Opendoor Technologies Inc Financials

OPEN

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

Financial Health Signals

Financial Profile 20/100

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

Profitability

Opendoor Technologies Inc has an operating margin of -6.2%, meaning the company retains $-6 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 down from -5.6% the prior year.

Growth

Opendoor Technologies Inc's revenue declined 25.8% year-over-year, from $6.9B to $5.2B. This contraction results in a growth score of 0/100.

Leverage

Opendoor Technologies Inc has elevated debt relative to equity (D/E of 3.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

100

With a current ratio of 5.67, Opendoor Technologies Inc holds $5.67 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Opendoor Technologies Inc generated -$595.0M in operating cash flow, capex of $25.0M consumed most of it, leaving -$620.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

1/9

Opendoor Technologies Inc passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.52x

For every $1 of reported earnings, Opendoor Technologies Inc generates $1.52 in operating cash flow (-$595.0M OCF vs -$392.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-2.4x

Opendoor Technologies Inc earns $-2.4 in operating income for every $1 of interest expense (-$320.0M vs $133.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Opendoor Technologies Inc (OPEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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

$5.2B

YoY-25.8%

5Y CAGR+1.7%

Opendoor Technologies Inc generated $5.2B in revenue in fiscal year 2024. This represents a decrease of 25.8% from the prior year.

EBITDA

-$287.0M

YoY+17.5%

Opendoor Technologies Inc's EBITDA was -$287.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.5% from the prior year.

Free Cash Flow

-$620.0M

YoY-126.9%

Opendoor Technologies Inc generated -$620.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 126.9% from the prior year.

Net Income

-$392.0M

YoY-42.5%

Opendoor Technologies Inc reported -$392.0M in net income in fiscal year 2024. This represents a decrease of 42.5% from the prior year.

EPS (Diluted)

$-0.56

YoY-33.3%

Opendoor Technologies Inc earned $-0.56 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 33.3% from the prior year.

Cash & Debt

$671.0M

YoY-32.8%

5Y CAGR+10.6%

Opendoor Technologies Inc held $671.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

720M

YoY+5.9%

Opendoor Technologies Inc had 720M shares outstanding in fiscal year 2024. This represents an increase of 5.9% from the prior year.

Gross Margin

8.4%

YoY+1.4pp

5Y CAGR+2.1pp

Opendoor Technologies Inc's gross margin was 8.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.

Operating Margin

-6.2%

YoY-0.7pp

5Y CAGR-1.0pp

Opendoor Technologies Inc's operating margin was -6.2% in fiscal year 2024, reflecting core business profitability. This is down 0.7 percentage points from the prior year.

Net Margin

-7.6%

YoY-3.6pp

5Y CAGR-0.4pp

Opendoor Technologies Inc's net profit margin was -7.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.6 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$141.0M

YoY-15.6%

5Y CAGR+22.6%

Opendoor Technologies Inc invested $141.0M in research and development in fiscal year 2024. This represents a decrease of 15.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$25.0M

YoY-32.4%

5Y CAGR-2.2%

Opendoor Technologies Inc invested $25.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 32.4% from the prior year.

OPEN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$5.2B-25.8%	$6.9B-55.4%	$15.6B+94.1%	$8.0B+210.5%	$2.6B-45.5%	$4.7B
Cost of Revenue	$4.7B-26.9%	$6.5B-56.7%	$14.9B+104.4%	$7.3B+208.5%	$2.4B-46.8%	$4.4B
Gross Profit	$433.0M-11.1%	$487.0M-27.0%	$667.0M-8.6%	$730.0M+231.8%	$220.0M-26.9%	$301.0M
R&D Expenses	$141.0M-15.6%	$167.0M-1.2%	$169.0M+26.1%	$134.0M+139.3%	$56.0M+9.8%	$51.0M
SG&A Expenses	$182.0M-11.7%	$206.0M-40.5%	$346.0M-44.2%	$620.0M+369.7%	$132.0M+15.8%	$114.0M
Operating Income	-$320.0M+17.1%	-$386.0M+58.5%	-$931.0M-63.9%	-$568.0M-205.4%	-$186.0M+25.0%	-$248.0M
Interest Expense	$133.0M-37.0%	$211.0M-45.2%	$385.0M+169.2%	$143.0M+110.3%	$68.0M-38.2%	$110.0M
Income Tax	$1.0M0.0%	$1.0M-50.0%	$2.0M+100.0%	$1.0M	$0	$0
Net Income	-$392.0M-42.5%	-$275.0M+79.7%	-$1.4B-104.4%	-$662.0M-161.7%	-$253.0M+25.8%	-$341.0M
EPS (Diluted)	$-0.56-33.3%	$-0.42+80.6%	$-2.16-92.9%	$-1.12+51.5%	$-2.31	$-4.37

