94.5%	$1.1B-1.1%	$1.1B
Cost of Revenue	$846.6M-32.0%	$1.2B-67.0%	$3.8B+102.4%	$1.9B+90.7%	$976.5M-2.5%	$1.0B
Gross Profit	$72.2M+2.9%	$70.2M-61.5%	$182.4M-12.2%	$207.8M+136.7%	$87.8M+18.0%	$74.4M
R&D Expenses	$4.5M-43.1%	$7.9M-34.3%	$12.1M+11.3%	$10.9M+49.4%	$7.3M-2.4%	$7.5M
SG&A Expenses	$40.6M-18.9%	$50.1M-14.7%	$58.7M+93.7%	$30.3M+73.4%	$17.5M+15.7%	$15.1M
Operating Income	-$46.0M+55.9%	-$104.4M+18.0%	-$127.3M-744.1%	$19.8M+243.7%	-$13.8M+58.8%	-$33.4M
Interest Expense	$18.7M-0.9%	$18.9M-59.0%	$46.0M+190.2%	$15.8M+58.0%	$10.0M-45.2%	$18.3M
Income Tax	$31K-81.0%	$163K-54.6%	$359K+111.2%	$170K+4.3%	$163K-35.8%	$254K
Net Income	-$62.2M+47.0%	-$117.2M+21.1%	-$148.6M-2400.5%	$6.5M+127.9%	-$23.1M+55.5%	-$52.0M
EPS (Diluted)	$-2.27+48.9%	$-4.44+51.2%	$-9.09-1436.8%	$0.68+270.0%	$-0.40+55.6%	$-0.90

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$132.7M-17.2%	$160.3M-0.2%	$160.7M-7.8%	$174.3M-30.6%	$251.1M-12.0%	$285.4M+18.7%	$240.5M+2.7%	$234.2M
Cost of Revenue	$123.3M-15.6%	$146.1M-2.7%	$150.2M-8.2%	$163.7M-28.6%	$229.3M-12.8%	$262.8M+17.4%	$223.8M+6.4%	$210.3M
Gross Profit	$9.3M-34.2%	$14.2M+35.0%	$10.5M-0.8%	$10.6M-51.6%	$21.9M-3.2%	$22.6M+35.4%	$16.7M-30.4%	$24.0M
R&D Expenses	$788K-20.1%	$986K-3.3%	$1.0M+21.4%	$840K-12.9%	$964K-45.6%	$1.8M+43.4%	$1.2M-42.7%	$2.2M
SG&A Expenses	$5.1M-34.0%	$7.8M+8.3%	$7.2M-27.1%	$9.9M-6.3%	$10.5M-11.9%	$12.0M+36.2%	$8.8M-37.9%	$14.1M
Operating Income	-$6.7M+13.4%	-$7.8M+32.6%	-$11.5M+15.6%	-$13.7M-38.6%	-$9.9M+27.4%	-$13.6M-20.7%	-$11.3M+42.4%	-$19.5M
Interest Expense	$3.6M-0.5%	$3.7M+4.1%	$3.5M-13.8%	$4.1M-10.8%	$4.6M-6.6%	$4.9M-4.8%	$5.2M+17.0%	$4.4M
Income Tax	$380K+1166.7%	$30K-18.9%	$37K+159.7%	-$62K-14.8%	-$54K-143.9%	$123K+1637.5%	-$8K-233.3%	$6K
Net Income	-$11.6M-6.4%	-$10.9M+27.6%	-$15.1M+13.1%	-$17.3M-25.7%	-$13.8M+21.3%	-$17.5M-13.4%	-$15.4M+22.7%	-$20.0M
EPS (Diluted)	$-0.37+5.1%	$-0.39+29.1%	$-0.55+14.1%	$-0.64-28.0%	$-0.50+21.9%	$-0.64-68.4%	$-0.38+47.9%	$-0.73

