1.Sales and profit
See section β- Better Home & Finance Holding Co had $165M of revenue in fiscal 2025, up 52.0% on the year before.
- Better Home & Finance Holding Co lost $166M in fiscal 2025.
Better Home & Finance Holding Co
BETR Nasdaq Loan Brokers Financials FY2021βFY2025
Better Home & Finance Holding Co had $165M of revenue in fiscal 2025, up 52.0% on the year before.
Last close Β· Oct 23, 2026
$16.72
0.8%KIRAβs summary AI analyst
Hi! I read Better Home & Finance Holding Coβs latest annual report (fiscal 2025). Here is what stands out:
1 strength 2 to watch
2.Cash and shareholders
See section β- Free cash flow was β$168M in fiscal 2025, β101.8% of revenue.
- In the last 12 months, insiders bought $10.7M and sold $2.2M of shares on the open market.
Better Home & Finance Holding Co in 30 seconds
Good So-so Weak
Good
Are sales growing?
+52.0%
Yes. Sales grew 52.0% last year.
Weak
Does it make a profit?
β100.6%
No. It lost money last year.
Weak
Does profit turn into cash?
β101.8%
No. It spent more cash than it brought in.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$312M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$11.01 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA Β· Better Home & Finance Holding Co had $165M of revenue in fiscal 2025, up 52.0% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY21
Revenue β
FY22
Revenue $12.3M
FY23
Revenue $0.0M
FY24
Revenue $108M
FY25
Revenue $165M
Revenue
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.0M
Q1 '24
Revenue $2.8M
Q2 '24
Revenue $2.9M
Q3 '24
Revenue $3.1M
Q4 '24
Revenue $99.7M
Q1 '25
Revenue $3.7M
Q2 '25
Revenue $3.1M
Q3 '25
Revenue $2.8M
Q4 '25
Revenue $155M
Q1 '26
Revenue $1.1M
Q2 '26
Revenue $1.1M
Margins, % of revenue
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β6,975.7%
Net β7,123.2%
FCF 7,524.7%
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β190.2%
FCF β353.4%
FY25
Gross β
Operating β
Net β100.6%
FCF β101.8%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β
FCF β
Q4 '23
Gross β
Operating β
Net β
FCF β
Q1 '24
Gross β
Operating β
Net β1,827.9%
FCF β1,536.4%
Q2 '24
Gross β
Operating β
Net β1,435.8%
FCF β7,699.9%
Q3 '24
Gross β
Operating β
Net β1,765.8%
FCF β382.7%
Q4 '24
Gross β
Operating β
Net β59.4%
FCF β106.8%
Q1 '25
Gross β
Operating β
Net β1,385.1%
FCF β1,572.3%
Q2 '25
Gross β
Operating β
Net β1,173.8%
FCF β1,825.4%
Q3 '25
Gross β
Operating β
Net β1,408.9%
FCF 131.1%
Q4 '25
Gross β
Operating β
Net β25.8%
FCF β37.2%
Q1 '26
Gross β
Operating β
Net β6,156.8%
FCF β10,994.2%
Q2 '26
Gross β
Operating β
Net β2,796.4%
FCF 2,136.6%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Better Home & Finance Holding Co lost $166M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY21
Net income β$6.5M
FY22
Net income β$877M
FY23
Net income β$536M
FY24
Net income β$206M
FY25
Net income β$166M
Net income
Q3 '23
Net income β$354M
Q4 '23
Net income β$50.9M
Q1 '24
Net income β$51.5M
Q2 '24
Net income β$41.4M
Q3 '24
Net income β$54.2M
Q4 '24
Net income β$59.2M
Q1 '25
Net income β$50.6M
Q2 '25
Net income β$36.3M
Q3 '25
Net income β$39.1M
Q4 '25
Net income β$39.9M
Q1 '26
Net income β$70.3M
Q2 '26
Net income β$30.6M
Diluted EPS
FY21
Diluted EPS β
FY22
Diluted EPS β$3.01
FY23
Diluted EPS β$58.09
FY24
Diluted EPS β$13.65
FY25
Diluted EPS β$10.80
Diluted EPS
Q3 '23
Diluted EPS β$35.63
Q4 '23
Diluted EPS β$22.02
Q1 '24
Diluted EPS β$3.41
Q2 '24
Diluted EPS β$2.74
Q3 '24
Diluted EPS β$3.58
Q4 '24
Diluted EPS β$3.92
Q1 '25
Diluted EPS β$3.33
Q2 '25
Diluted EPS β$2.39
Q3 '25
Diluted EPS β$2.56
Q4 '25
Diluted EPS β$2.52
Q1 '26
Diluted EPS β$4.29
Q2 '26
Diluted EPS β$1.64
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$168M in fiscal 2025, β101.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY21
Free cash flow β
FY22
Free cash flow $927M
FY23
Free cash flow β$160M
FY24
Free cash flow β$383M
FY25
Free cash flow β$168M
Free cash flow
Q3 '23
Free cash flow $62.4M
Q4 '23
Free cash flow β$80.4M
Q1 '24
