Better Home & Finance (BETR)
Market Price (8/31/2026): $13.85 | Market Cap: $258.4 MilSector: Financials | Industry: Commercial & Residential Mortgage Finance
Better Home & Finance (BETR)
Market Price (8/31/2026): $13.85Market Cap: $258.4 MilSector: FinancialsIndustry: Commercial & Residential Mortgage Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 53% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Online Banking & Lending, and Real Estate Data Analytics. | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -173% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -149 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -63% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 215% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -66%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -70% 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 -74% High stock price volatilityVol 12M is 134% Key risksBETR key risks include [1] persistent operating losses and a concerning pace of cash expenditure and [2] litigation involving its CEO coupled with material weaknesses in internal financial controls. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 53% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include Online Banking & Lending, and Real Estate Data Analytics. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -173% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -149 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -63% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 215% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -66%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -70% |
| 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 -74% |
| High stock price volatilityVol 12M is 134% |
| Key risksBETR key risks include [1] persistent operating losses and a concerning pace of cash expenditure and [2] litigation involving its CEO coupled with material weaknesses in internal financial controls. |
Qualitative Assessment
AI Analysis | Feedback
Better Home & Finance (BETR) stock has lost about 65% since 4/30/2026 because of the following key factors:
1. Worse-than-expected Q2 2026 Earnings and Weak Q3 2026 Guidance.
Better Home & Finance (BETR) reported an EPS of -$1.64 for fiscal Q2 2026 (ending June 30, 2026), significantly missing analysts' estimates of -$1.10 by 49.09%. Another source indicated a miss of analysts' estimate of -$1.3342 by 22.92%. Following this announcement on August 6, 2026, the company's stock declined by 2.83%. Additionally, the company provided a weaker-than-anticipated outlook for fiscal Q3 2026, projecting a loan volume between $1.375 billion and $1.525 billion, and an adjusted EBITDA loss of $15 million to $18 million. Management also withdrew its previous target of reaching adjusted EBITDA breakeven by September, citing uncertainties in the market.
2. Persistent Elevated Interest Rate Environment and Muted Refinance Market.
The company explicitly cited a "persistently elevated interest-rate environment" and "industrywide softness in mortgage applications," which particularly impacted refinance volumes. Management stated they are "planning for an elevated rate environment to persist over the medium term". This macroeconomic headwind has made it difficult for Better Home & Finance to achieve scale benefits, given the weak mortgage refinancing activity across the industry.
Show more
Better Home & Finance (BETR) stock has lost about 65% since 4/30/2026 because of the following key factors:
1. Worse-than-expected Q2 2026 Earnings and Weak Q3 2026 Guidance.
Better Home & Finance (BETR) reported an EPS of -$1.64 for fiscal Q2 2026 (ending June 30, 2026), significantly missing analysts' estimates of -$1.10 by 49.09%. Another source indicated a miss of analysts' estimate of -$1.3342 by 22.92%. Following this announcement on August 6, 2026, the company's stock declined by 2.83%. Additionally, the company provided a weaker-than-anticipated outlook for fiscal Q3 2026, projecting a loan volume between $1.375 billion and $1.525 billion, and an adjusted EBITDA loss of $15 million to $18 million. Management also withdrew its previous target of reaching adjusted EBITDA breakeven by September, citing uncertainties in the market.
2. Persistent Elevated Interest Rate Environment and Muted Refinance Market.
The company explicitly cited a "persistently elevated interest-rate environment" and "industrywide softness in mortgage applications," which particularly impacted refinance volumes. Management stated they are "planning for an elevated rate environment to persist over the medium term". This macroeconomic headwind has made it difficult for Better Home & Finance to achieve scale benefits, given the weak mortgage refinancing activity across the industry.
3. Delays in Strategic Partnership Launches and Costly Integrations.
Better Home & Finance experienced delays in the launch and ramping up of several Home Equity Line of Credit (HELOC) partnerships, which were initially expected to contribute in fiscal Q4 2026. The fiscal Q3 2026 guidance notably assumes no contribution from these delayed partnerships. Furthermore, the company acknowledged that "complex enterprise integrations have been costly and have not yet yielded material results," necessitating a strategic shift in focus.
