Offerpad Solutions Inc.
OPAD Nasdaq Real Estate Agents & Managers (For Others) Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$568M
38.2%
vs prior year
Operating margin
Operating income as a share of revenue.
−5.9%
0.9 pts
Net income
Profit after all expenses, interest and tax.
−$46.4M
Free cash flow
Cash from operations minus capital spending.
$65.7M
326.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.82 EPS (TTM)
What Offerpad Solutions Inc. does
No business description yet.
- Legal name
- Offerpad Solutions Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001193125-26-067147
0001825024
Revenue and margins
Offerpad Solutions Inc. had $568M of revenue in fiscal 2025, down 38.2% on the year before.
FY19
Revenue $1.1B
FY20
Revenue $1.1B
FY21
Revenue $2.1B
FY22
Revenue $4.0B
FY23
Revenue $1.3B
FY24
Revenue $919M
FY25
Revenue $568M
Q3 '23
Revenue $234M
Q4 '23
Revenue $240M
Q1 '24
Revenue $285M
Q2 '24
Revenue $251M
Q3 '24
Revenue $208M
Q4 '24
Revenue $174M
Q1 '25
Revenue $161M
Q2 '25
Revenue $160M
Q3 '25
Revenue $133M
Q4 '25
Revenue $114M
Q1 '26
Revenue $80.1M
Q2 '26
Revenue $77.7M
FY19
Gross 6.9%
Operating −3.1%
Net −4.8%
FCF −10.2%
FY20
Gross 8.2%
Operating −1.3%
Net −2.2%
FCF 14.3%
FY21
Gross 10.0%
Operating 1.0%
Net 0.3%
FCF −45.2%
FY22
Gross 4.6%
Operating −3.2%
Net −3.8%
FCF 7.7%
FY23
Gross 5.3%
Operating −7.9%
Net −8.9%
FCF 19.9%
FY24
Gross 7.9%
Operating −5.0%
Net −6.8%
FCF 1.7%
FY25
Gross 7.4%
Operating −5.9%
Net −8.2%
FCF 11.6%
Gross
Operating
Net
FCF
Q3 '23
Gross 10.2%
Operating −8.3%
Net −8.5%
FCF −40.4%
Q4 '23
Gross 6.9%
Operating −4.7%
Net −6.4%
FCF −6.4%
Q1 '24
Gross 7.9%
Operating −4.8%
Net −6.1%
FCF 0.7%
Q2 '24
Gross 8.7%
Operating −3.9%
Net −5.5%
FCF −21.7%
Q3 '24
Gross 8.2%
Operating −4.3%
Net −6.5%
FCF 18.6%
Q4 '24
Gross 6.1%
Operating −7.8%
Net −9.9%
FCF 16.7%
Q1 '25
Gross 6.5%
Operating −7.2%
Net −9.4%
FCF −7.0%
Q2 '25
Gross 8.9%
Operating −4.9%
Net −6.8%
FCF −8.5%
Q3 '25
Gross 7.0%
Operating −5.1%
Net −8.7%
FCF 30.1%
Q4 '25
Gross 7.0%
Operating −6.4%
Net −7.7%
FCF 44.3%
Q1 '26
Gross 6.9%
Operating −11.3%
Net −12.7%
FCF 11.3%
Q2 '26
Gross 9.2%
Operating −10.6%
Net −12.0%
FCF −33.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$52.0M
FY20
Net income −$23.1M
FY21
Net income $6.5M
FY22
Net income −$149M
FY23
Net income −$117M
FY24
Net income −$62.2M
FY25
Net income −$46.4M
Q3 '23
Net income −$20.0M
Q4 '23
Net income −$15.4M
Q1 '24
Net income −$17.5M
Q2 '24
Net income −$13.8M
Q3 '24
Net income −$13.5M
Q4 '24
Net income −$17.3M
Q1 '25
Net income −$15.1M
Q2 '25
Net income −$10.9M
Q3 '25
Net income −$11.6M
Q4 '25
Net income −$8.8M
Q1 '26
Net income −$10.1M
Q2 '26
Net income −$9.3M
FY19
Diluted EPS −$0.90
FY20
Diluted EPS −$0.40
FY21
Diluted EPS $0.68
FY22
Diluted EPS −$9.09
FY23
Diluted EPS −$4.44
FY24
Diluted EPS −$2.27
FY25
Diluted EPS −$1.50
Q3 '23
Diluted EPS −$0.73
Q4 '23
Diluted EPS −$0.38
Q1 '24
Diluted EPS −$0.64
Q2 '24
Diluted EPS −$0.50
Q3 '24
Diluted EPS −$0.49
Q4 '24
Diluted EPS −$0.64
Q1 '25
Diluted EPS −$0.55
Q2 '25
Diluted EPS −$3.93
Q3 '25
Diluted EPS −$0.37
Q4 '25
Diluted EPS $3.35
Q1 '26
Diluted EPS −$0.22
Q2 '26
Diluted EPS −$1.94
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −9.8%
FY21
Return on capital —
Return on equity 11.3%
Return on assets 0.8%
FY22
Return on capital —
Return on equity −78.3%
Return on assets −13.6%
FY23
Return on capital —
Return on equity −104.8%
Return on assets −19.5%
FY24
