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ZYBERNO

Stock Report

Updated Aug 26, 2026

Opendoor Technologies Inc. (OPENW)

Real Estate • NASDAQ

$0.19

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

36.0/100

WEAK BUSINESS

Opendoor Technologies Inc. (OPENW) scores 36/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full OPENW quality analysis & detailed breakdown

VALUATION SIGNAL

⚠

Business Model Limitation

Opendoor Technologies Inc. operates in the Real Estate industry. Owner Earnings-based DCF analysis — the foundation of both the Margin of Safety and the Brina Gap — is not well-suited to companies whose business model is structurally built around leverage: banks, insurers, mortgage companies, and REITs. These businesses are typically valued using sector-specific metrics such as Price-to-Book, Price-to-FFO, or Net Asset Value. Treat these signals as directional only.

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+96.2%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

53.8%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

569.3%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full OPENW valuation analysis · → View full OPENW Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-165.1%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):CRITICAL (-16.0%)

Return on Capital (Capital Efficiency):CRITICAL (-1,502.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Opendoor Technologies Inc. (OPENW) stock report — Zyberno Score 36/100 (WEAK BUSINESS), Margin of Safety +96.2%, 54% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, Opendoor Technologies Inc. (OPENW) trades at $0.19 against an estimated intrinsic value per share of $4.94 — a +96.2% Margin of Safety based on Owner Earnings of $1.07B TTM, projected at -50.0% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 53.8% annually.

Over the trailing twelve months, OPENW generated $1.07B in Owner Earnings. Capital was deployed as follows: $12.00M invested in capital expenditures. Reinvestment rate: 4.9%. Owner Earnings have declined at 50.0% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.19

Market Cap:$181.57M

Valuation Multiples (3)

P/B Ratio:0.20x

P/S Ratio:0.06x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:-$706.43M

Pfcf Ratio:0.17x

Price Action & Momentum (1)

% of 52-Week High:6.0%

B. Profitability Assessment

Return Metrics (5)

ROE:

-165.1%

📊 Click to view full OPENW ROE analysis →

ROA:-58.4%

Roic:

-1,502.9%

📊 Click to view full OPENW ROIC analysis →

Reinvestment Rate:4.9%

Fundamental Growth Rate (g):-73.1%

Margin Analysis (3)

Operating Margin Ttm:-16.0%

Net Margin Ttm:-46.7%

Ebitda Margin:-15.2%

TTM Performance (3)

Gross Margin Ttm:8.6%

Operating Margin Ttm:-16.0%

Net Margin Ttm:-46.7%

Yield Metrics (3)

Earnings Yield:-$1.01K

Owner Earnings Yield:$589.32

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.10

📊 Click to view full OPENW Earnings Surprise analysis →

EPS Surprise vs Expected:-51.1%

Latest Earnings Filed:2026-08-04

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-28.3%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-50.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.94x

Quick Ratio:2.94x

Cash Ratio:0.93x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-2.52x

Times Interest Earned:-2.52

Capital Structure (4)

Working Capital:1,882,000,000.00

Cash And Cash Equivalents:896,000,000.00

Long Term Debt:$6.00M

Net Debt:-$888.00M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $3.25B

Linear Growth: -28.3%

📊 Click to view full OPENW Revenue analysis & methodology →

Cost Of Revenue Ttm:$2.97B

Profitability Breakdown (2)

Gross profit TTM: $281.00M

Linear Growth: -12.2%

📊 Click to view full OPENW Gross Profit analysis & methodology →

-$521.00M

Bottom Line Performance (3)

-$1.52B

Income Before Tax:-$1.52B

Ebitda Ttm:-495,000,000.00

Operating Expenses (5)

Operating Expenses:802,000,000.00

R And D Expense:88,000,000.00

Sga Expense:449,000,000.00

Income Tax Expense:-$200.00K

Interest Expense:114,000,000.00

Expense Ratios (3)

R And D To Revenue Percentage:10.0%

Sga To Revenue Percentage:50.8%

Ebitda Margin:-15.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.96B

Current Assets:$2.85B

Ppe Net:109,000,000.00

Goodwill:3,000,000.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:2,047,000,000.00

Current Liabilities:968,000,000.00

Long Term Debt:$6.00M

Short Term Debt:$2.00M

Equity & Capital (3)

Equity:$914.00M

Retained Earnings:-$5.37B

Common Stock:3,000,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:4,362,316.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:119,000,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $1.08B

Linear Growth: -50.0%

Free cash flow TTM: $1.07B

Linear Growth: -50.0%

📊 Click to view full OPENW Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$4.00M

Capital Expenditures Ttm:12,000,000.00

Financing Activities (3)

Financing Cash Flow:$16.00M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:26,000,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.89

-$1.89

Earnings Per Share Ttm:-$1.57

Revenue & Cash Per Share (3)

Sales Per Share Ttm:3.37

Operating Cash Flow Per Share:$1.09

Fcf Per Share Ttm:1.11

Book Value & Capital (2)

Book Value Per Share:$0.95

Cash Per Share:0.93

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.25x

Working Capital Turnover Ttm:1.73x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:0.54

Cash Conversion Cycle:-1,998.54

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $1.07B

Linear Growth: -50.0%

📊 Click to view full OPENW Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.11

Owner Earnings Yield:$589.32

Growth Assessment (1)

Owner Earnings Growth Rate:-$50.00

Damodaran Growth Analysis (2)

Reinvestment Rate:4.9%

Fundamental Growth Rate (g):-73.1%

Intrinsic Value Models (1)

Intrinsic Value:

$4.77B

📊 Click to view full OPENW DCF valuation →

Margin of Safety (1)

Margin Of Safety:

96.2%

📊 Click to view full OPENW valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

53.8%

📊 Click to view full OPENW expected return analysis →

Forward Expected Return (Yield + Growth):

569.3%

📊 Click to view full OPENW expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-28.3%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-50.0%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-12.2%

Book Value Growth Rate (Linear):100.0%

Owner Earnings Growth Rate:-$50.00

C. Company Profile & Context

Corporate Information (6)

Symbol:OPENW

Company Name:Opendoor Technologies Inc.

Sector:Real Estate

Industry:Real Estate

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:965.78M

Shares Outstanding Basic:965.78M

Shares Outstanding Diluted:965.78M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-26 09:13:51 UTC

Data Timestamp:2026-08-26T09:13:51.694375