4. Leadership Instability and Shareholder Disputes.
Since April 30, 2026, the company has been embroiled in public disputes with its former CEO, Vishal Garg. On August 18, 2026, Better Home & Finance filed a lawsuit against Mr. Garg, citing "blatant misrepresentations and violations of federal securities laws". The company also issued a public statement on August 17, 2026, urging him to "end his disruptive campaign" to regain control and replace a majority of the Board of Directors. To counter these efforts, Better Home & Finance adopted a limited-duration shareholder rights plan on August 20, 2026. This internal leadership conflict has created uncertainty and negatively impacted investor confidence.
Show less
Stock Movement Drivers
Fundamental Drivers
The -66.3% change in BETR stock from 4/30/2026 to 8/30/2026 was primarily driven by a -66.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.13 | 13.85 | -66.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 201 | 235 | 17.4% |
| P/S Multiple | 3.2 | 1.1 | -66.1% |
| Shares Outstanding (Mil) | 16 | 19 | -15.5% |
| Cumulative Contribution | -66.3% |
Market Drivers
4/30/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| BETR | -66.3% | |
| Market (SPY) | 7.1% | 29.1% |
| Sector (XLF) | 11.5% | 22.3% |
Fundamental Drivers
The -54.3% change in BETR stock from 1/31/2026 to 8/30/2026 was primarily driven by a -57.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.31 | 13.85 | -54.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 180 | 235 | 30.6% |
| P/S Multiple | 2.6 | 1.1 | -57.2% |
| Shares Outstanding (Mil) | 15 | 19 | -18.2% |
| Cumulative Contribution | -54.3% |
Market Drivers
1/31/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| BETR | -54.3% | |
| Market (SPY) | 11.5% | 22.4% |
| Sector (XLF) | 9.3% | 18.1% |
Fundamental Drivers
The 7.0% change in BETR stock from 7/31/2025 to 8/30/2026 was primarily driven by a 74.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.94 | 13.85 | 7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 135 | 235 | 74.9% |
| P/S Multiple | 1.5 | 1.1 | -24.7% |
| Shares Outstanding (Mil) | 15 | 19 | -18.7% |
| Cumulative Contribution | 7.0% |
Market Drivers
7/31/2025 to 8/30/2026| Return | Correlation | |
|---|---|---|
| BETR | 7.0% | |
| Market (SPY) | 22.7% | 23.1% |
| Sector (XLF) | 12.3% | 14.8% |
Fundamental Drivers
The -99.4% change in BETR stock from 7/31/2023 to 8/30/2026 was primarily driven by a -20.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 2300.50 | 13.85 | -99.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 235 | 0.0% |
| P/S Multiple | � | 1.1 | 0.0% |
| Shares Outstanding (Mil) | 15 | 19 | -20.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2023 to 8/30/2026| Return | Correlation | |
|---|---|---|
| BETR | -99.4% | |
| Market (SPY) | 74.0% | 14.5% |
| Sector (XLF) | 71.8% | 12.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BETR Return | -4% | 2% | -92% | -78% | 265% | -55% | -97% |
| Peers Return | -41% | -43% | 98% | -7% | 17% | -47% | -61% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| BETR Win Rate | 44% | 42% | 50% | 33% | 58% | 38% | |
| Peers Win Rate | 45% | 37% | 55% | 45% | 45% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BETR Max Drawdown | - | -2% | -99% | -78% | -62% | -76% | |
| Peers Max Drawdown | -53% | -56% | -38% | -38% | -35% | -62% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RKT, UWMC, PFSI, LDI, Z.
[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 8/28/2026 (YTD)
How Low Can It Go
| Event | BETR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.0% | -18.8% |
| % Gain to Breakeven | 19.0% | 23.1% |
| Time to Breakeven | 3 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.4% | -7.8% |
| % Gain to Breakeven | 50.0% | 8.5% |
| Time to Breakeven | 401 days | 18 days |
In The Past
Better Home & Finance's stock fell -16.0% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% 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.
| Event | BETR | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.4% | -7.8% |
| % Gain to Breakeven | 50.0% | 8.5% |
| Time to Breakeven | 401 days | 18 days |
In The Past
Better Home & Finance's stock fell -16.0% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% 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 Better Home & Finance (BETR)
Better Home & Finance (BETR) operates as a comprehensive homeownership company within the United States. Its core business revolves around the origination and provision of various mortgage loans, catering to a wide spectrum of borrowers. These offerings include conventional GSE-conforming loans, government-backed FHA-insured and VA-guaranteed loans, as well as jumbo loans for higher-value properties.
