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olivLaw · US equity research

Fathom Holdings, Inc. FTHM

Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

0.18USD+2.87% · 1 dayClose 04 Nov 2026

Fathom Holdings is a US technology-driven real estate platform combining residential brokerage with mortgage lending, title services and SaaS software, built on a 100% commission model. The company grew revenue in 2025 but remained loss-making, and in 2026 agreed a merger with Bed Bath & Beyond, which makes its profile especially worth watching. Total revenue reached 420.5 million USD.

At the close of 04 Nov 2026, Fathom Holdings, Inc. (FTHM) stock was 0.18 USD (+2.87% on the day), with market capitalisation 6.1 m USD, beta 0.91, 52-week range 0.17–1.49 USD. Latest reported quarter (Q2 2026): revenue of 114.6 m USD (−5.6% YoY), net income of -6.2 m USD, diluted EPS -0.19 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
6.1 m USD
shares as of 12 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.80 · TTM to 30 Jun 2026
E/P (TTM)
-446.05%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.91
Volatility (1y) 121%
52-week range
0.171.49

Price history

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Technical reading

RSI (14)
26.4
oversold (≤ 30)
Bollinger (20, 2)
0.16 – 0.21
in the lower half of the band · %B 0.32 · band width 26.9%
SMA 50 / 200
0.40 / 0.74
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.06 / -0.08
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

CompanyS&P 500vs S&P 500Vertical median
1 month−21.1%−1.1%−20.0 pp—
3 months−75.7%−0.5%−75.3 pp—
6 months−78.7%+4.4%−83.1 pp—
Year to date−82.3%+12.3%−94.6 pp—
1 year−86.3%+13.5%−99.9 pp−16.3%
3 years−94.3%+76.4%−170.7 pp−12.1%
5 years−99.4%+63.7%−163.0 pp—
Max drawdown (1y)
−88.5%
11 Nov 2025 → 27 Oct 2026
Max drawdown (5y)
−99.4%
11 Nov 2021 → 27 Oct 2026
Compound annual growth (5y)
−63.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
114.6 m USD
−5.6% YoY
Net income
-6.2 m USD
unavailable YoY
Diluted EPS
-0.19
unavailable YoY
net / operating
-5.4% / -3.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue83.7 m91.7 m93.1 m121.4 m115.3 m90.6 m86.4 m114.6 m
Operating income-7.8 m-9.0 m-4.4 m-2.4 m-4.0 m-4.7 m-7.6 m-4.3 m
Depreciation & amortisation1.3 m1.4 m1.4 m1.5 m1.5 m1.5 m1.4 m2.6 m
Pre-tax income-8.1 m-7.3 m-5.6 m-3.5 m-4.3 m-6.7 m-8.2 m-6.2 m
Income tax17.0 k-1.1 m17.0 k62.0 k24.0 k-17.0 k20.0 k22.0 k
Net income-8.1 m-6.2 m-5.6 m-3.6 m-4.4 m-6.7 m-8.2 m-6.2 m
Diluted EPS-0.40-0.29 ≈-0.24-0.13-0.15-0.21 ≈-0.25-0.19
Operating cash flow-330.0 k ≈-317.0 k-5.7 m-5.9 m ≈3.0 m ≈-11.9 m-99.0 k-4.5 m ≈
Capex34.0 k ≈5.0 k25.0 k29.0 k ≈24.0 k ≈43.0 k37.0 k47.0 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 year2019202020212022202320242025
Revenue111.2 m176.8 m330.2 m413.0 m345.2 m335.2 m420.5 m
Revenue YoYunavailable+59.0%+86.8%+25.1%−16.4%−2.9%+25.4%
Net income-4.1 m-1.3 m-12.5 m-27.6 m-24.0 m-21.6 m-20.3 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailable-0.12-0.88-1.73-1.47-1.07-0.72
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-3.7%-0.8%-3.8%-6.7%-6.9%-6.4%-4.8%
Free cash flow-1.2 m-1.3 m-12.6 m-7.5 m-10.6 m-4.7 m-20.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.8 m USD
Financial debt
5.6 m USD
Net debt
-187.0 k USD
Equity
37.4 m USD
Total assets
78.0 m USD
Debt / equity
0.15x
Current ratio
1.06x
ROE
-49.5%
ROA
-26.5%
FCF margin
-4.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
345.2 m
2024
335.2 m
2025
420.5 m

SEC (XBRL)· 30 Mar 2026verified

Cost of revenue
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Mar 2021verified

Gross profit
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Mar 2021verified

Operating income
2023
-23.3 m
2024
-23.5 m
2025
-15.6 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
5.9 m
2024
5.4 m
2025
5.8 m

