OPENL Opendoor Technologies Inc - Series A Warrants, each whole warrant exercisable to purchase one share of Common Stock at an exercise price of $13.00 per warrant

NASDAQ · Ver em SEC EDGAR ↗ fechar Out 2, 2026 10-K/10-Q Fev 19, 2026

$0,08 · % da faixa de 52 semanas

· acima do mínimo · para alta

$0,06mínima 52 sem $1,21máxima 52 sem

Capitalização de Mercado (MRQ) $77M

P/E (TTM) -0.0

EPS (TTM) $-1.70

Receita (TTM) $4.37B

seus distintivos Intervalo 52 Semanas $0–$1 2% of range Classificação do Analista · Preço-Alvo · P/E -0.0 ROE -151.3% Margem de Lucro Líquido -29.7%

OPENL Instantâneo da Ação Preço, capitalização de mercado, P/E, EPS, ROE, dívida/patrimônio, intervalo de 52 semanas

Preço $0.08

Capitalização de Mercado (MRQ) $77M

P/E (TTM) -0.0

EPS (TTM) $-1.70

Receita (TTM) $4.37B

ROE (TTM) -151.3%

Intervalo 52 Semanas $0–$1

OPENL Gráfico de Preço da Ação OHLCV diário com indicadores técnicos — panorâmica, zoom e personalize sua visualização

intervalo

barras

A granularidade da barra se adapta ao período selecionado — passe o mouse sobre o gráfico para ver a abertura/máxima/mínima/fechamento de uma barra.

Desempenho de 10 Anos Tendências de receita, lucro líquido, margens e EPS

Receita$4.37B

2018-12-31 → 2025-12-31

EPS$-1.70

2018-12-31 → 2025-12-31

Fluxo de caixa livre$1.04B

2020-12-31 → 2025-12-31

Margem líquida-29.7%

2020-12-31 → 2025-12-31

Avaliação e Proporções 07–12

Avaliação Rácios P/E, P/S, P/B, EV/EBITDA — a ação está cara ou barata?

Métrica	OPENL	média 5A	Mediana de Pares	Veredito
P/E (TTM)	-0.0	·	·	·
P/S (TTM)	0.0	·	·	·
P/B (MRQ)	0.1	·	·	·
Preço / FCF (TTM)	0.1	·	·	·
Preço / Fluxo de Caixa (TTM)	0.1	·	·	·
Preço / Valor Patrimonial Tangível (MRQ)	0.1	·	·	·

A mediana dos pares é calculada em uma base padronizada por métrica e pode não corresponder sempre à base TTM/MRQ mostrada para esta ação.

Lucratividade Margens bruta, operacional e líquida; ROE, ROA, ROIC

Métrica	OPENL	média 5A	Mediana de Pares	Veredito
Margem Bruta (TTM)	8.0%média 5A ≈7.4%	≈7.4%	·	·
Margem Operacional (TTM)	-6.6%média 5A ≈-6.3%	≈-6.3%	·	·
Margem EBITDA (TTM)	-5.9%média 5A ≈-5.8%	≈-5.8%	·	·
Margem de Impostos Pré-Tributação (TTM)	-29.7%média 5A ≈-11.6%	≈-11.6%	·	·
Margem de Lucro Líquido (TTM)	-29.7%média 5A ≈-11.7%	≈-11.7%	·	·
ROA (TTM)	-47.0%média 5A ≈-18.4%	≈-18.4%	·	·
ROE (TTM)	-151.3%média 5A ≈-74.4%	≈-74.4%	·	·
ROIC	-28.6%média 5A ≈-45.0%	≈-45.0%	·	·

Saúde financeira Dívida, liquidez, solvência — força do balanço patrimonial

Métrica	Tendência de 5 anos	OPENL	média 5A	Mediana de Pares	Veredito
Índice de liquidez corrente (MRQ)		7.0média 5A ≈13.7	≈13.7	·	·
Quick Ratio (Índice de Liquidez Seca)		2.9média 5A ≈4.2	≈4.2	·	·

Crescimento Crescimento da receita, EPS e lucro líquido: YoY, CAGR 3 anos, CAGR 5 anos

Métrica	OPENL	média 5A	Mediana de Pares	Veredito
Revenue YoY (Receita Ano a Ano)	-15.2%média 5A ≈41.6%	≈41.6%	·	·
Revenue CAGR 3Y (CAGR Receita 3A)	-34.5%média 5A ≈-3.1%	≈-3.1%	·	·
Revenue CAGR 5Y (CAGR Receita 5A)	11.1%	·	·	·

