Altisource Portfolio Solutions S.A.
- Open
- 6.68
- Day high
- 6.80
- Day low
- 6.45
- Prev close
- 6.78
- Volume
- 18K
- Mkt cap
- $73M
- P/E (TTM)
- 11.3
- EPS (TTM)
- $0.57
- P/B
- -0.7
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▲Insiders net buying $21K over the last 3 months (1 open-market buy, 5 sales)
- 🏛Institutions mixed (13F)
Altisource Portfolio Solutions S.A. (ASPS) is a Real Estate company listed on NASDAQ. The stock is down 55% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 5 sales (SEC Form 4). Drillr has 1 published research article covering ASPS.
Altisource Portfolio Solutions S.A. (ASPS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ASPS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.18 | $0.19 | +5.6% | $48M | +19.6% |
| Mar 4, 2026 | — | $0.11 | — | $42M | — |
| Oct 23, 2025 | — | $0.10 | — | $42M | — |
| Jul 24, 2025 | — | $0.19 | — | $43M | — |
| May 1, 2025 | — | $-0.02 | — | $43M | — |
| Mar 13, 2025 | $-2.16 | $-1.44 | +33.3% | $41M | +0.0% |
| Oct 24, 2024 | $-0.23 | $-0.23 | +0.0% | $41M | -9.7% |
| Jul 25, 2024 | $-0.22 | $-0.21 | +4.5% | $41M | -9.7% |
| Apr 25, 2024 | $-0.26 | $-0.20 | +23.1% | $42M | +20.1% |
| Mar 7, 2024 | $-0.33 | $-0.37 | -12.1% | $36M | -0.9% |
| Oct 26, 2023 | $-0.34 | $-0.44 | -29.4% | $36M | -0.4% |
| Jul 27, 2023 | $-0.34 | $-0.68 | -100.0% | $35M | -16.0% |
ASPS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | Deer Park Road Management Company, LP10 percent owner, other: See Remarks | Grant | 145 | — |
| Jun 8, 2026 | Deer Park Road Management Company, LP10 percent owner, other: See Remarks | Grant | 19,070 | — |
| May 26, 2026 | Iseley Wesley Gdirector | Grant | 19,215 | — |
| May 26, 2026 | Deer Park Road Management Company, LP10 percent owner, other: See Remarks | Grant | 19,215 | — |
| May 26, 2026 | ALDRIDGE JOHN G JRdirector | Grant | 19,215 | — |
| May 26, 2026 | Winkler Matthew T.director | Grant | 19,215 | — |
| May 26, 2026 | MORETTINI JOSEPH Ldirector | Grant | 19,215 | — |
| May 26, 2026 | Shepro William Bdirector, officer: Chair and CEO | Buy | 3,511 | $6.02 |
| May 22, 2026 | Esterman Michelle D.officer: Chief Financial Officer | Grant | 23,717 | — |
| May 22, 2026 | RITTS GREGORY J.officer: Chief Legal/Compliance Officer | Grant | 19,779 | — |
| May 22, 2026 | Shepro William Bdirector, officer: Chair and CEO | Grant | 112,951 | — |
| May 11, 2026 | MORETTINI JOSEPH Ldirector | Sell | 4,682 | — |
| May 11, 2026 | MORETTINI JOSEPH Ldirector | Sell | 1,100 | — |
| May 11, 2026 | MORETTINI JOSEPH Ldirector | Sell | 33,350 | — |
| May 7, 2026 | MORETTINI JOSEPH Ldirector | Sell | 18,322 | — |
Source: ASPS SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full ASPS insider & 13F page →Altisource Portfolio Solutions S.A. company profile
Overview
Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) is a Luxembourg-based integrated service provider and marketplace for the real estate and mortgage industries. Founded in 1999 and going public in 2009, the company operates primarily in the United States while maintaining international operations in India, Uruguay, and other locations. Altisource provides technology-enabled services across the real estate lifecycle, from mortgage origination to property disposition, serving financial institutions, government-sponsored enterprises, and other industry participants during both normal market conditions and distressed situations.
Business
Altisource operates as a comprehensive service provider in the real estate and mortgage ecosystem, offering technology platforms and services that support the entire property lifecycle. The company's business is organized around two primary segments that generate distinct revenue streams. The Servicer and Real Estate segment represents approximately 75-80% of total revenue and focuses on distressed real estate services. This includes property preservation and inspection services for foreclosed or at-risk properties, vendor management through their SaaS platform, and real estate disposition services. A key component is Hubzu, their online real estate auction platform that facilitates the sale of distressed properties. The segment also provides foreclosure trustee services, asset management, and property renovation services - a newer offering launched in 2024 where they manage property improvements for institutional clients. The Origination segment accounts for roughly 20-25% of revenue and serves the mortgage lending industry during the loan creation process. This includes Lenders One, a cooperative network providing technology and services to mortgage lenders, along with title insurance, settlement services, real estate valuations, and construction inspection services. The segment also operates various technology platforms like TrelixTM Connect, Vendorly, and RentRange that automate and streamline mortgage origination processes. The company's technology infrastructure includes Equator, a SaaS platform that manages real estate owned (REO), short sales, foreclosure, bankruptcy, and eviction processes. This serves as a central workflow management system for financial institutions handling distressed assets. Additionally, Altisource provides specialized services like mortgage loan fulfillment, certification insurance, and commercial loan servicing technology.
