Revenue growth has turned volatile with a 1.2% contraction in 2025Q4, while NOI margins have compressed significantly from a 12.5% peak in 2024Q2 to 7.9% in the most recent period.
| Revenue | 420.48M | 335.18M | 345.23M | 412.96M | 330.23M | 176.78M | 109.62M | 77.31M | 55.38M |
| Revenue Growth % | 25.45% | -2.91% | -16.4% | 25.05% | 86.8% | 61.27% | 41.8% | 39.6% | - |
| Property Operating Expenses | 386.28M | 306.91M | 316.93M | 380.5M | 300.51M | 166.34M | 103.67M | 73.44M | 51.9M |
| Net Operating Income (NOI) | 34.2M | 28.27M | 28.29M | 32.47M | 29.72M | 10.44M | 5.95M | 3.87M | 3.48M |
| NOI Margin % | 8.13% | 8.43% | 8.2% | 7.86% | 9% | 5.91% | 5.43% | 5% | 6.28% |
| Operating Expenses | 47.75M | 51.73M | 51.55M | 59.25M | 45.83M | 11.71M | 9.94M | 5.39M | 3.82M |
| G&A Expenses | 38.22M | 39.37M | 42.1M | 48.44M | 34.63M | 11.29M | 9.94M | 5.39M | 3.82M |
| EBITDA | -7.71M | -18.04M | -17.31M | -23.63M | -13.36M | -1.11M | -3.93M | -1.49M | -320.23K |
| EBITDA Margin % | -1.83% | -5.38% | -5.01% | -5.72% | -4.04% | -0.63% | -3.59% | -1.93% | -0.58% |
| Depreciation & Amortization | 5.85M | 5.42M | 5.95M | 3.15M | 2.75M | 165K | 56.67K | 23.4K | 23.36K |
| D&A / Revenue % | 1.39% | 1.62% | 1.72% | 0.76% | 0.83% | 0.09% | 0.05% | 0.03% | 0.04% |
| Operating Income | -13.55M | -23.46M | -23.25M | -26.78M | -16.11M | -1.27M | -3.99M | -1.52M | -343.59K |
| Operating Margin % | -3.22% | -7% | -6.74% | -6.48% | -4.88% | -0.72% | -3.64% | -1.96% | -0.62% |
| Interest Expense | 594K | 537K | 245K | 0 | 7K | 84K | 109.71K | 102.12K | 0 |
| Interest Coverage | -33.04x | -41.08x | -96.28x | - | -2300.71x | -15.06x | -36.37x | -15.02x | - |
| Non-Operating Income | 6.08M | -1.4M | 335K | 0 | 0 | -10K | 0 | 16.82K | 0 |
| Pretax Income | -20.22M | -22.6M | -23.83M | 27.68M | -15.74M | -1.35M | -4.1M | -1.64M | -420.56K |
| Pretax Margin % | -4.81% | -6.74% | -6.9% | 6.7% | -4.77% | -0.76% | -3.74% | -2.12% | -0.76% |
| Income Tax | 85K | -1.02M | 148K | 54K | -3.25M | -8K | -8K | 27.16K | 5 |
| Effective Tax Rate % | -0.42% | 4.52% | -0.62% | 0.2% | 20.63% | 0.59% | 0.2% | -1.66% | -0% |
| Net Income | -20.31M | -21.58M | -23.98M | -27.63M | -12.49M | -1.34M | -4.09M | -1.66M | -420.56K |
| Net Margin % | -4.83% | -6.44% | -6.95% | -6.69% | -3.78% | -0.76% | -3.73% | -2.15% | -0.76% |
| Net Income Growth % | 5.89% | 10.02% | 13.19% | -121.17% | -831.47% | 67.23% | -146.05% | -295.47% | - |
| Funds From Operations (FFO) | -14.46M | -16.15M | -18.03M | -24.48M | -9.74M | -1.18M | -4.04M | -1.64M | -397.2K |
| FFO Margin % | -3.44% | -4.82% | -5.22% | -5.93% | -2.95% | -0.67% | -3.68% | -2.12% | -0.72% |
| FFO Growth % | 10.49% | 10.42% | 26.33% | -151.26% | -728.49% | 70.86% | -146.1% | -312.84% | - |
| FFO per Share | -0.45 | -0.80 | -1.11 | -1.53 | -0.68 | -0.09 | -0.40 | -0.12 | -0.03 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -0.71 | -1.07 | -1.47 | -1.73 | -0.88 | -0.10 | -0.40 | -0.12 | -0.03 |
| EPS Growth % | 33.64% | 27.21% | 15.03% | -96.59% | -808.15% | 75.78% | -233.33% | -289.61% | - |
| EPS (Basic) | -0.71 | -1.07 | -1.47 | -1.73 | -0.88 | -0.10 | -0.40 | -0.12 | -0.03 |
| Diluted Shares Outstanding | 32.21M | 20.24M | 16.27M | 16M | 14.27M | 13.83M | 10.21M | 13.65M | 13.64M |
Liquidity and cash burn