Métricas por Ação EPS, valor patrimonial por ação, fluxo de caixa por ação, dividendo por ação

Métrica	OPENL	média 5A	Mediana de Pares	Veredito
EPS (Diluted) (EPS (Diluído))	$-1.70média 5A ≈$-1.19	≈$-1.19	·	·
Revenue / Share (Receita / Ação)	$5.70média 5A ≈$12.40	≈$12.40	·	·
Cash Flow / Share (Fluxo de Caixa / Ação)	$1.37média 5A ≈$-0.91	≈$-0.91	·	·
Cash / Share (Caixa / Ação)	$1.00média 5A ≈$1.60	≈$1.60	·	·

Eficiência de Capital Giro de ativos, giro de estoques, giro de contas a receber

Métrica	Tendência de 5 anos	OPENL	média 5A	Mediana de Pares	Veredito
Asset Turnover (Giro do Ativo)		1.6média 5A ≈1.6	≈1.6	·	·
Revenue / Employee (Receita anual ÷ funcionários (número de funcionários reportado, yfinance). Derivado — não é um conceito SEC-XBRL armazenado.)		≈$4.2M	·	·	·

valor · ≈ média 5A · mediana do setor · veredicto relativo à mediana

Fundamentos Completos Todas as métricas por ano — demonstração de resultados, balanço patrimonial, fluxo de caixa

Demonstração de Resultados 17

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$4.37B	$5.15B	$6.95B	$15.57B	$8.02B	$2.58B	$4.74B	$1.84B
Cost of Revenue	$4.02B	$4.72B	$6.46B	$14.90B	$7.29B	$2.36B	$4.44B	$1.70B
Gross Profit	$350M	$433M	$487M	$667M	$730M	$220M	$301M	$133M
R&D Expense	$79M	$141M	$167M	$169M	$134M	$56M	$51M	$28M
SG&A Expense	$238M	$182M	$206M	$346M	$620M	$132M	$114M	$72M
Operating Expenses	$637M	$753M	$873M	$1.60B	$1.30B	$406M	$549M	$297M
Operating Income	$-287M	$-320M	$-386M	$-931M	$-568M	$-186M	$-248M	$-164M
Interest Expense	·	·	$211M	$385M	$143M	$68M	$110M	$60M
Other Non-op	$42M	$64M	$107M	$-10M	$38M	$4M	$13M	$3M
Pretax Income	$-1.30B	$-391M	$-274M	$-1.35B	$-661M	$-253M	$-339M	$-240M
Income Tax	$0	$1M	$1M	$2M	$1M	$0	$0	$377.0K
Net Income	$-1.30B	$-392M	$-275M	$-1.35B	$-662M	$-253M	$-341M	$-241M
EPS (Basic)	$-1.70	$-0.56	$-0.42	$-2.16	$-1.12	$-2.31	$-4.26	$-3.16
EPS (Diluted)	$-1.70	$-0.56	$-0.42	$-2.16	$-1.12	$-2.31	$-4.37	$-3.16
Shares (Basic)	766,531,000	699,457,000	657,111,000	627,105,000	592,574,000	109,301,000	79,977,000	78,564,000
Shares (Diluted)	766,531,000	699,457,000	657,111,000	627,105,000	592,574,000	109,301,000	79,977,000	78,564,000
EBITDA	$-256M	$-287M	$-348M	$-894M	$-541M	$-164M	·	·

