Latest Ratios: P/E Ratio -2.4x · EV/EBITDA N/A · ROE -446.1%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $402M | $500M | $135M | $18.9B | $372.1B | $365.1B | — | — |
| Enterprise Value | $901M | $998M | $692M | $19.0B | $372.9B | $366.5B | — | — |
| P/E Ratio → | -2.37 | — | — | — | — | — | — | — |
| P/S Ratio | 2.10 | 2.61 | 1.12 | 213.00 | 941.86 | 278.37 | — | — |
| P/B Ratio | 10.59 | 13.44 | — | 153.76 | — | 538.65 | — | — |
| P/FCF | — | — | — | — | 412.11 | 1247.94 | — | — |
| P/OCF | — | — | — | — | 396.61 | 1010.77 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.22 | 5.76 | 214.90 | 943.83 | 279.46 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | 412.97 | 1252.82 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.7% | 77.7% | -35.4% | -69.3% | -75.6% | 26.1% | 48.0% | 56.0% |
| Operating Margin | -64.3% | -64.3% | -156.6% | -329.1% | -217.4% | -18.3% | 22.3% | 19.9% |
| Net Profit Margin | -86.7% | -86.7% | -171.8% | -606.1% | -222.0% | -23.0% | 10.1% | 5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| ROE | -446.1% | -446.1% | -640.4% | -437.5% | -344.0% | -82.6% | 81.3% | 64.1% |
| ROA | -13.7% | -13.7% | -22.7% | -53.9% | -40.0% | -14.6% | 4.6% | 2.7% |
| ROIC | -13.5% | -13.5% | -18.7% | -25.4% | -32.4% | -11.6% | 99.1% | 86.0% |
| ROCE | -15.7% | -15.7% | -32.0% | -38.4% | -96.6% | -27.6% | 11.2% | 12.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 16.55 | 16.55 | — | 5.48 | — | 3.49 | 0.15 | 1.07 |
| Debt / EBITDA | — | — | — | — | — | — | 0.11 | 0.39 |
| Net Debt / Equity | — | 13.41 | — | 1.37 | — | 2.11 | -0.05 | -0.15 |
| Net Debt / EBITDA | — | — | — | — | — | — | -0.04 | -0.05 |
| Debt / FCF | — | — | — | — | 0.86 | 4.89 | — | -0.05 |
| Interest Coverage | -2.87 | -2.87 | — | -15.91 | -1.89 | -2.01 | 2.86 | 2.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.58 | 0.58 | 1.98 | 3.80 | 2.62 | 1.32 | 1.32 | 0.65 |
| Quick Ratio | 0.58 | 0.58 | 1.98 | 3.80 | 2.62 | 1.32 | 1.32 | 0.65 |
| Cash Ratio | 0.28 | 0.28 | 0.48 | 2.42 | 1.20 | 0.40 | 0.17 | 0.32 |
| Asset Turnover | — | 0.13 | 0.13 | 0.10 | 0.36 | 0.40 | 0.32 | 0.51 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 0.2% | 0.1% | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $15M | $15M | $462M | $738M | $738M | $72M | $75M |
Liquidity and solvency crisis
As reported in recent financial filings, the company's P/S ratio of 2.10 and negative P/E suggest that the market is heavily discounting the firm's future earnings potential compared to more established mortgage peers, likely due to the persistent inability to convert revenue growth into bottom-line profitability.
The valuation multiples appear to reflect a significant 'SPAC-legacy' discount, as investors remain wary of the company's path to GAAP profitability. Given the lack of positive earnings, traditional P/E metrics are non-informative, and the high P/B ratio of 10.59 relative to peers like UWMC suggests that the market is pricing in intangible technology value that has yet to be validated by sustained cash generation.
Based on the provided financial data, the company's ROIC has remained consistently negative, reaching -4.9% in 2026Q1, which indicates that the firm is currently destroying shareholder value rather than compounding it through its investment in the 'Tinman' platform and broader mortgage operations.
The persistent negative ROIC suggests that the capital deployed into the business is not generating returns above the cost of capital, a trend that warrants further investigation into the efficacy of the company's technology-first strategy. Without a clear path to positive margins, the current trajectory suggests that capital allocation remains a primary concern for long-term equity holders.
According to the company's reported figures, asset turnover has remained stagnant at approximately 0.03 to 0.05 over the last ten quarters, indicating that the firm is struggling to generate sufficient revenue volume to justify its significant fixed-cost technology infrastructure and corporate overhead.
The low asset turnover ratio highlights a fundamental mismatch between the company's operational footprint and its current market demand. Investors should monitor whether the firm can improve its pull-through rates or B2B partnership volume, as these are the only likely levers to improve asset utilization in a high-interest-rate environment.
As indicated by the latest quarterly data, the debt-to-equity ratio has surged to an extreme 83.10 as of 2026Q1, signaling that the company's reliance on debt financing has reached a critical level that severely limits its operational and strategic optionality in a volatile mortgage market.
The dramatic increase in leverage, coupled with negative interest coverage ratios, suggests that the company's ability to service its obligations is under significant pressure. This level of indebtedness appears unsustainable and may necessitate further capital raises or restructuring, which would likely be dilutive to existing shareholders.
Based on the provided financial statements, the most commonly misapplied ratio for this business model is the gross margin, which, at 74.2%, obscures the massive customer acquisition and platform maintenance costs that are essential to understanding the company's true unit economics.
Investors often mistake the high gross margin for operational profitability, failing to account for the fact that it represents net gain on sale rather than a traditional manufacturing margin. A more appropriate metric for this business would be the contribution margin per loan, which would better reflect the actual profitability of the origination process after accounting for variable customer acquisition costs.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BETR stock.
Better Home & Finance Holding Company's current P/E ratio is -2.4x. This places it at the 50th percentile of its historical range.
Better Home & Finance Holding Company's return on equity (ROE) is -446.1%. The historical average is -194.1%.
Based on historical data, Better Home & Finance Holding Company is trading at a P/E of -2.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Better Home & Finance Holding Company has 77.7% gross margin and -64.3% operating margin.