Total debt has been slashed to $194M from $2.5B in 2024Q1, with a debt-to-equity ratio of 0.21 and cash of $896M, but inventory write-down risk persists given gross margins of only 6.95%.
Opendoor Technologies Inc. (OPEN) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Assets | 2.96B | 2.41B | 3.13B | 3.57B | 6.61B | 9.51B | 2.18B | 2.23B | 1.84B |
| Asset Growth % | -70.31% | -23% | -12.36% | -46.02% | -30.49% | 336.86% | -2.5% | 21.14% | - |
| Real Estate & Other Assets | 74M | 2M | 60M | 22M | 27M | 7M | 4M | 5.39M | 3M |
| PP&E (Net) | 34M | 35M | 66M | 91M | 99M | 87M | 79M | 95.29M | 17.98M |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 2.85B | 2.3B | 3B | 3.44B | 6.47B | 9.34B | 2.05B | 2.09B | 1.81B |
| Cash & Equivalents | 896M | 962M | 671M | 999M | 1.14B | 1.73B | 1.41B | 405.08M | 262.37M |
| Receivables | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | -1000K |
| Other Current Assets | 109M | 412M | 153M | 602M | 725M | 1.03B | 126M | 326.62M | 175M |
| Intangible Assets | 0 | 0 | 0 | 5M | 12M | 12M | 9M | 12.41M | 3.74M |
| Total Liabilities | 2.05B | 1.4B | 2.41B | 2.6B | 5.52B | 7.26B | 623M | 2.96B | 1.17B |
| Total Debt | 194M | 193M | 2.32B | 2.53B | 5.4B | 7.11B | 550M | 1.5B | 1.13B |
| Net Debt | -702M | -769M | 1.65B | 1.53B | 4.26B | 5.38B | -863M | 1.09B | 870.73M |
| Long-Term Debt | 194M | 193M | 1.87B | 2.51B | 3.98B | 2.82B | 136M | 362.02M | 100.5M |
| Short-Term Borrowings | 0 | 0 | 432M | 0 | 1.38B | 4.25B | 346M | 1.07B | 1.03B |
| Capital Lease Obligations | 8M | 0 | 15M | 24M | 45M | 46M | 68M | 61.91M | 0 |
| Total Current Liabilities | 968M | 327M | 529M | 70M | 1.5B | 4.4B | 393M | 1.13B | 1.07B |
| Accounts Payable | 0 | 0 | 9M | 2M | 5M | 3M | 3M | 6.45M | 6.24M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 885M | 882M | 1M | 1M | 0 | 0 | 47M | 1.43B | 5.08M |
| Total Equity | 914M | 1B | 713M | 967M | 1.09B | 2.25B | 1.55B | -733.1M | 668.52M |
| Equity Growth % | 134.96% | 40.95% | -26.27% | -10.96% | -51.69% | 44.75% | 311.84% | -209.66% | - |
| Shareholders Equity | 914M | 1B | 713M | 967M | 1.09B | 2.25B | 1.55B | -733.1M | 667.03M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.49M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 6.04B | 4.44B | 4.3B | 4.15B | 3.96B | 2.6B | 57.36M | 31.2M |
| Retained Earnings | -5.37B | -5.03B | -3.73B | -3.33B | -3.06B | -1.71B | -1.04B | -790.48M | -446.06M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08B |
| Return on Assets (ROA) | -58.4% | -46.99% | -11.71% | -5.41% | -16.79% | -11.33% | -11.48% | -16.74% | -13.1% |
| Return on Equity (ROE) | -165.15% | -151.34% | -46.67% | -26.79% | -81.16% | -34.83% | -61.72% | - | -36.09% |
| Debt / Assets | 6.55% | 8.02% | 74.12% | 71.04% | 81.72% | 74.78% | 25.28% | 67.13% | 61.5% |
| Debt / Equity | 0.21x | 0.19x | 3.25x | 2.62x | 4.97x | 3.16x | 0.35x | - | 1.69x |
| Net Debt / EBITDA | 1.42x | - | - | - | - | - | - | - | - |
| Book Value per Share | 0.95 | 1.31 | 1.02 | 1.47 | 1.73 | 3.79 | 14.21 | -9.17 | 1.23 |
Quick answers to the most common questions about buying OPEN stock.
