Altisource Portfolio Solutions (ASPS)
Market Price (9/19/2026): $5.73 | Market Cap: $65.0 MilSector: Real Estate | Industry: Real Estate Services
Altisource Portfolio Solutions (ASPS)
Market Price (9/19/2026): $5.73Market Cap: $65.0 MilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Fintech & Digital Payments, and Automation & Robotics. Themes include Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -155% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.81 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 252% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% Key risksASPS key risks include [1] its substantial debt load, Show more. |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Fintech & Digital Payments, and Automation & Robotics. Themes include Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -155% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.81 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 252% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% |
| Key risksASPS key risks include [1] its substantial debt load, Show more. |
Qualitative Assessment
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Altisource Portfolio Solutions (ASPS) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Altisource Portfolio Solutions (ASPS) reported a significant miss on profitability for its fiscal Q2 2026 (ending June 30, 2026), with adjusted diluted earnings per share (EPS) of $0.17 falling short of the $0.20 consensus estimate by 15.0%. This occurred despite service revenue increasing by 19% year-over-year to $48.7 million, exceeding analyst expectations of $42.9 million.
2. The company experienced a notable decline in its Adjusted EBITDA and margin compression in fiscal Q2 2026. Adjusted EBITDA decreased by 18% to $4.4 million compared to $5.4 million in fiscal Q2 2025, leading to a margin compression from 13.2% to 9.0%. This decline was primarily attributed to higher costs associated with revenue growth initiatives and the absence of an $18.5 million non-recurring tax benefit realized in fiscal Q2 2025.
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Altisource Portfolio Solutions (ASPS) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Altisource Portfolio Solutions (ASPS) reported a significant miss on profitability for its fiscal Q2 2026 (ending June 30, 2026), with adjusted diluted earnings per share (EPS) of $0.17 falling short of the $0.20 consensus estimate by 15.0%. This occurred despite service revenue increasing by 19% year-over-year to $48.7 million, exceeding analyst expectations of $42.9 million.
2. The company experienced a notable decline in its Adjusted EBITDA and margin compression in fiscal Q2 2026. Adjusted EBITDA decreased by 18% to $4.4 million compared to $5.4 million in fiscal Q2 2025, leading to a margin compression from 13.2% to 9.0%. This decline was primarily attributed to higher costs associated with revenue growth initiatives and the absence of an $18.5 million non-recurring tax benefit realized in fiscal Q2 2025.
3. A cautious near-term outlook and an analyst downgrade likely contributed to the stock's decline. Management anticipated relatively flat Adjusted EBITDA in fiscal Q3 2026, with improvement projected for fiscal Q4 2026, aiming for a "Project 45" objective of $45 million in run-rate Adjusted EBITDA by fiscal Q4 2028. Following the earnings release, Zacks Research downgraded Altisource from a "hold" rating to a "strong sell" rating on July 28, 2026.
4. Broader macroeconomic headwinds in the real estate and mortgage industries posed challenges to the company's performance. The real estate services sector, in which Altisource operates, has contended with rising interest rates and a sluggish housing market. Altisource's exposure to mortgage servicing and default-related services makes its performance sensitive to shifts in borrower behavior and regulatory environments.