The company primarily sells these originated loans to institutional customers such as Government-Sponsored Enterprises (GSEs), banks, insurance companies, asset managers, and mortgage REITs. In addition to mortgage lending, Better Home & Finance provides an integrated suite of services designed to support homebuyers throughout their journey. This includes offering real estate agent services, facilitating title insurance and settlement processes, and providing homeowners insurance services.
By combining mortgage origination with real estate, title, and insurance services, Better Home & Finance positions itself as a holistic provider for individuals navigating the home buying and ownership experience.
AI Analysis | Feedback
- Rocket Mortgage for home loans.
- Carvana for home buying and financing services.
AI Analysis | Feedback
- Mortgage Lending Services: Provides various types of home loans including GSE-conforming, FHA-insured, VA-guaranteed, and jumbo loans.
- Real Estate Agent Services: Offers services to assist clients with buying and selling properties.
- Title Insurance and Settlement Services: Facilitates property transactions by providing title insurance and settlement support.
- Homeowners Insurance Services: Offers insurance policies designed to protect residential properties.
AI Analysis | Feedback
Better Home & Finance (BETR) primarily serves other companies as major customers for its core loan products. The company originates and provides various types of loans (GSE-conforming, FHA-insured, VA-guaranteed, and jumbo loans) to institutional buyers.
Its major customers for these loan products include:
- GSEs (Government-Sponsored Enterprises):
- Fannie Mae (FNMA)
- Freddie Mac (FMCC)
- Banks
- Insurance companies
- Asset managers
- Mortgage REITs
While Better Home & Finance also offers real estate agent services, title insurance and settlement services, and homeowners insurance services directly to individuals, the description explicitly identifies the aforementioned corporate entities as the recipients and thus major customers for its loan offerings.
AI Analysis | Feedback
- Equifax (EFX)
- Experian (EXPN.L)
- TransUnion (TRU)
- Fidelity National Financial (FNF)
- First American Financial (FAF)
- Old Republic International (ORI)
AI Analysis | Feedback
Vishal Garg
Chief Executive Officer
Vishal Garg is the Founder and Chief Executive Officer of Better Home & Finance. He founded Better in 2015. Prior to founding Better, Mr. Garg was the Founder of 1/0 Capital, an early-stage investment firm focused on FinTech, data science, and consumer products companies. He also co-founded MyRichUncle.com in 1999, an online student lender that became a publicly traded private student loan company, though it later filed for bankruptcy during the 2008 financial crisis. Mr. Garg also co-founded EIFC in 2009, which managed student loan portfolios. Additionally, he co-founded Future Finance in 2013 and founded Climb Credit in 2014, both focused on student loans. Better Home & Finance has raised significant equity capital and is backed by various investors, including SoftBank, L Catterton, Kleiner Perkins, Goldman Sachs, Ally Bank, American Express, and Citi, with SoftBank Vision Fund being a major owner.
Loveen Advani
Chief Financial Officer
Loveen Advani serves as Chief Financial Officer at Better, a position he assumed effective February 2, 2026. In this role, he focuses on disciplined execution, enhancing financial performance, and creating shareholder value. Before joining Better, Mr. Advani served as Executive Vice President of Finance at Zeta Global, where he led the company's IPO. He has also held senior finance and corporate development roles at LivePerson, Inovalon, Aetna, and IBM.
Barry Feierstein
Chief Operating Officer
Barry Feierstein was appointed Chief Operating Officer of Better Home & Finance, effective December 19, 2025. He brings over 30 years of experience in leading and scaling operations across various sectors including residential housing finance, small business lending, student lending, and higher education. Prior to Better, Mr. Feierstein served as Chief Operating Officer of Hamilton Insurance Agency, which was sold to NFP, a division of AON. He was also the Founding Chief Operating Officer of Open Castle, Inc., and served as Chief Operating Officer of EasyKnock, Inc.. Earlier in his career, he held roles as Chief Business Operating Officer of University of Phoenix and Chief Commercial Officer of Apollo Education Group.
Nicholas Calamari
Chief Administrative Officer
Nicholas Calamari serves as Better's Chief Administrative Officer & Senior Counsel. He is responsible for internal governance within the company.
