The company has aggressively deleveraged its balance sheet, reducing total debt to $193 million in 2026Q1 from $2.5 billion in 2024Q3, though this is offset by a substantial $5.2 billion accumulated deficit.
| Total Current Assets | 2.24B | 2.3B | 3B | 3.44B | 6.47B | 9.34B | 2.05B | 2.09B | 1.81B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Cash Only | 999M | 962M | 671M | 999M | 1.14B | 1.73B | 1.41B | 405.08M | 262.37M |
| Short-Term Investments | 0 | 0 | 8M | 69M | 144M | 484M | 48M | 43.58M | 9M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 1.14B | 925M | 2.16B | 1.77B | 4.46B | 6.1B | 466M | 1.31B | 1.36B |
| Days Inventory Outstanding | 116.94 | 83.02 | 166.96 | 100.31 | 109.25 | 305.18 | 71.98 | 107.89 | 291.59 |
| Other Current Assets | 104M | 412M | 153M | 602M | 725M | 1.03B | 126M | 326.62M | 175M |
| Total Non-Current Assets | 107M | 108M | 129M | 122M | 142M | 166M | 123M | 144.04M | 34.12M |
| Property, Plant & Equipment | 33M | 35M | 66M | 91M | 99M | 87M | 79M | 95.29M | 17.98M |
| Fixed Asset Turnover | 102.29x | 124.89x | 78.08x | 76.33x | 157.24x | 92.20x | 32.70x | 49.75x | 102.25x |
| Goodwill | 3M | 3M | 3M | 4M | 4M | 60M | 31M | 30.95M | 9.4M |
| Intangible Assets | 0 | 0 | 0 | 5M | 12M | 12M | 9M | 12.41M | 3.74M |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.35B | 2.41B | 3.13B | 3.57B | 6.61B | 9.51B | 2.18B | 2.23B | 1.84B |
| Asset Turnover | 1.52x | 1.82x | 1.65x | 1.95x | 2.36x | 0.84x | 1.19x | 2.12x | 1.00x |
| Asset Growth % | -85.95% | -23% | -12.36% | -46.02% | -30.49% | 336.86% | -2.5% | 21.14% | - |
| Total Current Liabilities | 317M | 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 |
| Days Payables Outstanding | 4.45 | - | 0.7 | 0.11 | 0.12 | 0.15 | 0.46 | 0.53 | 1.34 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 317M | 327M | 0 | 0 | 0 | 0 | 0 | 0 | 29.36M |
| Current Ratio | 7.07x | 7.03x | 5.67x | 49.21x | 4.30x | 2.12x | 5.22x | 1.85x | 1.69x |
| Quick Ratio | 3.48x | 4.20x | 1.58x | 23.86x | 1.33x | 0.74x | 4.04x | 0.69x | 0.42x |
| Cash Conversion Cycle | 112.49 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.08B | 1.07B | 1.88B | 2.53B | 4.02B | 2.86B | 230M | 1.84B | 105.58M |
| Long-Term Debt | 193M | 193M | 1.87B | 2.51B | 3.98B | 2.82B | 136M | 362.02M | 100.5M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.4B | 1.4B | 2.41B | 2.6B | 5.52B | 7.26B | 623M | 2.96B | 1.17B |
| Total Debt | 193M | 193M | 2.32B | 2.53B | 5.4B | 7.11B | 550M | 1.5B | 1.13B |
| Net Debt | -806M | -769M | 1.65B | 1.53B | 4.26B | 5.38B | -863M | 1.09B | 870.73M |
| Debt / Equity | 0.20x | 0.19x | 3.25x | 2.62x | 4.97x | 3.16x | 0.35x | - | 1.69x |
| Debt / EBITDA | -0.53x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.22x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | -8.92x | -2.23x | -0.30x | -2.51x | -3.94x | -2.73x | -2.08x | -2.96x |
| Total Equity | 954M | 1B | 713M | 967M | 1.09B | 2.25B | 1.55B | -733.1M | 668.52M |
| Equity Growth % | 64.78% | 40.95% | -26.27% | -10.96% | -51.69% | 44.75% | 311.84% | -209.66% | - |
| Book Value per Share | 0.99 | 1.31 | 1.02 | 1.47 | 1.73 | 3.79 | 14.21 | -9.17 | 1.23 |
| Total Shareholders' Equity | 954M | 1B | 713M | 967M | 1.09B | 2.25B | 1.55B | -733.1M | 667.03M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -5.21B | -5.03B | -3.73B | -3.33B | -3.06B | -1.71B | -1.04B | -790.48M | -446.06M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -1M | -4M | -2M | 0 | 18K | -2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.49M |
Inventory Liquidity and Volatility
As reported in recent financial statements, Opendoor has significantly reduced its total assets from $3.6 billion in 2023Q4 to $2.3 billion in 2026Q1, signaling a strategic pivot toward a leaner balance sheet to mitigate exposure to housing market volatility and high interest rate environments.
The contraction in total assets appears to be a deliberate effort to reduce inventory risk, as the company shifts away from the aggressive acquisition strategies that characterized previous periods. This trend suggests that management is prioritizing capital preservation over market share, which may stabilize the balance sheet but limits the potential for rapid growth in the near term.
Based on quarterly filings, Opendoor has successfully lowered its total debt from $2.5 billion in 2024Q3 to $193 million in 2026Q1, reflecting a substantial reduction in the reliance on warehouse credit facilities used to fund residential home acquisitions during the previous market cycle.
The dramatic decline in debt-to-equity ratios from 3.16 in 2024Q3 to 0.20 in 2026Q1 indicates a significant improvement in the corporate risk profile. Investors should monitor whether this deleveraging is a permanent shift in business model or a temporary reaction to the current high-cost-of-capital environment.
According to the latest balance sheet data, Opendoor maintains a cash position of $999 million as of 2026Q1, which provides a substantial liquidity buffer against potential market shocks despite the ongoing challenges of negative net margins and cyclical revenue fluctuations in the real estate sector.
The current ratio of 7.07 suggests that the company is well-positioned to meet its short-term obligations, even if inventory turnover slows significantly. This liquidity profile appears to be the primary defense against the inherent volatility of the iBuying model, allowing the firm to navigate periods of low transaction volume without immediate solvency concerns.
As evidenced by the reported figures, Opendoor's equity base remains under pressure from a massive accumulated deficit of $5.2 billion as of 2026Q1, which highlights the long-term impact of historical net losses on the company's overall financial position and shareholder value.
The persistent negative retained earnings suggest that the company has yet to prove the long-term viability of its unit economics at scale. While the current equity position of $954 million remains positive, the reliance on external capital or asset liquidation to offset these historical losses warrants further investigation by institutional observers.
While the balance sheet shows a reduction in total assets, the underlying risk remains the potential for future 'Lower of Cost or Market' adjustments, as the company's inventory-heavy model is inherently sensitive to rapid shifts in regional residential real estate pricing and liquidity.
The reported asset values may not fully capture the potential for impairment if the housing market experiences a localized downturn, as the company's inventory is concentrated in specific Sunbelt markets. Investors should be cautious, as the current balance sheet stability may be contingent on favorable market conditions that are outside of management's direct control.
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.