Return on capital —
Return on equity −83.2%
Return on assets −17.9%
FY25
Return on capital —
Return on equity −108.0%
Return on assets −19.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $65.7M in fiscal 2025, 11.6% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$110M
FY20
Free cash flow $152M
FY21
Free cash flow −$936M
FY22
Free cash flow $304M
FY23
Free cash flow $262M
FY24
Free cash flow $15.4M
FY25
Free cash flow $65.7M
Q3 '23
Free cash flow −$94.5M
Q4 '23
Free cash flow −$15.4M
Q1 '24
Free cash flow $2.0M
Q2 '24
Free cash flow −$54.4M
Q3 '24
Free cash flow $38.7M
Q4 '24
Free cash flow $29.1M
Q1 '25
Free cash flow −$11.2M
Q2 '25
Free cash flow −$13.6M
Q3 '25
Free cash flow $40.0M
Q4 '25
Free cash flow $50.5M
Q1 '26
Free cash flow $9.0M
Q2 '26
Free cash flow −$25.9M
FY19
Cash from operations −$109M
Capital spending $1.0M
FY20
Cash from operations $155M
Capital spending $2.9M
FY21
Cash from operations −$922M
Capital spending $13.7M
FY22
Cash from operations $305M
Capital spending $1.1M
FY23
Cash from operations $262M
Capital spending $0.1M
FY24
Cash from operations $20.8M
Capital spending $5.4M
FY25
Cash from operations $66.8M
Capital spending $1.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$94.5M
Capital spending $0.0M
Q4 '23
Cash from operations −$15.3M
Capital spending $0.0M
Q1 '24
Cash from operations $2.4M
Capital spending $0.4M
Q2 '24
Cash from operations −$54.4M
Capital spending $0.0M
Q3 '24
Cash from operations $39.6M
Capital spending $0.9M
Q4 '24
Cash from operations $33.2M
Capital spending $4.2M
Q1 '25
Cash from operations −$10.2M
Capital spending $1.0M
Q2 '25
Cash from operations −$13.5M
Capital spending $0.1M
Q3 '25
Cash from operations $40.0M
Capital spending $0.0M
Q4 '25
Cash from operations $50.5M
Capital spending $0.0M
Q1 '26
Cash from operations $9.0M
Capital spending $0.0M
Q2 '26
Cash from operations −$25.9M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Offerpad Solutions Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 13.1%.
FY19
Dividends —
Buybacks $10.7M
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Offerpad Solutions Inc. can carry it.
FY19
Cash $22.9M
Debt —
FY20
Cash $43.9M
Debt —
FY21
Cash $170M
Debt —
FY22
Cash $97.2M
Debt —
FY23
Cash $76.0M
Debt —
FY24
Cash $43.0M
Debt —
FY25
Cash $26.5M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $170M | $97.2M | $76.0M | $43.0M | $26.5M |
| Interest coverage | 1.2x | −2.8x | −5.5x | −2.5x | −2.5x |
| Current ratio | 1.3x | 1.2x | 1.3x | 1.2x | 1.5x |
| Quick ratio | 0.2x | 0.2x | 0.3x | 0.3x | 0.4x |
| Total assets | $1.4B | $825M | $380M | $313M | $155M |
| Total liabilities | $1.1B | $703M | $278M | $265M | $117M |
| Shareholders' equity | $258M | $122M | $102M | $47.7M | $38.2M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 5 / 8 | 3 / 8 | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | — | −75.5% | 116.9% | −41.7% | −62.9% | −24.0% | −48.4% |
| Altman Z'' | — | −2.05 | 1.36 | −1.05 | −3.23 | −4.68 | −9.95 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $1.1B | $1.1B | $2.1B | $4.0B | $1.3B | $919M | $568M |
| Gross profit | $74.4M | $87.8M | $208M | $182M | $70.2M | $72.2M | $42.0M |
| Research and development | $7.5M | $7.3M | $10.9M | $12.1M | $7.9M | $4.5M | $3.4M |
| Operating income | −$33.4M | −$13.8M | $19.8M | −$127M | −$104M | −$46.0M | −$33.4M |
| Interest expense | $18.3M | $10.0M | $15.8M | $46.0M | $18.9M | $18.7M | $13.4M |
