Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -151.3%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $4.5B | $1.1B | $2.9B | $727M | $8.7B | $2.5B | — | — |
| Enterprise Value | $1.7B | $3.7B | $2.8B | $4.5B | $5.0B | $14.0B | $1.6B | — | — |
| P/E Ratio → | -1.52 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.57 | 1.02 | 0.22 | 0.42 | 0.05 | 1.08 | 0.96 | — | — |
| P/B Ratio | 1.97 | 4.45 | 1.57 | 3.04 | 0.67 | 3.85 | 1.60 | — | — |
| P/FCF | 2.40 | 4.31 | — | 1.28 | 1.05 | — | 3.74 | — | — |
| P/OCF | 2.37 | 4.26 | — | 1.26 | 1.00 | — | 3.64 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | 0.54 | 0.64 | 0.32 | 1.75 | 0.63 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 3.57 | — | 1.94 | 7.20 | — | 2.44 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.0% | 7.0% | 8.4% | 7.0% | 4.3% | 9.1% | 8.5% | 6.3% | 7.3% |
| Operating Margin | -6.2% | -6.2% | -6.2% | -5.6% | -6.0% | -7.1% | -7.2% | -5.2% | -8.9% |
| Net Profit Margin | -29.7% | -29.7% | -7.6% | -4.0% | -8.7% | -8.3% | -9.8% | -7.2% | -13.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -151.3% | -151.3% | -46.7% | -26.8% | -81.2% | -34.8% | -61.7% | — | -36.1% |
| ROA | -47.0% | -47.0% | -11.7% | -5.4% | -16.8% | -11.3% | -11.5% | -16.7% | -13.1% |
| ROIC | -15.8% | -15.8% | -9.9% | -7.4% | -10.8% | -10.2% | -26.6% | -19.6% | -8.0% |
| ROCE | -11.7% | -11.7% | -10.5% | -9.0% | -18.2% | -16.5% | -12.9% | -26.4% | -21.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 3.25 | 2.62 | 4.97 | 3.16 | 0.35 | — | 1.69 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.77 | 2.31 | 1.59 | 3.93 | 2.39 | -0.56 | — | 1.30 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.74 | — | 0.67 | 6.15 | — | -1.30 | — | — |
| Interest Coverage | -8.92 | -8.92 | -2.23 | -0.30 | -2.51 | -3.94 | -2.73 | -2.08 | -2.96 |
Net cash position: cash ($962M) exceeds total debt ($193M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.03 | 7.03 | 5.67 | 49.21 | 4.30 | 2.12 | 5.22 | 1.85 | 1.69 |
| Quick Ratio | 4.20 | 4.20 | 1.58 | 23.86 | 1.33 | 0.74 | 4.04 | 0.69 | 0.42 |
| Cash Ratio | 2.94 | 2.94 | 1.28 | 15.26 | 0.85 | 0.50 | 3.72 | 0.40 | 0.25 |
| Asset Turnover | — | 1.82 | 1.65 | 1.95 | 2.36 | 0.84 | 1.19 | 2.12 | 1.00 |
| Inventory Turnover | 4.40 | 4.40 | 2.19 | 3.64 | 3.34 | 1.20 | 5.07 | 3.38 | 1.25 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 41.7% | 23.2% | — | 78.4% | 95.3% | — | 26.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $767M | $699M | $657M | $627M | $593M | $109M | $80M | $544M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying OPEN stock.
Opendoor Technologies Inc.'s current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
Opendoor Technologies Inc.'s return on equity (ROE) is -151.3%. The historical average is -62.7%.
Based on historical data, Opendoor Technologies Inc. is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Opendoor Technologies Inc. has 7.0% gross margin and -6.2% operating margin.
Key Metrics
Top Statement Risk
Inventory write-down risk
Metrics are mathematically derived from official filings.
Valuation Signals Distressed Cyclical Asset
With P/FFO at 0.95 and P/S at 0.77, Opendoor trades at a steep discount, reflecting negative FFO and revenue contraction, as per recent SEC filings.
The negative FFO per share of -$0.16 in 2026Q2 renders traditional P/FFO meaningless, but the low P/S multiple suggests the market is pricing in a distressed cyclical asset rather than a growth platform. The implied cap rate, derived from NOI and enterprise value, is not directly calculable from the data, but the thin NOI margin of 9.7% indicates limited earnings power. Investors should monitor whether the anticipated revenue inflection materializes to justify the current valuation.
NOI Margin Recovery Masks Overhead Drag
NOI margin improved to 9.7% in 2026Q2 from 6.2% in 2025Q4, yet operating margin remains negative at -6.25%, as reported in financial statements.
The sequential improvement in NOI margin suggests better buy-sell spreads, but the persistent negative operating margin indicates that fixed overhead costs are not yet covered by volume. The gross margin of 6.95% remains structurally thin, and the negative ROE of -17.3% in 2026Q2 underscores the lack of profitability. This suggests that FFO growth, if any, is not organic but rather a result of cost-cutting and inventory management, which may not be sustainable.
No Dividend, Deeply Negative AFFO
AFFO per share is -$0.17 in 2026Q2, and no dividend is paid, indicating a cash flow structure far from self-sustaining, based on EDBL's reported figures.
The FFO payout ratio is not applicable as no dividend is declared, but the deeply negative AFFO suggests that the company is not generating enough cash to cover its own operations, let alone return capital to shareholders. The negative FFO of -$157M in 2026Q2, despite a $962M cash cushion, implies that retained cash flow is being consumed. Investors should monitor whether the path to ANI positivity, as guided by management, can reverse this trend.
Minimal Corporate Debt Masks Warehouse Exposure
Debt-to-equity is 0.21 in 2026Q2, reflecting only $194M in corporate debt, but the reliance on asset-backed warehouse facilities is not fully captured, as per recent SEC filings.
The reported leverage appears low, but the company's inventory funding likely relies on off-balance-sheet warehouse lines, which are not reflected in the D/E ratio. Interest coverage is negative at -4.59 in 2026Q2, indicating that operating income is insufficient to cover interest expenses. The sharp decline in D/E from 2.20 in 2025Q3 to 0.21 in 2026Q2 suggests a strategic deleveraging, but the true refinancing risk lies in the availability and cost of warehouse facilities, which are not disclosed.
Inventory Turnover and Geographic Concentration
With revenue down 15.2% YoY and a heavy Sunbelt focus, Opendoor's portfolio quality appears vulnerable to regional housing downturns, according to recent SEC filings.
The slowdown in acquisition volume, as evidenced by revenue contraction, suggests a deliberate narrowing of the buy-box, which may reduce inventory risk but also limits growth. The geographic concentration in markets like Phoenix and Atlanta exposes the company to regional economic shocks, which could lead to inventory write-downs if home prices decline. The thin gross margin of 6.95% leaves little room for error, and the negative FFO indicates that the portfolio is not generating sufficient returns to cover overhead.
P/E Misleads in Inventory-Heavy Model
Standard P/E is distorted by depreciation and inventory write-downs; P/FFO and P/AFFO are more appropriate, but both are negative, as reported in financial statements.
The P/E of -2.04 is meaningless for a company with negative earnings, but even P/FFO is not useful given negative FFO. The most commonly misapplied ratio is P/E, which fails to account for the non-cash charges like depreciation and LCM adjustments that are significant in this inventory-heavy model. Investors should focus on cash flow metrics like FCF margin, which was -81.9% in 2026Q2, and the ability to generate positive AFFO, as these better reflect the company's economic reality.