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$915.0M-41.6%	$1.6B+35.9%	$1.2B+6.4%	$1.1B-28.3%	$1.5B+27.9%	$1.2B+35.7%	$870.0M-11.2%	$980.0M
Cost of Revenue	$849.0M-41.0%	$1.4B+36.5%	$1.1B+5.5%	$999.0M-27.7%	$1.4B+29.5%	$1.1B+33.7%	$798.0M-9.7%	$884.0M
Gross Profit	$66.0M-48.4%	$128.0M+29.3%	$99.0M+16.5%	$85.0M-34.1%	$129.0M+13.2%	$114.0M+58.3%	$72.0M-25.0%	$96.0M
R&D Expenses	$19.0M-9.5%	$21.0M0.0%	$21.0M-36.4%	$33.0M-10.8%	$37.0M-9.8%	$41.0M-10.9%	$46.0M+9.5%	$42.0M
SG&A Expenses	$48.0M+71.4%	$28.0M-15.2%	$33.0M-19.5%	$41.0M-14.6%	$48.0M+2.1%	$47.0M-2.1%	$48.0M0.0%	$48.0M
Operating Income	-$68.0M-423.1%	-$13.0M+76.8%	-$56.0M+40.4%	-$94.0M-30.6%	-$72.0M+17.2%	-$87.0M+24.3%	-$115.0M-45.6%	-$79.0M
Interest Expense	$34.0M-5.6%	$36.0M+9.1%	$33.0M+3.1%	$32.0M+6.7%	$30.0M-18.9%	$37.0M0.0%	$37.0M-21.3%	$47.0M
Income Tax	$1.0M+400.0%	$200K0.0%	$200K+200.0%	-$200K-120.0%	$1.0M+400.0%	$200K+166.7%	-$300K	$0
Net Income	-$90.0M-210.3%	-$29.0M+65.9%	-$85.0M+24.8%	-$113.0M-22.8%	-$92.0M+15.6%	-$109.0M-19.8%	-$91.0M+14.2%	-$106.0M
EPS (Diluted)	$-0.12-200.0%	$-0.04+66.7%	$-0.12+25.0%	$-0.16-23.1%	$-0.13+18.8%	$-0.16-23.1%	$-0.13+18.8%	$-0.16

OPEN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.1B-12.4%	$3.6B-46.0%	$6.6B-30.5%	$9.5B+336.9%	$2.2B-2.5%	$2.2B
Current Assets	$3.0B-13.0%	$3.4B-46.7%	$6.5B-30.8%	$9.3B+354.9%	$2.1B-1.7%	$2.1B
Cash & Equivalents	$671.0M-32.8%	$999.0M-12.1%	$1.1B-34.3%	$1.7B+22.5%	$1.4B+248.9%	$405.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.0M-25.0%	$4.0M0.0%	$4.0M-93.3%	$60.0M+93.5%	$31.0M+0.2%	$30.9M
Total Liabilities	$2.4B-7.2%	$2.6B-52.9%	$5.5B-23.9%	$7.3B+1065.0%	$623.0M-79.0%	$3.0B
Current Liabilities	$529.0M+655.7%	$70.0M-95.3%	$1.5B-65.8%	$4.4B+1019.6%	$393.0M-65.1%	$1.1B
Long-Term Debt	N/A	N/A	N/A	N/A	$135.5M	N/A
Total Equity	$713.0M-26.3%	$967.0M-11.0%	$1.1B-51.7%	$2.2B+44.8%	$1.6B+311.9%	-$733.0M
Retained Earnings	-$3.7B-11.8%	-$3.3B-9.0%	-$3.1B-79.4%	-$1.7B-63.5%	-$1.0B-31.9%	-$790.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$2.7B-7.1%	$2.9B-11.3%	$3.3B+4.8%	$3.1B-7.3%	$3.4B-0.9%	$3.4B-4.6%	$3.6B-9.6%	$3.9B
Current Assets	$2.6B-7.5%	$2.8B-11.3%	$3.2B+5.2%	$3.0B-7.8%	$3.2B-1.1%	$3.3B-4.7%	$3.4B-9.8%	$3.8B
Cash & Equivalents	$962.0M+21.9%	$789.0M+41.1%	$559.0M-16.7%	$671.0M-15.1%	$790.0M-17.1%	$953.0M-4.6%	$999.0M-13.4%	$1.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M-25.0%	$4.0M0.0%	$4.0M0.0%	$4.0M0.0%	$4.0M
Total Liabilities	$1.9B-17.0%	$2.3B-13.5%	$2.6B+9.1%	$2.4B-4.5%	$2.5B+0.9%	$2.5B-3.7%	$2.6B-11.2%	$2.9B
Current Liabilities	$914.0M+42.1%	$643.0M-38.9%	$1.1B+99.1%	$529.0M+34.6%	$393.0M+431.1%	$74.0M+5.7%	$70.0M-5.4%	$74.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$811.0M+28.5%	$631.0M-2.2%	$645.0M-9.5%	$713.0M-15.6%	$845.0M-6.0%	$899.0M-7.0%	$967.0M-5.2%	$1.0B
Retained Earnings	-$3.9B-2.3%	-$3.8B-0.8%	-$3.8B-2.3%	-$3.7B-5.4%	-$3.5B-2.7%	-$3.4B-3.3%	-$3.3B-2.8%	-$3.2B