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Stock Movement Drivers
Fundamental Drivers
The -12.1% change in ASPS stock from 5/31/2026 to 9/18/2026 was primarily driven by a -13.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.52 | 5.73 | -12.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 175 | 182 | 4.2% |
| P/S Multiple | 0.4 | 0.4 | -13.9% |
| Shares Outstanding (Mil) | 11 | 11 | -2.1% |
| Cumulative Contribution | -12.1% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ASPS | -12.1% | |
| Market (SPY) | 0.9% | 12.7% |
| Sector (XLRE) | -3.3% | -10.6% |
Fundamental Drivers
The -24.8% change in ASPS stock from 2/28/2026 to 9/18/2026 was primarily driven by a -27.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.62 | 5.73 | -24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 170 | 182 | 7.6% |
| P/S Multiple | 0.5 | 0.4 | -27.8% |
| Shares Outstanding (Mil) | 11 | 11 | -3.1% |
| Cumulative Contribution | -24.8% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ASPS | -24.8% | |
| Market (SPY) | 11.6% | 11.1% |
| Sector (XLRE) | -2.3% | 7.0% |
Fundamental Drivers
The -50.0% change in ASPS stock from 8/31/2025 to 9/18/2026 was primarily driven by a -52.3% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.46 | 5.73 | -50.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 168 | 182 | 8.5% |
| P/S Multiple | 0.7 | 0.4 | -52.3% |
| Shares Outstanding (Mil) | 11 | 11 | -3.3% |
| Cumulative Contribution | -50.0% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ASPS | -50.0% | |
| Market (SPY) | 19.4% | 3.7% |
| Sector (XLRE) | 3.1% | 9.2% |
Fundamental Drivers
The -82.4% change in ASPS stock from 8/31/2023 to 9/18/2026 was primarily driven by a -77.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.56 | 5.73 | -82.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 148 | 182 | 23.4% |
| P/S Multiple | 0.6 | 0.4 | -37.9% |
| Shares Outstanding (Mil) | 3 | 11 | -77.0% |
| Cumulative Contribution | -82.4% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ASPS | -82.4% | |
| Market (SPY) | 75.6% | -1.6% |
| Sector (XLRE) | 26.2% | 3.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASPS Return | -13% | -16% | -62% | -82% | 32% | -19% | -95% |
| Peers Return | -2% | -39% | 90% | -9% | 52% | -33% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| ASPS Win Rate | 58% | 50% | 25% | 25% | 67% | 44% | |
| Peers Win Rate | 57% | 35% | 57% | 42% | 45% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| ASPS Max Drawdown | -55% | -46% | -68% | -86% | -91% | -40% | |
| Peers Max Drawdown | -37% | -53% | -35% | -31% | -35% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FAF, FNF, CSGP, ZG, OPEN. See ASPS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | ASPS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -87.2% | -18.8% |
| % Gain to Breakeven | 682.0% | 23.1% |
| Time to Breakeven | 8 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.7% | -6.7% |
| % Gain to Breakeven | 42.1% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.6% | -24.5% |
| % Gain to Breakeven | 29.3% | 32.4% |
| Time to Breakeven | 14 days | 427 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -44.7% | -3.7% |
| % Gain to Breakeven | 80.7% | 3.9% |
| Time to Breakeven | 413 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.0% | -12.2% |
| % Gain to Breakeven | 56.3% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.8% | -17.9% |
| % Gain to Breakeven | 16.1% | 21.8% |
| Time to Breakeven | 39 days | 123 days |
In The Past
Altisource Portfolio Solutions's stock fell -87.2% during the 2025 US Tariff Shock. Such a loss loss requires a 682.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | ASPS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -87.2% | -18.8% |
| % Gain to Breakeven | 682.0% | 23.1% |
| Time to Breakeven | 8 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.7% | -6.7% |
| % Gain to Breakeven | 42.1% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.6% | -24.5% |
| % Gain to Breakeven | 29.3% | 32.4% |
| Time to Breakeven | 14 days | 427 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -44.7% | -3.7% |
| % Gain to Breakeven | 80.7% | 3.9% |
| Time to Breakeven | 413 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.0% | -12.2% |
| % Gain to Breakeven | 56.3% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
In The Past
Altisource Portfolio Solutions's stock fell -87.2% during the 2025 US Tariff Shock. Such a loss loss requires a 682.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Altisource Portfolio Solutions (ASPS)
Altisource Portfolio Solutions (ASPS) operates as an integrated service provider and marketplace primarily for the real estate and mortgage industries across multiple international markets, including the United States, India, and Europe. The company’s core business involves supporting the entire lifecycle of real estate and mortgage assets, from loan origination and servicing to distressed asset management and property disposition, by offering a comprehensive suite of technology platforms and professional services.
ASPS provides a diverse range of products and services designed to streamline operations and enhance efficiency for its clients. Key offerings include technology platforms such as Hubzu, an online real estate auction platform, and Equator, a SaaS solution for managing distressed real estate processes like foreclosures, short sales, and real estate owned (REO) properties. The company also offers essential mortgage services including loan fulfillment, certification and certification insurance, title insurance agency, settlement, and real estate valuation services. Additionally, Altisource provides property preservation and inspection services, payment management technologies, and vendor management software-as-a-service (SaaS) platforms like Vendorly, alongside data and analytics solutions such as RentRange.