Balanço Patrimonial 27

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Cash & Equivalents	$962M	$671M	$999M	$1.14B	$1.73B	$1.41B	$405M	$262M
Short-term Investments	$0	$8M	$69M	$144M	$484M	$48M	·	·
Prepaid Expense	·	·	·	·	·	·	$0	·
Other Current Assets	$69M	$61M	$52M	$41M	$91M	$24M	$31M	·
Current Assets	$2.30B	$3.00B	$3.44B	$6.47B	$9.34B	$2.05B	$2.09B	·
PP&E (Net)	$27M	$48M	$66M	$58M	$45M	$29M	$35M	·
PP&E (Gross)	$117M	$123M	$166M	$148M	$102M	$63M	$55M	·
Accum. Depreciation	$90M	$75M	$100M	$90M	$57M	$34M	$20M	·
Goodwill	$3M	$3M	$4M	$4M	$60M	$31M	$31M	·
Intangibles	$0	$0	$5M	$12M	$12M	$9M	$12M	·
Other Non-current Assets	$70M	$60M	$22M	$27M	$7M	$4M	$5M	·
Total Assets	$2.41B	$3.13B	$3.57B	$6.61B	$9.51B	$2.18B	$2.23B	·
Accounts Payable	$80M	$92M	$64M	$110M	$137M	$25M	$33M	·
Accrued Liabilities	$20M	$30M	$34M	$47M	$66M	$11M	$16M	·
Current Liabilities	$327M	$529M	$70M	$1.50B	$4.40B	$393M	$1.13B	·
Capital Leases	$6M	$13M	$19M	$38M	$42M	$47M	$48M	·
Other Non-current Liabilities	$1M	$1M	$1M	$0	·	$94.0K	$208.0K	·
Total Liabilities	$1.40B	$2.41B	$2.60B	$5.52B	$7.26B	$623M	$1.58B	·
Long-term Debt	·	·	·	·	·	$135M	·	·
Total Debt	·	·	·	·	·	$346M	·	·
Common Stock	$0	$0	$0	$0	$0	$0	$0	·
Paid-in Capital	$6.04B	$4.44B	$4.30B	$4.15B	$3.96B	$2.60B	$57M	·
Retained Earnings	$-5.03B	$-3.73B	$-3.33B	$-3.06B	$-1.71B	$-1.04B	$-790M	·
AOCI	$0	$0	$-1M	$-4M	$-2M	$0	$18.0K	·
Stockholders' Equity	$1.00B	$713M	$967M	$1.09B	$2.25B	$1.55B	$-733M	$-414M
Liabilities + Equity	$2.41B	$3.13B	$3.57B	$6.61B	$9.51B	$2.18B	$2.23B	·
Shares Outstanding	957,245,487	719,990,121	677,636,163	637,387,025	616,026,565	540,714,692	83,748,443	·

Fluxo de Caixa 16

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
D&A	$31M	$33M	$38M	$37M	$27M	$22M	$15M	$5M
Stock-based Comp	$159M	$114M	$126M	$171M	$536M	$38M	$13M	$8M
Amort. of Intangibles	·	$4M	$7M	$9M	$4M	$4M	$3M	$600.0K
Restructuring	$10M	$17M	$14M	$17M	$0	$29M	·	·
Other Non-cash	$2.16B	$-350M	$2.46B	$1.88B	$-5.70B	$909M	·	·
Operating Cash Flow	$1.05B	$-595M	$2.34B	$730M	$-5.79B	$682M	$-272M	$-1.18B
CapEx	$12M	$25M	$37M	$37M	$33M	$17M	$28M	$20M
Investing Cash Flow	$-12M	$28M	$44M	$234M	$-476M	$-22M	$-95M	$-7M
Stock Issued	$198M	$0	$0	$0	$886M	$0	$0	$0
Stock Repurchased	·	·	·	·	$0	$0	$3M	$38M
Net Stock Activity	$198M	·	$0	$0	$886M	$82.0K	·	·
Financing Cash Flow	$-499M	$-210M	$-2.64B	$-1.75B	$7.34B	$161M	$646M	$1.50B
Net Change in Cash	$538M	$-777M	$-251M	$-787M	$1.07B	$821M	$279M	$309M
Taxes Paid	$0	·	·	·	·	·	·	·
Free Cash Flow	$1.04B	$-620M	$2.31B	$693M	$-5.83B	$665M	·	·
Levered FCF	·	·	$2.10B	$307M	$-5.97B	$597M	·	·

Lucratividade 8

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Gross Margin	8.0%	8.4%	7.0%	4.3%	9.1%	8.5%	·	·
Operating Margin	-6.6%	-6.2%	-5.6%	-6.0%	-7.1%	-7.2%	·	·
Net Margin	-29.7%	-7.6%	-4.0%	-8.7%	-8.2%	-11.1%	·	·
Pretax Margin	-29.7%	-7.6%	-3.9%	-8.7%	-8.2%	-11.1%	·	·
EBITDA Margin	-5.9%	-5.6%	-5.0%	-5.7%	-6.7%	-6.4%	·	·
ROA	-47.0%	-11.7%	-5.4%	-16.8%	-11.3%	-13.0%	·	·
ROE	-158.9%	-51.8%	-27.7%	-105.1%	-28.7%	-64.3%	·	·
ROIC	-28.6%	-45.0%	-40.1%	-85.9%	-25.3%	-9.6%	·	·

Liquidez e Solvência 4

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Current Ratio	7.0	5.7	49.2	4.3	2.1	5.2	·	·
Quick Ratio	2.9	1.3	15.3	0.9	0.5	3.6	·	·
Debt / Equity	·	·	·	·	·	0.2	·	·
Interest Coverage	·	·	-1.8	-2.4	-4.0	-2.7	·	·