Free cash flow β$43.3M
Q2 '24
Free cash flow β$222M
Q3 '24
Free cash flow β$11.7M
Q4 '24
Free cash flow β$106M
Q1 '25
Free cash flow β$57.4M
Q2 '25
Free cash flow β$56.4M
Q3 '25
Free cash flow $3.6M
Q4 '25
Free cash flow β$57.6M
Q1 '26
Free cash flow β$126M
Q2 '26
Free cash flow $23.4M
Cash from operations vs capital spending
FY21
Cash from operations β$3.2M
Capital spending β
FY22
Cash from operations $938M
Capital spending $11.7M
FY23
Cash from operations β$160M
Capital spending $0.5M
FY24
Cash from operations β$380M
Capital spending $3.4M
FY25
Cash from operations β$167M
Capital spending $1.2M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $62.6M
Capital spending $0.3M
Q4 '23
Cash from operations β$80.3M
Capital spending $0.1M
Q1 '24
Cash from operations β$42.8M
Capital spending $0.5M
Q2 '24
Cash from operations β$221M
Capital spending $1.3M
Q3 '24
Cash from operations β$10.6M
Capital spending $1.2M
Q4 '24
Cash from operations β$106M
Capital spending $0.5M
Q1 '25
Cash from operations β$57.2M
Capital spending $0.2M
Q2 '25
Cash from operations β$56.0M
Capital spending $0.4M
Q3 '25
Cash from operations $3.9M
Capital spending $0.2M
Q4 '25
Cash from operations β$57.3M
Capital spending $0.3M
Q1 '26
Cash from operations β$125M
Capital spending $0.4M
Q2 '26
Cash from operations $23.5M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks $7.9M
FY23
Dividends β
Buybacks $0.0M
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends β
Buybacks β$0.2M
Q4 '23
Dividends β
Buybacks $0.0M
Q1 '24
Dividends β
Buybacks $0.0M
Q2 '24
Dividends β
Buybacks $0.0M
Q3 '24
Dividends β
Buybacks β
Q4 '24
Dividends β
Buybacks β
Q1 '25
Dividends β
Buybacks β
Q2 '25
Dividends β
Buybacks β
Q3 '25
Dividends β
Buybacks β
Q4 '25
Dividends β
Buybacks β
Q1 '26
Dividends β
Buybacks β
Q2 '26
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY21
Diluted shares β
FY22
Diluted shares 0.29B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Insider trades
KIRA Β· In the last 12 months, insiders bought $10.7M and sold $2.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$10.7M
9 insiders
Sold, 12 months
$2.2M
3 insiders
Of sales under plans
95%
$2.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | Paula TuffinGeneral Counsel and CCO, Director | Sold | 1,225 | $10.48 | $0.0M | Form 4 |
| Oct 19, 2026 | J. Calamari NicholasDirector | Sold | 1,320 | $10.53 | $0.0M | Form 4 |
| Sep 17, 2026 | Paula TuffinGeneral Counsel and CCO | Sold | 3,108 | $12.36 | $0.0M | Form 4 |
| Aug 19, 2026 | Chad M. SmithPresident, BMC | Sold | 3,307 | $12.85 | $0.0M | Form 4 |
| Jun 11, 2026 | Hugh R FraterDirector | Bought | 5,150 | $24.34 | $0.1M | Form 4 |
| May 22, 2026 | Harit TalwarDirector | Bought | 5,000 | $25.34 | $0.1M | Form 4 |
| May 21, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought plan | 15,600 | $24.89 | $0.4M | Form 4 |
| May 20, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought | 15,600 | $25.00 | $0.4M | Form 4 |
| May 18, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought plan | 15,600 | $24.87 | $0.4M | Form 4 |
| May 12, 2026 | Loveen AdvaniChief Financial Officer | Bought | 400 | $30.55 | $0.0M | Form 4 |
| May 11, 2026 | Loveen AdvaniChief Financial Officer | Bought | 100 | $31.25 | $0.0M | Form 4 |
| May 8, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 2,455 | $30.16 | $0.1M | Form 4 |
| May 8, 2026 | Harit TalwarDirector | Bought | 3,000 | $30.43 | $0.1M | Form 4 |
| May 7, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought plan | 6,583 | $30.00 | $0.2M | Form 4 |
| Apr 10, 2026 | Framework Ventures IV L.P.10% owner | Bought | 54,384 | $32.96 | $1.8M | Form 4 |
| Apr 9, 2026 | Harit TalwarDirector | Bought | 5,000 | $32.89 | $0.2M | Form 4 |
| Apr 8, 2026 | Bhaskar MenonDirector | Bought | 590 | $34.14 | $0.0M | Form 4 |
| Apr 8, 2026 | Harit TalwarDirector | Bought | 1,000 | $33.34 | $0.0M | Form 4 |
| Apr 8, 2026 | Loveen AdvaniChief Financial Officer | Bought | 10 | $35.50 | $0.0M | Form 4 |
