What is Better Home & Finance's operating margin?

Better Home & Finance (BETR) reported operating margin of -343.9% in Q4 2023.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

Better Home & Finance BETR Operating margin

Operating margin at other companies

Intercontinental ExchangeICE

41.1%+4.4pp

Blend LabsBLND

-14.7%-5.0pp

Upstart Holdings, Inc.UPST

3.5%+1.9pp

ServiceTitan, Inc.TTAN

-14.3%-4.7pp

LendingTreeTREE

8.6%+5.4pp

Other financials

Income statement

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Revenue$47.5M+51.6%

Operating income-$56.6M+55.0%

Net income-$70.3M-39.1%

EPS (diluted)-$4.29-28.8%

Balance sheet

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Cash & equivalents$73.7M-36.9%

Total debt$4.4M-41.3%

Total equity$8.6M+108%

Total assets$1.6B+56.1%

Cash flow

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Operating cash flow-$125.2M-119%

CapEx$378.0K+87.1%

Free cash flow-$125.6M-119%

Valuation

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Market cap$482.69M+142%

Enterprise value$413.4M+360%

P/S2.7×+1.0×

Profitability

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Net margin-103.2%-30.0pp

FCF margin-133.4%-50.3pp

Returns & leverage

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Return on equity-875.5%-1,394pp

Debt / equity0.5×—

Current ratio0.1×+0.1×

Where this comes from

Calculated from Better Home & Finance’s reported figures.

operating income/total revenue=-343.9%

Based on trailing twelve months.

The official record: Better Home & Finance’s 10-Q, filed November 13, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Better Home & Finance's operating margin?: Better Home & Finance (BETR) reported operating margin of -343.9% in Q4 2023.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.