Eficiência 1

Métrica	Tendência	2025	2024	2023	2022	2021	2020	2019	2018
Asset Turnover		1.6	1.5	1.4	1.9	1.4	1.2	·	·

Por Ação 5

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Book Value / Share	$1.05	$0.99	$1.43	$1.70	$3.65	$2.96	·	·
Revenue / Share	$5.70	$7.37	$10.57	$24.82	$13.54	$23.63	·	·
Cash Flow / Share	$1.37	$-0.85	$3.57	$1.16	$-9.78	$6.24	·	·
Cash / Share	$1.00	$0.93	$1.47	$1.78	$2.81	$2.61	·	·
EPS (TTM)	$-1.70	$-0.56	$-0.42	$-2.16	$-1.12	$-2.31	·	·

Taxas de Crescimento 3

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Revenue YoY	-15.2%	-25.8%	-55.4%	94.1%	210.5%	·	·	·
Revenue CAGR 3Y	-34.5%	-13.7%	39.1%	·	·	·	·	·
Revenue CAGR 5Y	11.1%	·	·	·	·	·	·	·

Avaliação (TTM) 10

Métrica	2025	2024	2023	2022	2021	2020	2019	2018
Revenue TTM	$4.37B	$5.15B	$6.95B	$15.57B	$8.02B	$2.58B	·	·
Net Income TTM	$-1.30B	$-392M	$-275M	$-1.35B	$-662M	$-253M	·	·
Market Cap	$498M	·	·	·	·	·	·	·
P/E	-0.3	·	·	·	·	·	·	·
P/S	0.1	·	·	·	·	·	·	·
P/B	0.5	·	·	·	·	·	·	·
P / Tangible Book	0.5	·	·	·	·	·	·	·
P / Cash Flow	0.5	·	·	·	·	·	·	·
P / FCF	0.5	·	·	·	·	·	·	·
Earnings Yield	-326.9%	·	·	·	·	·	·	·

Demonstração de Resultados 17

Métrica	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue	$736M	$915M	$1.57B	$1.15B	$1.08B	$1.38B	$1.51B	$1.18B	$870M	$980M	$1.98B	$3.12B	$2.86B	$3.36B	$4.20B	$5.15B
Cost of Revenue	$679M	$849M	$1.44B	$1.05B	$999M	$1.27B	$1.38B	$1.07B	$798M	$884M	$1.83B	$2.95B	$2.79B	$3.79B	$3.71B	$4.62B
Gross Profit	$57M	$66M	$128M	$99M	$85M	$105M	$129M	$114M	$72M	$96M	$149M	$170M	$71M	$-425M	$486M	$535M
R&D Expense	$18M	$19M	$21M	$21M	$33M	$30M	$37M	$41M	$46M	$42M	$39M	$40M	$48M	$40M	$41M	$40M
SG&A Expense	$129M	$48M	$28M	$33M	$41M	$46M	$48M	$47M	$48M	$48M	$44M	$66M	$23M	$85M	$137M	$101M
Operating Expenses	$207M	$134M	$141M	$155M	$179M	$172M	$201M	$201M	$187M	$175M	$217M	$294M	$342M	$385M	$454M	$417M
Operating Income	$-150M	$-68M	$-13M	$-56M	$-94M	$-67M	$-72M	$-87M	$-115M	$-79M	$-68M	$-124M	$-271M	$-810M	$32M	$118M
Interest Expense	·	·	·	·	·	·	·	$37M	·	$47M	$53M	$74M	·	$115M	$89M	$68M
Other Non-op	$14M	$14M	$10M	$4M	$14M	$23M	$12M	$15M	$27M	$20M	$41M	$19M	$10M	$-2M	$4M	$-22M
Pretax Income	$-1.10B	$-89M	$-29M	$-85M	$-113M	$-78M	$-91M	$-109M	$-91M	$-106M	$24M	$-101M	$-399M	$-927M	$-53M	$28M
Income Tax	$0	$0	$0	$0	$0	$0	$1M	$0	$0	$0	$1M	$0	$0	$1M	$1M	$0
Net Income	$-1.10B	$-90M	$-29M	$-85M	$-113M	$-78M	$-92M	$-109M	$-91M	$-106M	$23M	$-101M	$-399M	$-928M	$-54M	$28M
EPS (Basic)	$-1.42	$-0.12	$-0.04	$-0.12	$-0.16	$-0.11	$-0.13	$-0.16	$-0.14	$-0.16	$0.04	$-0.16	$-0.65	$-1.47	$-0.09	$0.05
EPS (Diluted)	$-1.42	$-0.12	$-0.04	$-0.12	$-0.16	$-0.11	$-0.13	$-0.16	$-0.13	$-0.16	$0.03	$-0.16	$-0.64	$-1.47	$-0.09	$0.04
Shares (Basic)	·	741,939,000	729,484,000	723,542,000	·	705,359,000	693,445,000	682,457,000	·	662,149,000	646,062,000	641,916,000	·	629,535,000	624,958,000	619,137,000
Shares (Diluted)	·	741,939,000	729,484,000	723,542,000	·	705,359,000	693,445,000	682,457,000	·	662,149,000	667,159,000	641,916,000	·	629,535,000	624,958,000	640,785,000
EBITDA	·	$-60M	$-5M	$-48M	·	$-60M	$-63M	$-78M	·	$-71M	$-59M	$-114M	·	$-800M	$41M	$127M