OPEN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$595.0M-125.4%	$2.3B+221.1%	$730.0M+112.6%	-$5.8B-949.6%	$682.0M+350.7%	-$272.0M
Capital Expenditures	$25.0M-32.4%	$37.0M0.0%	$37.0M+12.1%	$33.0M+94.1%	$17.0M-39.3%	$28.0M
Free Cash Flow	-$620.0M-126.9%	$2.3B+232.9%	$693.0M+111.9%	-$5.8B-976.2%	$665.0M+321.7%	-$300.0M
Investing Cash Flow	$28.0M-36.4%	$44.0M-81.2%	$234.0M+149.2%	-$476.0M-2063.6%	-$22.0M+76.8%	-$95.0M
Financing Cash Flow	-$210.0M+92.0%	-$2.6B-50.7%	-$1.8B-123.8%	$7.3B+4460.2%	$161.0M-75.1%	$646.0M
Dividends Paid	N/A	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$3.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$435.0M-47.1%	$823.0M+395.0%	-$279.0M-248.7%	-$80.0M+79.9%	-$399.0M-124.2%	-$178.0M+67.2%	-$542.0M-150.9%	-$216.0M
Capital Expenditures	$3.0M+50.0%	$2.0M-50.0%	$4.0M+33.3%	$3.0M-62.5%	$8.0M0.0%	$8.0M-11.1%	$9.0M-18.2%	$11.0M
Free Cash Flow	$432.0M-47.4%	$821.0M+390.1%	-$283.0M-241.0%	-$83.0M+79.6%	-$407.0M-118.8%	-$186.0M+66.2%	-$551.0M-142.7%	-$227.0M
Investing Cash Flow	-$9.0M-350.0%	-$2.0M-200.0%	$2.0M+166.7%	-$3.0M-133.3%	$9.0M-59.1%	$22.0M+650.0%	-$4.0M-233.3%	$3.0M
Financing Cash Flow	-$159.0M+51.7%	-$329.0M-258.9%	$207.0M+199.5%	-$208.0M-1486.7%	$15.0M+115.3%	-$98.0M+66.4%	-$292.0M-37.1%	-$213.0M
Dividends Paid	$0	$0	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OPEN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	8.4%+1.4pp	7.0%+2.7pp	4.3%-4.8pp	9.1%+0.6pp	8.5%+2.2pp	6.3%
Operating Margin	-6.2%-0.7pp	-5.6%+0.4pp	-6.0%+1.1pp	-7.1%+0.1pp	-7.2%-2.0pp	-5.2%
Net Margin	-7.6%-3.6pp	-4.0%+4.7pp	-8.7%-0.4pp	-8.3%+1.5pp	-9.8%-2.6pp	-7.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-12.5%-4.8pp	-7.7%+12.8pp	-20.5%-13.5pp	-7.0%+4.7pp	-11.6%+3.6pp	-15.3%
Current Ratio	5.67-43.5	49.21+44.9	4.30+2.2	2.12-3.1	5.22+3.4	1.85
Debt-to-Equity	3.38+0.7	2.69-2.4	5.08+1.9	3.23+3.1	0.09+4.1	-4.04
FCF Margin	-12.0%-45.2pp	33.2%+28.8pp	4.5%+77.1pp	-72.7%-98.4pp	25.8%+32.1pp	-6.3%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	7.2%-1.0pp	8.2%-0.4pp	8.6%+0.8pp	7.8%-0.7pp	8.5%-1.1pp	9.7%+1.4pp	8.3%-1.5pp	9.8%
Operating Margin	-7.4%-6.6pp	-0.8%+4.0pp	-4.9%+3.8pp	-8.7%-3.9pp	-4.8%+2.6pp	-7.4%+5.9pp	-13.2%-5.2pp	-8.1%
Net Margin	-9.8%-8.0pp	-1.8%+5.5pp	-7.4%+3.0pp	-10.4%-4.3pp	-6.1%+3.1pp	-9.2%+1.2pp	-10.5%+0.4pp	-10.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.3%-2.3pp	-1.0%+1.6pp	-2.6%+1.0pp	-3.6%-0.9pp	-2.7%+0.5pp	-3.2%-0.7pp	-2.5%+0.1pp	-2.7%
Current Ratio	2.83-1.5	4.35+1.4	2.99-2.7	5.67-2.6	8.27-36.1	44.38-4.8	49.21-2.4	51.61
Debt-to-Equity	2.33-1.3	3.61-0.5	4.08+0.7	3.38+0.4	2.99+0.2	2.79+0.1	2.69-0.2	2.87
FCF Margin	47.2%-5.2pp	52.4%+76.9pp	-24.5%-16.9pp	-7.7%+19.3pp	-26.9%-11.2pp	-15.8%+47.6pp	-63.3%-40.2pp	-23.2%

