olivLaw · US equity research
Linkhome Holdings Inc. LHAI
Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)
Linkhome Holdings Inc. (LHAI) is a real estate services company based in Irvine, California, developing an AI-driven platform built around its HomeGPT agent, residential brokerage and the Cash Offer service. In fiscal 2025, net revenues reached about 20.99 million USD, and Cash Offer generated 96% of them, so the business model remains highly concentrated in a single line of activity.
At the close of 04 Nov 2026, Linkhome Holdings Inc. (LHAI) stock was 0.96 USD (+7.54% on the day), with market capitalisation 15.8 m USD, beta 0.82, 52-week range 0.65–15.59 USD. Latest reported quarter (Q2 2026): revenue of 5.4 m USD (+12.8% YoY), net income of -128.5 k USD (−991.3% YoY), diluted EPS -0.01 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)
- 50.0
- neutral
- Bollinger (20, 2)
- 0.77 – 1.08
- in the upper half of the band · %B 0.59 · band width 33.1%
- SMA 50 / 200
- 1.01 / 1.10
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −7.1% | −1.1% | −6.0 pp | — |
| 3 months | +16.2% | −0.5% | +16.6 pp | — |
| 6 months | −29.6% | +4.4% | −34.0 pp | — |
| Year to date | −87.5% | +12.3% | −99.8 pp | — |
| 1 year | −90.2% | +13.5% | −103.8 pp | −16.3% |
| 3 years | unavailable | +76.4% | unavailable | −14.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
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 | 234.9 k | 7.0 m | 5.7 m | 4.8 m | 5.4 m | 5.2 m | 4.9 m | 5.4 m |
| Cost of revenue | 1.6 m | 1.6 m | 5.4 m | 4.7 m | 5.2 m | 4.9 m | 4.7 m | 5.3 m |
| Gross profit | 504.6 k | 582.6 k | 261.9 k | 109.5 k | 206.1 k | 195.5 k | 186.0 k | 158.7 k |
| Operating income | 401.9 k | 545.0 k | 123.8 k | 13.3 k | 9.4 k | -70.1 k | -214.3 k | -197.3 k |
| Depreciation & amortisation | 4.7 k | 4.7 k | 4.6 k | 4.8 k | 10.8 k | 26.8 k | 47.1 k | 47.1 k ≈ |
| Interest expense | 741 | 710 | 682 | 647 | 616 | 582 | 546 | 516 |
| Pre-tax income | 401.9 k | 544.4 k | 112.1 k | 20.9 k | 8.7 k | -15.5 k | -166.5 k | -164.2 k |
| Income tax | 117.8 k | 141.4 k | 31.4 k | 6.4 k | 9.0 k | 4.4 k | -31.8 k | -35.6 k |
| Net income | 284.1 k | 402.9 k | 80.6 k | 14.4 k | -305 | -19.9 k | -134.7 k | -128.5 k |
| Diluted EPS | 0.02 | — | 0.01 | 0.00 | 0.00 | — | -0.01 | -0.01 |
| Operating cash flow | — | 1.7 m | -844.8 k | 1.9 m ≈ | -3.3 m ≈ | 2.8 m | -3.3 m | 1.6 m ≈ |
| Capex | — | — | 915.7 k | 4.7 m | — | — | — | — |
≈ 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 m | 7.6 m | 21.0 m |
| Revenue YoY | unavailable | +455.9% | +175.7% |
| Net income | 151.2 k | 778.2 k | 74.9 k |
| Net income YoY | unavailable | +414.7% | −90.4% |
| Diluted EPS | 0.01 | 0.05 | 0.00 |
| Diluted EPS YoY | unavailable | +400.0% | −100.0% |
| net % | 11.0% | 10.2% | 0.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 7.6 m USD
- Total assets
- 10.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.43x
- ROE
- 1.5%
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 m | 7.6 m | 21.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 1.1 m | 6.1 m | 20.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 252.1 k | 1.5 m | 773.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | 158.8 k | 1.1 m | 76.4 k | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | — | 18.8 k | 47.0 k | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | — | 1.1 m ≈ | 123.4 k ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 967 | 3.0 k | 2.5 k | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 153.1 k | 1.1 m | 126.2 k | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 1.9 k | 309.4 k | 51.3 k | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 151.2 k | 778.2 k | 74.9 k | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | 0.01 | 0.05 | 0.00 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | — | 14.4 m | 15.2 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 651.9 k | 1.7 m | 7.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 392 | 18.2 k | 110.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 677.3 k | 3.3 m | 7.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 87.5 k | 70.8 k | 335.5 k | SEC (XBRL)· 26 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 1.4 k | 564.8 k | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 839.9 k | 3.4 m | 10.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 16.7 k | 21.3 k | 93.7 k | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 75.0 k | 944.4 k | 2.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 148.5 k | 979.8 k | 2.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 691.4 k † | 2.4 m † | 7.6 m † | SEC (XBRL)· 26 Mar 2026verified |
| Shares outstanding at year end | — | 14.5 m | — | unverified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
- 2023
- —
- 2024
- 14.5 m
- 2025
- —
unverified
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 223.3 k | 694.7 k | 524.4 k | SEC (XBRL)· 26 Mar 2026verified |
| Investing cash flow | -40.5 k | -3.5 k | -927.7 k | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 280.2 k | 327.9 k | 5.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Dividends paid | 21.2 k | — | — | SEC (XBRL)· 27 Mar 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 47.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.8 m USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.25 – 1.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/B0.25 – 1.04 (Mid 0.87)10 companies used · median multiple 1.9x · quartiles 0.5x – 2.3xAGNT, COMP, DOUG, FTHM, JLL, MMI, OPAD, OPEN, PETZ, VAC
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: 4 of at least 6; score weight coverage: 47.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -5.6% | 46 (vs peers) | 14% |
| EBITDA margin · Quality | -1.6% | 0 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -209.0x | 0 (on a fixed band) | 27% |
| P/B · Valuation | 2.1x | 45 (vs peers) | 41% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth· partialunavailable · 0/1 factors with a value
- Quality20/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial45/100 · 1/2 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
Linkhome Holdings Inc. (LHAI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 21.0 m USD in 2025; YoY growth 175.7%; net margin -1.4%; ROE -5.6%.