OPAD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$313.1M-17.6%	$379.7M-54.0%	$825.1M-39.0%	$1.4B+473.6%	$235.9M	N/A
Current Assets	$294.2M-20.8%	$371.6M-54.4%	$814.2M-39.4%	$1.3B+490.9%	$227.3M	N/A
Cash & Equivalents	$43.0M-43.4%	$76.0M-21.9%	$97.2M-42.7%	$169.8M+286.5%	$43.9M+92.2%	$22.9M
Inventory	$214.2M-22.5%	$276.5M-58.4%	$664.7M-41.3%	$1.1B+560.9%	$171.4M	N/A
Accounts Receivable	$3.8M-61.3%	$9.9M+322.8%	$2.4M-61.9%	$6.2M+167.0%	$2.3M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$265.4M-4.5%	$277.9M-60.5%	$703.2M-35.8%	$1.1B+189.0%	$379.1M	N/A
Current Liabilities	$251.0M-9.1%	$276.0M-60.5%	$699.0M-34.5%	$1.1B+461.0%	$190.3M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$47.7M-53.2%	$101.8M-16.5%	$121.9M-52.7%	$257.6M+279.8%	-$143.3M-17.9%	-$121.5M
Retained Earnings	-$460.0M-15.6%	-$397.9M-41.8%	-$280.7M-112.5%	-$132.1M+4.7%	-$138.5M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$223.5M-16.6%	$268.0M-2.4%	$274.5M-12.3%	$313.1M-23.0%	$406.6M+10.0%	$369.7M-2.6%	$379.7M-10.1%	$422.1M
Current Assets	$205.6M-17.6%	$249.6M-2.3%	$255.5M-13.2%	$294.2M-24.8%	$391.0M+10.7%	$353.3M-4.9%	$371.6M-10.1%	$413.3M
Cash & Equivalents	$31.0M+36.7%	$22.6M-26.5%	$30.8M-28.3%	$43.0M-24.4%	$56.9M-17.0%	$68.5M-9.8%	$76.0M-28.3%	$106.0M
Inventory	$162.4M-23.7%	$212.7M+0.9%	$210.8M-1.6%	$214.2M-30.4%	$307.8M+15.6%	$266.1M-3.8%	$276.5M-4.5%	$289.6M
Accounts Receivable	$7.4M-2.1%	$7.5M+19.8%	$6.3M+63.6%	$3.8M-43.0%	$6.7M+55.2%	$4.3M-56.2%	$9.9M+156.5%	$3.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$183.6M-24.6%	$243.5M+1.3%	$240.3M-9.5%	$265.4M-19.3%	$329.1M+16.8%	$281.6M+1.3%	$277.9M-9.5%	$306.9M
Current Liabilities	$155.6M-32.2%	$229.6M+1.7%	$225.8M-10.0%	$251.0M-21.5%	$319.7M+17.5%	$272.1M-1.4%	$276.0M-9.4%	$304.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$39.9M+62.4%	$24.5M-28.3%	$34.2M-28.2%	$47.7M-38.6%	$77.6M-12.0%	$88.1M-13.4%	$101.8M-11.7%	$115.2M
Retained Earnings	-$497.6M-2.4%	-$486.0M-2.3%	-$475.1M-3.3%	-$460.0M-7.2%	-$429.2M-3.3%	-$415.4M-4.4%	-$397.9M-4.0%	-$382.4M

OPAD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$20.8M-92.0%	$261.6M-14.3%	$305.4M+133.1%	-$921.9M-695.3%	$154.9M+242.1%	-$109.0M
Capital Expenditures	$5.4M+4158.3%	$127K-88.1%	$1.1M-92.2%	$13.7M+378.9%	$2.9M+175.1%	$1.0M
Free Cash Flow	$15.4M-94.1%	$261.5M-14.1%	$304.3M+132.5%	-$935.6M-715.5%	$152.0M+238.2%	-$110.0M
Investing Cash Flow	-$5.3M-368.3%	$2.0M+285.5%	-$1.1M+90.8%	-$11.7M-307.8%	-$2.9M-191.9%	-$979K
Financing Cash Flow	-$21.8M+93.3%	-$324.0M+9.6%	-$358.5M-133.3%	$1.1B+921.4%	-$131.1M-207.1%	$122.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$10.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$40.0M+396.6%	-$13.5M-32.4%	-$10.2M-130.6%	$33.2M+161.1%	-$54.4M-2379.3%	$2.4M+115.6%	-$15.3M+83.8%	-$94.5M
Capital Expenditures	$0-100.0%	$85K-91.4%	$994K-76.1%	$4.2M+46155.6%	$9K-97.5%	$353K+854.1%	$37K	$0
Free Cash Flow	$40.0M+394.7%	-$13.6M-21.4%	-$11.2M-138.4%	$29.1M+153.5%	-$54.4M-2775.6%	$2.0M+113.2%	-$15.4M+83.8%	-$94.5M
Investing Cash Flow	$19K+122.4%	-$85K+91.4%	-$994K+75.9%	-$4.1M-82640.0%	$5K+101.5%	-$323K-119.4%	$1.7M-27.2%	$2.3M
Financing Cash Flow	-$33.1M-816.2%	$4.6M+117.2%	-$26.8M-92.5%	-$13.9M-128.5%	$48.8M+1510.1%	-$3.5M+82.5%	-$19.8M-123.8%	$83.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OPAD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	7.9%+2.5pp	5.3%+0.7pp	4.6%-5.4pp	10.0%+1.8pp	8.3%+1.3pp	6.9%
Operating Margin	-5.0%+2.9pp	-7.9%-4.7pp	-3.2%-4.2pp	0.9%+2.2pp	-1.3%+1.8pp	-3.1%
Net Margin	-6.8%+2.2pp	-8.9%-5.2pp	-3.8%-4.1pp	0.3%+2.5pp	-2.2%+2.7pp	-4.8%
Return on Equity	N/A	N/A	N/A	2.5%	N/A	N/A
Return on Assets	-19.9%+11.0pp	-30.9%-12.9pp	-18.0%-18.5pp	0.5%+10.3pp	-9.8%	N/A
Current Ratio	1.17-0.2	1.35+0.2	1.16-0.1	1.26+0.1	1.19	N/A
Debt-to-Equity	5.57+2.8	2.73-3.0	5.77+1.5	4.25+6.9	-2.65	N/A
FCF Margin	1.7%-18.2pp	19.9%+12.2pp	7.7%+52.9pp	-45.2%-59.5pp	14.3%+24.5pp	-10.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	7.0%-1.8pp	8.8%+2.3pp	6.5%+0.5pp	6.1%-2.6pp	8.7%+0.8pp	7.9%+1.0pp	6.9%-3.3pp	10.2%
Operating Margin	-5.1%-0.2pp	-4.9%+2.3pp	-7.2%+0.7pp	-7.8%-3.9pp	-3.9%+0.8pp	-4.8%-0.1pp	-4.7%+3.7pp	-8.3%
Net Margin	-8.8%-1.9pp	-6.8%+2.6pp	-9.4%+0.6pp	-9.9%-4.5pp	-5.5%+0.7pp	-6.1%+0.3pp	-6.4%+2.1pp	-8.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.2%-1.1pp	-4.1%+1.4pp	-5.5%+0.0pp	-5.5%-2.1pp	-3.4%+1.3pp	-4.7%-0.7pp	-4.1%+0.7pp	-4.7%
Current Ratio	1.32+0.2	1.09-0.0	1.13-0.0	1.17-0.1	1.22-0.1	1.30-0.0	1.35-0.0	1.36
Debt-to-Equity	4.61-5.3	9.92+2.9	7.02+1.5	5.57+1.3	4.24+1.0	3.20+0.5	2.73+0.1	2.66
FCF Margin	30.1%+38.6pp	-8.5%-1.5pp	-7.0%-23.6pp	16.7%+38.3pp	-21.7%-22.4pp	0.7%+7.1pp	-6.4%+34.0pp	-40.4%

