OPEN Targets 6,000 Acquisitions: Can the Platform Scale Profitably?

Opendoor Technologies Inc. OPEN is accelerating its turnaround strategy with an ambitious goal: reaching 6,000 home acquisitions per quarter by the end of 2026. The target represents a major step in the company’s effort to scale its platform while moving toward sustained profitability. Management believes the combination of operational improvements, AI-driven tools and stronger unit economics under its “Opendoor 2.0” model will allow the business to grow volume without sacrificing margins.

During the fourth quarter of 2025, Opendoor purchased 1,706 homes, marking a 46% increase from the previous quarter. This reflects a renewed focus on scaling after previously operating with lower volumes and wider spreads. Management indicated that acquisition growth will be weighted toward the second half of 2026 as the company refines its conversion funnel and pricing models. While the October 2025 acquisition cohort achieved some of the highest margins in OPEN’s history, management intends to reinvest these excess spreads into more competitive pricing to drive the volume needed for their 6,000-home goal.

Opendoor is leaning heavily on technology to support its expansion plans. The company has implemented AI-driven workflows, automated property assessments and machine learning pricing tools to improve operational efficiency. These systems allow the platform to evaluate homes faster, refine price decisions and reduce manual processes. Management’s long-term objective is to achieve adjusted net income profitability on a 12-month forward basis by the end of 2026. Scaling acquisitions while maintaining disciplined cost control is central to that plan.

Opendoor’s goal of reaching 6,000 quarterly acquisitions signals a renewed push for growth after a period of restructuring and operational change. Early results from the Opendoor 2.0 model suggest improvements in pricing, resale velocity and margins.

Opendoor’s Competitive Landscape: Zillow & Offerpad

Opendoor’s strategy to scale acquisitions also needs to be evaluated within the broader competitive landscape of real estate technology platforms. Zillow Group Z, once a major participant in the iBuying space, exited its iBuying business after experiencing significant volatility in inventory pricing and resale outcomes. Z has since pivoted toward a capital-light marketplace model centered on connecting buyers, sellers and agents, reducing balance-sheet risk while still capturing transaction-driven revenues through its broader housing ecosystem.

Another key competitor is Offerpad OPAD, which continues to operate within the iBuying segment but with a more conservative acquisition strategy. Offerpad has focused on disciplined purchasing, tighter cost controls and improved operational efficiency to protect margins, reflecting the broader industry shift toward profitability after the rapid expansion phase of the early iBuyer market.

OPEN Stock’s Price Performance, Valuation & Estimates

Shares of Opendoor have lost 14.7% in the past six months compared with the industry’s decline of 20.7%.

OPEN’s Six-Month Price Performance

From a valuation standpoint, OPEN trades at a forward price-to-sales (P/S) multiple of 0.99, significantly below the industry’s average of 4.03.

P/S (F12M)

The Zacks Consensus Estimate for OPEN’s 2026 loss per share has narrowed to 12 cents in the past 30 days, as shown below. Also, the estimated figure indicates an improvement from the year-ago loss of 26 cents per share.

OPEN currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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