SEC (XBRL)· 30 Mar 2026verified

EBITDA
2023
-17.3 m ≈
2024
-18.0 m ≈
2025
-9.7 m ≈

SEC (XBRL)· 30 Mar 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 09 Mar 2022verified

Pre-tax income
2023
-23.8 m
2024
-22.6 m
2025
-20.2 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
148.0 k
2024
-1.0 m
2025
85.0 k

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-24.0 m
2024
-21.6 m
2025
-20.3 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-1.47
2024
-1.07
2025
-0.72

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
16.3 m
2024
20.2 m
2025
28.2 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
7.4 m
2024
5.8 m
2025
5.8 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
3.4 m
2024
3.1 m
2025
3.7 m

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
23.2 m
2024
25.0 m
2025
35.9 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
2.3 m
2024
1.9 m
2025
1.6 m

SEC (XBRL)· 30 Mar 2026verified

Goodwill
2023
25.6 m
2024
21.5 m
2025
17.7 m

SEC (XBRL)· 30 Mar 2026verified

Intangibles (excl. goodwill)
2023
23.9 m
2024
20.2 m
2025
18.6 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
79.3 m
2024
75.4 m
2025
78.0 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
3.4 m
2024
4.3 m
2025
5.6 m

SEC (XBRL)· 30 Mar 2026verified

Short-term debt
2023
416.0 k
2024
197.0 k
2025
5.5 m

SEC (XBRL)· 30 Mar 2026verified

Long-term debt
2023
3.5 m
2024
5.1 m
2025
80.0 k

SEC (XBRL)· 16 Jul 2026verified

Current liabilities
2023
16.4 m
2024
19.4 m
2025
33.9 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
24.0 m
2024
30.7 m
2025
40.6 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
55.2 m †
2024
44.7 m †
2025
37.4 m †

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-10.6 m
2024
-4.7 m
2025
-20.5 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
22.0 k
2024
51.0 k
2025
121.0 k

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-10.6 m ≈
2024
-4.7 m ≈
2025
-20.7 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
-1.9 m
2024
3.3 m
2025
4.0 m

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
11.6 m
2024
1.2 m
2025
15.0 m

SEC (XBRL)· 30 Mar 2026verified

Share repurchases
2023
0
2024
—
2025
—

SEC (XBRL)· 19 Mar 2024verified

Computed indicators

Growth

Revenue growth (YoY)
25.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
0.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
18.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-3.4%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-5.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
-6.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-3.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-79.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-33.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-50.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-72.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
3.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-13.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
151.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-13.6 m USD
computed by olivLawTTM to 30 Jun 2026
Cash conversion
unavailable
insufficient data

Market and valuation

Market capitalisation
6.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
9.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-446.0%
computed by olivLawTTM to 30 Jun 2026
P/B
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 43.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.18 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 6.1 m USD

Key indicators

Market capitalisation
6.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-79.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-6.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
25.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 12 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 995derived 82

Score by group

43% · Insufficient data

Estimated value range

Low
0.80
USD per share
Mid
1.40
USD per share
High
1.58
USD per share
Price: 0.18 USD
The price is below the range
Potential to the central value: 683.8% (value / price − 1)
Margin of safety: 87.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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: 0.80 – 1.58 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 · the company pays no dividend: a dividend model needs an explicit initiation assumption
  • Peers: P/B0.80 – 1.58 (Mid 1.40)
    10 companies used · median multiple 2.0x · quartiles 1.1x – 2.3x
    AGNT, COMP, DOUG, JLL, LHAI, MMI, OPAD, OPEN, PETZ, VAC
Multiple comparisons use the SIC vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

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: 43.5% of at least 60%

FactorValueScoreWeight used
ROE · Quality-79.0%23 (vs peers)15%
EBITDA margin · Quality-3.4%0 (on a fixed band)20%
Revenue CAGR 3Y · Growth0.6%6 (on a fixed band)20%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation0.3x100 (vs peers)45%
P/E (TTM) · Valuationunavailableunavailable—
Dividend yield · Returnsunavailableunavailable—
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth6/100 · 1/1 factors with a value
  • Quality10/100 · 2/2 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial100/100 · 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

FATHOM HOLDINGS INC. (FTHM). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 420.5 m USD in 2025; YoY growth 25.4%; net margin -6.3%; ROE -79.0%.