| Apr 8, 2026 | Jonsson Sigurgeir OrnChief Technology Officer | Bought | 1,000 | $36.09 | $0.0M | Form 4 |
| Apr 8, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought | 10,000 | $35.05 | $0.4M | Form 4 |
| Apr 2, 2026 | Harit TalwarDirector | Bought | 5,000 | $35.24 | $0.2M | Form 4 |
| Mar 25, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought plan | 2,217 | $29.90 | $0.1M | Form 4 |
| Mar 24, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought plan | 10,600 | $28.90 | $0.3M | Form 4 |
| Mar 23, 2026 | Vishal GargChief Executive Officer, Director, 10% owner | Bought plan | 10,600 | $29.49 | $0.3M | Form 4 |
| Mar 23, 2026 | Vance Spencer10% owner | Bought | 40,000 | $29.60 | $1.2M | Form 4 |
| Mar 19, 2026 | Vance Spencer10% owner | Bought | 53,000 | $28.48 | $1.5M | Form 4 |
| Mar 17, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 2,374 | $28.51 | $0.1M | Form 4 |
| Mar 16, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 2,567 | $29.80 | $0.1M | Form 4 |
| Mar 16, 2026 | Framework Ventures Management LLC10% owner | Bought | 25,000 | $29.55 | $0.7M | Form 4 |
| Mar 13, 2026 | Framework Ventures Management LLC10% owner | Bought | 29,494 | $34.12 | $1.0M | Form 4 |
| Mar 11, 2026 | Framework Ventures IV L.P.10% owner | Bought | 21,598 | $39.73 | $0.9M | Form 4 |
| Mar 9, 2026 | Framework Ventures IV L.P.10% owner | Bought | 10,000 | $35.46 | $0.4M | Form 4 |
| Feb 17, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 6,000 | $30.07 | $0.2M | Form 4 |
| Feb 12, 2026 | Paula TuffinGeneral Counsel and CCO | Sold plan | 8,018 | $28.67 | $0.2M | Form 4 |
| Feb 10, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 2,056 | $27.98 | $0.1M | Form 4 |
| Feb 3, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 3,097 | $27.06 | $0.1M | Form 4 |
| Jan 15, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 6,000 | $36.70 | $0.2M | Form 4 |
| Jan 12, 2026 | Paula TuffinGeneral Counsel and CCO | Sold plan | 8,000 | $38.54 | $0.3M | Form 4 |
| Jan 6, 2026 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 2,843 | $35.15 | $0.1M | Form 4 |
| Dec 30, 2025 | Bhaskar MenonDirector | Bought | 1,500 | $33.94 | $0.1M | Form 4 |
| Dec 15, 2025 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 6,000 | $40.48 | $0.2M | Form 4 |
| Dec 12, 2025 | Chad M. SmithPres & COO, Better Mortgage | Sold plan | 2,378 | $47.67 | $0.1M | Form 4 |
| Dec 11, 2025 | Paula TuffinGeneral Counsel and CCO | Sold plan | 8,000 | $46.56 | $0.4M | Form 4 |
| Oct 6, 2025 | J. Calamari NicholasCAO and Senior Counsel | Sold plan | 14,973 | $59.28 | $0.9M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Better Home & Finance Holding Co can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY21
Cash $0.0M
Debt β
FY22
Cash $318M
Debt β
FY23
Cash $529M
Debt β
FY24
Cash $265M
Debt β
FY25
Cash $183M
Debt β
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.0M | $318M | $529M | $265M | $183M |
| Interest coverage | β | β50.4x | β24.9x | β | β |
| Current ratio | 0.2x | 0.0x | β | β | β |
| Quick ratio | 0.2x | β0.0x | β | β | β |
| Total assets | $279M | $1.1B | $906M | $913M | $1.5B |
| Total liabilities | $28.9M | $1.3B | $783M | $971M | $1.5B |
| Shareholders' equity | $243M | β$604M | $123M | β$58.2M | $37.2M |
| Net debt (β = net cash) | β | β | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY21
Return on capital β
Return on equity β2.7%
Return on assets β2.3%
FY22
Return on capital β
Return on equity β
Return on assets β128.8%
FY23
Return on capital β
Return on equity β
Return on assets β53.9%
FY24
Return on capital β
Return on equity β640.4%
Return on assets β22.7%
FY25
Return on capital β
Return on equity β
Return on assets β13.7%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | β / 5 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β1.2% | β266.5% | β37.9% | 19.1% | 0.1% |
| Altman Z'' | 8.39 | β9.44 | β | β | β |
All figures
Every number, year by year.