| Pretax income | −$51.7M | −$23.0M | $6.6M | −$148M | −$117M | −$62.1M | −$45.9M |
| Income tax | $0.3M | $0.2M | $0.2M | $0.4M | $0.2M | $0.0M | $0.4M |
| Net income | −$52.0M | −$23.1M | $6.5M | −$149M | −$117M | −$62.2M | −$46.4M |
| Diluted EPS | −$0.90 | −$0.40 | $0.68 | −$9.09 | −$4.44 | −$2.27 | −$1.50 |
| Diluted shares | 0.06B | 0.06B | 0.01B | 0.02B | 0.03B | 0.03B | 0.03B |
| Cash flow | |||||||
| Cash from operations | −$109M | $155M | −$922M | $305M | $262M | $20.8M | $66.8M |
| Capital expenditure | $1.0M | $2.9M | $13.7M | $1.1M | $0.1M | $5.4M | $1.1M |
| Free cash flow | −$110M | $152M | −$936M | $304M | $262M | $15.4M | $65.7M |
| Depreciation and amortization | $0.4M | $0.4M | $0.5M | $1.0M | $0.7M | $0.6M | $1.0M |
| Stock-based compensation | $1.3M | $1.4M | $3.1M | $8.3M | $7.9M | $8.1M | $2.8M |
| Share buybacks | $10.7M | — | — | — | — | — | — |
| Dividends and buybacks | $10.7M | — | — | — | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $22.9M | $43.9M | $170M | $97.2M | $76.0M | $43.0M | $26.5M |
| Current assets | — | $227M | $1.3B | $814M | $372M | $294M | $132M |
| Current liabilities | — | $190M | $1.1B | $699M | $276M | $251M | $88.8M |
| Inventory | — | $171M | $1.1B | $665M | $277M | $214M | $93.8M |
| Property and equipment, net | — | $8.2M | $5.1M | $5.2M | $4.5M | $9.1M | $14.7M |
| Total assets | — | $236M | $1.4B | $825M | $380M | $313M | $155M |
| Total liabilities | — | $195M | $1.1B | $703M | $278M | $265M | $117M |
| Preferred stock | — | $0.0M | — | — | — | — | — |
| Shareholders' equity | −$122M | −$143M | $258M | $122M | $102M | $47.7M | $38.2M |
| Margins | |||||||
| Gross margin | 6.9% | 8.2% | 10.0% | 4.6% | 5.3% | 7.9% | 7.4% |
| Operating margin | −3.1% | −1.3% | 1.0% | −3.2% | −7.9% | −5.0% | −5.9% |
| EBITDA margin | −3.1% | −1.3% | 1.0% | −3.2% | −7.9% | −4.9% | −5.7% |
| Net margin | −4.8% | −2.2% | 0.3% | −3.8% | −8.9% | −6.8% | −8.2% |
| FCF margin | −10.2% | 14.3% | −45.2% | 7.7% | 19.9% | 1.7% | 11.6% |
| Returns | |||||||
| Return on capital employed | — | −30.2% | 6.9% | −101.0% | −100.7% | −74.2% | −50.6% |
| Return on equity | — | — | 11.3% | −78.3% | −104.8% | −83.2% | −108.0% |
| Return on assets | — | −9.8% | 0.8% | −13.6% | −19.5% | −17.9% | −19.8% |
| Return on tangible equity | — | — | 2.5% | −121.9% | −115.2% | −130.4% | −121.4% |
| Growth | |||||||
| Revenue growth | — | −1.1% | 94.5% | 90.9% | −66.7% | −30.1% | −38.2% |
| Net income growth | — | — | — | −2,400.5% | — | — | — |
| EPS growth | — | — | — | −1,436.8% | — | — | — |
| FCF growth | — | — | −715.5% | — | −14.1% | −94.1% | 326.1% |
| Share count change | — | 0.0% | −83.5% | 71.2% | 61.4% | 3.9% | 13.1% |
| Financial health | |||||||
| Interest coverage | −1.8x | −1.4x | 1.2x | −2.8x | −5.5x | −2.5x | −2.5x |
| Current ratio | — | 1.2x | 1.3x | 1.2x | 1.3x | 1.2x | 1.5x |
| Quick ratio | — | 0.3x | 0.2x | 0.2x | 0.3x | 0.3x | 0.4x |
| Capital allocation | |||||||
| Capex / revenue | 0.1% | 0.3% | 0.7% | 0.0% | 0.0% | 0.6% | 0.2% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.2% | 0.6% | 0.9% | 0.5% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 3.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | — | −2.0 | 1.4 | −1.0 | −3.2 | −4.7 | −10.0 |
| Accruals ratio | — | −75.5% | 116.9% | −41.7% | −62.9% | −24.0% | −48.4% |
Source: SEC EDGAR XBRL filings (CIK 0001825024). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.