The estimated value range is 0.80–1.58 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.40 USD, the price of 0.18 USD leaves a potential of 683.8% (value / price − 1) and a margin of safety of 87.2% (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: 43.5% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • P/B: 0.3x
  • The price is below the estimated value range

What contradicts it

  • ROE: -79.0%
  • EBITDA margin: -3.4%
  • Revenue CAGR 3Y: 0.6%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, 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

P/E
—
vertical median 17.5x
EV/EBITDA
—
vertical median —
P/S
0.0x
vertical median 0.7x
below median (−97.8%)
P/B
0.3x
vertical median 2.1x
below median (−87.7%)
ROE
-79.0%
vertical median 2.4%
below median (−3,365.3%)
Net margin
-6.3%
vertical median 0.1%
below median (−4,475.5%)
EBIT margin
-5.1%
vertical median -2.3%
below median
Revenue YoY
25.4%
vertical median 10.0%
above median (+155.3%)
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
—
vertical median 2.3%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JLLJones Lang LaSalle Incorporated17.8 bn16.914.7%3.9%+11.4%+20% / +151%
COMPCompass, Inc.7.6 bn180.83.6%0.6%+23.7%−4% / +352%
VACMarriott Vacations Worldwide Corp3.9 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 bn79.32.4%1.8%+8.5%+1% / −14%
AGNTAgnt, Inc.713.6 m—-6.9%-0.3%+4.5%−62% / −65%
OMHOhmyhome Limited346.1 m—-164.6%-75.2%+19.5%−63% / −83%
DOUGDouglas Elliman Inc.151.8 m5.616.3%2.5%+3.8%−37% / −14%
LHAILinkhome Holdings Inc.15.8 m—-5.6%-1.4%+175.7%−92% / unavailable
PETZTDH Holdings, Inc.12.8 m7.36.2%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
NMRKNewmark Group, Inc.—17.510.9%4.1%+20.3%−29% / +50%
BEKEKE Holdings Inc.—154.84.4%3.2%+5.6%+8% / +17%

1- and 3-year price returns: for FTHM 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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

    Fathom Holdings is a US technology-driven real estate platform combining residential brokerage with mortgage lending, title services and SaaS software, built on a 100% commission model. The company grew revenue in 2025 but remained loss-making, and in 2026 agreed a merger with Bed Bath & Beyond, which makes its profile especially worth watching. Total revenue reached 420.5 million USD 3.

    SWOT

    Strengths

    • The low fixed-cost model and 100% commission structure let agents keep a larger share of income, which supports agent recruitment 1.
    • The proprietary intelliAgent platform and integrated mortgage and title brands form a connected service ecosystem 1.
    • Total revenue grew in 2025 and the adjusted EBITDA loss narrowed from the prior year, pointing to operational improvement 3.

    Weaknesses

    • The company has reported repeated net losses and cannot guarantee reaching durable profitability 1.
    • The agent base shrank significantly in 2026, and revenue depends directly on the number and productivity of agents 12.
    • The company has relied on share issuances and shareholder loans for funding, which can dilute existing investors 13.

    Opportunities

    • Licensing the intelliAgent platform to independent brokers could generate recurring software revenue 1.
    • A recovery in transaction volume could lift revenue without a proportionally higher cost base 13.
    • The revenue share program and expansion into new states could add agents if the model is well received 1.

    Threats

    • High mortgage rates and economic uncertainty could prolong the decline in transactions 12.
    • Antitrust litigation and changes to commission rules could affect the whole industry and the business model 12.
    • Competition from large brokers with superior financial resources may limit the company's ability to attract agents 1.

    Risks

    • Repeated net losseshigh

      The company has reported net losses in recent years and cannot guarantee when or whether it will reach durable profitability 1.

    • Dependence on agent counthigh

      Revenue depends on the agent base, and its reduction by June 30, 2026 could weigh on results if not offset 12.

    • Merger with BBBYhigh

      The merger with Bed Bath & Beyond, signed in June 2026, may be affected by conditions and approvals not yet completed, with uncertain effects on shareholders 2.

    • Industry antitrust litigationmedium

      Cases against NAR and other brokers could create turmoil in the industry and change commission rules, with a possible negative effect on the company 12.

    • Financing and dilutionmedium

      The need for additional capital may lead to share issuances or debt with restrictive covenants, diluting shareholders 1.

    Investment thesis

    What would need to be true (bull case)

    • If transaction volumes recover, the low fixed-cost model could turn higher volume into a quick improvement in profitability.
    • The intelliAgent platform and the mortgage and title services could generate more diversified revenue with better margins.
    • The merger agreement with Bed Bath & Beyond could bring additional resources and a steadier financial structure if completed.

    What would break the thesis

    • The company has not reached profitability and continues to report losses, which could require new financing with dilution.
    • A sharp fall in the agent count could cut revenue even if the housing market improves.
    • Uncertainty around the merger and industry litigation may make results harder for investors to forecast.

