OPAD · Offerpad Solutions Inc.
Offerpad Solutions Inc., together with its subsidiaries, provides a technology-enabled real estate solutions platform in the United States. It operates through Cash Offer, Renovate, and Other segments. The company offers Cash Offer, which allows customers to access the company's website or mobile application to receive a cash offer range for their home; and renovation services to other businesses. It also provides a Cash Offer Marketplace, including Direct+ partners, which provide buyers with an opportunity to purchase homes from homeowners; and brokerage services, which allow sellers to select from different agent-led pathways to sell their home. In addition, the company offers HomePro, which pairs local agents with its platform, data, and customer flow to deliver guided and in-person services; and the Agent Partnership Program, which allows third-party agents to present a cash offer to customers. Further, it provides ancillary products and services comprising energy efficiency solutions, smart home technology, insurance, and home warranty services, as well as mortgage, title insurance, and escrow services. Offerpad Solutions Inc. was founded in 2015 and is headquartered in Tempe, Arizona.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $5.04 |
| SO | 47.3M |
| Options | 1.1M |
| Warrants | 2.9M |
| FD SO | 51.3M |
| MC | $258.3M |
| Cash | $40.8M |
| Total debt | $80.4M ⚠ |
| EV | $297.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | 3.5x |
| MC / FCF | 3.0x |
| Ownership & coverage | |
|---|---|
| Institutional | 33.1% |
| Insiders | 14.5% |
| # Institutions | 47 |
| Analysts | 2 |
| Consensus | Buy |
| Avg target | $14.25 |
| Short % float | 14.4% |
| Days to cover | 5.02 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-23. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Debt figure uncertain — overlapping debt tags exceeded total liabilities; clamped to a defensible bound (≈$136.8M dropped). Verify against the filing before relying on EV.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 80.08 | 114.12 | 132.68 | 160.31 |
| Revenue YoY % | (50.2%) | (34.5%) | (36.2%) | (36.2%) |
| Cost of Revenue | 74.52 | 106.11 | 123.34 | 146.13 |
| Gross Profit | 5.56 | 8.01 | 9.34 | 14.19 |
| Gross Profit YoY % | (47.1%) | (24.3%) | (45.5%) | (35.1%) |
| Gross Margin % | 6.9% | 7.0% | 7.0% | 8.9% |
| SG&A | 13.70 | 14.73 | 15.29 | 20.98 |
| R&D | 0.89 | 0.61 | 0.79 | 0.99 |
| Operating Expense | 14.59 | 15.34 | 16.08 | 21.97 |
| Operating Income | (9.03) | (7.33) | (6.74) | (7.78) |
| Operating Income YoY % | 21.7% | 46.4% | 24.5% | 21.1% |
| Operating Margin % | (11.3%) | (6.4%) | (5.1%) | (4.9%) |
| EBITDA | (8.74) | (7.06) | (6.54) | (7.48) |
| EBITDA Margin % | (10.9%) | (6.2%) | (4.9%) | (4.7%) |
| Interest Expense | 1.62 | 2.57 | 3.65 | 3.67 |
| Other Income / (Expense) | 0.53 | 1.07 | (0.84) | 0.57 |
