Offerpad Solutions Inc.
OPAD Real Estate Real Estate Services
Offerpad Solutions Inc.’s revenue for fiscal 2025 (year ended December 2025) was $567.8 million, down 38.2% from fiscal 2024. In the quarter to June 2026, revenue fell 51.6%, EPS grew 50.3%, free cash flow fell 90.9% and total debt fell 53.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Offerpad Solutions Inc. (OPAD) Beneish M-score
Offerpad Solutions Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.34 | — | 3.07 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 1.75 | — | 0.71 | |
| Sales growth index | 0.62 | — | 0.55 | |
| Depreciation index | 1.91 | — | 0.22 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.73) | — | −3.42 | |
| Leverage index | 0.83 | — | −0.27 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NYC American Strategic Investment Co. compare | — |
| DUO Fangdd Network Group compare | — |
| FTHM Fathom Holdings Inc. compare | — |
| OPAD Offerpad Solutions Inc. | — |
| MDRR Medalist Diversified REIT, Inc. compare | — |
| LHAI Linkhome Holdings Inc. compare | — |
| AIRE reAlpha Tech Corp. compare | — |
| GYRO Gyrodyne , LLC compare | — |
| LEJUY Leju Holdings Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI