Persistent negative AFFO, totaling -$9.9M in 2026Q1, confirms a lack of distributable cash flow and highlights a continued reliance on working capital fluctuations to sustain operations.
Offerpad Solutions Inc. (OPAD) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -108.88M | 66.81M | 20.83M | 261.63M | 305.4M | -921.92M | 154.86M | -108.97M |
| Operating CF Growth % | -307.96% | 220.69% | -92.04% | -14.33% | 133.13% | -695.31% | 242.11% | - |
| Operating CF / Revenue % | -31.12% | 11.77% | 2.27% | 19.9% | 7.73% | -44.53% | 14.55% | -10.13% |
| Net Income | -39.69M | -46.38M | -62.16M | -117.22M | -148.61M | 6.46M | -23.12M | -51.95M |
| Depreciation & Amortization | 1.12M | 979K | 611K | 728K | 1.02M | 523K | 434K | 377K |
| Stock-Based Compensation | 1.91M | 2.83M | 8.08M | 7.92M | 8.31M | 3.08M | 1.36M | 1.27M |
| Other Non-Cash Items | 880K | 6.46M | 6.12M | 11.16M | 73.24M | 1.05M | 3.43M | 40K |
| Working Capital Changes | -73.1M | 102.93M | 68.18M | 359.04M | 371.45M | -933.03M | 172.75M | -61.71M |
| Cash from Investing | -9K | -1.06M | -5.33M | 1.99M | -1.07M | -11.65M | -2.86M | -979K |
| Acquisitions (Net) | 28K | 19K | 0 | 0 | 0 | 2.03M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | -2.57M | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 4.68M | 0 | 0 | 0 | 0 |
| Other Investing | 29K | 0 | 82K | 0 | 0 | 0 | 0 | 60K |
| Cash from Financing | 89.71M | -111.21M | -21.82M | -323.98M | -358.47M | 1.08B | -131.15M | 122.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K |
| Share Repurchases | 0 | 0 | -77K | 0 | -285K | -51.25M | 0 | -10.65M |
| Other Financing | -1.59M | -203K | -203K | -2.03M | 4.25M | 284.01M | -457K | 118K |
| Net Change in Cash | -19.18M | -45.46M | -6.31M | -60.37M | -54.13M | 143.69M | 20.86M | 12.55M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 34.86M | 73.63M | 79.93M | 140.3M | 194.43M | 50.74M | 29.88M | 17.33M |
| Cash at End | 14.46M | 28.17M | 73.63M | 79.93M | 140.3M | 194.43M | 50.74M | 29.88M |
| Free Cash Flow | -108.95M | 65.73M | 15.42M | 261.5M | 304.33M | -935.61M | 152.01M | -110.01M |
| FCF Growth % | -345.92% | 326.13% | -94.1% | -14.07% | 132.53% | -715.51% | 238.17% | - |
| FCF / Revenue % | -31.14% | 11.58% | 1.68% | 19.9% | 7.7% | -45.19% | 14.28% | -10.23% |
Quick answers to the most common questions about buying OPAD stock.
Offerpad Solutions Inc. (OPAD) generated $66.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Offerpad Solutions Inc. (OPAD) generated $65.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Offerpad Solutions Inc. (OPAD) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and inventory turnover
Metrics are mathematically derived from official filings.
FFO Divergence from Operating Cash
As reported in financial statements, Offerpad's FFO consistently trails GAAP operating cash flow, with the 2026Q1 FFO loss of $9.8M contrasting sharply against $9.0M in operating cash, suggesting that working capital fluctuations—rather than core operational profitability—are currently driving the company's reported cash flow metrics.
The wide variance between GAAP operating cash flow and FFO highlights the distortion caused by inventory liquidation cycles. Investors should monitor this gap, as it suggests that positive operating cash flow periods may be driven by inventory sell-offs rather than sustainable, recurring earnings generation.
Negative AFFO Precludes Dividend Capacity
Based on the company's reported figures, AFFO has remained persistently negative over the last ten quarters, with a 2026Q1 deficit of $9.9M, confirming that the company lacks any distributable cash flow to support a dividend or provide a buffer for operational contingencies.
The absence of positive AFFO indicates that the business model is currently consuming capital rather than generating it. Without a clear path to positive AFFO, the company remains entirely dependent on external financing to sustain its ongoing operations and overhead costs.
Depreciation Masks Underlying Operational Losses
According to historical data, the persistent gap between Net Income and FFO, such as the $10.1M net loss in 2026Q1, underscores how depreciation and non-cash adjustments fail to obscure the reality that the company's core business model is currently unable to generate positive cash-based earnings.
While FFO is intended to normalize for depreciation, the fact that both Net Income and FFO remain deeply negative suggests that the company's losses are operational in nature rather than accounting artifacts. This implies that the business requires a fundamental shift in its cost structure to reach profitability.
Hidden Risks in Capitalized Costs
As indicated by the provided financial data, the company's reliance on inventory-related cash flows may mask the true extent of maintenance and holding costs, which are often capitalized into inventory values rather than expensed, potentially inflating short-term margins at the expense of future cash realization.
The capitalization of holding costs warrants further investigation, as it may delay the recognition of expenses that are essential to the renovation-heavy business model. If these costs are not recovered upon sale, the company faces significant risk of future write-downs that could further erode its thin liquidity position.