Balanço Patrimonial 24

Métrica	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Cash & Equivalents	$962M	$962M	$789M	$559M	$671M	$829M	$790M	$953M	$999M	$1.15B	$1.12B	$1.14B	$1.14B	$1.33B	$2.24B	$2.31B
Short-term Investments	$0	$0	$0	$0	$8M	$8M	$19M	$37M	·	$72M	$90M	$108M	·	$178M	$233M	$464M
Other Current Assets	$69M	$73M	$72M	$77M	$61M	$41M	$61M	$65M	·	$47M	$37M	$46M	·	$80M	$162M	$126M
Current Assets	$2.30B	$2.59B	$2.80B	$3.15B	$3.00B	$3.26B	$3.25B	$3.28B	·	$3.82B	$4.09B	$4.97B	·	$9.58B	$9.95B	$8.08B
PP&E (Net)	$27M	$31M	$37M	$44M	$48M	$59M	$71M	$66M	·	$68M	$62M	$59M	·	$62M	$54M	$49M
PP&E (Gross)	$117M	$118M	$120M	$125M	$123M	$138M	$151M	$145M	·	$159M	$146M	$159M	·	$145M	$129M	$115M
Accum. Depreciation	$90M	$87M	$83M	$81M	$75M	$79M	$80M	$79M	·	$91M	$84M	$100M	·	$83M	$75M	$66M
Goodwill	$3M	$3M	$3M	$3M	$3M	$3M	$4M	$4M	·	$4M	$4M	$4M	·	$62M	$60M	$60M
Intangibles	$0	$0	$0	$0	$0	$0	$2M	$4M	·	$7M	$9M	$11M	·	$7M	$7M	$10M
Other Non-current Assets	$70M	$70M	$61M	$61M	$60M	$61M	$23M	$23M	·	$22M	$27M	$27M	·	$26M	$27M	$29M
Total Assets	$2.41B	$2.70B	$2.91B	$3.28B	$3.13B	$3.41B	$3.37B	$3.40B	·	$3.95B	$4.22B	$5.11B	·	$9.78B	$10.14B	$8.27B
Accounts Payable	$80M	·	·	·	$92M	·	·	·	·	·	·	·	·	·	·	·
Accrued Liabilities	$20M	·	·	·	$30M	·	·	·	·	·	·	·	·	·	·	·
Current Liabilities	$327M	$914M	$643M	$1.05B	$529M	$721M	$393M	$74M	·	$74M	$88M	$443M	·	$3.60B	$3.61B	$2.81B
Capital Leases	$6M	$7M	$6M	$13M	$13M	$19M	$18M	$18M	·	$20M	$21M	$35M	·	$39M	$42M	$43M
Other Non-current Liabilities	$1M	$2M	$1M	$1M	$1M	$2M	$0	$1M	·	$1M	·	·	·	·	·	·
Total Liabilities	$1.40B	$1.89B	$2.28B	$2.63B	$2.41B	$2.61B	$2.53B	$2.50B	·	$2.93B	$3.14B	$4.08B	·	$8.30B	$7.78B	$5.92B
Common Stock	$0	$0	$0	$0	$0	$0	$0	$0	·	$0	$0	$0	·	$0	$0	$0
Paid-in Capital	$6.04B	$4.74B	$4.47B	$4.46B	$4.44B	$4.41B	$4.38B	$4.34B	·	$4.26B	$4.22B	$4.20B	·	$4.15B	$4.09B	$4.03B
Retained Earnings	$-5.03B	$-3.93B	$-3.84B	$-3.81B	$-3.73B	$-3.61B	$-3.53B	$-3.44B	·	$-3.24B	$-3.14B	$-3.16B	·	$-2.66B	$-1.73B	$-1.68B
AOCI	$0	$0	$0	$0	$0	$0	$0	$0	·	$-1M	$-2M	$-3M	·	$-5M	$-5M	$-4M
Stockholders' Equity	$1.00B	$811M	$631M	$645M	$713M	$801M	$845M	$899M	$967M	$1.02B	$1.09B	$1.04B	$1.09B	$1.49B	$2.36B	$2.35B
Liabilities + Equity	$2.41B	$2.70B	$2.91B	$3.28B	$3.13B	$3.41B	$3.37B	$3.40B	·	$3.95B	$4.22B	$5.11B	·	$9.78B	$10.14B	$8.27B
Shares Outstanding	957,245,487	771,534,057	733,592,980	726,835,454	719,990,121	711,660,871	698,843,166	688,560,794	677,636,163	668,592,580	657,337,566	647,607,920	637,387,025	632,513,135	627,033,133	622,918,512