| Pretax Income | (10.12) | (8.83) | (11.22) | (10.87) |
| Tax Provision | 0.02 | (0.01) | 0.38 | 0.03 |
| Net Income | (10.13) | (8.82) | (11.60) | (10.90) |
| Net Margin % | (12.7%) | (7.7%) | (8.7%) | (6.8%) |
| Diluted EPS | -$0.22 | -$0.20 | -$0.37 | -$0.39 |
| Basic EPS | -$0.22 | -$0.20 | -$0.37 | -$0.39 |
| Diluted Avg Shares | 46.2 | — | 31.3 | 27.8 |
| Basic Avg Shares | 46.2 | — | 31.3 | 27.8 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 487.19 | 567.81 | 918.82 | 1,314.41 | 3,952.31 |
| Revenue YoY % | (14.2%) | (38.2%) | (30.1%) | (66.7%) | — |
| Cost of Revenue | 450.10 | 525.77 | 846.62 | 1,244.23 | 3,769.89 |
| Gross Profit | 37.09 | 42.04 | 72.19 | 70.18 | 182.42 |
| Gross Profit YoY % | (11.8%) | (41.8%) | 2.9% | (61.5%) | — |
| Gross Margin % | 7.6% | 7.4% | 7.9% | 5.3% | 4.6% |
| SG&A | 64.70 | 72.03 | 113.71 | 166.65 | 297.65 |
| R&D | 3.27 | 3.40 | 4.52 | 7.95 | 12.09 |
| Operating Expense | 67.97 | 75.43 | 118.24 | 174.59 | 309.74 |
| Operating Income | (30.88) | (33.39) | (46.04) | (104.41) | (127.32) |
| Operating Income YoY % | 7.5% | 27.5% | 55.9% | 18.0% | — |
| Operating Margin % | (6.3%) | (5.9%) | (5.0%) | (7.9%) | (3.2%) |
| EBITDA | (29.83) | (32.41) | (45.43) | (103.69) | (126.30) |
| EBITDA Margin % | (6.1%) | (5.7%) | (4.9%) | (7.9%) | (3.2%) |
| Interest Expense | 11.50 | 13.40 | 18.68 | 18.86 | 45.99 |
| Other Income / (Expense) | 1.34 | 0.85 | 2.60 | 6.22 | 25.05 |
| Pretax Income | (41.04) | (45.94) | (62.13) | (117.06) | (148.25) |
| Tax Provision | 0.42 | 0.44 | 0.03 | 0.16 | 0.36 |
| Net Income | (41.46) | (46.38) | (62.16) | (117.22) | (148.61) |
| Net Margin % | (8.5%) | (8.2%) | (6.8%) | (8.9%) | (3.8%) |
| Diluted EPS | -$1.18 | -$1.50 | -$2.27 | -$4.44 | -$9.09 |
| Basic EPS | -$1.18 | -$1.50 | -$2.27 | -$4.44 | -$9.09 |
| Diluted Avg Shares | 46.2 | 31.0 | 27.4 | 26.4 | 16.3 |
| Basic Avg Shares | 46.2 | 31.0 | 27.4 | 26.4 | 16.3 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 40.82 | 26.54 | 30.96 | 22.65 |
| Receivables | 8.22 | 7.94 | 7.39 | 7.54 |
| Inventory | 74.67 | 93.79 | 162.37 | 212.74 |
| Other Current Assets | 3.42 | 3.42 | 4.89 | 6.67 |
| Total Current Assets | 127.14 | 131.69 | 205.61 | 249.60 |
| Net PPE | 14.39 | 14.67 | 9.31 | 9.67 |
| Operating Lease ROU | 7.27 | 7.41 | 7.55 | 7.70 |
| Other Assets | 0.98 | 1.00 | — | — |
| Total Assets | 149.77 | 154.77 | 223.46 | 267.99 |
| Accounts Payable | 2.12 | 1.67 | 1.91 | 1.30 |
| Current Lease Liabilities | 1.14 | 1.10 | 1.07 | 1.06 |
| Other Current Liabilities | 73.18 | 86.03 | 152.60 | 227.26 |
| Total Current Liabilities | 76.44 | 88.80 | 155.58 | 229.62 |
| Long-term Lease Liabilities | 12.80 | 13.10 | 13.39 | 13.67 |
| Other Liabilities | 14.68 | 14.65 | 14.64 | — |
| Total Liabilities | 103.93 | 116.55 | 183.61 | 243.45 |
| Retained Earnings | (516.56) | (506.43) | (497.61) | (486.01) |
