The company's financial leverage has increased, with the debt-to-equity ratio rising to 0.69 in 2025Q4 from 0.29 in 2023Q3, reflecting a deteriorating capital structure.
| Total Assets | 78.04M | 75.4M | 79.26M | 80.19M | 104.93M | 35.22M | 2.49M | 3.83M | 2.64M |
| Asset Growth % | 3.51% | -4.87% | -1.16% | -23.58% | 197.89% | 1314.64% | -35.06% | 45.49% | - |
| Real Estate & Other Assets | 94K | 74K | 58K | 52K | 93K | 55.3K | 0 | 0 | 0 |
| PP&E (Net) | 5.79M | 5.63M | 6.49M | 8.45M | 5.6M | 592.02K | 371.11K | 90.62K | 101.62K |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 35.92M | 24.96M | 23.19M | 18.82M | 54.45M | 32.86M | 1.65M | 3.58M | 2.53M |
| Cash & Equivalents | 5.77M | 7.13M | 7.4M | 8.32M | 37.83M | 28.58M | 579.42K | 1.01M | 154.44K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 660.9K | 1000K | 1000K |
| Other Current Assets | 7.95M | 10.68M | 11.14M | 7.36M | 9.86M | 199.82K | 0 | 0 | 596.23K |
| Intangible Assets | 18.58M | 20.23M | 23.91M | 27.26M | 24.24M | 922.15K | 464.84K | 167.82K | 0 |
| Total Liabilities | 40.6M | 30.72M | 24.02M | 18.17M | 24.78M | 5.57M | 3.65M | 3.6M | 2.63M |
| Total Debt | 25.65M | 18.79M | 17.57M | 11.12M | 14.99M | 980.8K | 819.33K | 568.99K | 485.5K |
| Net Debt | 19.88M | 11.66M | 10.17M | 2.8M | -22.84M | -27.6M | 239.92K | -439.55K | 331.06K |
| Long-Term Debt | 80K | 5.09M | 3.47M | 129K | 146K | 283K | 535.09K | 552.19K | 468.99K |
| Short-Term Borrowings | 20.61M | 8.95M | 8.77M | 4.14M | 10.41M | 256K | 17.09K | 16.8K | 16.51K |
| Capital Lease Obligations | 4.96M | 4.76M | 5.33M | 6.85M | 4.43M | 441K | 267.14K | 0 | 0 |
| Total Current Liabilities | 33.9M | 19.38M | 16.35M | 12.5M | 21.07M | 4.99M | 2.94M | 3.05M | 2.16M |
| Accounts Payable | 5.65M | 4.3M | 3.4M | 3.34M | 5.3M | 2.6M | 946.03K | 817.81K | 253.49K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 4.4M | 1.06M | 463.67K | 299.29K | 0 |
| Other Liabilities | 3.33M | 2.73M | 381K | 297K | 0 | 379 | 0 | 0 | 0 |
| Total Equity | 37.44M | 44.68M | 55.23M | 62.02M | 80.15M | 29.65M | -1.16M | 232.04K | 1.72K |
| Equity Growth % | -16.21% | -19.11% | -10.94% | -22.62% | 170.31% | 2657.9% | -599.56% | 13390.81% | - |
| Shareholders Equity | 37.44M | 44.68M | 55.23M | 62.02M | 80.15M | 29.65M | -1.16M | 232.04K | 1.72K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 150.91M | 137.84M | 126.82M | 109.63M | 100.16M | 37.17M | 4.99M | 2.29M | 0 |
| Retained Earnings | -113.47M | -93.16M | -71.59M | -47.6M | -19.98M | -7.49M | -6.15M | -2.06M | 1.72K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -26.47% | -27.9% | -30.08% | -29.85% | -17.82% | -7.11% | -129.42% | -51.42% | -15.96% |
| Return on Equity (ROE) | -49.46% | -43.19% | -40.9% | -38.86% | -22.75% | -9.41% | - | -1422.99% | -24451.28% |
| Debt / Assets | 32.87% | 24.92% | 22.16% | 13.87% | 14.28% | 2.78% | 32.9% | 14.84% | 18.42% |
| Debt / Equity | 0.69x | 0.42x | 0.32x | 0.18x | 0.19x | 0.03x | - | 2.45x | 282.27x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - |
| Book Value per Share | 1.16 | 2.21 | 3.40 | 3.88 | 5.62 | 2.14 | -0.11 | 0.02 | 0.00 |
Liquidity and cash burn
As reported in recent financial statements, Fathom's equity base has contracted to $37.4 million in 2025Q4 from a peak of $55.8 million in 2023Q3, reflecting a persistent erosion of shareholder value driven by ongoing operational deficits and the inability to achieve sustainable scale in the current brokerage environment.
The steady decline in equity suggests that the company's growth-at-all-costs strategy has failed to translate into a self-sustaining capital structure. Investors should monitor whether the current trajectory of asset utilization can be reversed without further dilutive equity offerings, as the current balance sheet appears increasingly fragile.
Based on reported figures, Fathom's debt-to-equity ratio has climbed to 0.69 in 2025Q4, up from 0.29 in 2023Q3, indicating that the firm is increasingly relying on debt financing to bridge the gap between its operational cash requirements and its limited internal cash generation capabilities.
While a 0.69 ratio is not inherently catastrophic, the trend of rising leverage in the face of negative FFO warrants caution. This shift suggests that the company's financial flexibility is narrowing, potentially limiting its ability to navigate prolonged periods of housing market volatility without incurring higher interest costs.
According to the latest quarterly data, Fathom's cash position has dwindled to $5.8 million as of 2025Q4, a significant reduction from the $13.1 million reported in 2024Q3, which highlights a precarious liquidity profile that may struggle to support ongoing operations during seasonal or cyclical downturns.
The rapid depletion of cash reserves relative to quarterly FFO losses suggests that the company's runway is becoming increasingly constrained. This liquidity position appears insufficient to fund long-term development initiatives, implying that management may be forced to prioritize survival over strategic expansion in the near term.
Financial statements indicate that net property and equipment remains relatively static at $5.8 million, which, when contrasted with the company's aggressive technology-led growth narrative, suggests that the balance sheet may be over-reliant on intangible value that is difficult to monetize during a liquidity crisis.
The lack of significant tangible asset growth implies that the company's value is tied heavily to its platform and agent network, which are highly sensitive to market sentiment. This composition poses a non-obvious risk, as the firm lacks the hard asset collateral typically available to traditional real estate entities to secure emergency financing.
Quick answers to the most common questions about buying FTHM stock.
As of 2025, Fathom Holdings Inc. (FTHM) had total assets of $78.0M including $35.9M in current assets.
Fathom Holdings Inc. (FTHM) carries total debt of $25.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fathom Holdings Inc. (FTHM) has total shareholders' equity (book value) of $37.4M ($1.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fathom Holdings Inc. (FTHM) reported a current ratio of 1.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.