Paula Tuffin
Chief Compliance Officer & General Counsel
Paula Tuffin serves as Better Home & Finance's Chief Compliance Officer and General Counsel.
AI Analysis | Feedback
The key risks to Better Home & Finance (BETR) primarily stem from its ongoing financial struggles, the volatile nature of the mortgage market, and specific internal governance and operational challenges.
- Persistent Unprofitability and Weak Financial Health: Better Home & Finance has consistently reported significant net losses and negative profit margins. The company faces persistent operating losses and a concerning rate of cash expenditure. Analysts project that the company is highly likely to remain unprofitable through 2027, if not longer, with an EBITDA profit not expected before 2027 and a net income profit unlikely before 2028.
- Macroeconomic and Mortgage Industry Headwinds: As a homeownership company, Better Home & Finance is highly susceptible to fluctuations in the broader economic environment and the mortgage market. Significant headwinds include interest rate volatility, inflation, and housing market conditions, all of which directly impact mortgage demand and affordability. High interest rates, for instance, are expected to reduce refinancing activity.
- Litigation Involving its CEO and Material Weaknesses in Internal Financial Controls: The company faces risks associated with litigation involving its CEO. Additionally, there are identified material weaknesses in its internal financial controls, which can undermine financial stability and investor confidence.
AI Analysis | Feedback
Major real estate platforms are increasingly integrating full-stack homeownership services, including advanced AI-powered tools for property search, real estate agent services, and seamless mortgage origination. These dominant platforms, such as Zillow or Redfin, possess vast user data and significant influence over the initial stages of the home-buying journey. If these platforms successfully leverage their extensive ecosystems to offer a highly integrated, one-stop shop for home discovery, financing, title, and insurance, they could significantly disrupt the direct-to-consumer model employed by companies like Better Home & Finance. This emerging threat lies in the potential for these platforms to become the primary gateway for homebuyers, offering a frictionless, embedded experience that bypasses independent digital lenders and consolidates the entire homeownership transaction within their own environments.
AI Analysis | Feedback
The addressable markets for Better Home & Finance's main products and services in the United States are as follows:
- Mortgage Loans: The total single-family mortgage origination volume in the U.S. is expected to reach $2.2 trillion in 2026. This includes an estimated $1.46 trillion in purchase originations and $737 billion in refinance originations for 2026.
- Real Estate Agent Services: The U.S. real estate agency and brokerage market was valued at approximately $1.38 trillion (USD 1,382,856.15 million) in 2025, with projections to increase to about $2.4 trillion (USD 2,400,865.49 million) by 2032.
- Title Insurance Services: The U.S. title insurance industry is expected to have an annual revenue of approximately $17.1 billion in 2025.
- Homeowners Insurance Services: The U.S. homeowners insurance market size is projected to be approximately $184.59 billion in 2026.
AI Analysis | Feedback
Better Home & Finance (BETR) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily centered around its advanced technology platform, strategic partnerships, and expansion of its product offerings.
- Expansion and Deeper Penetration of AI-Driven Tinman Platform: Better Home & Finance is transitioning to an AI-native mortgage and home equity finance platform, with its proprietary Tinman AI platform expected to drive 60% of funded loan volume by 2026. This platform, along with tools like Betsy™, the AI loan assistant, aims to enhance customer experience, improve loan-team efficiency, accelerate the end-to-end technology platform, and ultimately increase loan origination.
- Strategic Partnerships for Expanded Distribution and Loan Volume: The company is significantly expanding its reach through strategic partnerships with major financial services platforms. For example, its collaboration with Intuit Credit Karma allows Better's Tinman AI platform to access over 140 million users, marking a shift from a direct-to-consumer model to a broader distribution strategy. They are also exploring integrations with platforms like ChatGPT.
- Growth in Home Equity Products (HELOCs and HELOANs): Better has demonstrated substantial growth in its home equity product offerings, scaling loan volume significantly. This diversification of lending segments, including Home Equity Lines of Credit (HELOCs) and Home Equity Loans (HELOANs), is also being fueled by strategic partnerships with mortgage brokers and lenders leveraging Better's technology and capital.
- Increased Loan Origination Volume and Market Share Gains: Despite broader market conditions, Better has reported strong year-over-year funded loan volume growth, with a 56% increase in Q4 2025, and aims to achieve $1 billion in monthly loan volume by May 2026. This growth is supported by its technology advantages and diversified distribution channels, enabling the company to gain market share.