    What to watch

    • Completion or failure of the Bed Bath & Beyond merger2026
    • Development of agent count and productivity after the base was rationalisedQ3 2026
    • Adjusted EBITDA results and any 2026 guidancenext 10-K
    • Repayment of the BBBY loan and liquidity position2027

    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

    Fathom Realty, the core brand, operates as a broker with low fixed costs: agents pay a flat fee per transaction rather than a percentage of commission, and the company runs without numerous physical offices. Its proprietary intelliAgent technology handles back-office functions, transactions and agent marketing tools 1. Commissions collected from agents remain the main revenue source, supplemented by Encompass Lending mortgages and Verus Title services 1.

    In 2025 the company extended its commission plans with Fathom Max and Fathom Share options and launched a revenue share program, under which agents earn a percentage of the commission retained from agents they recruit 1. It acquired My Home Group and START Real Estate but divested LiveBy in November 2025 1. In June 2026 it signed a merger agreement with Bed Bath & Beyond 2.

    As of December 31, 2025 the company had about 14,135 agent licenses, slightly down from the prior year, and by June 30, 2026 the reported agent count had fallen sharply, partly due to removing inactive agents 12. The cost structure and the absence of royalty or franchise fees are presented as the central competitive advantage 1.

    Segments

    Real Estate Brokerage

    The main segment, which generated 399.0 million USD of 2025 revenue, covers residential and commercial brokerage through its agent network 3.

    Mortgage

    The Encompass Lending segment generated 12.8 million USD in 2025, up from the prior year, and provides loan origination and underwriting for transaction clients 3.

    Title

    The Verus Title segment, expanded into Arizona and Alabama, generated 6.2 million USD in 2025, up from the prior period 13.

    Market context

    The US residential market, estimated at over 3.5 trillion USD, stayed at historically subdued levels in 2025, with about 4.06 million existing home sales 1. The average 30-year fixed conventional mortgage rate fell to 6.21% in December 2025 from 6.61% a year earlier 1. The National Association of Realtors anticipates transactions to rise in 2026 if inflation keeps easing 1.

    The company operates in 43 states plus the District of Columbia, concentrated in the South, Atlantic, Southwest and West 1. The market remains sensitive to interest rates and economic uncertainty, which directly affect transaction volumes and therefore the company's revenue 12.

    Trends

    • Online home searchtailwind

      Most homebuyers search for homes on the internet, which favours brokers with technology platforms and low fixed costs such as the Fathom model 1.

    • High mortgage ratesheadwind

      High interest rates and economic uncertainty have reduced housing demand and transaction volume, which could prolong the weakness in revenue 12.

    • Commission litigationmixed

      Antitrust cases against NAR and other brokers may change commission rules; the flat-fee model could benefit, but the litigation may also cause turmoil in the industry 12.

    • Industry consolidationmixed

      Acquisitions and broker consolidation can create integration opportunities for technology platforms, but also raise competitive pressure from large regional networks 1.

    Competitive position

    Fathom competes with other national and regional brokers for agents and for the client relationships they bring, and competitors with greater financial resources or strong local ties can gain market share 1. The company differentiates through its 100% commission model and proprietary technology, but this edge could erode if other players copy its practices 1.

    Brokers offering negotiable commissions or discount models add further pressure, and Fathom aims to respond with flexible plans and revenue share programs 1.

    • CompassCOMP

      Broker named in the source among defendants in the antitrust cases, a direct competitor for agents and clients 1.

    • eXp World HoldingsEXPI

      Cloud-based broker named in the commission litigation, a competitor on the low-cost agent model 1.

    • RedfinRDFN

      Digital broker with an agent network, named in the source among companies involved in the commission litigation 1.

    • Douglas EllimanDOUG

      Residential and commercial real estate broker, named among defendants in the antitrust cases 1.

    News & filings

    In the press

    The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 03 Nov 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 report03 Nov 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report05 Oct 2026
      Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
    • Current report25 Sept 2026
      Other events · Financial statements and exhibits
    • Current report25 Aug 2026
      Delisting notice
    • Quarterly report13 Aug 2026
    • Current report20 Jul 2026
      Other events
    • Quarterly report16 Jul 2026
    • Current report09 Jul 2026
      Other events
    • Current report06 Jul 2026
      Material agreement · Financial statements and exhibits
    • Current report29 Jun 2026
      Departure or appointment of officers · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Fathom Holdings, Inc. · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Fathom Holdings, Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Fathom Holdings, Inc. · 30 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.