# Better Home & Finance Holding Company (BETR)

> Source: Nexqual · https://nexqual.com/BETR · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Better Home & Finance Holding Company (BETR), nexqual.com/BETR" · informational, not investment advice.

**Price:** USD 16.72 (+0.84% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 16.58 · day 15.42–17.49 · 52w 7.51–82.89 · market cap $318M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $190M, net income -$180M (-94.5% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $182K; 4 not under a Rule 10b5-1 plan ($108K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 15 Form 4 filings, $4.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (8 analysts), mean target USD 22.14 (range 15–35).
- Total return with dividends: 1Y -79.0% vs S&P 500 +13.4%; 5Y -96.7% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD -1.21, revenue estimate $49.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $378M | $72.3M | $108M | $165M | $190M |
| Operating income | -$8.1M | -$859M | -$291M | — | — | — |
| Net income | -$6.5M | -$877M | -$536M | -$206M | -$166M | -$180M |
| EPS (diluted) | — | -$150.50 | -$58.09 | -$13.65 | -$10.80 | — |
| Free cash flow | — | $927M | -$160M | -$383M | -$168M | -$156M |
| Operating margin | — | -227.2% | -402.6% | — | — | — |
| Net margin | — | -232.0% | -741.5% | -190.2% | -100.6% | -94.5% |
| Revenue growth | — | — | -80.9% | +50.0% | +52.0% | — |
| Cash + short-term investments | $38K | $318M | $529M | $265M | $183M | — |
| Total debt | — | $0K | $515M | $520M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.7x · P/B 5.5x · FCF yield -49.13% · Earnings yield -56.61%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Nicholas J. Calamari | Director | 1,320 | $14K | 1.9% | No | Too little history (no open-market trades in 2023) |
| 2026-10-19 | Tuffin Paula | General Counsel and CCO | 1,225 | $13K | 2.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-17 | Tuffin Paula | General Counsel and CCO | 3,108 | $38K | 7.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Smith Chad M. | President, BMC | 3,307 | $43K | 11.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08 | Smith Chad M. | Pres & COO, Better Mortgage | 2,455 | $74K | 9.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
15 purchases, $4.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Frater Hugh R | Director | 5,150 | $125K | 24.34 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Talwar Harit | Director | 5,000 | $127K | 25.34 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Garg Vishal | Chief Executive Officer | 15,600 | $388K | 24.89 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Garg Vishal | Chief Executive Officer | 15,600 | $390K | 25 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Garg Vishal | Chief Executive Officer | 15,600 | $388K | 24.87 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-12 | Advani Loveen | Chief Financial Officer | 500 | $15K | 30.69 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Talwar Harit | Director | 3,000 | $91K | 30.43 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Garg Vishal | Chief Executive Officer | 6,583 | $197K | 30 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-10 | Framework Ventures Iv L.P. |  | 54,384 | $1.8M | 32.96 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-09 | Talwar Harit | Director | 5,000 | $164K | 32.89 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Garg Vishal | Chief Executive Officer | 10,000 | $351K | 35.05 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Orn Jonsson Sigurgeir | Chief Technology Officer | 1,000 | $36K | 36.09 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Advani Loveen | Chief Financial Officer | 10 | $0K | 35.5 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Menon Bhaskar | Director | 590 | $20K | 34.13 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-08 | Talwar Harit | Director | 1,000 | $33K | 33.34 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 8 analysts; mean target USD 22.14 (low 15, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Needham | Target lowered | Buy | $25 → $15 |
| 2026-10-12 | BTIG | Target lowered | Buy | $23 → $20 |
| 2026-10-06 | Needham | Reiterated | Buy | $25 |
| 2026-10-02 | Cantor Fitzgerald | Upgrade | Neutral → Overweight | $16 |
| 2026-08-13 | Cantor Fitzgerald | Downgrade | Overweight → Neutral | $32 → $16 |
| 2026-08-10 | BTIG | Target lowered | Buy | $36 → $23 |
| 2026-08-07 | Needham | Target lowered | Buy | $35 → $25 |
| 2026-08-04 | Canaccord Genuity | Maintained | Buy | $42 |
| 2026-07-31 | Needham | Reiterated | Buy | $35 |
| 2026-07-24 | Needham | Target lowered | Buy | $53 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -79.0% | -96.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -79.1% | -49.3% |
| Volatility (annualized) | 122.1% | 171.0% |
| Max drawdown | -89.8% (Oct 2025→Oct 2026) | -99.6% (Jul 2023→Jan 2025) |

## Peers (Mortgage Finance)
VEL (Velocity Financial, Inc.) USD 15.3 +0.59% · WD (Walker & Dunlop, Inc) USD 34.16 -1.50% · UWMC (UWM Holdings Corporation) USD 1.45 +26.09% · PFSI (PennyMac Financial Services, In) USD 63.68 +0.51% · RKT (Rocket Companies, Inc.) USD 11.73 -0.09%

## More
Full page: https://nexqual.com/BETR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BETR's own 10-K filed 2026-03-13 (https://www.sec.gov/Archives/edgar/data/1835856/000162828026017747/aurcu-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Notable Finance | "We also market the Better Home Improvement Line of Credit to our customers through special offers and rewards for customers and pay Notable an administrative fee per each Home Improvement Line of Credit loan originated." |

## Revenue by business segment (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Home Finance | $11.1M | 98.2% | -9.9% |
| Banking | $198,000 | 1.8% | -65.3% |
| Total revenue | $11.3M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Insurance services | $571,000 | 52.2% | -30.8% |
| Real estate services | $328,000 | 30.0% | +115.8% |
| Other revenue | $180,000 | 16.5% | -27.7% |
| International lending revenue | $15,000 | 1.4% | -99.2% |
| Total revenue | $1.1M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $138.8M | 1228.7% | +60.2% |
| Non Us | $26.0M | 230.5% | +19.3% |
| Total revenue | $11.3M | 100% | — |
The lines above cover 1459.2% of total revenue.

## Company outlook (8-K filed 2026-10-14)

- "As late as the August 3rd board meeting, the day I was fired, the Company's own projections were estimating that we were on track to over $1.5 billion of volume, over $53 million of revenue, and $12 million of Adjusted EBITDA loss, which, if achieved, would have handily came in at the top end of the guidance range on all three metrics."
- "Preliminary third quarter Loan Volume was $1.395 billion, within the Company's previously issued guidance range of $1.375 billion to $1.525 billion."
- "Total Net Revenues were $45.1 million, below previously issued guidance of $49.0 million to $52.0 million, reflecting both interest rate headwinds and the focus on the proxy solicitation distraction which lowered morale, impacted conversion, and lengthened partner launch timelines."
- "Preliminary Adjusted EBITDA loss was $24.8 million to $25.8 million, compared with previously issued guidance for an Adjusted EBITDA loss of $15.0 million to $18.0 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.21 | $-0.63 | +92.1% | $49.4M | 5 |
| Next quarter (ends 2026-12-31) | $-0.91 | $-0.28 | +228.9% | $52.0M | 5 |
| Current fiscal year (ends 2026-12-31) | $-3.92 | $-2.92 | +34.1% | $203.7M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.72 | $0.78 | -191.4% | $268.6M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±29.5%; last 8 reports averaged ±17.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 132.3% | ±29.5% |
| 2026-12-18 | 55 | 126.6% | ±38.6% |
| 2027-01-15 | 83 | 128.1% | ±47.0% |
| 2027-03-19 | 146 | 119.1% | ±56.5% |
| 2027-04-16 | 174 | 119.9% | ±61.4% |
| 2027-07-16 | 265 | 122.6% | ±75.1% |