Fluxo de Caixa 14

Métrica	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
D&A	$7M	$8M	$8M	$8M	$8M	$7M	$9M	$9M	$11M	$8M	$9M	$10M	$9M	$10M	$9M	$9M
Stock-based Comp	$105M	$27M	$13M	$14M	$23M	$25M	$33M	$33M	$32M	$31M	$21M	$42M	$-7M	$52M	$59M	$67M
Amort. of Intangibles	·	·	·	·	$0	$1M	$1M	$2M	$2M	$2M	$1M	$2M	$2M	$2M	$3M	$2M
Restructuring	$0	$1M	$6M	$3M	$17M	$0	$0	$0	$4M	$0	$10M	·	$17M	$0	$0	·
Other Non-cash	·	·	·	$-216M	·	·	·	$-111M	·	·	·	$2.21B	·	·	·	$1.45B
Operating Cash Flow	$70M	$435M	$823M	$-279M	$-80M	$62M	$-399M	$-178M	$-542M	$-216M	$940M	$2.16B	$1.40B	$-322M	$-1.89B	$1.55B
CapEx	$3M	$3M	$2M	$4M	$3M	$6M	$8M	$8M	$9M	$11M	$9M	$8M	$4M	$13M	$10M	$10M
Investing Cash Flow	$-3M	$-9M	$-2M	$2M	$-3M	$0	$9M	$22M	$-4M	$3M	$15M	$30M	$24M	$27M	$221M	$-38M
Stock Issued	$0	·	·	·	$0	·	·	·	·	·	·	·	·	$0	$0	$0
Net Stock Activity	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0
Financing Cash Flow	$-218M	$-159M	$-329M	$207M	$-208M	$81M	$15M	$-98M	$-292M	$-213M	$-809M	$-1.32B	$-2.71B	$520M	$1.77B	$-1.33B
Net Change in Cash	$-151M	$267M	$492M	$-70M	$-291M	$143M	$-375M	$-254M	$-838M	$-426M	$146M	$867M	$-1.29B	$225M	$98M	$178M
Free Cash Flow	·	·	·	$-283M	·	·	·	$-186M	·	·	·	$2.15B	·	·	·	$1.54B
Levered FCF	·	·	·	·	·	·	·	$-223M	·	·	·	$2.08B	·	·	·	$1.47B

Lucratividade 8

Métrica	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Gross Margin	·	7.2%	8.2%	8.6%	·	7.6%	8.5%	9.7%	·	9.8%	7.5%	5.5%	·	-12.7%	11.6%	10.4%
Operating Margin	·	-7.4%	-0.83%	-4.9%	·	-4.9%	-4.8%	-7.4%	·	-8.1%	-3.4%	-4.0%	·	-24.1%	0.76%	2.3%
Net Margin	·	-9.8%	-1.8%	-7.4%	·	-5.7%	-6.1%	-9.2%	·	-10.8%	1.2%	-3.2%	·	-27.6%	-1.3%	0.54%
Pretax Margin	·	-9.7%	-1.8%	-7.4%	·	-5.7%	-6.0%	-9.2%	·	-10.8%	1.2%	-3.2%	·	-27.6%	-1.3%	0.54%
EBITDA Margin	·	-6.6%	-0.32%	-4.2%	·	-4.4%	-4.2%	-6.6%	·	-7.2%	-3.0%	-3.6%	·	-23.8%	0.98%	2.5%
ROA	·	-2.9%	-0.92%	-2.5%	·	-2.1%	-2.4%	-2.6%	·	-1.5%	0.32%	-1.5%	·	-9.9%	-0.72%	0.49%
ROE	·	-11.2%	-3.9%	-11.0%	·	-8.6%	-9.5%	-11.3%	·	-8.5%	1.3%	-6.0%	·	-48.2%	-2.3%	1.2%
ROIC	·	-8.4%	-2.1%	-8.7%	·	-8.4%	-8.6%	-9.7%	·	-7.8%	-6.0%	-12.0%	·	-54.5%	1.4%	5.0%

