FTHM
Fathom Holdings Inc.
Next earnings Aug 10, 2026 · consensus $-0.06 EPS, $130M rev
Last earnings -15.5% on 2026-03-30
$1.04
▼ -2.80%$1.04▼ -16.13%
over 1Y
L $0.42H $2.84
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.8%
1W-2.8%
1M+92.2%
3M+75.1%
YTD+12.8%
1Y-16.1%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 7 analysts
Buy
$420M brokerage burning $20M cash with $5.8M left — growth is acquisition-fueled, losses are chronic, dilution is the business model.
Revenue $420M · FY2025
Fathom is a national real-estate brokerage that has grown revenue to $420M (+25.4% YoY) but has never turned a profit — five straight years of losses (-$12.5M / -$27.6M / -$24.0M / -$21.6M / -$20.3M FY21–25) and a -$113M accumulated deficit. The economics are the problem: as a commission-passthrough brokerage, gross margin is ~2.5%, operating margin -3.7%, net margin -4.8% and ROE -54.2%. There is no visible path to the scale where thin margins cover a fixed cost base; the top line grows but red ink persists.
The FY2025 revenue jump is largely bought, not earned. Per the MD&A, the November 2024 acquisition of My Home Group contributed $126.7M of 2025 revenue on its own, yet total revenue rose only ~$85M ($335M→$420M) — implying the legacy business shrank organically. Management even paid for MHG and START mostly in stock (814,672 + 157,356 shares) and warns MHG's 'earnings do not have a material effect' on consolidated results. So the reported growth is dilutive M&A masking an organically flat-to-declining, still-unprofitable core.
Is FTHM a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 1 @ ~0.31 est
- Short put 1 @ ~0.31 est
debit $0max +$0max $0
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $330M | $413M | $345M | $335M | $420M |
| Gross profit | — | — | — | — | — |
| Operating income | -$16.1M | -$26.8M | -$23.3M | -$23.5M | -$15.6M |
| Net income | -$12.5M | -$27.6M | -$24.0M | -$21.6M | -$20.3M |
| Diluted EPS | -$0.88 | -$1.73 | -$1.47 | -$1.07 | -$0.72 |
| Net margin | -3.8% | -6.7% | -6.9% | -6.4% | -4.8% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$40.8M
EV / EBITDA—
EV / Sales0.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-57.2%
FCF yield-58.2%
Quality & risk
ROIC (est.)-25.4%
Free cash flow-$20.7M
Total debt$11.1M
Net cash-$5.32M
Altman Z-Score3.25 safe
Piotroski F-Score4/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+20.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-06-29
Officer/director change (Item 5.02); leadership transition continues
- 8-K Officer / director change2026-06-17
New material agreement + officer change + other event — likely financing & mgmt reshuffle
- 8-K Material agreement2026-06-03
Entered a material definitive agreement (Item 1.01), likely financing/credit
- 8-K Delisting notice2026-05-29
Nasdaq listing-rule deficiency notice (Item 3.01) — delisting risk
- NT 10-Q Late filing notice2026-05-18
Late-filing notice for Q1 2026 10-Q — could not file on time
- 10-K/A Restated periodic report2026-04-30
FY2025 10-K amendment (typically Part III/proxy info); no new financials
- 8-K Delisting notice2026-04-16
Nasdaq non-compliance notice (Item 3.01) — continued listing at risk
- 8-K Earnings results2026-03-30
FY2025: rev +25%, but op cash flow -$20.5M and cash down to $5.8M — liquidity stress
- 10-K Annual report2026-03-30
FY2025: rev +25%, but op cash flow -$20.5M and cash down to $5.8M — liquidity stress
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-242026-06-29open ↗3Period ending 2026-06-162026-06-26open ↗425Filing2026-06-22open ↗425Filing2026-06-17open ↗425Filing2026-06-17open ↗8-KPeriod ending 2026-06-162026-06-17open ↗8-KPeriod ending 2026-05-292026-06-03open ↗8-KPeriod ending 2026-05-222026-05-29open ↗NT 10-QPeriod ending 2026-05-182026-05-18open ↗10-K/APeriod ending 2025-12-312026-04-30open ↗8-KPeriod ending 2026-04-102026-04-16open ↗S-8Filing2026-03-30open ↗
Frequently asked
- Is Fathom Holdings Inc. (FTHM) a buy?
- FTHM currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. $420M brokerage burning $20M cash with $5.8M left — growth is acquisition-fueled, losses are chronic, dilution is the business model.
- What is Fathom Holdings Inc.'s quality score?
- FTHM scores 55.55285523029789/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001753162, latest 10-K filed 2026-03-30) · EODHD · Proprietary analysis · as of 7/4/2026, 4:05:11 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 12:05 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.