5 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | β | $12.3M | $0.0M | $108M | $165M |
| Net interest income | β | $9.7M | β$2.6M | $17.5M | $17.4M |
| Research and development | β | $124M | $39.4M | $26.1M | $27.9M |
| Operating income | β$8.1M | β$859M | β$291M | β | β |
| Interest expense | β | $17.1M | $11.7M | β | β |
| Pretax income | β | β$876M | β$534M | β$205M | β$166M |
| Income tax | β | $1.1M | $2.0M | $0.9M | $0.1M |
| Net income | β$6.5M | β$877M | β$536M | β$206M | β$166M |
| Net income to common | β | β$877M | β$536M | β$206M | β$166M |
| Diluted EPS | β | β$3.01 | β$58.09 | β$13.65 | β$10.80 |
| Diluted shares | β | 0.29B | 0.01B | 0.02B | 0.02B |
| Cash flow | |||||
| Cash from operations | β$3.2M | $938M | β$160M | β$380M | β$167M |
| Capital expenditure | β | $11.7M | $0.5M | $3.4M | $1.2M |
| Free cash flow | β | $927M | β$160M | β$383M | β$168M |
| Depreciation and amortization | β | $13.7M | $5.8M | $7.1M | $1.0M |
| Stock-based compensation | β | $30.5M | $54.2M | $26.8M | $20.4M |
| Acquisitions | β | $3.8M | $12.7M | $0.0M | β |
| Share buybacks | β | $7.9M | $0.0M | β | β |
| Dividends and buybacks | β | $7.9M | $0.0M | β | β |
| Balance sheet | |||||
| Cash and short-term investments | $0.0M | $318M | $529M | $265M | $183M |
| Finance lease liabilities | β | $1.1M | $0.0M | β | β |
| Loans, net | β | β | $4.8M | $111M | $723M |
| Deposits | β | $0.0M | $11.8M | $134M | $763M |
| Current assets | $1.1M | $0.4M | β | β | β |
| Current liabilities | $7.1M | $15.0M | β | β | β |
| Inventory | β | $1.1M | $0.0M | β | β |
| Goodwill | $18.7M | $17.4M | $32.4M | $23.6M | $11.0M |
| Intangible assets | β | $62.0M | $38.1M | $20.9M | $17.3M |
| Total assets | $279M | $1.1B | $906M | $913M | $1.5B |
| Total liabilities | $28.9M | $1.3B | $783M | $971M | $1.5B |
| Preferred stock | $0.0M | β | β | β | β |
| Shareholders' equity | $243M | β$604M | $123M | β$58.2M | $37.2M |
| Margins | |||||
| Operating margin | β | β6,975.7% | β | β | β |
| EBITDA margin | β | β6,864.5% | β | β | β |
| Net margin | β | β7,123.2% | β | β190.2% | β100.6% |
| FCF margin | β | 7,524.7% | β | β353.4% | β101.8% |
| Net interest share of revenue | β | 78.4% | β | 16.1% | 10.6% |
| Returns | |||||
| Return on capital employed | β3.0% | β80.4% | β | β | β |
| Return on equity | β2.7% | β | β | β640.4% | β |
| Return on assets | β2.3% | β128.8% | β53.9% | β22.7% | β13.7% |
| Return on tangible equity | β2.9% | β | β1,029.9% | β | β1,876.6% |
| Growth | |||||
| Revenue growth | β | β | β100.0% | β | 52.0% |
| FCF growth | β | β | β117.3% | β | β |
| Share count change | β | β | β96.8% | 63.7% | 1.6% |
| Financial health | |||||
| Interest coverage | β | β50.4x | β24.9x | β | β |
| Current ratio | 0.2x | 0.0x | β | β | β |
| Quick ratio | 0.2x | β0.0x | β | β | β |
| Loans / deposits | β | β | 40.6% | 83.1% | 94.8% |
| Capital allocation | |||||
| Capex / revenue | β | 95.3% | β | 3.1% | 0.7% |
| Stock comp / revenue | β | 248.0% | β | 24.7% | 12.4% |
| Payouts / FCF | β | 0.9% | β | β | β |
| Quality scores | |||||
| Altman Z'' | 8.4 | β9.4 | β | β | β |
| Accruals ratio | β1.2% | β266.5% | β37.9% | 19.1% | 0.1% |
Source: SEC EDGAR XBRL filings (CIK 0001835856). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.