- Diversification through Software Licensing and New Distribution Channels: Better is leveraging its Tinman platform beyond direct mortgage origination, offering it as a software licensing platform for banks and powering retail loan officers (e.g., NEO Powered by Better). This creates new revenue streams by enabling other financial institutions to utilize Better's AI technology across consumer and wholesale channels.
AI Analysis | Feedback
Capital Allocation Decisions for Better Home & Finance (BETR)
Share Repurchases
- Better Home & Finance Holding Company authorized a $25 million share repurchase program on January 22, 2025, which is set to expire on December 31, 2025.
Share Issuance
- As part of its business combination with Aurora Acquisition Corp. in August 2023, Better Home & Finance issued a Convertible Note, raising $528.6 million.
- The company completed a 1-for-50 reverse stock split in August 2024 to comply with Nasdaq listing requirements.
- On September 29, 2025, Better Home & Finance initiated a $75 million at-the-market (ATM) equity offering program to increase warehouse line capacity and support loan originations.
Inbound Investments
- The business combination with Aurora Acquisition Corp. in August 2023 secured approximately $565 million in fresh capital.
- This fresh capital included a $528 million convertible note from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital).
- In December 2021, new financing agreements provided $750 million in upfront bridge financing from Aurora Acquisition Corp., Novator Capital, and SoftBank.
Outbound Investments
- Better is undergoing efforts to exit its noncore U.K. assets, with the exiting of three smaller non-core U.K. businesses expected to benefit Adjusted EBITDA losses beginning in the second half of 2025.
- In Q3 2025, the company executed two significant strategic partnerships, in addition to a third subsequent to the end of the third quarter, aimed at evolving as a platform and software provider powering the home finance ecosystem.
Capital Expenditures
- Better Home & Finance invested approximately $240K in capital expenditures in Q3 2025.
- The company makes continuous strategic investments in its proprietary technology platform, Tinman, to improve mortgage fulfillment efficiency and streamline the homeownership experience.
- Investments are focused on artificial intelligence (AI) and building out its retail channel to enhance customer experience and improve loan-team efficiency.
Peer Outperformance in Commercial & Residential Mortgage Finance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BETR | Better Home & Finance | 40.0% | -1.4x | -38.8% | -70.1% | -97.2% | — |
| RKT | Rocket Companies | 41.3% | 82.9x | -22.5% | 36.2% | -9.7% | +88pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.0% | 126.6% | 135.2% | IBKR 508% · SNEX 232% · GS 181% |
| Reinsurance | 6 | 21.1% | 83.2% | 123.8% | SPNT 146% · RGA 135% · MTG 128% |
| Diversified Banks | 12 | 36.8% | 128.8% | 113.9% | JPM 153% · CM 152% · RY 138% |
| Life & Health Insurance | 19 | 11.8% | 55.0% | 87.6% | UNM 307% · FG 215% · MFC 178% |
| Property & Casualty Insurance | 41 | 12.8% | 75.6% | 65.1% | ASIC 2658900% · HRTG 406% · UVE 276% |
| Regional Banks | 262 | 25.7% | 83.4% | 65.0% | GCBC 374% · ESQ 351% · NBN 296% |
| Multi-line Insurance | 9 | 13.6% | 78.2% | 58.0% | GNW 166% · L 100% · SLF 89% |
| Multi-Sector Holdings | 6 | 3.3% | 15.4% | 37.6% | BRK-B 77% · JEF 76% · VOYA 74% |
| Consumer Finance | 30 | 9.1% | 80.1% | 34.6% | ENVA 606% · EZPW 379% · FCFS 172% |
| Insurance Brokers | 15 | -3.8% | 7.8% | 32.5% | LIFE 601% · AJG 96% · ARX 88% |
| Asset Management & Custody Banks | 83 | -8.1% | 20.3% | 21.1% | SII 348% · WT 317% · VCTR 295% |
| Financial Exchanges & Data | 15 | 0.1% | 22.2% | 14.0% | VIRT 222% · CBOE 162% · CME 75% |
| Commercial & Residential Mortgage Finance ← | 12 | -37.7% | 17.1% | 4.0% | FNMA 517% · FMCC 501% · ESNT 62% |
| Specialized Finance | 3 | 15.6% | 46.5% | 2.6% | EFC 35% · CACC 3% · HASI -16% |
| Mortgage REITs | 33 | -8.4% | 9.6% | -16.9% | RITM 53% · NREF 52% · DX 40% |
| Transaction & Payment Processing Services | 15 | 2.3% | 3.1% | -40.7% | MA 77% · V 73% · CPAY 55% |
| Diversified Capital Markets | 21 | -22.1% | 4.3% | -47.1% | BTCS 584% · OPY 184% · LPLA 157% |
| Diversified Financial Services | 5 | -3.2% | 53.1% | -63.8% | FRHC 171% · EQH 84% · TMS -64% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.81 |
| Mkt Cap | 2.2 |
| Rev LTM | 2,032 |
| Op Inc LTM | 50 |
| FCF LTM | -859 |
| FCF 3Y Avg | -1,232 |
| CFO LTM | -443 |
| CFO 3Y Avg | -908 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.8% |
| Rev Chg 3Y Avg | 22.5% |
| Rev Chg Q | 20.1% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Inc Chg LTM | 25.0% |
| Op Inc Chg 3Y Avg | 23.0% |
| Op Mgn LTM | 1.8% |
| Op Mgn 3Y Avg | -4.8% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | -30.9% |
| CFO/Rev 3Y Avg | -55.1% |
| FCF/Rev LTM | -33.2% |
| FCF/Rev 3Y Avg | -57.2% |
Price Behavior
| Market Price | $13.85 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/30/2021 | |
| Distance from 52W High | -83.9% | |
| 50 Days | 200 Days | |
| DMA Price | $20.95 | $31.76 |
| DMA Trend | down | down |
| Distance from DMA | -33.9% | -56.4% |
| 3M | 1YR | |
| Volatility | 125.6% | 134.8% |
| Downside Capture | 580.35 | 422.04 |
| Upside Capture | 190.66 | 278.90 |
| Correlation (SPY) | 28.2% | 23.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.58 | 3.71 | 3.67 | 2.24 | 2.65 | 1.24 |
| Up Beta | 2.38 | 2.81 | 1.42 | -1.27 | -0.02 | 0.35 |
| Down Beta | 2.96 | 2.32 | 1.36 | 2.81 | 3.12 | 1.44 |
| Up Capture | 526% | 510% | 480% | 442% | 1270% | 118% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 34 | 68 | 128 | 347 |
| Down Capture | 590% | 375% | 433% | 242% | 181% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 21 | 29 | 58 | 124 | 397 |
[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 BETR | |
|---|---|---|---|---|
| BETR | -35.1% | 134.2% | 0.30 | - |
| Sector ETF (XLF) | 9.4% | 14.5% | 0.39 | 14.1% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 23.7% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 18.7% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | 6.1% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 11.2% |
| Bitcoin (BTCUSD) | -30.1% | 43.7% | -0.70 | 20.0% |
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 BETR | |
|---|---|---|---|---|
| BETR | -30.0% | 110.8% | 0.10 | - |
| Sector ETF (XLF) | 10.9% | 18.4% | 0.45 | 8.1% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 10.0% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 9.1% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 2.2% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 7.1% |
| Bitcoin (BTCUSD) | 9.6% | 52.7% | 0.37 | 5.1% |
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 BETR | |
|---|---|---|---|---|
| BETR | -16.6% | 107.3% | 0.09 | - |
| Sector ETF (XLF) | 13.6% | 22.0% | 0.56 | 7.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 9.9% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 9.0% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 2.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 7.1% |
| Bitcoin (BTCUSD) | 63.4% | 66.1% | 1.03 | 4.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -7.1% | -9.9% | |