| Total Equity | 45.84 | 38.22 | 39.85 | 24.54 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 40.82 | 26.54 | 43.02 | 75.97 | 97.24 |
| Receivables | 8.22 | 7.94 | 3.85 | 9.94 | 2.35 |
| Inventory | 74.67 | 93.79 | 214.17 | 276.50 | 664.70 |
| Other Current Assets | 3.42 | 3.42 | 33.17 | 9.20 | 49.89 |
| Total Current Assets | 127.14 | 131.69 | 294.21 | 371.61 | 814.18 |
| Net PPE | 14.39 | 14.67 | 9.13 | 4.52 | 5.19 |
| Operating Lease ROU | 7.27 | 7.41 | 8.58 | 3.34 | 5.47 |
| Other Assets | 0.98 | 1.00 | — | — | — |
| Total Assets | 149.77 | 154.77 | 313.05 | 379.69 | 825.07 |
| Accounts Payable | 2.12 | 1.67 | 1.92 | 4.95 | 4.65 |
| Current Lease Liabilities | 1.14 | 1.10 | 0.96 | 2.27 | 2.26 |
| Other Current Liabilities | 73.18 | 86.03 | 248.08 | 268.81 | 692.05 |
| Total Current Liabilities | 76.44 | 88.80 | 250.97 | 276.03 | 698.96 |
| Long-term Lease Liabilities | 12.80 | 13.10 | 14.20 | 1.42 | 3.69 |
| Other Liabilities | 14.68 | 14.65 | — | — | — |
| Total Liabilities | 103.93 | 116.55 | 265.40 | 277.92 | 703.19 |
| Mezzanine Equity | — | — | — | 0.00 | 0.00 |
| Retained Earnings | (516.56) | (506.43) | (460.05) | (397.89) | (280.67) |
| Total Equity | 45.84 | 38.22 | 47.65 | 101.78 | 121.88 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (10.13) | (8.82) | (11.60) | (10.90) |
| D&A | 0.29 | 0.27 | 0.20 | 0.30 |
| Stock-Based Comp | 0.94 | (1.03) | 0.81 | 1.26 |
| Δ Working Cap & Other | 17.95 | 60.08 | 50.54 | (4.12) |
| Operating Cash Flow | 9.05 | 50.50 | 39.95 | (13.47) |
| CapEx | (0.02) | 0.00 | 0.00 | (0.09) |
| Investing Cash Flow | (0.00) | 0.00 | 0.02 | (0.09) |
| Other Financing | 4.42 | (55.98) | (33.07) | 4.62 |
| Financing Cash Flow | 4.42 | (55.98) | (33.07) | 4.62 |
| Free Cash Flow | 9.03 | 50.50 | 39.95 | (13.55) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (41.46) | (46.38) | (62.16) | (117.22) | (148.61) |
| D&A | 1.05 | 0.98 | 0.61 | 0.73 | 1.02 |
| Stock-Based Comp | 1.99 | 2.83 | 8.08 | 7.92 | 8.31 |
| Δ Working Cap & Other | 124.45 | 109.39 | 74.30 | 370.21 | 444.69 |
| Operating Cash Flow | 86.03 | 66.81 | 20.83 | 261.63 | 305.40 |
| CapEx | (0.10) | (1.08) | (5.41) | (0.13) | (1.07) |
| Other Investing | — | — | — | 2.11 | — |
| Investing Cash Flow | (0.07) | (1.06) | (5.33) | 1.99 | (1.07) |
| Stock Issuance | — | 0.00 | 0.00 | (0.78) | 0.00 |
| Other Financing | (80.01) | (111.21) | (21.82) | (323.20) | (358.47) |
| Financing Cash Flow | (80.01) | (111.21) | (21.82) | (323.98) | (358.47) |
| Free Cash Flow | 85.93 | 65.73 | 15.43 | 261.50 | 304.33 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.66 | 1.48 | 1.32 | 1.09 |
| Quick Ratio | 0.69 | 0.43 | 0.28 | 0.16 |
| Debt / Equity | 2.27 | 3.05 | 4.61 | 9.92 |
| EBITDA Margin % | (10.9%) | (6.2%) | (4.9%) | (4.7%) |
| Working Capital | 50.70 | 42.89 | 50.02 | 19.98 |
| Net Debt | — | — | — | — |
| ROE % | (22.1%) | (23.1%) | (29.1%) | (44.4%) |
