olivLaw · US equity research
Better Home & Finance Holding Company BETR
Loan Brokers · SIC 6163 · Vertical: Nondepository credit (SIC 616x)
Better Home & Finance is a home finance company that builds its business on its proprietary Tinman digital platform, spanning mortgages, home equity loans and related services. The company is under pressure, with quarterly revenue still sensitive to high interest rates, persistent net losses and a restructuring that includes the planned sale of its UK bank subsidiary.
At the close of 05 Nov 2026, Better Home & Finance Holding Company (BETR) stock was 18.97 USD (−6.04% on the day), with market capitalisation 360.1 m USD, beta 1.69, 52-week range 8.12–66.07 USD. Latest reported quarter (Q2 2026): revenue of 1.1 m USD (−64.6% YoY), net income of -30.6 m USD, diluted EPS -1.64 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 5.64 – 25.48
- in the upper half of the band · %B 0.67 · band width 127.5%
- SMA 50 / 200
- 13.54 / 24.88
- mixed trend
- MACD (12, 26, 9)
- 2.31 / 1.93
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +69.2% | −5.9% | +75.2 pp | — |
| 3 months | +14.0% | −4.6% | +18.6 pp | — |
| 6 months | −37.8% | +0.2% | −38.1 pp | — |
| Year to date | −41.8% | +7.4% | −49.2 pp | — |
| 1 year | −69.0% | +8.2% | −77.2 pp | −44.4% |
| 3 years | −19.4% | +68.4% | −87.9 pp | −13.8% |
| 5 years | −96.2% | +56.5% | −152.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 m | 99.7 m | 3.7 m | 3.1 m | 2.8 m | 154.8 m | 1.1 m | 1.1 m |
| Research & development | 7.2 m | 6.8 m | 6.6 m | 6.4 m | 6.7 m | 7.0 m | 8.4 m | 8.8 m |
| Depreciation & amortisation | 8.3 m | -18.2 m | 3.8 m | 3.3 m | 3.4 m | -9.9 m | 3.0 m | 3.0 m |
| Pre-tax income | -54.1 m | -58.8 m | -45.8 m | -32.3 m | -39.0 m | -40.3 m | -50.9 m | -31.4 m |
| Income tax | 126.0 k | 378.0 k | 145.0 k | 94.0 k | 145.0 k | -331.0 k | -1.6 m | 63.0 k |
| Net income | -54.2 m | -59.2 m | -50.6 m | -36.3 m | -39.1 m | -39.9 m | -70.3 m | -30.6 m |
| Diluted EPS | -3.58 | -3.91 ≈ | -3.33 | -2.39 | -2.56 | -2.53 ≈ | -4.29 | -1.64 |
| Operating cash flow | -10.6 m ≈ | -106.0 m | -57.2 m | -56.0 m ≈ | 3.9 m ≈ | -57.3 m | -125.2 m | 23.5 m ≈ |
| Capex | 1.2 m ≈ | 471.0 k | 202.0 k | 407.0 k ≈ | 240.0 k ≈ | 344.0 k | 378.0 k | 92.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | 12.3 m | 0 | 108.5 m | 164.9 m |
| Revenue YoY | unavailable | unavailable | −100.0% | unavailable | +52.0% |
| Net income | -6.5 m | -877.1 m | -536.4 m | -206.3 m | -165.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -3.01 | -58.09 | -13.65 | -10.80 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -7,123.2% | unavailable | -190.2% | -100.6% |
| Free cash flow | unavailable | 926.5 m | -160.2 m | -383.4 m | -167.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 79.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 37.2 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- -13.7%
- FCF margin
- -101.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 12.3 m | 0 | 108.5 m | 164.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Research & development | — | 124.3 m | 39.4 m | 26.1 m | 27.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | -8.1 m | -858.9 m | -291.3 m | — | — | SEC (XBRL)· 08 Apr 2024verified |
| Depreciation & amortisation | — | 13.7 m | 5.8 m | 7.1 m | 1.0 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | — | -845.2 m ≈ | -285.5 m ≈ | — | — | SEC (XBRL)· 08 Apr 2024derived |
| Interest expense | — | 17.1 m | 11.7 m | — | — | SEC (XBRL)· 08 Apr 2024verified |
| Pre-tax income | — | -876.0 m | -534.4 m | -205.4 m | -165.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | — | 1.1 m | 2.0 m | 850.0 k | 53.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -6.5 m | -877.1 m | -536.4 m | -206.3 m | -165.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | — | -3.01 | -58.09 | -13.65 | -10.80 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | — | 291.3 m | 9.2 m | 15.1 m | 15.4 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 37.6 k | 318.0 m | 503.6 m | 211.1 m | 79.4 m | SEC (XBRL)· 11 May 2026verified |
| Receivables | 503.0 k | — | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Inventories | — | 1.1 m | 0 | — | — | SEC (XBRL)· 08 Apr 2024verified |
