Loading institutional data...
Loading institutional data...
Held by 354 of 5,944 reporting institutions (95th percentile) — extremely crowded.
Data as of Q1 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading quality & risk...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
How management deployed cash over 8 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -129%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.37B 100.0% | $5.15B 100.0% | $6.95B 100.0% | $15.57B 100.0% | $8.02B 100.0% | $2.58B 100.0% | $4.74B 100.0% | $1.84B 100.0% |
| Cost of Revenue | $4.02B 92.0% | $4.72B 91.6% | $6.46B 93.0% | $14.90B 95.7% | $7.29B 90.9% | $2.36B 91.5% | $4.44B 93.7% | $1.70B 92.7% |
| Gross Profit | $350.0M 8.0% | $433.0M 8.4% | $487.0M 7.0% | $667.0M 4.3% | $730.0M 9.1% | $220.0M 8.5% | $301.0M 6.3% | $133.4M 7.3% |
| Research & Development | $79.0M 1.8% | $141.0M 2.7% | $167.0M 2.4% | $169.0M 1.1% | $134.0M 1.7% | $56.0M 2.2% | $51.0M 1.1% | $28.5M 1.5% |
| Selling, General & Admin | $238.0M 5.4% | $182.0M 3.5% | $206.0M 3.0% | $346.0M 2.2% | $620.0M 7.7% | $132.0M 5.1% | $114.0M 2.4% | $72.3M 3.9% |
| Total Operating Expenses | $637.0M 14.6% | $753.0M 14.6% | $873.0M 12.6% | $1.60B 10.3% | $1.30B 16.2% | $406.0M 15.7% | $549.0M 11.6% | $297.1M 16.2% |
| Operating Income | -$287.0M -6.6% | -$320.0M -6.2% | -$386.0M -5.6% | -$931.0M -6.0% | -$568.0M -7.1% | -$186.0M -7.2% | -$248.0M -5.2% | -$163.7M -8.9% |
| Interest Expense | $131.0M 3.0% | $133.0M 2.6% | $211.0M 3.0% | $385.0M 2.5% | $143.0M 1.8% | $68.0M 2.6% | $110.0M 2.3% | $60.5M 3.3% |
| Other Income (Expense), net | $42.0M 1.0% | $64.0M 1.2% | $107.0M 1.5% | -$10.0M -0.1% | $38.0M 0.5% | $4.0M 0.2% | $13.0M 0.3% | $2.6M 0.1% |
| Pretax Income | -$1.30B -29.7% | -$391.0M -7.6% | -$274.0M -3.9% | -$1.35B -8.7% | -$661.0M -8.2% | -$253.0M -9.8% | -$339.0M -7.2% | -$239.6M -13.0% |
| Income Tax Expense | $0 0.0% | $1.0M 0.0% | $1.0M 0.0% | $2.0M 0.0% | $1.0M 0.0% | $0 0.0% | $0 0.0% | $377K 0.0% |
| Net Income | -$1.30B -29.7% | -$392.0M -7.6% | -$275.0M -4.0% | -$1.35B -8.7% | -$662.0M -8.3% | -$253.0M -9.8% | -$341.0M -7.2% | -$241.3M -13.1% |
| Per Share | ||||||||
| 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 |
| Weighted Avg Shares (Basic) | 766.5M | 699.5M | 657.1M | 627.1M | 592.6M | 109.3M | 80.0M | 78.6M |
| Weighted Avg Shares (Diluted) | 766.5M | 699.5M | 657.1M | 627.1M | 592.6M | 109.3M | 80.0M | 78.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $2.56 today, the market must believe free cash flow compounds -48.4%/yr for a decade (off $1.7B normalized FCF).
The market's -48.4% is more conservative than its 5-yr track record.
2-stage DCF · 0.96B shares · net debt -$962M
mean -290.1% · volatility σ 621% · implied rate exceeded in 1/3 yrs
Central path = implied -48.4%/yr growth; shaded band = ±1σ (621%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $1.0B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| OPEN | $2.5B | — | — | 0.6× | -15.2% | 8.0% | -29.7% | -129% | -129% | — | 354 |
Peers = companies sharing OPEN's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No trend data available for this metric.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 6-yr range · 42th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 92.7 | 93.7 | 91.5 | 90.9 | 95.7 | 93.0 | 91.6 | 92.0 |
| Gross Profit | 7.3 | 6.3 | 8.5 | 9.1 | 4.3 | 7.0 | 8.4 | 8.0 |
| R&D | 1.5 | 1.1 | 2.2 | 1.7 | 1.1 | 2.4 | 2.7 | 1.8 |
| SG&A | 3.9 | 2.4 | 5.1 | 7.7 | 2.2 | 3.0 | 3.5 | 5.4 |
| Operating Income | -8.9 | -5.2 | -7.2 | -7.1 | -6.0 | -5.6 | -6.2 | -6.6 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | -13.1 | -7.2 | -9.8 | -8.3 | -8.7 | -4.0 | -7.6 | -29.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on OPEN: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.