| 4/9/2026 | 1.6% | 15.8% | -6.7% |
| 11/13/2024 | -5.4% | -10.0% | -17.8% |
| 8/8/2024 | -18.7% | -18.4% | -28.8% |
| 5/13/2024 | -6.3% | -10.1% | -22.7% |
| 3/28/2024 | -8.7% | -16.7% | -27.1% |
| 11/14/2023 | -7.8% | -11.0% | 10.2% |
| 8/28/2023 | -14.3% | -32.4% | -60.5% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 7 | 7 | 6 |
| Median Positive | 1.6% | 15.8% | 10.2% |
| Median Negative | -7.8% | -11.0% | -24.9% |
| Max Positive | 1.6% | 15.8% | 10.2% |
| Max Negative | -18.7% | -32.4% | -60.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -7.1% | -9.9% | |
| 4/9/2026 | 1.6% | 15.8% | -6.7% |
| 11/13/2024 | -5.4% | -10.0% | -17.8% |
| 8/8/2024 | -18.7% | -18.4% | -28.8% |
| 5/13/2024 | -6.3% | -10.1% | -22.7% |
| 3/28/2024 | -8.7% | -16.7% | -27.1% |
| 11/14/2023 | -7.8% | -11.0% | 10.2% |
| 8/28/2023 | -14.3% | -32.4% | -60.5% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 7 | 7 | 6 |
| Median Positive | 1.6% | 15.8% | 10.2% |
| Median Negative | -7.8% | -11.0% | -24.9% |
| Max Positive | 1.6% | 15.8% | 10.2% |
| Max Negative | -18.7% | -32.4% | -60.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/19/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/08/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 03/31/2023 | 07/24/2023 | S-4/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/19/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/08/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 03/31/2023 | 07/24/2023 | S-4/A |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Loan Volume | 1.38 Bil | 1.45 Bil | 1.52 Bil | ||||
| Q3 2026 Total Net Revenues | 49.00 Mil | 50.50 Mil | 52.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | -18.00 Mil | -16.50 Mil | -15.00 Mil | ||||
| 2026 Annualized Cost Reductions | 45.00 Mil | 0 | Affirmed | Guidance: 45.00 Mil for 2026 | |||
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Chad M | President, BMC | Direct | Sell | 8202026 | 12.85 | 3,307 | 42,508 | 21,762 | Form |
| 2 | Frater, Hugh R | Direct | Buy | 6112026 | 24.34 | 5,150 | 125,351 | 153,975 | Form | |
| 3 | Talwar, Harit | Direct | Buy | 5262026 | 25.34 | 5,000 | 126,696 | 1,132,612 | Form | |
| 4 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 5202026 | 25.00 | 15,600 | 389,994 | 2,566,461 | Form |
| 5 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 5182026 | 24.87 | 15,600 | 387,989 | 2,165,276 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Chad M | President, BMC | Direct | Sell | 8202026 | 12.85 | 3,307 | 42,508 | 21,762 | Form |
| 2 | Frater, Hugh R | Direct | Buy | 6112026 | 24.34 | 5,150 | 125,351 | 153,975 | Form | |
| 3 | Talwar, Harit | Direct | Buy | 5262026 | 25.34 | 5,000 | 126,696 | 1,132,612 | Form | |
| 4 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 5202026 | 25.00 | 15,600 | 389,994 | 2,566,461 | Form |
| 5 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 5182026 | 24.87 | 15,600 | 387,989 | 2,165,276 | Form |
| 6 | Advani, Loveen | Chief Financial Officer | Direct | Buy | 5132026 | 30.55 | 400 | 12,220 | 15,580 | Form |
| 7 | Advani, Loveen | Chief Financial Officer | Direct | Buy | 5132026 | 31.25 | 100 | 3,125 | 3,438 | Form |
| 8 | Talwar, Harit | Direct | Buy | 5112026 | 30.43 | 3,000 | 91,290 | 1,208,010 | Form | |
| 9 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 5072026 | 30.00 | 6,583 | 197,485 | 2,143,746 | Form |
| 10 | Framework, Ventures IV LP | See Footnote | Buy | 4102026 | 32.96 | 54,384 | 1,792,497 | 33,180,700 | Form | |
| 11 | Orn, Jonsson Sigurgeir | Chief Technology Officer | Direct | Buy | 4082026 | 36.09 | 1,000 | 36,089 | 126,204 | Form |