| ROA % | (6.8%) | (5.7%) | (5.2%) | (4.1%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.66 | 1.48 | 1.17 | 1.35 | 1.16 |
| Quick Ratio | 0.69 | 0.43 | 0.32 | 0.34 | 0.21 |
| Debt / Equity | 2.27 | 3.05 | 5.57 | 2.73 | 5.77 |
| EBITDA Margin % | (6.1%) | (5.7%) | (4.9%) | (7.9%) | (3.2%) |
| Working Capital | 50.70 | 42.89 | 43.25 | 95.58 | 115.22 |
| Net Debt | — | — | — | — | — |
| ROE % | (90.4%) | (121.4%) | (130.4%) | (115.2%) | (121.9%) |
| ROA % | (27.7%) | (30.0%) | (19.9%) | (30.9%) | (18.0%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-05 | Martinez Adam | Officer (Chief Legal Officer) | 2026-06-04 | F | (30,549) | $0.74 | -$22,606 |
| 2026-06-05 | Bair Brian | Director, Officer (Chief Executive Officer) | 2026-06-04 | F | (91,167) | $0.74 | -$67,464 |
| 2026-06-05 | DEGIORGIO KENNETH D | Director | 2026-06-03 | A | 108,696 | — | $0 |
| 2026-06-05 | Mathias Tela Gallagher | Director | 2026-06-03 | A | 108,696 | — | $0 |
| 2026-06-05 | OHARA RYAN | Director | 2026-06-03 | A | 108,696 | — | $0 |
| 2026-06-05 | Bair Brian | Director, Officer (Chief Executive Officer) | 2026-06-03 | P | 122,920 | $0.79 | $97,402 |
| 2026-06-05 | Corley Donna M | Director | 2026-06-03 | A | 108,696 | — | $0 |
| 2026-06-04 | Bair Brian | Director, Officer (Chief Executive Officer) | 2026-06-02 | P | 125,000 | $0.82 | $102,600 |
| 2026-04-01 | OHARA RYAN | Director | 2026-03-31 | A | 32,196 | — | $0 |
| 2026-04-01 | DEGIORGIO KENNETH D | Director | 2026-03-31 | A | 35,984 | — | $0 |
| 2026-02-18 | Mathias Tela Gallagher | Director | 2026-02-13 | A | 136,364 | — | $0 |
| 2026-01-05 | OHARA RYAN | Director | 2025-12-31 | A | 12,396 | — | $0 |
| 2026-01-05 | DEGIORGIO KENNETH D | Director | 2025-12-31 | A | 14,462 | — | $0 |
| 2026-01-05 | Curnutte Katherine | Director | 2025-12-31 | A | 9,297 | — | $0 |
| 2025-10-02 | Sella Roberto Marco | Director | 2025-09-30 | J | 764,858 | — | $0 |
| 2025-10-02 | LL Capital Partners I, L.P. | 10% Owner | 2025-09-30 | J | (5,816,959) | — | $-0 |
| 2025-10-02 | LL Capital Partners I, L.P. | 10% Owner | 2025-09-30 | J | 931,385 | — | $0 |
| 2025-10-02 | LL Capital Partners I, L.P. | 10% Owner | 2025-09-30 | J | 16,012 | — | $0 |
| 2025-10-02 | DEGIORGIO KENNETH D | Director | 2025-09-30 | A | 4,196 | — | $0 |
| 2025-10-02 | Curnutte Katherine | Director | 2025-09-30 | A | 2,697 | — | $0 |
| 2025-10-02 | OHARA RYAN | Director | 2025-09-30 | A | 3,597 | — | $0 |
| 2025-08-12 | Corley Donna M | Director | 2025-08-08 | A | 71,429 | — | $0 |
| 2025-08-12 | OHARA RYAN | Director | 2025-08-08 | A | 71,429 | — | $0 |
| 2025-08-12 | Curnutte Katherine | Director | 2025-08-08 | A | 71,429 | — | $0 |
| 2025-08-12 | DEGIORGIO KENNETH D | Director | 2025-08-08 | A | 71,429 | — | $0 |
| 2025-08-01 | Knag Peter H | Officer (Chief Financial Officer) | 2025-07-30 | A | 465,000 | — | $0 |
| 2025-08-01 | Bair Brian | Director, Officer (Chief Executive Officer) | 2025-07-30 | A | 1,000,000 | — | $0 |