Altisource serves a wide array of clients within the financial and real estate ecosystems. Its primary customers include financial institutions, government-sponsored enterprises (GSEs), banks, asset managers, mortgage servicers, investors, originators, and correspondent lenders. By providing critical infrastructure and services, ASPS enables these entities to manage their real estate and mortgage portfolios more efficiently throughout various market conditions.
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Here are 1-3 brief analogies for Altisource Portfolio Solutions (ASPS):
- eBay for real estate auctions and distressed properties.
- Salesforce for the mortgage and real estate back-office.
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- Hubzu: An online real estate auction platform facilitating the buying and selling of properties.
- Equator: A SaaS-based technology platform for managing distressed real estate processes, including REO, short sales, and foreclosures.
- Property Preservation and Inspection Services: Provides services for maintaining, securing, and inspecting properties, especially those in default or foreclosure.
- Real Estate Auction and Brokerage Services: Offers comprehensive services for both online and traditional real estate auctions and brokerage.
- Asset Management Services: Manages a portfolio of real estate assets for financial institutions and investors.
- Mortgage Loan Fulfillment Services: Supports the entire mortgage loan lifecycle, from origination to closing, including certification and insurance.
- Title Insurance Agent and Settlement Services: Acts as an agent for title insurance and provides services to facilitate real estate transaction settlements.
- Real Estate Valuation Services: Delivers professional appraisals and valuation reports for residential and commercial properties.
- Construction Inspection and Risk Mitigation Services: Offers inspection services for residential and commercial construction projects to identify and mitigate risks.
- Foreclosure Trustee Services: Acts as a trustee to manage and execute the legal process of foreclosure.
- Vendorly: A SaaS platform designed for comprehensive vendor management and oversight within the real estate and mortgage industries.
- RentRange: Provides data and analytics for the rental housing market, including rental valuations and market insights.
- REALSynergy: A technology platform for managing complex real estate portfolios and associated operations.
- Lenders One Loan Automation: A platform focused on automating various aspects of the mortgage lending process for increased efficiency.
- TrelixTM Connect: A platform facilitating connectivity and data exchange across the mortgage ecosystem.
- Payment Management Technologies: Offers technological solutions to streamline payment processing within the real estate and mortgage industries.
- Commercial Loan Servicing Technology: Provides specialized technology for the servicing and management of commercial loans.
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Altisource Portfolio Solutions (ASPS) primarily sells its services and technology platforms to other companies and organizations within the real estate and mortgage industries. Its major customers fall into the following categories:
- Financial institutions
- Government-sponsored enterprises
- Banks
- Asset managers
- Servicers (e.g., mortgage servicers)
- Investors (e.g., institutional investors)
- Originators (e.g., mortgage originators)
- Correspondent lenders
- Mortgage bankers
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William B. Shepro Chairman and Chief Executive Officer
Mr. Shepro was appointed Chief Executive Officer of Altisource in July 2009 and Chairman of the Board of Directors in May 2019. Prior to his current role, he served as President and Chief Operating Officer of Ocwen Solutions, a business unit of Ocwen Financial Corporation. From 2003 to 2009, he was President of Global Servicing Solutions, LLC, a joint venture between Ocwen and Merrill Lynch. Mr. Shepro also served as CEO of Bankhaus Oswald. Kruber KG from 2005 to 2009 and as an attorney at Willinger, Shepro, Tower & Bucci PC. He joined Ocwen in 1997, holding various senior leadership positions.
Michelle D. Esterman Chief Financial Officer
Ms. Esterman serves as Chief Financial Officer of Altisource. Before joining Altisource, she served as Senior Manager, Audit & Enterprise Risk Services for Deloitte & Touche, LLP, where she held various positions from 1996 to 2012. She began her career with Georgia-Pacific Corporation in 1994. Ms. Esterman is a Licensed Certified Public Accountant.
Gregory J. Ritts Chief Legal and Compliance Officer
Mr. Ritts has served as Chief Legal and Compliance Officer of Altisource since February 2018 and as General Counsel since joining Altisource in October 2014. Prior to Altisource, he was Senior Vice President, Deputy General Counsel of Publicis Groupe, an advertising and communications group, beginning in June 2010. He also held roles as Global Vice President of Business Affairs and Corporate Development at Razorfish LLC and various senior legal positions with aQuantive, Inc. and Microsoft Corporation. Mr. Ritts began his career as an associate attorney with Nixon Peabody and Perkins Coie.
Israel Meir Chief Strategy and Technology Officer
Mr. Meir serves as Chief Strategy and Technology Officer of Altisource. He previously held the role of President, Technology Services at Altisource. Before joining Altisource in February 2014, Mr. Meir was a principal at The Boston Consulting Group from 2008 to 2014. He began his career as a software engineer at Polaroid's Imaging Science Lab in Cambridge, MA, and was the Founder and General Manager of LeadingTone Software, Inc.
Rick Seehausen President of Lenders One
Mr. Seehausen was appointed President of Lenders One on February 13, 2026. He brings over three decades of experience in mortgage banking, capital markets, and corporate leadership. Most recently, he served as President, Chief Operating Officer, and Vice Chairman of Cherry Creek Mortgage. Prior to that, Mr. Seehausen was a co-founder, President, Chief Executive Officer, and Vice Chairman of LenderLive, which was later acquired by Computershare Loan Services in 2019. LenderLive was a portfolio company of Aquiline Capital Partners, a private equity firm.
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Altisource Portfolio Solutions (ASPS) faces several key risks, primarily stemming from its deep integration into the real estate and mortgage industries.
The most significant risk is the **sensitivity to real estate and mortgage market fluctuations**. The company's revenue streams are directly tied to the volume and health of the real estate and mortgage industries, including services for loan fulfillment, valuation, property preservation, and distressed asset management. A downturn in mortgage originations due to factors like rising interest rates or a general economic slowdown, or sustained periods of low foreclosure activity, could significantly reduce the demand for many of its services, impacting its financial performance.
Another key risk is the **complex and evolving regulatory and compliance landscape**. Operating within the highly regulated real estate and mortgage sectors, Altisource is subject to extensive federal, state, and international laws and regulations. Changes in these laws, increased regulatory scrutiny, or actual or perceived non-compliance could lead to significant operational costs, fines, litigation, or restrictions on its business activities.
Finally, **competition and technological obsolescence** pose a substantial risk. As a provider of integrated services and marketplace solutions, many of which are delivered via SaaS platforms, Altisource faces competition from existing providers and new entrants. Failure to continuously invest in its technology, adapt to evolving industry standards, and innovate its offerings could result in a loss of market share and hinder its ability to attract and retain clients in a dynamic environment.
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Altisource Portfolio Solutions (ASPS) operates in several segments within the real estate and mortgage industries. The addressable markets for their main products and services are as follows:
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Real Estate Services (including property preservation and inspection, real estate brokerage, and asset management services):
The United States real estate services market was valued at USD 159.42 billion in 2025 and is projected to reach USD 205.05 billion by 2030, growing at a CAGR of 5.16%. Globally, the real estate services market was valued at USD 5,066.72 billion in 2025 and is expected to grow to USD 10,256.83 billion by 2032, at a CAGR of 10.6%. North America accounts for nearly 40% of this global demand.
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Real Estate Valuation Services:
The global real estate appraisal market was valued at US$ 10.0 billion in 2025 and is expected to reach US$ 13.3 billion by 2032, growing at a CAGR of 4.2% from 2026-2032. In the US, the real estate appraisal market size is projected to be $10.3 billion in 2026. North America was the largest region in the real estate valuation service market in 2025.
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Title Insurance and Settlement Services:
The global title insurance market size is estimated at USD 57.18 billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 12.00% from 2024 to 2031. North America held over 40% of the global revenue with a market size of USD 22.87 billion in 2024. The US specifically had a market size of USD 18.05 billion in 2024 for title insurance. Another source states the global title insurance market size is anticipated to be worth USD 78.55 billion in 2026 and is expected to reach USD 156.06 billion by 2035 at a CAGR of 7.93%. North America remains the largest market for title insurance, holding approximately 70% of the global market share.
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Mortgage Loan Fulfillment, Certification, Technologies, and Commercial Loan Servicing Technology (Digital Mortgage Software/Mortgage and Loans Software):
The global digital mortgage software market was valued at $3.7 billion in 2022 and is projected to reach $35.3 billion by 2032, growing at a CAGR of 24.7% from 2024 to 2032. North America dominated the digital mortgage software market in 2022 and is expected to maintain its position. Another estimate places the global digital mortgage solution market at $108.87 billion in 2024, projected to hit $747.69 billion by 2033 at a 23.12% CAGR. The US digital mortgage software market size was valued at USD 1.71 billion in 2025 and is expected to grow to USD 9.42 billion by 2034, at a CAGR of 20.82%. The global mortgage and loans software market was valued at US$ 16.8 billion in 2024 and is expected to reach US$ 48.5 billion in 2033, registering a CAGR of 12.5%. The global mortgage lender market size was valued at USD 1.29 trillion in 2025 and is projected to reach USD 2.31 trillion in 2030, at a CAGR of 12.5%.
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Online Real Estate Auction Platforms (Hubzu):
The global online auction market is projected to grow from USD 739.12 billion in 2025 to USD 1,658.89 billion by 2035, exhibiting a CAGR of 8.42%. North America remains a dominant market due to high digital literacy and established e-commerce infrastructure. Another report states the global online auction market was valued at USD 2.15 billion in 2022 and is expected to reach USD 5.73 billion in 2030, growing at a CAGR of 13.00%. North America accounted for more than 34.9% of the global online auction market in 2022. The US Internet Auction Software Market was valued at USD 0.83 billion in 2024.
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Altisource Portfolio Solutions S.A. (ASPS) anticipates future revenue growth over the next two to three years driven by several strategic initiatives and favorable market conditions.
Here are 3-5 expected drivers of future revenue growth:
- Expansion and Scaling of Key Strategic Service Offerings: Altisource is focused on accelerating growth within specific strategic engines. These include the Renovation business, Granite Construction Risk Management, Lenders One, Hubzu Marketplace, and Foreclosure Trustee services. The Renovation business, launched in 2024, began contributing to service revenue growth in the first quarter of 2025. The Lenders One business, in particular, is expected to see strong year-over-year service revenue and adjusted EBITDA growth as recently won business scales and pipeline opportunities convert into wins.
- New Client Acquisition and Conversion of Sales Pipeline: The company is actively working to grow referrals from its existing customer base and attract new clients. Altisource has reported significant sales wins, with a weighted average sales pipeline indicating potential annualized revenue. These new customer wins and the conversion of pipeline opportunities are expected to be key drivers for revenue growth in 2026.
- Price Increases for Certain Services: As part of its forward guidance and revenue growth assumptions for 2026, Altisource has indicated that price increases for certain services will contribute to its projected revenue growth.
- Favorable Industry Trends in Real Estate and Mortgage Markets: Altisource expects to benefit from anticipated industry-wide trends, including increased foreclosure activity and growth in mortgage origination volumes. Industrywide foreclosure initiations were higher in 2025 than 2024, and the Mortgage Bankers Association (MBA) projects year-over-year growth in total mortgage origination unit volume for 2026. These market conditions are expected to provide tailwinds for Altisource's services.
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Share Repurchases
- As of December 31, 2025, Altisource had an authorized share repurchase program to purchase up to 0.4 million shares of its common stock, with a maximum price of $200.00 per share, which is approved until May 16, 2028.
- No shares were repurchased in 2023 or 2024 due to restrictions related to new credit facilities.
Share Issuance
- In February 2025, Altisource completed a debt-for-equity exchange where $232.8 million of senior secured term loans were swapped for a $160.0 million new first lien loan and the issuance of 7.3 million common shares to lenders (adjusted for a 1-for-8 reverse stock split).
- Shareholders approved an increase in the number of authorized common shares from 100 million to 250 million on February 18, 2025.
- A 1-for-8 reverse stock split became effective on May 28, 2025, reducing the total number of outstanding shares from approximately 88.9 million to about 11.1 million. Additionally, 70.5 million Stakeholder Warrants were distributed, exercisable for approximately 14.3 million shares (post-reverse split) at an implied exercise price of $9.5998 per share.