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Frequently Asked Questions

What is Opendoor Technologies Inc's annual revenue?

Opendoor Technologies Inc (OPEN) reported $5.2B in total revenue for fiscal year 2024. This represents a -25.8% 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 Opendoor Technologies Inc's revenue growing?

Opendoor Technologies Inc (OPEN) revenue declined by 25.8% year-over-year, from $6.9B to $5.2B in fiscal year 2024.

Is Opendoor Technologies Inc profitable?

No, Opendoor Technologies Inc (OPEN) reported a net income of -$392.0M in fiscal year 2024, with a net profit margin of -7.6%.

What is Opendoor Technologies Inc's earnings per share (EPS)?

Opendoor Technologies Inc (OPEN) reported diluted earnings per share of $-0.56 for fiscal year 2024. This represents a -33.3% 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 Opendoor Technologies Inc's EBITDA?

Opendoor Technologies Inc (OPEN) had EBITDA of -$287.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Opendoor Technologies Inc's gross margin?

Opendoor Technologies Inc (OPEN) had a gross margin of 8.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Opendoor Technologies Inc's operating margin?

Opendoor Technologies Inc (OPEN) had an operating margin of -6.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Opendoor Technologies Inc's net profit margin?

Opendoor Technologies Inc (OPEN) had a net profit margin of -7.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Opendoor Technologies Inc's free cash flow?

Opendoor Technologies Inc (OPEN) generated -$620.0M in free cash flow during fiscal year 2024. This represents a -126.9% 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 Opendoor Technologies Inc's operating cash flow?

Opendoor Technologies Inc (OPEN) generated -$595.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Opendoor Technologies Inc's total assets?

Opendoor Technologies Inc (OPEN) had $3.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Opendoor Technologies Inc's capital expenditures?

Opendoor Technologies Inc (OPEN) invested $25.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Opendoor Technologies Inc spend on research and development?

Opendoor Technologies Inc (OPEN) invested $141.0M in research and development during fiscal year 2024.

How many shares does Opendoor Technologies Inc have outstanding?

Opendoor Technologies Inc (OPEN) had 720M shares outstanding as of fiscal year 2024.

What is Opendoor Technologies Inc's current ratio?

Opendoor Technologies Inc (OPEN) had a current ratio of 5.67 as of fiscal year 2024, which is generally considered healthy.

What is Opendoor Technologies Inc's debt-to-equity ratio?

Opendoor Technologies Inc (OPEN) had a debt-to-equity ratio of 3.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Opendoor Technologies Inc's return on assets (ROA)?

Opendoor Technologies Inc (OPEN) had a return on assets of -12.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Opendoor Technologies Inc's cash runway?

Based on fiscal year 2024 data, Opendoor Technologies Inc (OPEN) had $671.0M in cash against an annual operating cash burn of $595.0M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Opendoor Technologies Inc's Piotroski F-Score?

Opendoor Technologies Inc (OPEN) has a Piotroski F-Score of 1 out of 9, indicating weak 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 Opendoor Technologies Inc's earnings high quality?

Opendoor Technologies Inc (OPEN) has an earnings quality ratio of 1.52x, considered low quality (accrual-driven). 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 Opendoor Technologies Inc cover its interest payments?

Opendoor Technologies Inc (OPEN) has an interest coverage ratio of -2.4x, 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 Opendoor Technologies Inc?

Opendoor Technologies Inc (OPEN) scores 20 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.