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Frequently Asked Questions

What is Offerpad Solutions Inc's annual revenue?

Offerpad Solutions Inc (OPAD) reported $918.8M in total revenue for fiscal year 2024. This represents a -30.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Offerpad Solutions Inc's revenue growing?

Offerpad Solutions Inc (OPAD) revenue declined by 30.1% year-over-year, from $1.3B to $918.8M in fiscal year 2024.

Is Offerpad Solutions Inc profitable?

No, Offerpad Solutions Inc (OPAD) reported a net income of -$62.2M in fiscal year 2024, with a net profit margin of -6.8%.

What is Offerpad Solutions Inc's earnings per share (EPS)?

Offerpad Solutions Inc (OPAD) reported diluted earnings per share of $-2.27 for fiscal year 2024. This represents a 48.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Offerpad Solutions Inc's EBITDA?

Offerpad Solutions Inc (OPAD) had EBITDA of -$45.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Offerpad Solutions Inc's gross margin?

Offerpad Solutions Inc (OPAD) had a gross margin of 7.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Offerpad Solutions Inc's operating margin?

Offerpad Solutions Inc (OPAD) had an operating margin of -5.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Offerpad Solutions Inc's net profit margin?

Offerpad Solutions Inc (OPAD) had a net profit margin of -6.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Offerpad Solutions Inc's free cash flow?

Offerpad Solutions Inc (OPAD) generated $15.4M in free cash flow during fiscal year 2024. This represents a -94.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Offerpad Solutions Inc's operating cash flow?

Offerpad Solutions Inc (OPAD) generated $20.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Offerpad Solutions Inc's total assets?

Offerpad Solutions Inc (OPAD) had $313.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Offerpad Solutions Inc's capital expenditures?

Offerpad Solutions Inc (OPAD) invested $5.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Offerpad Solutions Inc spend on research and development?

Offerpad Solutions Inc (OPAD) invested $4.5M in research and development during fiscal year 2024.

What is Offerpad Solutions Inc's current ratio?

Offerpad Solutions Inc (OPAD) had a current ratio of 1.17 as of fiscal year 2024, which is considered adequate.

What is Offerpad Solutions Inc's debt-to-equity ratio?

Offerpad Solutions Inc (OPAD) had a debt-to-equity ratio of 5.57 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Offerpad Solutions Inc's return on assets (ROA)?

Offerpad Solutions Inc (OPAD) had a return on assets of -19.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Offerpad Solutions Inc's Piotroski F-Score?

Offerpad Solutions Inc (OPAD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Offerpad Solutions Inc's earnings high quality?

Offerpad Solutions Inc (OPAD) has an earnings quality ratio of -0.34x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Offerpad Solutions Inc cover its interest payments?

Offerpad Solutions Inc (OPAD) has an interest coverage ratio of -2.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Offerpad Solutions Inc?

Offerpad Solutions Inc (OPAD) scores 7 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.