| 2025-08-01 | Martinez Adam | Officer (Chief Legal Officer) | 2025-07-30 | A | 328,125 | — | $0 |
| 2025-07-01 | OHARA RYAN | Director | 2025-06-30 | A | 30,219 | — | $0 |
| 2025-07-01 | Curnutte Katherine | Director | 2025-06-30 | A | 26,098 | — | $0 |
| 2025-07-01 | DEGIORGIO KENNETH D | Director | 2025-06-30 | A | 32,967 | — | $0 |
| 2025-06-16 | Martinez Adam | Officer (Chief Legal Officer) | 2025-06-12 | F | (2,345) | $1.02 | -$2,392 |
| 2025-04-23 | Corley Donna M | Director | 2025-04-21 | A | 93,168 | — | $0 |
| 2025-04-02 | Curnutte Katherine | Director | 2025-03-31 | A | 14,307 | — | $0 |
| 2025-04-02 | DEGIORGIO KENNETH D | Director | 2025-03-31 | A | 18,072 | — | $0 |
| 2025-04-02 | OHARA RYAN | Director | 2025-03-31 | A | 16,566 | — | $0 |
| 2025-04-02 | Palmer Sheryl | Director | 2025-03-31 | A | 15,060 | — | $0 |
| 2025-03-04 | Aronovitch Benjamin Adam | Other (See Remarks) | 2025-03-03 | F | (391) | $1.65 | -$645 |
| 2025-03-04 | Martinez Adam | Officer (Chief Legal Officer) | 2025-03-03 | F | (90) | $1.65 | -$148 |
| 2025-02-27 | Knag Peter H | Officer (Chief Financial Officer) | 2025-02-25 | A | 13,793 | — | $0 |
| 2025-02-27 | Knag Peter H | Officer (Chief Financial Officer) | 2025-02-25 | F | (4,504) | $2.12 | -$9,548 |
| 2025-02-27 | Aronovitch Benjamin Adam | Officer (Chief Legal Officer) | 2025-02-25 | A | 22,837 | — | $0 |
| 2025-02-27 | Aronovitch Benjamin Adam | Officer (Chief Legal Officer) | 2025-02-25 | F | (7,146) | $2.12 | -$15,150 |
| 2025-01-03 | OHARA RYAN | Director | 2024-12-31 | A | 7,456 | — | $0 |
| 2025-01-03 | DEGIORGIO KENNETH D | Director | 2024-12-31 | A | 8,333 | — | $0 |
| 2025-01-03 | Palmer Sheryl | Director | 2024-12-31 | A | 6,578 | — | $0 |
| 2024-10-01 | OHARA RYAN | Director | 2024-09-30 | A | 5,233 | — | $0 |
| 2024-10-01 | DEGIORGIO KENNETH D | Director | 2024-09-30 | A | 5,849 | — | $0 |
| 2024-10-01 | Palmer Sheryl | Director | 2024-09-30 | A | 4,618 | — | $0 |
| 2024-09-05 | Bair Brian | Director, Officer (Chief Executive Officer) | 2024-09-03 | F | (2,263) | $3.59 | -$8,124 |
| 2024-07-01 | OHARA RYAN | Director | 2024-06-28 | A | 4,408 | — | $0 |
| 2024-07-01 | DEGIORGIO KENNETH D | Director | 2024-06-28 | A | 5,373 | — | $0 |
| 2024-07-01 | Palmer Sheryl | Director | 2024-06-28 | A | 4,242 | — | $0 |
| 2024-06-18 | Aronovitch Benjamin Adam | Officer (Chief Legal Officer) | 2024-06-14 | A | 47,500 | — | $0 |
| 2024-06-14 | Sella Roberto Marco | Director, 10% Owner | 2024-06-14 | P | 7,698 | $4.90 | $37,720 |
| 2024-06-14 | Sella Roberto Marco | Director, 10% Owner | 2024-06-13 | P | 10,000 | $4.90 | $49,000 |
| 2024-06-14 | Sella Roberto Marco | Director, 10% Owner | 2024-06-12 | P | 2,735 | $4.90 | $13,402 |
| 2024-06-11 | Sella Roberto Marco | Director, 10% Owner | 2024-06-11 | P | 14,386 | $4.88 | $70,196 |
| 2024-06-11 | Sella Roberto Marco | Director, 10% Owner | 2024-06-10 | P | 15,104 | $4.89 | $73,810 |