# Opendoor Technologies Inc. (OPEN)

> Source: Nexqual · https://nexqual.com/OPEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Opendoor Technologies Inc. (OPEN), nexqual.com/OPEN" · informational, not investment advice.

**Price:** USD 2.02 (+3.59% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1.95 · day 1.88–2.02 · 52w 1.88–9.46 · market cap $1.96B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.25B, net income -$1.52B (-46.7% margin), free cash flow -$474M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $603K; 1 not under a Rule 10b5-1 plan ($50K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $588K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (9 analysts), mean target USD 4.27 (range 1–7).
- Total return with dividends: 1Y -71.3% vs S&P 500 +14.9%; 5Y -91.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.05, revenue estimate $1.08B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.02B | $15.6B | $6.95B | $5.15B | $4.37B | $3.25B |
| Gross profit | $730M | $667M | $487M | $433M | $350M | — |
| Operating income | -$568M | -$931M | -$386M | -$320M | -$287M | -$521M |
| Net income | -$662M | -$1.35B | -$275M | -$392M | -$1.30B | -$1.52B |
| EPS (diluted) | -$1.12 | -$2.16 | -$0.42 | -$0.56 | -$1.70 | — |
| Free cash flow | -$5.83B | $693M | $2.31B | -$620M | $1.04B | -$474M |
| Gross margin | 9.1% | 4.3% | 7.0% | 8.4% | 8.0% | — |
| Operating margin | -7.1% | -6.0% | -5.6% | -6.2% | -6.6% | -16.0% |
| Net margin | -8.3% | -8.7% | -4.0% | -7.6% | -29.7% | -46.7% |
| Revenue growth | +210.5% | +94.1% | -55.4% | -25.8% | -15.2% | — |
| Cash + short-term investments | $2.21B | $1.28B | $1.07B | $679M | $962M | — |
| Total debt | $954M | $959M | $376M | $378M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.6x · P/B 2.1x · FCF yield -24.16% · Earnings yield -77.54%

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Nguyen Giang | Chief Operating Officer | 10,393 | $21K | 0.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-15 | Nguyen Giang | Chief Operating Officer | 3,591 | $17K | 0% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Benson David C | Director | 40,000 | $193K | 18.2% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-15 | Schwartz Christina | Chief Financial Officer | 74,348 | $322K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-15 | Nguyen Giang | Chief Operating Officer | 10,866 | $50K | 0.1% | No | Too little history (no open-market trades in 2023–2025) |
% 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)
2 purchases, $588K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-14 | Nejatian Kasra | Chief Executive Officer | 27,625 | $100K | 3.62 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Nejatian Kasra | Chief Executive Officer | 100,000 | $488K | 4.88 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 9 analysts; mean target USD 4.27 (low 1, high 7).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | JP Morgan | Target lowered | Overweight | $8 → $7 |
| 2026-09-11 | Citizens | Reiterated | Market Perform |  |
| 2026-08-05 | UBS | Target lowered | Neutral | $5 → $4.5 |
| 2026-07-13 | Keefe, Bruyette & Woods | Target raised | Underperform | $2.25 → $2.65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -71.3% | -91.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -71.4% | -38.7% |
| Volatility (annualized) | 80.0% | 107.6% |
| Max drawdown | -79.2% (Nov 2025→Oct 2026) | -97.7% (Oct 2021→Jun 2025) |

## Peers (Real Estate Services)
CWK (Cushman & Wakefield Ltd.) USD 12.1 +4.49% · NMRK (Newmark Group, Inc.) USD 11.82 +2.96% · IHS (IHS Holding Limited) USD 8.45 +0.24% · CIGI (Colliers International Group In) USD 96.46 +4.00% · FSV (FirstService Corporation) USD 147.22 +7.78% · COMP (Compass, Inc.) USD 9.97 +2.57%

## More
Full page: https://nexqual.com/OPEN · 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 OPEN's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1801169/000180116926000010/open-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ZILLOW GROUP, INC. (ZG) | "On July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. ("Zillow") in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of common stock that will…" |

## Company outlook (8-K filed 2026-08-04)

- "Outlook: ◦ Acquisitions: You can track our acquisition contracts on accountable.opendoor.com 4 . ◦ Revenue: We expect revenue to increase at least 20% year-over-year. ◦ Contribution Profit 5 : We expect Contribution Profit dollars to more than double year over year."
- "We expect Contribution Margin to be around 4% to 4.5%."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.02 | +135.3% | $1.08B | 3 |
| Next quarter (ends 2026-12-31) | $-0.05 | $-0.03 | +44.8% | $1.17B | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.19 | $-0.14 | +30.9% | $3.83B | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.02 | $-0.01 | +78.0% | $7.28B | 3 |

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

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±17.6%; earnings reaction alone ±9.5%; last 8 reports averaged ±11%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 92.7% | ±11.1% |
| 2026-11-06 | 14 | 107.5% | ±17.6% |
| 2026-11-13 | 21 | 105.1% | ±20.5% |
| 2026-11-20 | 28 | 107.1% | ±24.0% |
| 2026-11-27 | 35 | 141.3% | ±34.9% |
| 2026-12-18 | 56 | 99.9% | ±30.9% |
| 2027-01-15 | 84 | 98.4% | ±37.1% |
| 2027-02-19 | 119 | 108.3% | ±48.5% |