Revenue model
Altisource generates revenue primarily through service fees charged to financial institutions, government-sponsored enterprises, and mortgage industry participants. The business model operates on multiple revenue streams depending on the service provided. For property-related services, the company earns fees per property serviced, whether for inspections, preservation work, or asset management. The Hubzu auction platform generates commissions on successful property sales, typically earning a percentage of the final sale price. Their newer renovation business operates on a project basis, earning margins of 10-15% on renovation projects that average around $100,000 per property. In the origination segment, revenue comes from transaction-based fees for services like title insurance, valuations, and settlement services, as well as subscription fees for their SaaS platforms. The Lenders One cooperative generates revenue through membership fees and transaction volumes from participating lenders. Several factors significantly impact the company's margins and profitability. The most critical is the health of the broader economy and housing market, as economic stress drives higher mortgage delinquencies and foreclosure activity, directly increasing demand for Altisource's core services. Currently, serious mortgage delinquency rates remain historically low at around 1.3%, constraining revenue growth. Conversely, rising interest rates and economic uncertainty could drive increased defaults, benefiting the company's default-related services. Operational leverage is substantial in this business model - the company maintains fixed infrastructure and technology platforms that can handle increased volumes without proportional cost increases. This explains why adjusted EBITDA margins in the Servicer segment reach 35%+ during periods of higher activity. Competition from other service providers and pricing pressure from large financial institution clients can compress margins, while the company's ability to cross-sell multiple services to existing clients helps maintain pricing power.
Competitive moat
Altisource's competitive position relies primarily on switching costs and operational scale rather than strong structural moats. The company has built integrated technology platforms that financial institutions become dependent upon for managing complex workflows around distressed assets and mortgage origination. Once clients integrate systems like Equator for REO management or establish vendor networks through Altisource's platforms, switching to competitors involves significant operational disruption and costs. The company's scale in certain markets, particularly foreclosure trustee services and property preservation, creates some network effects and operational advantages. Their vendor management capabilities and established relationships with contractors nationwide provide efficiency benefits that smaller competitors struggle to replicate. Additionally, regulatory compliance requirements in the mortgage industry create barriers to entry, as new entrants must invest heavily in compliance infrastructure and obtain necessary licenses across multiple states. However, these moats are relatively weak compared to technology companies with true network effects or companies with unique intellectual property. Large financial institutions have significant negotiating power and can potentially bring services in-house or switch to competing providers if cost-benefit calculations change. The company faces competition from both specialized service providers and larger, well-capitalized firms that can undercut pricing or offer broader service suites. The cyclical nature of the default services market also limits moat strength - during periods of low foreclosure activity like the current environment, client relationships and pricing power diminish. The company's recent diversification into renovation services and expansion of non-default offerings represents an attempt to reduce this cyclical vulnerability, but these newer services face established competition and haven't yet proven to provide sustainable competitive advantages.
Risks & safety
Altisource presents significant financial risk with limited margin of safety for investors. • **Solvency concerns**: The company carries $264.7 million in total liabilities against $145.7 million in total assets, creating negative book value. Current liabilities of $271.3 million far exceed current assets of $51.1 million, indicating potential liquidity stress. • **Debt burden**: Following recent debt restructuring, long-term debt was reduced from $233 million to $172.5 million, but annual interest costs remain substantial. The company completed a debt exchange in early 2025 that extended maturities and reduced interest expense by approximately $18 million annually. • **Cash position**: $30.8 million in unrestricted cash provides limited runway given negative operating cash flows of approximately $5 million annually and ongoing losses. • **Valuation metrics**: Trading at negative book value with inconsistent profitability makes traditional valuation metrics unreliable. EV/EBITDA of 30-40x based on recent positive EBITDA appears elevated. • **Other considerations**: The company is heavily dependent on cyclical foreclosure market recovery for meaningful profitability improvement. Recent progress toward positive operating cash flow is encouraging but not yet sustained.
Recent development
Over the past several years, Altisource has focused on diversification and operational efficiency as the foreclosure market remained suppressed. The most significant strategic development was launching a renovation business in April 2024, where the company evaluates distressed properties, manages renovation projects through contractor networks, and earns 10-15% margins on projects averaging $100,000. This generated $1.5 million in Q3 2024 revenue with over 70 referrals received. The company has aggressively pursued cost reduction, achieving $13.5 million in annual cost savings primarily through workforce reductions and operational streamlining. This contributed to adjusted EBITDA margin improvements, with the Servicer segment reaching 35%+ margins by 2024. Strategic business development efforts have focused on expanding relationships with existing clients and winning new business in adjacent services. Notable wins include new foreclosure trustee customers, expansion of the Granite construction risk management business, and new product launches within Lenders One that are each generating over $1 million monthly in revenue. The company completed a critical debt restructuring in February 2025, reducing total debt by over $60 million and extending maturities while lowering annual interest costs by approximately $18 million. This transaction addressed near-term liquidity concerns and provided financial flexibility. Platform expansion has included broadening Hubzu beyond traditional foreclosure auctions to include commercial properties and non-distressed sales, though this remains a small revenue contributor. The company has also launched new insurance products in partnership with Policygenius, acting as an agent earning commissions on homeowners insurance policies.
ASPS company profile · for informational purposes only — not investment advice.
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