The estimated value range is 0.25–1.04 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.87 USD, the price of 0.96 USD leaves a potential of -9.2% (value / price − 1) and a margin of safety of -10.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 47.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- EBITDA margin: -1.6%
- Interest coverage: -209.0x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, Net debt / EBITDA, P/E (TTM), Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate Agents & Managers (For Others) (SIC 6531) · same industry (4-digit SIC) · compared with 14 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 | |
|---|---|---|---|---|---|---|
| JLLJones Lang LaSalle Incorporated | 17.8 bn | 16.9 | 14.7% | 3.9% | +11.4% | +20% / +151% |
| COMPCompass, Inc. | 7.6 bn | 180.8 | 3.6% | 0.6% | +23.7% | −4% / +352% |
| VACMarriott Vacations Worldwide Corp | 3.9 bn | — | -10.9% | -4.7% | +1.3% | +110% / +57% |
| OPENOpendoor Technologies Inc. | 1.9 bn | — | -196.9% | -46.7% | −15.2% | −74% / −34% |
| MMIMarcus & Millichap, Inc. | 1.1 bn | 79.3 | 2.4% | 1.8% | +8.5% | +1% / −14% |
| AGNTAgnt, Inc. | 713.6 m | — | -6.9% | -0.3% | +4.5% | −62% / −65% |
| OMHOhmyhome Limited | 346.1 m | — | -164.6% | -75.2% | +19.5% | −63% / −83% |
| DOUGDouglas Elliman Inc. | 151.8 m | 5.6 | 16.3% | 2.5% | +3.8% | −37% / −14% |
| LHAILinkhome Holdings Inc. | 15.8 m | — | -5.6% | -1.4% | +175.7% | −90% / unavailable |
| PETZTDH Holdings, Inc. | 12.8 m | 7.3 | 6.2% | 143.8% | +122.0% | +25% / −10% |
| OPADOfferpad Solutions Inc. | 11.8 m | — | -116.9% | -11.3% | −38.2% | +19% / −78% |
| FTHMFathom Holdings Inc. | 6.1 m | — | -79.0% | -6.3% | +25.4% | −86% / −94% |
| LRHCStratum Holdings Corp. | 1.4 m | — | — | -46.4% | +16.7% | −100% / unavailable |
| BEKEKE Holdings Inc. | — | 154.8 | 4.4% | 3.2% | +5.6% | +8% / +17% |
| NMRKNewmark Group, Inc. | — | 17.5 | 10.9% | 4.1% | +20.3% | −29% / +50% |
1- and 3-year price returns: for LHAI 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
Linkhome Holdings Inc. (LHAI) is a real estate services company based in Irvine, California, developing an AI-driven platform built around its HomeGPT agent, residential brokerage and the Cash Offer service. In fiscal 2025, net revenues reached about 20.99 million USD 1, and Cash Offer generated 96% of them 1, so the business model remains highly concentrated in a single line of activity.
SWOT
Strengths
- The integrated AI platform and the Cash Offer program give the company a differentiation advantage over brokerages that cover only one stage of the transaction.
- The company has built a user base and an inventory of aggregated MLS listings, which supports lead generation through digital channels.
- The online model and mobile app could in principle allow rapid, low-cost expansion into new markets.
Weaknesses
- Revenue is highly concentrated in a single product, Cash Offer, while traditional services make up a small share of total revenue.
- Activity is geographically concentrated in California, exposing the company to local economic conditions.
- Funding for the Cash Offer program has in the past depended on shareholders and the chief executive officer, raising questions about durable sources of capital.
Opportunities
- Expansion into other U.S. markets and addition of related services such as insurance and property management could broaden the revenue base.
- Further development of HomeGPT could reduce operating costs and support a more efficient client offering.
- If Cash Offer could be funded from more diversified sources, transaction volume could grow without relying solely on shareholder capital.