| Current assets | 1.1 m | 419.2 k | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Goodwill | 18.7 m | 17.4 m | 32.4 m | 23.6 m | 11.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 62.0 m | 38.1 m | 20.9 m | 17.3 m | SEC (XBRL)· 11 May 2026verified |
| Total assets | 279.1 m | 1.1 bn | 905.6 m | 913.1 m | 1.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 5.7 m | 4.7 m | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Current liabilities | 7.1 m | 15.0 m | — | — | — | SEC (XBRL)· 17 Apr 2023verified |
| Total liabilities | 28.9 m | 1.3 bn | 783.0 m | 971.2 m | 1.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 242.6 m † | -604.2 m † | 122.6 m † | -58.2 m † | 37.2 m † | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -3.2 m | 938.3 m | -159.7 m | -380.0 m | -166.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | — | 11.7 m | 456.0 k | 3.4 m | 1.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | — | 926.5 m ≈ | -160.2 m ≈ | -383.4 m ≈ | -167.8 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -278.0 m | -34.6 m | -38.6 m | -143.8 m | -661.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | 281.3 m | -1.5 bn | 381.4 m | 239.1 m | 714.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | — | 7.9 m | 0 | — | — | SEC (XBRL)· 08 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 360.1 m USD
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -112.6% | 13 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 137.5% | 100 (on a fixed band) | 36% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -43.4% | 0 (on a fixed band) | 36% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Better Home & Finance Holding Company (BETR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 164.9 m USD in 2025; YoY growth 52.0%; net margin -112.6%; ROE -267.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 137.5%
What contradicts it
- Net margin: -112.6%
- FCF yield: -43.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Nondepository credit (SIC 616x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PFSIPennyMac Financial Services, Inc. | 3.5 bn | 15.1 | 5.6% | 640.7% | −25.2% | −50% / −14% |
| FOAFinance Of America Companies Inc. | 803.7 m | — | -0.1% | -0.1% | +26.1% | −46% / +40% |
| TREELendingTree, Inc. | 543.8 m | 3.1 | 82.8% | 14.3% | +24.1% | −32% / +119% |
| BETRBetter Home & Finance Holding Company | 360.1 m | — | -267.7% | -112.6% | +52.0% | −69% / −19% |
| ONITOnity Group Inc. | 263.3 m | 2.3 | 23.0% | 11.1% | +9.3% | −28% / +25% |
| UWMCUWM Holdings Corp | 168.1 m | — | -2.7% | -1.0% | +18.2% | −72% / −70% |
| BLNEBeeline Holdings, Inc. | 20.0 m | — | -41.1% | -215.3% | +600.0% | −70% / −95% |
| FIGRFigure Technology Solutions, Inc. | — | 22.5 | 16.8% | 33.5% | +48.7% | −42% / unavailable |
| FINVFinVolution Group | — | 10.7 | 16.3% | 2,679.2% | +3.9% | −42% / −35% |
1- and 3-year price returns: for BETR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Better Home & Finance is a home finance company that builds its business on its proprietary Tinman digital platform, spanning mortgages, home equity loans and related services. The company is under pressure, with quarterly revenue still sensitive to high interest rates, persistent net losses and a restructuring that includes the planned sale of its UK bank subsidiary.
SWOT
Strengths
- The company has a proprietary, scalable and automated technology platform that can reduce loan production costs 1.
- The fast loan-sale model limits balance sheet exposure and long-term credit risk 1.
- Diversification across channels and products, including home equity loans, gives a broader revenue base 2.
Weaknesses
Opportunities
Risks
- Interest rate sensitivityhigh
High or volatile rates could reduce loan volume and the value of mortgage-related assets, and hedging does not always offset the effects 1.
- Persistent net losseshigh
The company has not yet achieved consistent profitability, and costs could remain elevated if revenue does not grow enough 1.
- Dependence on loan purchasersmedium
Selling loans to a limited number of investors could become difficult if the secondary market deteriorates, affecting production funding 1.
