Latest Ratios: P/E Ratio -2.8x · 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 | $3.7B | $4.5B | $1.1B | $2.9B | $727M | $8.7B | $2.5B | — | — |
| Enterprise Value | $2.9B | $3.7B | $2.8B | $4.5B | $5.0B | $14.0B | $1.6B | — | — |
| P/E Ratio → | -2.82 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.84 | 1.02 | 0.22 | 0.42 | 0.05 | 1.08 | 0.96 | — | — |
| P/B Ratio | 3.65 | 4.45 | 1.57 | 3.04 | 0.67 | 3.85 | 1.60 | — | — |
| P/FCF | 3.54 | 4.31 | — | 1.28 | 1.05 | — | 3.74 | — | — |
| P/OCF | 3.50 | 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 | 28.2% | 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 |
Inventory Liquidity and Volatility
Based on current market data, Opendoor trades at a P/S ratio of 0.77, which suggests that investors are pricing the firm as a distressed cyclical asset rather than a high-growth technology platform, given the persistent negative earnings and the recent contraction in top-line revenue growth.
The low P/S multiple relative to historical tech-sector norms indicates a significant valuation discount, likely reflecting market skepticism regarding the company's ability to achieve sustainable profitability. Investors should monitor whether this valuation floor holds as the company pivots toward a more conservative, capital-light operational strategy.
As reported in financial statements, the company's ROIC has remained deeply negative, reaching -62.1% in 2026Q1, which underscores the fundamental difficulty of generating positive returns on invested capital within an inventory-heavy business model that is highly sensitive to regional housing market price fluctuations.
The persistent decay in returns on capital suggests that the current operational infrastructure is not yet optimized to generate value above the cost of capital. This trend warrants further investigation into whether the company can achieve a positive ROIC without a fundamental shift in its unit economics or a significant increase in high-margin ancillary service attachment.
According to recent quarterly filings, the company's days inventory outstanding (DIO) has fluctuated significantly, peaking at 198 days in 2024Q4, which highlights the inherent risk of holding illiquid residential assets in a market environment characterized by high interest rates and reduced buyer affordability.
The volatility in inventory turnover suggests that the company's ability to recycle capital is highly dependent on external market conditions rather than internal operational efficiency. Investors should monitor the DIO trend closely, as any sustained increase in holding periods may necessitate further inventory write-downs and liquidity pressure.
Based on an analysis of the business model, the P/S ratio is the most commonly misapplied metric for Opendoor, as it obscures the fact that the company records the full gross value of home sales as revenue, thereby artificially inflating the top-line figure relative to actual economic capture.
Using P/S to compare Opendoor against traditional brokerage or SaaS peers is fundamentally flawed because it ignores the low-margin, inventory-intensive nature of the iBuying model. Analysts should instead focus on gross profit per transaction or contribution margin to better assess the company's true earning power and operational scalability.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OPEN stock.
Opendoor Technologies Inc.'s current P/E ratio is -2.8x. 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 -2.8x. 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.