Threats
- Higher interest rates and declining home affordability could reduce transaction volume and demand for the company's services.
- Competition from traditional brokerages and technology platforms could pressure commissions and margins.
- Reliance on search engines and app stores for traffic could lead to lower visibility if their algorithms change.
Risks
- Dependence on the residential markethigh
The company's success depends on the residential real estate industry, which is seasonal, cyclical and sensitive to interest rates, unemployment and consumer confidence.
- Uncertain profitabilityhigh
The company states it may not achieve or maintain profitability, given continuing investment in technology, marketing and expansion.
- Geographic concentrationmedium
Revenue comes largely from a few California metropolitan areas, and a downturn there would have a disproportionate effect on results.
- Dependence on digital trafficmedium
Lead generation relies on search engines and app stores that the company does not control, and advertising costs could rise.
- Cybersecurity exposuremedium
Cyber-attacks or system vulnerabilities could lead to liability, penalties and reputational harm, and the company acknowledges that such incidents cannot be fully ruled out.
Investment thesis
What would need to be true (bull case)
- If AI technology and the integrated platform reduce costs and attract more clients, the company could expand transaction volume quickly into new markets.
- The growth of Cash Offer revenue in 2025 shows real demand for cash transactions, and a model without mortgage contingency for the buyer could remain attractive in competitive markets.
- If related services such as insurance and property management grow, the company could turn one-off transactions into an ecosystem with steadier revenue.
What would break the thesis
- Almost all revenue comes from one product, and if Cash Offer volume declines, results could be strongly affected.
- The company has not yet demonstrated profitability and could keep reporting losses if investments in technology and marketing do not translate into growth.
- Funding for the Cash Offer program has depended on shareholder capital, and transactions with related parties raise questions about the independence of business decisions.
What to watch
- Trend of Cash Offer revenue and transaction count in the quarterly reportQ3 2026
- Net margin and operating losses of the companynext 10-K
- Funding sources for expanding the Cash Offer program2027
- First new markets outside California and their results2027
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
Linkhome operates through its subsidiary Linkhome Realty Group, a California corporation, and aims to reduce inefficiencies in residential transactions through a platform that combines property search, brokerage and financial services. The company says its platform has facilitated more than 180 million USD in aggregate gross agent brokerage transactions from 2021 through December 31, 2025 1, and aggregates more than one million active MLS listings 1.
The revenue model combines two components: purchase and sale transactions through the Cash Offer program, in which the company temporarily acquires a property and transfers it to the client after financing is finalized, and traditional real estate services such as agency commissions, property management, renovations and mortgage referrals. For buyers the company typically charges a platform usage fee of about 1% to 2% of transaction value 1, and for sellers using Flash Sell a service fee of 5% 1.
Segments
Real estate services and brokerage
Real estate services include agency commissions, property management, renovations and mortgage referrals. In 2025 they represented only 4% of net revenues 1, and agency commissions and renovation revenue declined from 2024, showing that the traditional brokerage segment carries limited weight in current activity.
AI platform and HomeGPT
HomeGPT is an AI agent that helps buyers and sellers search for homes, estimate prices, schedule visits and generate descriptions and contracts. The company does not report separate revenue for this component, and its economic value depends on attracting clients and reducing operating costs, which future reports will need to show.
Market context
The company describes the U.S. residential market as largely offline, with low efficiency and labor-intensive processes, which could make room for digitalization and AI. It estimates that generative AI could generate between 110 and 180 billion USD or more in value for the real estate industry 1, but this is a cited estimate rather than a measure of the company's own gains.
The company's activity is concentrated mainly in the major metropolitan areas of California, where prices and transaction volumes are higher and where most revenue is earned 1. Expansion into other states could take longer than planned, since new markets often have established local brokerage networks.
Competitive position
The company competes with traditional real estate brokerages as well as technology-enabled real estate platforms. The source material does not name specific competitors, so the competitive analysis is limited to the categories the company itself describes.
The company's claimed advantage lies in combining search, brokerage, financing and related services on one platform, which could differentiate it from competitors covering only one part of the transaction. This advantage still has to be demonstrated through sustainable growth and margins.
- Traditional residential brokerages
Local brokerage firms with referral networks and name recognition, cited in the risk factors as an advantage in larger markets.
- Technology-enabled real estate platforms
Digital platforms competing for the attention and business of buyers and sellers, named as part of the competitive environment.
- Mortgage financing providers
Financing partners and competitors in the lending space, with which the company works on Buy Before Sell transactions.
- Cash buyers and investors
Cash buyers who compete directly with Cash Offer bids in competitive markets.
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
No news in our archive over the last 180 days.
SEC filings
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Sept 2026Delisting notice
- Current report (amendment)10 Sept 2026Acquisition or disposition of assets · Financial statements and exhibits
- Current report02 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report17 Jul 2026Shareholder vote
- Current report02 Jul 2026Acquisition or disposition of assets · Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement22 Jun 2026
- Current report13 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Linkhome Holdings Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Linkhome Holdings Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.