Inbound Investments
- Altisource completed a significant debt exchange in February 2025, which involved lenders exchanging $232.8 million of senior secured term loans for a $160.0 million new first lien loan and equity, substantially restructuring its balance sheet.
- A new $12.5 million super senior credit facility was entered into in conjunction with the debt exchange in February 2025.
Capital Expenditures
- The company's capital expenditures have significantly declined over time.
- Additions to premises and equipment were approximately $0.069 million in 2025 and $0.003 million in 2024.
Peer Outperformance in Real Estate Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ASPS | Altisource Portfolio Solutions | 7.4% | -6.0x | -48.1% | -83.9% | -93.1% | — |
| JLL | Jones Lang LaSalle | 10.2% | 15.6x | 5.2% | 118.2% | 40.7% | +134pp |
| CWK | Cushman & Wakefield | 3.5% | 42.1x | -26.5% | 51.4% | -29.0% | +64pp |
| CIGI | Colliers International | 11.1% | 42.5x | -46.0% | -17.1% | -30.2% | +63pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 13.7% | 59.0% | 58.9% | WELL 201% · DHC 159% · CTRE 117% |
| Retail REITs | 22 | 7.3% | 31.9% | 31.6% | IVT 1505% · SKT 151% · SPG 104% |
| Real Estate Development | 6 | -24.2% | 15.7% | 16.2% | JOE 55% · AXR 46% · FOR 32% |
| Other Specialized REITs | 11 | 4.7% | 20.1% | 15.6% | IRM 208% · LAMR 70% · OUT 65% |
| Hotel & Resort REITs | 16 | 27.6% | 29.2% | 6.2% | HST 70% · RHP 70% · DRH 54% |
| Industrial REITs | 11 | 10.2% | 19.6% | 3.3% | EGP 38% · FR 33% · PLD 20% |
| Diversified REITs | 12 | 7.0% | 25.4% | -6.0% | CTO 69% · LXP 18% · WPC 18% |
| Single-Family Residential REITs | 4 | -4.8% | -2.0% | -17.9% | AMH -9% · ELS -15% · INVH -21% |
| Multi-Family Residential REITs | 13 | -9.4% | 1.3% | -20.5% | AIV 7% · ESS 0% · BRT -5% |
| Real Estate Services ← | 27 | -23.9% | -6.4% | -27.4% | REAX 784% · MDRR 544% · CHCI 305% |
| Office REITs | 18 | -14.3% | 13.2% | -31.5% | PSTL 66% · CDP 58% · SLG 6% |
| Telecom Tower REITs | 3 | -7.9% | -11.0% | -44.9% | AMT -31% · SBAC -45% · CCI -50% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.67 |
| Mkt Cap | 7.0 |
| Rev LTM | 3,405 |
| Op Inc LTM | 27 |
| FCF LTM | 224 |
| FCF 3Y Avg | 102 |
| CFO LTM | 442 |
| CFO 3Y Avg | 408 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.2% |
| Rev Chg 3Y Avg | 8.7% |
| Rev Chg Q | 16.0% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 43.2% |
| Op Inc Chg 3Y Avg | 82.0% |
| Op Mgn LTM | 2.0% |
| Op Mgn 3Y Avg | -1.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 13.2% |
| CFO/Rev 3Y Avg | 12.9% |
| FCF/Rev LTM | 7.1% |
| FCF/Rev 3Y Avg | 3.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.0 |
| P/S | 0.8 |
| P/Op Inc | 76.5 |
| P/EBIT | 6.0 |
| P/E | 12.1 |
| P/CFO | 4.6 |
| Total Yield | 0.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.4 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.5% |
| 3M Rtn | -7.5% |
| 6M Rtn | -20.8% |
| 12M Rtn | -56.6% |
| 3Y Rtn | -27.1% |
| 1M Excs Rtn | -11.7% |
| 3M Excs Rtn | -9.5% |
| 6M Excs Rtn | -35.7% |
| 12M Excs Rtn | -72.4% |
| 3Y Excs Rtn | -103.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Servicer and Real Estate | 135 | 129 | 115 | 120 | 114 |
| Origination | 36 | 31 | 30 | 33 | 60 |
| Corporate and Others | 0 | 0 | 0 | 0 | 5 |
| Total | 171 | 160 | 145 | 153 | 178 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Servicer and Real Estate | 33 | 38 | 32 | 26 | 14 |
| Origination | 0 | 0 | -6 | -7 | 5 |
| Corporate and Others | -33 | -35 | -43 | -52 | 10 |
| Total | 0 | 3 | -17 | -33 | 29 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Servicer and Real Estate | 57 | 58 | 58 | 64 | 62 |
| Origination | 47 | 47 | 50 | 54 | 60 |
| Corporate and Others | 36 | 38 | 47 | 78 | 136 |
| Total | 140 | 144 | 155 | 195 | 258 |
Price Behavior
| Market Price | $5.73 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 08/06/2009 | |
| Distance from 52W High | -58.9% | |
| 50 Days | 200 Days | |
| DMA Price | $5.78 | $6.38 |
| DMA Trend | down | down |
| Distance from DMA | -0.9% | -10.1% |
| 3M | 1YR | |
| Volatility | 48.8% | 74.2% |
| Downside Capture | 79.21 | 65.39 |
| Upside Capture | -29.91 | -22.79 |
| Correlation (SPY) | 15.7% | 3.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.27 | 0.72 | 0.52 | 0.49 | 0.23 | -0.41 |
| Up Beta | -3.63 | -0.34 | 0.76 | 0.38 | 0.66 | -0.04 |
| Down Beta | -0.06 | 3.63 | 0.82 | -0.12 | -0.15 | 0.36 |
| Up Capture | -9% | -60% | -7% | 25% | -13% | -2% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 32 | 59 | 117 | 341 |
| Down Capture | -1% | 171% | 76% | 120% | 83% | 87% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 22 | 31 | 66 | 130 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASPS | |
|---|---|---|---|---|
| ASPS | -48.0% | 74.1% | -0.58 | - |
| Sector ETF (XLRE) | 3.8% | 14.0% | 0.03 | 9.3% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 3.8% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 0.5% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | -4.5% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 9.9% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | 2.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASPS | |
|---|---|---|---|---|
| ASPS | -43.0% | 306.4% | 0.29 | - |
| Sector ETF (XLRE) | 1.2% | 19.1% | -0.04 | 3.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | -0.1% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | -0.2% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | -1.1% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 3.0% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | -2.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASPS | |
|---|---|---|---|---|
| ASPS | -32.2% | 221.6% | 0.20 | - |
| Sector ETF (XLRE) | 5.8% | 20.4% | 0.24 | 6.4% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 4.6% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -1.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 2.2% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 6.8% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | -0.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -11.6% | -22.1% | -14.7% |
| 4/23/2026 | -4.7% | 2.6% | -8.0% |
| 3/4/2026 | -5.8% | -10.4% | -9.6% |
| 10/23/2025 | 1.0% | -16.0% | -19.3% |
| 7/24/2025 | -4.6% | -24.5% | -4.9% |
| 5/1/2025 | 0.0% | -3.4% | -31.1% |
| 3/13/2025 | 18.7% | 18.7% | 5.5% |
| 10/24/2024 | -14.4% | -15.1% | -46.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 8 |
| # Negative | 13 | 15 | 17 |
| Median Positive | 4.6% | 11.3% | 9.3% |
| Median Negative | -8.0% | -10.4% | -8.0% |
| Max Positive | 24.4% | 45.9% | 33.0% |
| Max Negative | -30.5% | -39.0% | -46.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -11.6% | -22.1% | -14.7% |
| 4/23/2026 | -4.7% | 2.6% | -8.0% |
