Offerpad Solutions Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Offerpad Solutions Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,076	1,064	2,070	3,952	1,314	919	568
Cost of revenue	1,001	976	1,863	3,770	1,244	847	526
Gross profit	74.4	87.8	208	182	70.2	72.2	42
Research and development	7.45	7.27	10.9	12.1	7.95	4.52	3.41
Selling and marketing	85.2	76.8	147	239	117	73.1	45.8
General and administrative	15.1	17.5	30.3	58.7	50.1	40.6	26.2
Operating expenses	108	102	188	310	175	118	75.4
Operating income	-33.4	-13.8	19.8	-127	-104	-46	-33.4
Interest expense	18.3	10	15.8	46	18.9	18.7	13.4
Other non-operating income	-18.3	-9.2	-13.1	-20.9	-12.6	-16.1	-12.6
Pre-tax income	-51.7	-23	6.63	-148	-117	-62.1	-45.9
Income tax	0.25	0.16	0.17	0.36	0.16	0.03	0.44
Net income	-52	-23.1	6.46	-149	-117	-62.2	-46.4
EBITDA	-33	-13.3	20.3	-126	-104	-45.4	-32.4
EPS, basic	-12.24	-5.44	0.82	-9.09	-4.44	-2.27	-1.50
EPS, diluted	-12.24	-5.44	0.68	-9.09	-4.44	-2.27	-1.50
Shares, basic (weighted)	4.25	4.25	7.91	16.3	26.4	27.4	31
Shares, diluted (weighted)	4.25	4.25	9.55	16.3	26.4	27.4	31

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.9	43.9	170	97.2	76	43	26.5
Receivables		2.31	6.17	2.35	9.94	3.85	7.94
Inventory		171	1,133	665	277	214	93.8
Other current assets		2.88	9.81	6.83	5.24	2.56	1.79
Total current assets		227	1,343	814	372	294	132
Property, plant and equipment		8.23	5.15	5.19	4.52	9.13	14.7
Lease right-of-use assets			4.78	5.47	3.34	8.58	7.41
Other non-current assets		0.35	4.96	5.7	3.57	9.71	8.41
Total assets		236	1,353	825	380	313	155
Accounts payable		2.15	6.4	4.65	4.95	1.92	1.67
Accrued liabilities		11.2	12.8	10.7	3.2	1.9	1.78
Total current liabilities		190	1,068	699	276	251	88.8
Lease liabilities			3.83	3.69	1.42	14.2	13.1
Other non-current liabilities			3.83	3.69	1.42	14.2	13.1
Total liabilities		195	1,096	703	278	265	117
Paid-in capital		5.91	390	403	500	508	545
Retained earnings		-139	-132	-281	-398	-460	-506
Treasury stock		-10.7	0
Shareholders' equity	-122	-143	258	122	102	47.7	38.2
Total equity	-122	-143	258	122	102	47.7	38.2
Total liabilities and equity		236	1,353	825	380	313	155

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-52	-23.1	6.46	-149	-117	-62.2	-46.4
Depreciation and amortization	0.38	0.43	0.52	1.02	0.73	0.61	0.98
Stock-based compensation	1.27	1.36	3.08	8.31	7.92	8.08	2.83
Deferred income tax	0	0	0	0	0	0	0
Change in receivables	-1.08	0.94	-3.85	3.82	-7.59	6.09	-4.09
Change in inventory	-60.7	169	-950	374	379	57.9	109
Change in payables	-2.42	0.84	4.13	-1.75	0.3	-3.02	-0.26
Cash from operations	-109	155	-922	305	262	20.8	66.8
Capital expenditures	-1.04	-2.86	-13.7	-1.07	-0.13	-5.41	-1.08
Cash from investing	-0.98	-2.86	-11.7	-1.07	1.99	-5.33	-1.06
Debt repaid			-0.06
Stock issued	0.17	0	-51.2	0	-0.78	0	0
Share buybacks	-10.7
Cash from financing	123	-131	1,077	-358	-324	-21.8	-111
Net change in cash	12.6	20.9	144	-54.1	-60.4	-6.31	-45.5
Free cash flow	-110	152	-936	304	262	15.4	65.7
Interest paid	20	14	21.9	59.7	24.7	24.5	16.9
Income taxes paid					0.4	0.3	0.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.27 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.4%	Gross profit / revenue.
Operating margin	-7.7%	Operating income / revenue.
EBITDA margin	-7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.7%	Pre-tax income / revenue.
Net margin	-9.8%	Net income / revenue.
FCF margin	18.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.2%	Cash from operations / revenue.
Return on equity (ROE)	-106.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-24.9%	Net income / average total assets.
Return on invested capital (ROIC)	-591.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.8%	Research and development expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-38.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-47.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-41.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-38.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	220.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-39.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-15.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	326.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-40.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-19.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-32.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-50.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-42.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-8.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	13.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	23.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	48.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.44x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	76.7%	Total liabilities / total assets.
Interest coverage	-3.40x	Operating income / interest expense.
Working capital	$42.4M	Current assets - current liabilities.
Tangible book value	$37.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.52x	Revenue / average total assets.
Fixed asset turnover	28.7x	Revenue / average property, plant and equipment.
Inventory turnover	3.97x	Cost of revenue / average inventory.
Days inventory	92 days	365 x average inventory / cost of revenue.
Receivables turnover	66.0x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	95 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	0.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$8.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$84.36	Revenue / diluted weighted shares.
FCF per share	$15.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.36	Cash from operations / diluted weighted shares.
Book value per share	$7.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.78	Tangible book value / shares outstanding.
Cash per share	$6.91	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$15.8M	Share price x shares outstanding.
Enterprise value	-$17.3M	Market cap + total debt - cash - short-term investments.
P/S	0.04x	Market cap / revenue.
P/B	0.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.42x	Market cap / tangible book value, when positive.
P/FCF	0.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.21x	Market cap / cash from operations, when positive.
FCF yield	465.7%	Free cash flow / market cap.
Earnings yield	-252.1%	Net income / market cap (the inverse of P/E).

What was Offerpad Solutions Inc.'s revenue in fiscal 2025?

Offerpad Solutions Inc. reported revenue of $567.8M for fiscal 2025, 38.2% lower than the year before.

Was Offerpad Solutions Inc. profitable in fiscal 2025?

No. It reported a net loss of $46.4M.

How much free cash flow did Offerpad Solutions Inc. generate in fiscal 2025?

Cash from operations of $66.8M minus capital expenditures of $1.1M left free cash flow of $65.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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