- Governance and proxy controversyhigh
The shareholder conflict and proxy contest generated extra expenses and affected conversion and partner launches in the third quarter of 2026 3.
- Dependence on key personnelmedium
Loss of leadership or difficulty recruiting, including in engineering and data roles, could affect strategy execution 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Final third-quarter results and confirmation of the preliminary figuresQ3 2026
- Completion of the Birmingham Bank sale and receipt of the expected proceedsQ1 2027
- Development of loan volume and revenue in the coming months against announced guidanceQ4 2026
- Progress toward Adjusted EBITDA breakeven and expense reduction2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Better presents itself as a technology company in the home space, offering mortgages, home equity loans and other products tied to buying, owning, refinancing and selling a home 1. Its model rests on loan manufacturing, meaning it sells loans and servicing rights quickly to a network of buyers, so it typically does not hold assets long term 1. Revenue comes mainly from gain on loans, which accounted for 82% of total revenue in fiscal 2025, when total revenue was 164.9 million dollars 1.
The Tinman platform acts as the system of record for Home Finance, Platform Services and Better Plus, automating underwriting, processing and closing, while the voice AI assistant Betsy interacts with customers during applications 1. The company operates through two main channels, direct-to-consumer and a platform channel that includes partnerships with mortgage originators and technology firms 12. In 2026 the company described the platform as trained on 110 billion dollars of origination volume 2.
International activity, which included the UK bank Birmingham Bank and a digital mortgage broker, is being wound down and its revenue is declining 12. For the third quarter of 2026 the company announced loan volume of 1.395 billion dollars and total net revenues of 45.1 million dollars, with proxy-related expenses of about 8 million dollars 3.
Segments
Better Plus
Better Plus covers non-mortgage products such as referrals to real estate agents, title and settlement services and access to homeowners insurance, for which the company generally earns fees from third parties 1. Insurance coverage written grew in the first half of 2026, while the volume of referred real estate transactions declined 2.
Trends
- High interest ratesheadwind
High rates reduce refinance volume and worsen home affordability, which weighs directly on gain-on-loans revenue 12. The company reported that rates limited volume in the third quarter of 2026 3.
- Demand for purchase and home equity loanstailwind
Purchase demand is described as less cyclical than refinancing, and home equity lines can benefit from a higher-rate environment 2. This could support volumes if rates stay elevated 2.
- Digitization of mortgage originationtailwind
Traditional players in the home ecosystem are seeking third-party technology, which could open opportunities for the Tinman platform 1. If that demand grows, the company could sign more partnerships 1.
- Dependence on partners and loan salesmixed
Operations depend on a limited number of loan purchasers and strategic partners, and disruption of these relationships could affect revenue 1. Delays in partner launches reported for the third quarter of 2026 show the same vulnerability 3.
Competitive position
The company competes with mortgage lenders, real estate agents, insurance firms and other players in the home ecosystem, as well as technology operators offering digital origination 1. Competition intensifies in high-rate periods, when pressure on pricing and margins increases 1.
The company's stated advantage lies in automation and lower production cost per loan, but the sources give no direct quantitative comparison with rivals 13. Any advantage would depend on converting customers and maintaining partnerships 3.
- Rocket CompaniesRKT
Competitor referenced indirectly through mortgage origination rivals; the sources do not name it explicitly, so the identification is indicative.
- UWM HoldingsUWMC
Digital mortgage lender relevant to competition in refinance and purchase segments; not named in the supplied sources.
- lead aggregators and online marketplaces
Platforms that the sources mention as lead providers and as a reference point for the company's visibility.
- traditional banks and financial institutions offering home products
The sources mention banks and financial institutions that could offer competing products, without naming specific firms.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Better Home & Finance Founder on Fight for CompanyBloomberg Markets · 14 Aug 2026 · EN
The latest news item in our archive is from 14 Aug 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report27 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Oct 2026Results of operations · Financial statements and exhibits
- Current report (amendment)14 Oct 2026Delisting notice
- Current report13 Oct 2026Results of operations · Financial statements and exhibits
- Current report09 Oct 2026Delisting notice
- Current report (amendment)09 Oct 2026Departure or appointment of officers
- Current report08 Oct 2026Material agreement · Termination of a material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers · Shareholder vote
- Current report02 Oct 2026Departure or appointment of officers
- Current report08 Sept 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Better Home & Finance Holding Company · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Better Home & Finance Holding Company · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Better Home & Finance Holding Company · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.