Compass, Inc. (COMP)

Price$9.29Cached quoteAs of 2026-10-07 01:26 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong merger gains are balanced by debt and cash-flow uncertainty.

At the observed quote, Compass’s equity is worth roughly $8.4 billion. Adding $3.14 billion of long-term debt and subtracting $694 million of cash gives an enterprise value, meaning the value of the whole operating business, near $10.9 billion. Management’s adjusted profit before interest, taxes, depreciation and selected costs was $363 million in Q2, but only $61 million in Q1. The price is reasonable if merger savings persist, but seasonality and uneven cash generation make a clear bargain difficult to prove.

Big pictureCompass is growing faster after the merger, but housing cycles still control much of its earnings.

Revenue rose from $5.63 billion in 2024 to $6.96 billion in 2025. After the Anywhere merger, Q2 2026 revenue reached $4.31 billion and grew 14.3% on a like-for-like basis, while brokerage transaction value rose 15.9% versus roughly 6% market growth. Cash is less settled: 2025 free cash flow—cash left after running and investing in the business—was about $203 million, but first-half 2026 free cash flow was only $12 million because a $168 million Q1 outflow nearly offset Q2’s $180 million inflow.

Business strengthScale and cost savings are improving profits, but shareholders now face more shares and a weaker balance sheet.

Liquidity is adequate, not pristine. Cash was $694 million at June 2026, current assets slightly exceeded current liabilities, and $452 million remained available on the revolving credit line. But long-term debt jumped from zero at 2025 year-end to $3.14 billion after Anywhere. Shares outstanding rose from 563.5 million to 753.3 million, mostly because 162.1 million merger shares were issued. Stock compensation totaled $149 million in the first half, while no disclosed buybacks or dividends offset the larger share count.

What could change the storyFaster debt repayment could unlock value, while weak housing or antitrust action would hurt the thesis.

The bull case is execution: Compass completed its original $300 million first-year cost-saving actions early, raised that target to $330 million, and still targets $500 million over three years. It also plans to use future cash flow to redeem $500 million of high-interest debt when callable in 2027. The bear case is company-specific: New York is investigating its market power and listing practices. Several quarters of positive cash flow and falling debt would strengthen the case; stalled savings, weaker home sales or regulatory remedies would weaken it.

AI: News

Q2 profit and savings jumpStrong second-quarter results and faster merger savings lifted expectations for cash generation and debt repayment.

On August 4, Compass reported $4.31 billion of revenue, $92 million of net income and $180 million of free cash flow for Q2. It raised first-year actioned cost savings to $330 million and 2026 realized savings to $220 million. Shares rose about 7% in the next regular session; Barron’s linked the jump to earnings and guidance, though the exact portion of the move attributable to any single item remains uncertain.

New York antitrust probeA New York antitrust investigation raised the risk that Compass’s scale and listing strategy face costly limits.

Reports on June 3 said New York’s attorney general was investigating Compass over antitrust concerns following the Anywhere deal and around its listing practices. Shares fell about 12% after the report. Potential outcomes could include fines, behavioral restrictions or asset divestitures; none is certain. The mechanism matters because Compass’s valuation increasingly depends on scale, cross-brand integration and differentiated listing distribution, so regulatory limits could reduce the savings or market-share gains investors expect.

Anywhere merger closesThe Anywhere merger transformed Compass into a much larger company but sharply increased debt and share count.

On January 9, Compass completed its stock-for-stock purchase of Anywhere. It issued 162.1 million shares to former Anywhere holders and issued $1.0 billion of low-interest convertible notes around the closing; combined long-term debt later stood at $3.14 billion. The deal also brought major brokerage brands and a much larger agent network. This changed the stock’s risk profile: future value now depends far more on integration savings, debt reduction and keeping acquired agents productive.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

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2022

2023

2024

2025

Free cash flow

2019

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$6.96B	$5.63B	$4.88B	$6.02B	$6.42B	$3.72B	$2.39B
Research & development	$245.8M	$188.8M	$184.5M	$360.3M	$365.3M	$145.6M	$131.3M
Operating expenses	$7.03B	$5.78B	$5.20B	$6.61B	$6.91B	$3.99B	$2.79B
Operating income	−$63.4M	−$154.8M	−$314.9M	−$589.4M	−$493.0M	−$273.3M	−$401.8M
Operating margin	−0.91%	−2.75%	−6.45%	−9.79%	−7.68%	−7.35%	−16.84%
EBITDA	$49.3M	−$72.4M	−$224.9M	−$503.1M	−$428.6M	−$222.1M	−$360.9M
EBITDA margin	0.71%	−1.29%	−4.60%	−8.36%	−6.67%	−5.97%	−15.13%
Net income	−$58.5M	−$154.4M	−$321.3M	−$601.5M	−$494.1M	−$270.2M	−$388.0M
Net profit margin	−0.84%	−2.74%	−6.58%	−10.00%	−7.70%	−7.26%	−16.26%
Basic EPSper basic share	-$0.10	-$0.31	-$0.69	-$1.40	-$1.51	-$2.46	-$3.64
Diluted EPSper diluted share	-$0.10	-$0.31	-$0.69	-$1.40	-$1.51	-$2.46	-$3.64

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of COMP
Holder	Shares held
FMR LLC	108.17M
VANGUARD PORTFOLIO MANAGEMENT LLC	64.7M
BlackRock, Inc.	55.41M
VANGUARD CAPITAL MANAGEMENT LLC	32.4M
SB INVESTMENT ADVISERS (UK) LTD	21.5M
Capital International Investors	21.37M
GEODE CAPITAL MANAGEMENT, LLC	18.65M
Castle Hook Partners LP	17.03M
STATE STREET CORP	16.6M
D1 Capital Partners L.P.	15.22M
Artisan Partners Limited Partnership	13.87M
Senvest Management, LLC	12.57M
Parsifal Capital Management, LP	11.86M
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	10.23M
Divisadero Street Capital Management, LP	9.51M
NORGES BANK	9.04M
JPMORGAN CHASE & CO	8.69M
Reffkin Robert L.	8.32M
Rubric Capital Management LP	8.22M
DISCOVERY CAPITAL MANAGEMENT, LLC / CT	7.53M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)52$278.79M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4 · 10b5-1	Reffkin Robert L.Chairman and CEO	SellClass A Common Stock · indirect	600	$8.28	$5.0K	7.80M
Jun 3, 2026Form 4 · 10b5-1	Reffkin Robert L.Chairman and CEO	SellClass A Common Stock · indirect	22.9K	$7.68	$175.5K	7.81M
Jan 7, 2026Form 4 · 10b5-1	Wahlers Scott R.CFO	SellClass A Common Stock	100.0K	$12.03	$1.20M	250.1K
Dec 17, 2025Form 4 · 10b5-1	Wahlers Scott R.CFO	SellClass A Common Stock	26.6K	$11.00	$292.6K	313.6K
Dec 12, 2025Form 4 · 10b5-1	Wahlers Scott R.CFO	SellClass A Common Stock	23.5K	$11.00	$258.5K	340.2K