| 12 | Advani, Loveen | Chief Financial Officer | Direct | Buy | 4082026 | 35.50 | 10 | 355 | 355 | Form |
| 13 | Menon, Bhaskar | Direct | Buy | 4082026 | 34.13 | 590 | 20,140 | 71,342 | Form | |
| 14 | Talwar, Harit | Direct | Buy | 4082026 | 33.34 | 1,000 | 33,340 | 1,056,811 | Form | |
| 15 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 4082026 | 35.05 | 10,000 | 350,519 | 2,274,062 | Form |
| 16 | Talwar, Harit | Direct | Buy | 4062026 | 35.24 | 5,000 | 176,218 | 1,081,908 | Form | |
| 17 | Garg, Vishal | Chief Executive Officer | Direct | Buy | 3252026 | 29.90 | 2,217 | 66,298 | 1,641,069 | Form |
| 18 | Framework, Ventures IV LP | See Footnote | Buy | 3232026 | 29.60 | 40,000 | 1,184,000 | 28,188,435 | Form | |
| 19 | Framework, Ventures IV LP | See Footnote | Buy | 3192026 | 28.48 | 53,000 | 1,509,440 | 25,982,646 | Form | |
| 20 | Framework, Ventures IV LP | See Footnote | Buy | 3162026 | 29.55 | 25,000 | 738,750 | 25,392,670 | Form | |
| 21 | Framework, Ventures IV LP | See Footnote | Buy | 3132026 | 34.12 | 29,494 | 1,006,335 | 28,466,725 | Form | |
| 22 | Framework, Ventures IV LP | See Footnote | Buy | 3112026 | 39.73 | 21,598 | 858,089 | 31,975,419 | Form | |
| 23 | Framework, Ventures IV LP | See Footnote | Buy | 3112026 | 35.46 | 10,000 | 354,600 | 20,279,858 | Form | |
| 24 | Smith, Chad M | Pres & COO, Better Mortgage | Trust | Sell | 2182026 | 30.07 | 6,000 | 180,448 | 468,864 | Form |
| 25 | Tuffin, Paula | General Counsel and CCO | Direct | Sell | 2132026 | 28.67 | 8,018 | 229,880 | 1,218,122 | Form |
| 26 | Smith, Chad M | Pres & COO, Better Mortgage | Trust | Sell | 2102026 | 27.98 | 2,056 | 57,527 | 546,561 | Form |
| 27 | Smith, Chad M | Pres & COO, Better Mortgage | Trust | Sell | 2032026 | 27.06 | 3,097 | 83,805 | 500,421 | Form |
| 28 | Smith, Chad M | Pres & COO, Better Mortgage | Trust | Sell | 1202026 | 36.70 | 6,000 | 220,221 | 792,428 | Form |
| 29 | Tuffin, Paula | General Counsel and CCO | Direct | Sell | 1142026 | 38.55 | 8,000 | 308,385 | 1,009,883 | Form |
| 30 | Menon, Bhaskar | Direct | Buy | 1022026 | 33.94 | 1,500 | 50,910 | 50,910 | Form | |
| 31 | Smith, Chad M | Pres & COO, Better Mortgage | Trust | Sell | 12152025 | 40.48 | 6,000 | 242,877 | 1,116,830 | Form |
| 32 | Smith, Chad M | Pres & COO, Better Mortgage | Trust | Sell | 12152025 | 47.67 | 2,378 | 113,359 | 1,601,235 | Form |
| 33 | Tuffin, Paula | General Counsel and CCO | Direct | Sell | 12152025 | 46.56 | 8,000 | 372,510 | 1,506,060 | Form |
| 34 | Nicholas, J. Calamari | CAO and Senior Counsel | the Anika G Austin Descendants Trust | Sell | 10082025 | 59.28 | 2,445 | Form | ||
| 35 | Nicholas, J. Calamari | CAO and Senior Counsel | the Nicholas J. Calamari Family Trust | Sell | 10082025 | 59.28 | 2,445 | Form | ||
| 36 | Nicholas, J. Calamari | CAO and Senior Counsel | Direct | Sell | 10082025 | 59.28 | 12,528 | 742,687 | 672,319 | Form |
| 37 | Pbra,, Llc | Pine Brook Capital Partners II, L.P. | Sell | 9242025 | 50.31 | 995,660 | Form | |||
| 38 | Nicholas, J. Calamari | CAO and Senior Counsel | the Anika G Austin Descendants Trust | Sell | 9082025 | 21.86 | 2,446 | Form | ||
| 39 | Nicholas, J. Calamari | CAO and Senior Counsel | the Nicholas J. Calamari Family Trust | Sell | 9082025 | 21.86 | 2,446 | Form | ||
| 40 | Nicholas, J. Calamari | CAO and Senior Counsel | Direct | Sell | 9082025 | 21.86 | 12,527 | 273,896 | 206,641 | Form |
Investor Activity (13F)
Updated Aug 31, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Better Home & Finance — Investor Video Playlist
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.