| 3/4/2026 | -5.8% | -10.4% | -9.6% |
| 10/23/2025 | 1.0% | -16.0% | -19.3% |
| 7/24/2025 | -4.6% | -24.5% | -4.9% |
| 5/1/2025 | 0.0% | -3.4% | -31.1% |
| 3/13/2025 | 18.7% | 18.7% | 5.5% |
| 10/24/2024 | -14.4% | -15.1% | -46.2% |
| 7/25/2024 | 7.8% | 3.9% | -2.3% |
| 4/25/2024 | 10.0% | 15.9% | -1.2% |
| 3/7/2024 | -1.7% | -9.2% | -41.3% |
| 10/26/2023 | -9.3% | -13.4% | -2.7% |
| 9/7/2023 | -1.0% | 13.5% | -2.0% |
| 4/27/2023 | 5.5% | 17.4% | 32.0% |
| 2/3/2023 | 24.4% | 9.1% | -0.9% |
| 11/3/2022 | 3.3% | 45.9% | 33.0% |
| 7/28/2022 | -1.0% | -0.3% | -1.5% |
| 4/28/2022 | 3.6% | 3.5% | 13.2% |
| 3/3/2022 | -11.2% | -11.5% | 2.2% |
| 11/4/2021 | -8.0% | -9.8% | -24.0% |
| 7/29/2021 | 5.7% | 0.6% | 3.6% |
| 5/10/2021 | -10.3% | -9.3% | 2.1% |
| 3/11/2021 | 0.5% | -3.2% | -1.8% |
| 10/29/2020 | 0.0% | -0.3% | 17.1% |
| 8/6/2020 | -30.5% | -39.0% | -24.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 8 |
| # Negative | 13 | 15 | 17 |
| Median Positive | 4.6% | 11.3% | 9.3% |
| Median Negative | -8.0% | -10.4% | -8.0% |
| Max Positive | 24.4% | 45.9% | 33.0% |
| Max Negative | -30.5% | -39.0% | -46.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 03/03/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 03/05/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Adjusted EBITDA | Reported | 45.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Potential Estimated Annual Revenue | Reported | 25.70 Mil | 28.90 Mil | 32.10 Mil | ||||
| 2026 Servicer and Real Estate Segment Potential Estimated Annual Revenue | Reported | 10.40 Mil | 11.70 Mil | 13.00 Mil | ||||
| 2026 Origination Segment Potential Estimated Annual Revenue | Reported | 15.30 Mil | 17.20 Mil | 19.10 Mil | ||||
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Service Revenue | Reported | 165.00 Mil | 175.00 Mil | 185.00 Mil | ||||
| 2026 Revenue Growth | Reported | 8.5% | ||||||
| 2026 Adjusted EBITDA | Reported | 15.00 Mil | 17.50 Mil | 20.00 Mil | ||||
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winkler, Matthew T | Direct | Buy | 8242026 | 5.60 | 2,000 | 11,200 | 235,138 | Form | |
| 2 | Benefit, Street Partners Llc | Direct | Buy | 8042026 | 5.78 | 48,991 | 282,972 | 10,414,388 | Form | |
| 3 | Benefit, Street Partners Llc | Direct | Buy | 8042026 | 5.43 | 1,009 | 5,482 | 9,529,775 | Form | |
| 4 | Winkler, Matthew T | Direct | Buy | 7312026 | 5.04 | 1,000 | 5,045 | 201,745 | Form | |
| 5 | Winkler, Matthew T | Direct | Buy | 7312026 | 5.10 | 701 | 3,575 | 198,844 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Winkler, Matthew T | Direct | Buy | 8242026 | 5.60 | 2,000 | 11,200 | 235,138 | Form | |
| 2 | Benefit, Street Partners Llc | Direct | Buy | 8042026 | 5.78 | 48,991 | 282,972 | 10,414,388 | Form | |
| 3 | Benefit, Street Partners Llc | Direct | Buy | 8042026 | 5.43 | 1,009 | 5,482 | 9,529,775 | Form | |
| 4 | Winkler, Matthew T | Direct | Buy | 7312026 | 5.04 | 1,000 | 5,045 | 201,745 | Form | |
| 5 | Winkler, Matthew T | Direct | Buy | 7312026 | 5.10 | 701 | 3,575 | 198,844 | Form | |
| 6 | Shepro, William B | Chair and CEO | The Gina H. Shepro Revocable Trust | Buy | 7292026 | 5.18 | 4,000 | 20,720 | 44,993 | Form |
| 7 | Shepro, William B | Chair and CEO | William B. Shepro Revocable Trust | Buy | 5262026 | 6.02 | 3,511 | 21,136 | 1,425,235 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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