BETR

MKT CAP:$647M

Better Home & Finance Holding Company

Market Cap

$647M

Financial Services·Financial - Mortgages·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$45.89+$11.15 (+32.10%)

Apr 22, 2026

Company Details

Better Home & Finance Holding Company operates as a homeownership company in the United States. The company provides government-sponsored enterprise (GSE) conforming loans, U.S. Federal Housing Administration insured loans, U.S. Department ...

CEO

Vishal Garg

IPO Date

Apr 30, 2021

Website

better.com

Key Metrics TTM

Revenue

$184M

+41.8% YoY

Net Income

-$166M

EPS (Diluted)

-$10.82

Free Cash Flow

-$225M

Revenue / Share

$11.70

Gross Margin

35.6%

Operating Margin

-70.3%

Net Margin

-90.3%

FCF Margin

-122.8%

P/S

3.5x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Dec 30, 2025

$191M+59.4%EPS -$10.82

Q4 2025

Dec 30, 2025

$53M+12.8%EPS -$2.54

Q3 2025

Sep 29, 2025

$44M+65.4%EPS -$2.56

Q2 2025

Jun 29, 2025

$51M+80.6%EPS -$2.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$0	$0	-$3M
Q1 22	$212M	-$116M	-$270M
Q2 22	$0	$0	-$3M
Q4 22	$9M	-$42M	-$138M
Q1 23	$24M	-$25M	-$87M
Q2 23	$33M	-$4M	-$43M
Q3 23	$20M	-$79M	-$92M
Q4 23	$11M	-$7M	-$67M
Q1 24	$27M	-$18M	-$52M
Q2 24	$28M	-$9M	-$44M
Q3 24	$27M	-$16M	-$57M
Q4 24	$47M	$10M	-$27M
Q1 25	$35M	-$21M	-$50M
Q2 25	$51M	$10M	-$27M
Q3 25	$44M	$34M	-$26M
Q4 25	$53M	$43M	-$26M

Valuation

Quarter	P/S	P/E
Q3 21	61.1x	20317.4x
Q1 22	887.1x	—
Q2 22	1177.6x	—
Q4 22	1834.5x	—
Q1 23	1666.6x	—
Q2 23	3929.2x	—
Q3 23	133.5x	—
Q4 23	108.0x	—
Q1 24	62.8x	—
Q2 24	3.9x	—
Q3 24	2.9x	—
Q4 24	1.1x	—
Q1 25	1.2x	—
Q2 25	1.2x	—
Q3 25	5.0x	—
Q4 25	2.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$107.6K	-$107.6K
Q1 22	$536M	$516M
Q2 22	-$66.0K	-$66.0K
Q4 22	-$41M	-$49M
Q1 23	-$163M	-$166M
Q2 23	$21M	$18M
Q3 23	$63M	$60M
Q4 23	-$84M	-$84M
Q1 24	-$43M	-$44M
Q2 24	-$221M	-$224M
Q3 24	-$11M	-$14M
Q4 24	-$54M	-$55M
Q1 25	-$57M	-$60M
Q2 25	-$61M	-$61M
Q3 25	-$65M	-$65M
Q4 25	-$39M	-$39M

Capital Expenditures

Quarter	CapEx
Q3 21	$1
Q1 22	$20M
Q2 22	$4
Q4 22	$9M
Q1 23	$4M
Q2 23	$3M
Q3 23	$3M
Q4 23	$883.0K
Q1 24	$859.0K
Q2 24	$3M
Q3 24	$3M
Q4 24	$424.9K
Q1 25	$3M
Q2 25	$425.3K
Q3 25	$243.9K
Q4 25	$332.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-100.0%	-95.8%
Q1 22	+143.5%	+554.2%
Q2 22	-100.0%	-96.9%
Q4 22	-90.7%	+83.4%
Q1 23	—	+3622.1%
Q2 23	-84.4%	-84.2%
Q3 23	—	+4142.8%
Q4 23	+29.2%	-46.6%
Q1 24	+12.5%	-29.2%
Q2 24	-14.2%	-4.5%
Q3 24	+33.7%	-24.8%
Q4 24	+314.8%	-5.7%
Q1 25	+28.4%	+8.1%
Q2 25	+80.6%	+7.5%
Q3 25	+65.4%	-16.4%
Q4 25	+12.8%	+7.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	—
Q1 22	$14M	6.7%
Q2 22	$0	—
Q4 22	$8M	85.5%
Q1 23	$4M	18.3%
Q2 23	$4M	12.2%
Q3 23	$39M	197.0%
Q4 23	$17M	147.2%
Q1 24	$9M	32.3%
Q2 24	$8M	26.6%
Q3 24	$5M	20.5%
Q4 24	$0	0.0%
Q1 25	$4M	11.6%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$40M	$29M	$37M
Q4 22	$25M	$24M	$9M
Q1 23	$24M	$17M	$8M
Q2 23	—	$13M	$3M
Q3 23	$21M	$14M	$5M
Q4 23	$17M	$29M	$5M
Q1 24	—	$14M	$5M
Q2 24	—	$15M	$9M
Q3 24	—	$13M	$12M
Q4 24	—	$10M	$9M
Q1 25	—	$12M	$9M
Q2 25	—	$12M	$11M
Q3 25	—	$10M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$36M	$0	$36M
Q2 22	$35M	$0	$35M
Q3 22	$5M	$0	$5M
Q4 22	$318M	$0	$318M
Q1 23	$225M	$0	$225M
Q2 23	$110M	$33M	$143M
Q3 23	$527M	$30M	$557M
Q4 23	$504M	$26M	$529M
Q1 24	$425M	$58M	$483M
Q2 24	$321M	$58M	$379M
Q3 24	$208M	$54M	$262M
Q4 24	$211M	$54M	$265M
Q1 25	$111M	$117M	$228M
Q2 25	$87M	$134M	$222M
Q3 25	$86M	$132M	$218M
Q4 25	$117M	$104M	$220M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	35M	-54.7%	-51.4%
Q1 22	738M	+2022.5%	+896.9%
Q2 22	738M	0.0%	+859.9%
Q4 22	738M	0.0%	+861.0%
Q1 23	802M	+8.8%	+2209.0%
Q2 23	802M	0.0%	+8.8%
Q3 23	497M	-38.1%	-32.7%
Q4 23	497M	0.0%	-32.7%
Q1 24	256M	-48.5%	-68.1%
Q2 24	256M	0.0%	-68.1%
Q3 24	15M	-94.1%	-97.0%
Q4 24	15M	+0.2%	-96.9%
Q1 25	15M	+0.1%	-94.1%
Q2 25	15M	0.0%	-94.1%
Q3 25	15M	+0.5%	+0.8%
Q4 25	16M	+2.8%	+3.5%

Shares Outstanding