Liquidez e Solvência 3

Métrica	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Current Ratio	·	2.8	4.3	3.0	·	4.5	8.3	44.4	·	51.6	46.5	11.2	·	2.7	2.8	2.9
Quick Ratio	·	1.1	1.2	0.5	·	1.2	2.1	13.4	·	16.6	13.8	2.8	·	0.4	0.7	1.0
Interest Coverage	·	·	·	·	·	·	·	-2.4	·	-1.7	-1.3	-1.7	·	-7.0	0.4	1.7

Eficiência 1

Métrica	Tendência	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Asset Turnover		·	0.3	0.5	0.3	·	0.4	0.4	0.3	·	0.1	0.3	0.5	·	0.4	0.6	0.9

Por Ação 5

Métrica	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Book Value / Share	·	$1.05	$0.86	$0.89	·	$1.13	$1.21	$1.31	·	$1.53	$1.65	$1.60	·	$2.35	$3.76	$3.77
Revenue / Share	·	$1.23	$2.15	$1.59	·	$1.95	$2.18	$1.73	·	$1.48	$2.96	$4.86	·	$5.34	$6.72	$8.04
Cash Flow / Share	·	·	·	$-0.39	·	·	·	$-0.26	·	·	·	$3.37	·	·	·	$2.42
Cash / Share	·	$1.25	$1.08	$0.77	·	$1.16	$1.13	$1.38	·	$1.73	$1.70	$1.76	·	$2.10	$3.57	$3.71
EPS (TTM)	·	$-0.44	·	·	·	$-0.53	$-0.58	$-0.42	·	$-0.93	$-2.24	$-2.36	·	$-1.83	$-0.45	$-0.60

Avaliação (TTM) 2

Métrica	Tendência	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue TTM		·	$4.72B	·	·	·	$4.94B	$4.54B	$5.01B	·	$8.93B	$11.31B	$13.54B	·	$16.53B	$15.44B	$12.43B
Net Income TTM		·	$-317M	·	·	·	$-370M	$-398M	$-283M	·	$-583M	$-1.41B	$-1.48B	·	$-1.15B	$-274M	$-364M

Período mais recente à esquerda · valores nulos mostrados como ·

Demonstrações Financeiras Demonstração de resultados, balanço patrimonial, fluxo de caixa — anual, últimos 5 anos

Métrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Receita	$4.37B	$5.15B	$6.95B	$15.57B	$8.02B
Margem Bruta %	8.0%	8.4%	7.0%	4.3%	9.1%
Margem Operacional %	-6.6%	-6.2%	-5.6%	-6.0%	-7.1%
Lucro líquido	$-1.30B	$-392M	$-275M	$-1.35B	$-662M
EPS Diluído	$-1.70	$-0.56	$-0.42	$-2.16	$-1.12

Métrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Índice de liquidez corrente	7.0	5.7	49.2	4.3	2.1
Índice de Liquidez Seca	2.9	1.3	15.3	0.9	0.5

Métrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Fluxo de caixa livre	$1.04B	$-620M	$2.31B	$693M	$-5.83B

Investidores institucionais (13F) 133 declarantes · $2.0M total · Em 30 de Junho de 2026

Instituições que relatam a posse desta ação em seu Formulário 13F trimestral da SEC. Apenas posições compradas; um único declarante pode aparecer duas vezes para opções separadas. Grandes posições de compra/venda compensatórias geralmente refletem market-making ou inventário protegido, não convicção direcional.

Detentores 133

Valor detido $2.0M

Novas posições 15

Posições encerradas 21

Atividade institucional — Q2 2026 vs trimestre anterior

Novas posições	Posições encerradas	Aumentou	Diminuído	Variação líquida de ações
15 (-1 vs trimestre anterior)	21 (-4 vs trimestre anterior)	21 (0 vs trimestre anterior)	28 (-13 vs trimestre anterior)	-1.3M

Comparado a Q1 2026. Os registros do Formulário 13F da SEC devem ser feitos em até 45 dias após o final do trimestre, mais um pequeno período de tolerância para registrantes atrasados — trimestres ainda dentro desse período são ignorados em favor do par mais recente totalmente reportado.

Instituição	Valor	Ações	% de 13F rastreado	Tipo
Caption Management, LLC	$629.342	2.225.397	31,55%	Ações
MORGAN STANLEY	$250.657	886.344	12,57%	Ações
LENNAR CORP /NEW/	$177.089	626.198	8,88%	Ações
ARISTEIA CAPITAL, L.L.C.	$166.389	588.466	8,34%	Ações
IMC-Chicago, LLC	$147.724	31.975	7,41%	Ações
JANE STREET GROUP, LLC	$140.483	496.757	7,04%	Ações
MILLENNIUM MANAGEMENT LLC	$80.424	284.386	4,03%	Opção de compra
DeepCurrents Investment Group LLC	$57.223	12.386	2,87%	Opção de compra
STATE STREET CORP	$40.019	141.510	2,01%	Ações
GEODE CAPITAL MANAGEMENT, LLC	$28.315	100.175	1,42%	Ações
Graham Capital Management, L.P.	$26.253	92.833	1,32%	Ações
LMR Partners LLP	$19.796	70.000	0,99%	Ações
KESTRA PRIVATE WEALTH SERVICES, LLC	$18.739	66.262	0,94%	Ações
Point72 Asset Management, L.P.	$18.121	64.077	0,91%	Ações
Skaana Management L.P.	$17.977	63.567	0,90%	Ações
AQR CAPITAL MANAGEMENT LLC	$17.282	61.112	0,87%	Ações
TUDOR INVESTMENT CORP ET AL	$16.439	58.128	0,82%	Opção de compra
IEQ CAPITAL, LLC	$12.567	44.438	0,63%	Ações
D. E. Shaw & Co., Inc.	$11.114	39.300	0,56%	Opção de compra
CITADEL ADVISORS LLC	$9.078	32.100	0,46%	Ações
JPMORGAN CHASE & CO	$8.576	26.157	0,43%	Ações
LPL Financial LLC	$7.126	25.203	0,36%	Ações
TWO SIGMA SECURITIES, LLC	$6.724	23.777	0,34%	Ações
Susquehanna Portfolio Strategies, LLC	$6.717	23.751	0,34%	Ações
Squarepoint Ops LLC	$6.384	22.575	0,32%	Ações
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$5.945	21.022	0,30%	Ações
Balyasny Asset Management L.P.	$5.921	20.938	0,30%	Ações
Amundi	$5.308	18.770	0,27%	Ações
GROUP ONE TRADING LLC	$4.915	17.381	0,25%	Ações
SIGNATUREFD, LLC	$4.852	17.158	0,24%	Ações
Kultura Capital Management LP	$4.619	16.333	0,23%	Ações
UBS Group AG	$4.271	15.090	0,21%	Ações
NWAM LLC	$4.152	14.683	0,21%	Ações
Prentice Capital Management, LP	$3.668	12.970	0,18%	Ações
JANUS HENDERSON GROUP PLC	$3.282	13.235	0,16%	Ações
Universal- Beteiligungs- und Servicegesellschaft mbH	$3.235	11.440	0,16%	Ações
CAPSTONE INVESTMENT ADVISORS, LLC	$2.951	10.435	0,15%	Ações
Legal & General Group Plc	$1.937	6.849	0,10%	Ações
KLP KAPITALFORVALTNING AS	$1.781	6.296	0,09%	Ações
INTACT INVESTMENT MANAGEMENT INC.	$1.644	5.814	0,08%	Ações
Qube Research & Technologies Ltd	$1.506	5.327	0,08%	Ações
AlphaCore Capital LLC	$1.395	4.932	0,07%	Ações
Wilmington Savings Fund Society, FSB	$1.315	4.649	0,07%	Ações
Zurcher Kantonalbank (Zurich Cantonalbank)	$1.243	4.394	0,06%	Ações
BlackRock, Inc.	$1.238	4.376	0,06%	Ações
BANK OF MONTREAL /CAN/	$1.040	3.680	0,05%	Ações
ROYAL BANK OF CANADA	$1.000	2.090	0,05%	Ações
OSAIC HOLDINGS, INC.	$622	2.351	0,03%	Ações
Activest Wealth Management	$521	1.843	0,03%	Ações
Marathon Trading Investment Management LLC	$501	1.773	0,03%	Ações

Mostrar todos os 133 proprietários institucionais →

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Fonte: SEC 10-K arquivado Fev 19, 2026