As reported in recent financial filings, Fathom Holdings experienced a 1.2% revenue contraction in 2025Q4, following a period of inconsistent growth that highlights the company's high sensitivity to cyclical housing market fluctuations despite its cloud-based brokerage model and aggressive efforts to scale the agent base.
The revenue trajectory appears increasingly erratic, suggesting that the company's flat-fee model may not be as insulated from broader market downturns as previously hypothesized. Investors should monitor whether the recent decline in top-line performance reflects a saturation of the agent recruitment pipeline or a fundamental shift in transaction volume per agent.
Based on the company's reported figures, NOI margins have fluctuated significantly, dropping to 7.9% in 2025Q4 from a peak of 12.5% in 2024Q2, which indicates that the firm struggles to maintain consistent property-level profitability amidst a challenging and highly competitive residential real estate brokerage environment.
The compression in NOI margins suggests that the company's operating expenses are not scaling efficiently with revenue, potentially due to the fixed costs associated with maintaining its technology infrastructure. This margin volatility warrants further investigation into whether the firm can achieve sustainable profitability without significantly increasing its ancillary service attachment rates.
According to the latest quarterly data, Fathom reported a negative FFO of $5.2 million in 2025Q4, underscoring a persistent inability to generate positive funds from operations that raises concerns regarding the long-term viability of its current business model without external capital infusions or significant operational restructuring.
The consistent negative FFO per share trajectory suggests that the company is currently reliant on external financing to cover its operational shortfalls. Investors should monitor the company's ability to reach a breakeven point, as the current cash burn rate appears unsustainable given the limited liquidity position disclosed in recent filings.
Financial statements indicate that Fathom Holdings maintains a precarious liquidity position with approximately $5.7 million in cash, which, when viewed against the backdrop of ongoing quarterly FFO losses, suggests a heightened risk of future equity dilution to sustain operations through the current housing market cycle.
The reliance on equity-based growth strategies may be masking the underlying operational inefficiencies inherent in the brokerage segment. Analysts should remain cautious, as the company's path to profitability appears increasingly dependent on market-wide recovery rather than internal cost management or significant improvements in operational leverage.
Quick answers to the most common questions about buying FTHM stock.
For fiscal year 2025, Fathom Holdings Inc. (FTHM) reported total revenue of $420.5M. This represents a 659.3% increase compared to $55.4M in 2017.
Fathom Holdings Inc. (FTHM) reported a net loss of $20.3M for the fiscal year ending 2025.
Fathom Holdings Inc. (FTHM) reported an operating income of $-13.6M, resulting in an operating profit margin of -3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Fathom Holdings Inc. (FTHM) generated $34.2M in gross profit for the year, representing a gross profit margin of 8.1%. This demonstrates the company's core pricing power and production efficiency.