MeritValue

Better Home & Finance Holding Co

BETRdata completeness 88%5 fiscal years on file
The thesis, from the filings

Better Home & Finance Holding Co earns about -295% on equity, and has bought back 23% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$12.3M1$01$108.5M2$164.9M2
Net income−$6.53M3−$877.1M4−$536.4M5−$206.3M6−$165.9M6
Operating cash flow−$3.24M7$938.3M8−$159.7M9−$380M10−$166.6M10
Capital expenditure—$11.7M11$456,00012$3.39M13$1.19M13
Free cash flow (derived)—$926.5M8,11−$160.2M9,12−$383.4M10,13−$167.8M10,13
Total debt—————
Cash & equivalents$37,64514$318M15$503.6M16$211.1M17$99.8M17
Diluted shares19.8M291.3M9.2M15.1M15.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$24.21
your share of equity
Profit it earned you last year
−$108
Free cash flow it threw off
−$109.24
Debt you’d be carrying
—

10 shares is a claim on $24.21 of net worth that earned you −$108 and generated −$109.24 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-295% avg · 5y
FY21 -3%FY22 —FY23 -438%FY24 —FY25 -446%

It earned an average -295% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−23% shares · 5y

Share count is down 23% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-04-08 · periods ending 2022-12-31, 2023-12-31 · accession 0001628280-24-015134 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-017747 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A filed 2023-04-17 · period ending 2021-12-31 · accession 0001104659-23-045826 (NetIncomeLoss)
  4. 10-K filed 2024-04-08 · period ending 2022-12-31 · accession 0001628280-24-015134 (NetIncomeLoss)
  5. 10-K filed 2025-03-19 · period ending 2023-12-31 · accession 0001628280-25-013683 (NetIncomeLoss)
  6. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-017747 (NetIncomeLoss)
  7. 10-K/A filed 2023-04-17 · period ending 2021-12-31 · accession 0001104659-23-045826 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2024-04-08 · period ending 2022-12-31 · accession 0001628280-24-015134 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2025-03-19 · period ending 2023-12-31 · accession 0001628280-25-013683 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-017747 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2024-04-08 · period ending 2022-12-31 · accession 0001628280-24-015134 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2025-03-19 · period ending 2023-12-31 · accession 0001628280-25-013683 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-017747 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A filed 2023-04-17 · period ending 2021-12-31 · accession 0001104659-23-045826 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2024-04-08 · period ending 2022-12-31 · accession 0001628280-24-015134 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2025-03-19 · period ending 2023-12-31 · accession 0001628280-25-013683 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2026-03-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-017747 (CashAndCashEquivalentsAtCarryingValue)