The company's financial flexibility is severely limited by a debt-to-equity ratio of 2.06x and a total asset base that has shrunk from $406.6M in 2024Q2 to $149.8M in 2026Q1.
| Total Assets | 149.77M | 154.77M | 313.05M | 379.69M | 825.07M | 1.35B | 235.87M | 385.89M |
| Asset Growth % | -164.07% | -50.56% | -17.55% | -53.98% | -39.02% | 473.65% | -38.88% | - |
| Real Estate & Other Assets | 8.25M | 8.4M | 9.71M | 234K | 10.89M | 10.11M | 8.58M | 498K |
| PP&E (Net) | 14.39M | 14.67M | 9.13M | 7.86M | 0 | 0 | 0 | 5.81M |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 127.14M | 131.69M | 294.21M | 371.61M | 814.18M | 1.34B | 227.29M | 379.58M |
| Cash & Equivalents | 41.63M | 26.54M | 43.02M | 75.97M | 97.24M | 169.82M | 43.94M | 22.86M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 2.61M | 3.42M | 33.17M | 9.2M | 49.89M | 24.62M | 6.8M | 9.88M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 103.93M | 116.55M | 265.4M | 277.92M | 703.19M | 1.1B | 379.13M | 353.09M |
| Total Debt | 94.38M | 93.83M | 252.41M | 259.5M | 668.33M | 1.03B | 181.68M | 342.39M |
| Net Debt | 52.74M | 67.29M | 209.39M | 183.53M | 571.09M | 857.72M | 137.74M | 319.53M |
| Long-Term Debt | 14.68M | 14.65M | 0 | 0 | 0 | 0 | 4.71M | 0 |
| Short-Term Borrowings | 65.75M | 78.08M | 237.24M | 257.22M | 666.07M | 1.03B | 176.97M | 342.39M |
| Capital Lease Obligations | 17.18M | 1.1M | 15.17M | 2.27M | 2.26M | 1.34M | 0 | 0 |
| Total Current Liabilities | 76.44M | 88.8M | 250.97M | 276.03M | 698.96M | 1.07B | 190.3M | 353.09M |
| Accounts Payable | 2.12M | 1.67M | 1.92M | 4.95M | 4.65M | 6.4M | 2.15M | 1.31M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 13.1M | 231K | 1.89M | 4.23M | 27.89M | 184.12M | 0 |
| Total Equity | 45.84M | 38.22M | 47.65M | 101.78M | 121.88M | 257.57M | -143.26M | 32.8M |
| Equity Growth % | -92.62% | -19.8% | -53.18% | -16.49% | -52.68% | 279.79% | -536.8% | - |
| Shareholders Equity | 45.84M | 38.22M | 47.65M | 101.78M | 121.88M | 257.57M | -143.26M | 32.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 5K | 4K | 3K | 3K | 2K | 24K | 0 | 0 |
| Additional Paid-in Capital | 562.4M | 544.64M | 507.7M | 499.66M | 402.54M | 389.6M | 5.91M | 0 |
| Retained Earnings | -516.56M | -506.43M | -460.05M | -397.89M | -280.67M | -132.06M | -138.52M | -115.4M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 154.3M |
| Return on Assets (ROA) | -20.83% | -19.83% | -17.95% | -19.46% | -13.65% | 0.81% | -7.44% | -13.46% |
| Return on Equity (ROE) | -111.72% | -108.03% | -83.2% | -104.82% | -78.33% | 11.3% | - | -158.4% |
| Debt / Assets | 63.01% | 60.63% | 80.63% | 68.34% | 81% | 75.94% | 77.02% | 88.73% |
| Debt / Equity | 2.06x | 2.46x | 5.30x | 2.55x | 5.48x | 3.99x | - | 10.44x |
| Net Debt / EBITDA | -1.77x | - | - | - | - | 42.28x | - | - |
| Book Value per Share | 9.92 | 10.27 | 17.39 | 38.57 | 74.57 | 269.76 | -371.36 | 97.78 |
Liquidity and inventory turnover
As reported in recent financial statements, Offerpad's total assets declined from $406.6M in 2024Q2 to $149.8M by 2026Q1, illustrating a significant contraction in the company's property footprint as management pivots toward a defensive posture to mitigate exposure to volatile residential housing market conditions.
The rapid reduction in total assets suggests that the company is actively liquidating its inventory to preserve capital rather than pursuing growth. This contraction appears to be a necessary response to the inability to maintain profitable transaction volumes, though it leaves the firm with a smaller revenue-generating base.
Based on the company's reported figures, the debt-to-equity ratio reached 2.46x in 2025Q4, highlighting a reliance on external financing that remains precarious given the firm's persistent inability to generate positive net income or consistent cash flow from its core iBuying operations.
The high leverage ratio, when paired with the company's negative ROE, suggests that debt is being used to fund operating losses rather than productive asset growth. Investors should monitor whether these warehouse facilities remain accessible if the underlying collateral quality continues to face downward pressure from market-wide price corrections.
According to recent SEC filings, Offerpad's cash and equivalents dropped to $26.5M in 2025Q4, a level that appears insufficient for a company managing significant inventory-related obligations and ongoing negative FFO, thereby heightening the risk of a liquidity crunch during periods of market-wide transaction stagnation.
The current cash position provides a very narrow margin of safety for a business model that is inherently capital-intensive and sensitive to interest rate fluctuations. This lack of liquidity may force management to prioritize short-term cash preservation over long-term strategic initiatives, potentially limiting their ability to compete effectively.
As indicated by the company's financial disclosures, the reliance on 'Lower of Cost or Net Realizable Value' accounting suggests that future non-cash impairment charges could further erode the already thin $45.8M equity base if residential property values in key Sunbelt markets experience a sustained decline.
The potential for sudden, non-cash hits to the balance sheet creates an opaque risk profile for investors who may be underestimating the impact of market volatility on inventory carrying values. This vulnerability is compounded by the company's reliance on warehouse financing, which may include covenants triggered by such valuation adjustments.
Quick answers to the most common questions about buying OPAD stock.
As of 2025, Offerpad Solutions Inc. (OPAD) had total assets of $154.8M including $131.7M in current assets.
Offerpad Solutions Inc. (OPAD) carries total debt of $93.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Offerpad Solutions Inc. (OPAD) has total shareholders' equity (book value) of $38.2M ($10.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Offerpad Solutions Inc. (OPAD) reported a current ratio of 1.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.