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what it is
Altisource sells outsourced services to mortgage and real-estate companies, from inspections to title work to renovation management.
how it gets paid
Last year Altisource Portfolio made $171M in revenue. Property preservation & inspection was the main engine at $47M, or 28% of sales.
why it's growing
Revenue grew 6.8% last year. Revenue up 207% matters most because a leveraged company needs volume first.
what just happened
The quarter was about scale: revenue hit $129M, up 207% vs. prior year.
At a glance
C balance sheet — red flag territory — real financial stress
5/100 earnings predictability — expect surprises
11.0% return on capital — nothing to write home about
-$10.00 fy2024 eps est
$160M fy2024 rev est
xvary composite: 13/100 — weak
What they do
Altisource sells outsourced services to mortgage and real-estate companies, from inspections to title work to renovation management.
ASPS wins by sitting inside ugly parts of housing finance that big firms still need done. You do not brag about foreclosure trustee work or property preservation, but someone gets paid for it. Even after years of shrinkage, it still produced $171 million of annual revenue and employs 1,160 people, which says this niche is real.
How they make money
$171M
annual revenue · their business grew +6.8% last year
Property preservation & inspection
$47M
+7.0%
Title & settlement services
$36M
+6.8%
Valuation & trustee services
$31M
+6.8%
Renovation services
$29M
+6.8%
Loan fulfillment, insurance & management
$28M
+6.8%
The products that matter
default servicing for lenders
Servicing & Default
$120M · 70% of revenue · +7% from last year
This is the core business. It brought in $120M of revenue and generated $11.4M in quarterly EBITDA. It matters because it is the only segment here with clear evidence of operating value — but 42% of total company revenue still runs through one client, Onity.
profit driver
home renovation for investors
Renovation Services
$51M · 30% of revenue · flat growth
This is a $51M segment with flat revenue. It adds scale, but the snapshot gives you no sign that it is carrying margins or changing the thesis. When a segment is 30% of sales and still feels strategically optional, that's a clue.
volume, not proof
Key numbers
72%
long-term debt
Debt is 72% of capital, which means lenders have more sway over the story than equity holders do.
-$10.00
FY2024 EPS est.
That is the projected full-year loss per share, versus trailing EPS of -$0.88 from consensus, which tells you the earnings picture is still messy.
6.2%
operating margin
Operating margin → profit after running the business → so what: there is a real business here, but not much room for mistakes.
$171M
annual revenue
Revenue rose 6.8% vs. prior year, which says the decline is not a straight line anymore.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $192M (72% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for ASPS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter was about scale: revenue hit $129M, up 207% vs. prior year.
Gross margin was 29.3%, which means almost 30 cents of every revenue dollar stayed after direct costs. EPS was reported at $0.81 in the filing data, while consensus shows the last reported EPS at -$0.22, so you should treat the quarter as noisy and focus on the revenue jump.
$129M
revenue
$0.81
eps
29.3%
gross margin
the number that mattered
Revenue up 207% matters most because a leveraged company needs volume first. Margin and EPS do not matter if the top line disappears.
source: company earnings report, 2026
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What could go wrong
the #1 risk is dependence on Onity for 42% of revenue.
high
Onity concentration
42% of revenue comes from one client. That is concentration risk in its purest form. If the relationship changes, the income statement changes with it.
puts roughly $72M of annual revenue in the blast radius
high
Debt overhang
$192M of long-term debt sits above a $74M market cap. Equity holders are far down the stack, and that matters more when profits are weak.
debt equals 2.6x the market cap and 72% of capital
high
Auditor warning
The June 20, 2024 auditor report flagged material risk tied to revenue recognition and client dependence. Markets do not treat that as routine paperwork.
raises governance and accounting credibility risk on top of operating risk
med
Renovation stagnation
Renovation is 30% of revenue and was flat. If the second segment cannot grow or contribute profit, ASPS becomes even more dependent on the servicing business to justify the equity.
limits diversification across a $51M revenue segment
Taken together, these risks expose roughly $72M of revenue to one relationship while leaving equity holders beneath $192M of debt and an unresolved credibility overhang from the auditor flag.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the #1 watch
Onity relationship stability
42% of revenue comes from one client. If that stays intact, the servicing business has a floor. If it weakens, this stops being a cheap stock story and becomes a restructuring story.
capital structure
Debt vs. equity gap
$192M of long-term debt against a $74M market cap is the kind of mismatch you monitor every quarter. You want to see whether operating performance is improving fast enough to matter to creditors and equity holders.
next report
Any follow-up on the auditor flag
The June 2024 warning is still hanging over the stock. A clean update would help credibility. More noise here would tell you the risk is operational and reporting-related at the same time.
business mix
Whether renovation stays flat
Servicing is doing the heavy lifting. If renovation remains stuck at $51M while servicing carries growth and EBITDA, the company gets more concentrated, not less. That's efficient right up until it isn't.
Analyst rankings
earnings predictability
5 / 100
Very low predictability. In human-speak, analysts do not trust next year's earnings line to behave.
risk rank
5
This sits near the bottom of the safety stack. You are being paid with volatility, not comfort.
price stability
5 / 100
Price stability this low means the stock can move a lot without much warning. That fits a company with thin trading and a leveraged balance sheet.
source: institutional data
Institutional activity
institutional ownership data for ASPS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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