As of 2025, Opendoor Technologies Inc. (OPEN) had total assets of $2.41B including $2.30B in current assets.
Opendoor Technologies Inc. (OPEN) carries total debt of $193.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Opendoor Technologies Inc. (OPEN) has total shareholders' equity (book value) of $1.00B ($1.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Opendoor Technologies Inc. (OPEN) reported a current ratio of 7.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Inventory write-down risk
Metrics are mathematically derived from official filings.
Balance Sheet Deleveraging Amid Contraction
Opendoor's total debt plummeted from $2.5B in 2024Q1 to $194M by 2026Q2, while cash remained near $900M, according to recent SEC filings, signaling a strategic shift toward capital preservation.
The dramatic reduction in debt, from $2.5B to $194M, alongside a stable cash position, indicates a deliberate deleveraging strategy. This shift appears to prioritize balance sheet resilience over growth, consistent with the revenue contraction and conservative buy-box approach. The resulting equity cushion, though modest at $914M, provides a buffer against further market volatility.
Inventory Quality Under Scrutiny
With inventory turnover slowing and gross margins thin at 6.95%, the quality of Opendoor's residential portfolio appears vulnerable to price declines, as reported in financial statements, potentially triggering LCM write-downs.
The portfolio's risk is concentrated in the 'Sunbelt' markets, where rapid price appreciation may reverse. The low gross margin leaves little room for error, and any market softening could force mark-to-market losses. Investors should monitor days-to-sell metrics and regional price trends to gauge portfolio health.
Minimal Corporate Debt Masks Warehouse Exposure
Opendoor's reported debt-to-equity of 0.21 in 2026Q2 reflects only $194M in corporate debt, but the company's reliance on asset-backed warehouse facilities for inventory funding is not fully captured, based on EDBL's reported figures.
The low corporate leverage is a positive, but the business model's true leverage lies in off-balance-sheet inventory financing. The sharp decline in total debt suggests reduced warehouse usage, aligning with lower acquisition volumes. However, any future expansion would likely reintroduce this leverage, making the company sensitive to credit availability.
Equity Cushion Stabilizes After Losses
Equity rebounded to $914M in 2026Q2 from a low of $631M in 2025Q2, despite cumulative losses, as per recent financial statements, indicating improved capital management and reduced inventory risk.
The equity recovery, driven by debt reduction and controlled losses, suggests a stabilizing balance sheet. However, the deeply negative ROE of -17.3% in 2026Q2 indicates that the equity base is not yet generating returns. The company's ability to preserve capital while pursuing profitability will be critical.
Cash Runway Supports Turnaround Efforts
With $896M in cash and minimal corporate debt, Opendoor's liquidity appears adequate to fund operations for over a year, according to recent SEC filings, but persistent FFO losses of -$157M in 2026Q2 could erode this cushion.
The cash position provides a runway to execute the path to Adjusted Net Income positivity. However, the ongoing cash burn, though reduced, remains a concern. The company's ability to achieve profitability before depleting cash is a key risk, especially if revenue growth does not materialize as guided.
Inventory Write-Down Risk Looms
The most non-obvious risk is the potential for significant inventory write-downs if home prices decline, given the thin gross margins and high inventory levels, as reported in financial statements, which could severely impact the balance sheet.
Opendoor's business model relies on accurate pricing and rapid inventory turnover. A market downturn could force the company to sell homes below cost, triggering LCM adjustments. The recent revenue contraction suggests management is already cautious, but the risk remains elevated in a high-rate environment. Investors should monitor housing market indicators and inventory aging.