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BETR · NASDAQ · Financial - Mortgages

Better Home & Finance

Originates mortgages and home equity loans through Tinman and partner channels.

$13.85

After-hours close+0.01 (+0.11%)

At close$13.84(−5.17%)

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Profile

Better Home & Finance Holding CompanyBETRFinancials

Offers purchase and refinance mortgages, home equity products, and Better Plus services through a digital platform. Revenue is driven mainly by originating loans and selling them to GSEs and other institutional purchasers, with Tinman standardizing the workflow across direct-to-consumer and partner-sourced channels.

Originates purchase and refinance mortgages, cash-out refinances, debt-consolidation loans, home equity products, and jumbo loans through Home Finance. Better Plus adds referrals to real estate agents, title and settlement services, and homeowners insurance access through a digital marketplace.

Tinman is the operating platform behind customer applications, internal tools, underwriting, processing, closing, pricing, documents, task assignment, and loan-purchaser connectivity. Customers come through direct-to-consumer and platform channels, and originated loans are sold to GSEs, banks, insurers, asset managers, and mortgage REITs.

Operations are concentrated in U.S. home finance after Birmingham Bank moved into discontinued operations. The business depends on mortgage demand, borrower affordability, secondary-market loan purchasers, and federal, state, and local compliance rules.

Company facts

CEOVishal Garg

ListedAug 24, 2023

ExchangeNASDAQ

HeadquartersNew York, NY

CountryUnited States

Employees1,329

CIK0001835856

ISINUS08774B5084

Key statistics

Market cap$217.0M

EPS (ttm)−$11.02

P/E (ttm)−1.26

ROE-465.3%

P/B4.46

P/S1.03

Dividend yield—

Beta2.53vs XLF 0.02

Year to date −60.2% · Average volume (30d) 714.9K

Analysts

Price target, next 12 months$25.00+80.5%Median of 5 analysts · vs the Aug 28 close

ConsensusBuy3 of 5 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $13.85

High$42.00+203.2%

Median$25.00+80.5%

Low$16.00+15.5%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 13, 2026	Roth Capital	Target			$35	$25
Aug 13, 2026	Cantor Fitzgerald	Downgrade	Overweight	Neutral	$32	$16
Aug 10, 2026	BTIG	Reiterate		Buy	$36	$23
Aug 7, 2026	Needham	Reiterate		Buy	$35	$25
Jul 31, 2026	Needham	Reiterate		Buy	$53	$35

Earnings

EPS

Estimate−$1.03

ReportedDue Nov 12, 2026

Revenue

Estimate$51.7M

ReportedDue Nov 12, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$1.11	−$0.91	+18.2%	$52.8M	$54.7M	+3.6%	−6.20%
May 7, 2026Q1 FY26	−$1.74	−$3.01	−73.2%	$47.7M	$48.0M	+0.6%	−1.47%
Mar 13, 2026Q4 FY25	−$2.01	−$2.52	−25.5%	$40.7M	$44.3M	+8.8%	−16.69%
Nov 13, 2025Q3 FY25	−$1.75	−$1.86	−6.3%	$40.7M	$44.2M	+8.7%	−2.02%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$34.8M	$51.3M	$44.2M	$53.3M	$53.2M	$60.9M
Gross profit	−$20.9M	$9.9M	$33.7M	$42.6M	$39.5M	$51.5M
Operating income	−$50.2M	−$26.7M	−$26.0M	−$26.2M	−$45.2M	−$25.7M
Net income	−$50.6M	−$36.3M	−$39.1M	−$39.9M	−$70.3M	−$30.6M
Diluted EPS	−$3.33	−$2.39	−$2.56	−$2.54	−$4.28	−$1.64
Gross margin	-60.0%	19.3%	76.2%	80.0%	74.2%	84.5%
Operating margin	-144.3%	-52.1%	-58.7%	-49.1%	-84.9%	-42.1%

Fiscal years (4-quarter sums)FY16 $270.8M · FY22 $252.7M · FY23 $88.6M · FY24 $129.5M · FY25 $183.6M

Balance sheet, Jun 30, 2026Cash & short-term investments $111.9M · Total debt $657.7M · Total assets $1.54B · Shareholders' equity $57.9M

Dividends

No dividends on record.

Ownership

Institutions 39.60%6.21M sharesInsiders 7.80%1.22M sharesOther 52.60%8.24M shares

Shares outstanding 15.67M · Float 9.57M · 61.1% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Framework Ventures IV L.P. · 10 percent owner	1.01M	6.42%	Form 4	Apr 10, 2026
BlackRock, Inc.	685.8K	4.38%	13F	Aug 7, 2026
SoftBank Group Corp.	628.6K	4.01%	13F	Aug 14, 2026
Frontier Capital Management Co LLC	625.6K	3.99%	13F	Aug 14, 2026
Healthcare of Ontario Pension Plan Trust Fund	579.0K	3.69%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 19, 2026	Chad M. Smith	officer: President, BMC	−3,307	$12.85
Jun 11, 2026	Hugh R. Frater	director	+5,150	$24.34
May 22, 2026	Harit Talwar	director	+5,000	$25.34
May 21, 2026	Vishal Garg	director, 10 percent owner, officer: Chief Executive Officer	+15,600	$24.89
May 20, 2026	Vishal Garg	director, 10 percent owner, officer: Chief Executive Officer	+15,600	$25.00