@MarkLStonk My calculation has zero errors.
You fail to grasp the difference in accounting between $OPEN and other companies.
Real estate brokers such as Compass (an imperfect comparison to $OPEN but close enough) record only their commissions as revenues, (estimated $7b for 2025 on $267b transaction volume with an EV of $6.2b) whereas $OPEN records their transaction volume (estimated $4.9b for 2025 and $350mm in net revenues and EV of about $7b)
To make a like for like comparison I use net revenues. You could alternatively use gross transaction volume, but on that basis if $OPEN is $6.36, then that would imply a price of for $COMP of $678; last sale was $10.58. Clearly that is ridiculous. $OPEN is valued at 1.4x gross transaction volume while by the same measure $COMP is valued at .022x gross transaction volume.
Here is another way to think about it.
Imagine two ticket resellers. They each charge a 5% commission. Broker A books only his commission as revenues while broker B books the entire value of the ticket. In economic terms the transactions are identical, but broker B revenue will be 21x that of broker A. To blindly compare the stated revenue recorded on the income statement would be analytical malpractice. That is basically what @ericjackson does and why I have been so critical of him.
Finally, we can compare $OPEN to $OPAD, which is a publicly traded Ibuyer. OPAD is valued at EV to sales of .3 and 1.2x book. Applying those metrics to $OPEN would imply a share price of 16 cents and $1.35 per share, respectively.
No matter how you slice it, $OPEN is wildly overvalued. I hope that helps.