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Dream Finders Homes, Inc.

DFH Consumer Cyclical Residential Construction

Dream Finders Homes, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, down 2.85% from fiscal 2024.

Revenue
+2.71%
EPS
−100.0%
Free cash flow
−16.8%
Total debt
+10.4%

Quarter to September 2026, against a year earlier

12.42 0.04 −0.32%
Market cap
$1.1B
P/E
12.8×
Fwd P/E
9.2×
Dividend yield
—
F-score
3/9
Altman Z
2.56
Beneish M
−1.97
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.43
Sold, $m 10.20
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 3 2 — —
Sell — 1 — — — 1 5 — — — — —
Insider Ownership 70.72%

Capital & Financial Ratios $m

Size
Market Cap 1,130.00
Revenue ttm 4,159.98
Net income ttm 107.35
Free cash flow ttm (184.64)
Net debt Q 1,536.69
Valuation
P/E 12.79
Forward P/E 9.19
Price / sales 0.27
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.79
Financial health
Current ratio Q 1.41
Debt / equity Q 1.28
Interest coverage Q 4,281.37
Growth
Revenue growth Q +2.71% (above 0%: growing)
Operating income growth Q −94.72% (below 0%: shrinking)
EPS, this year −81.73% (below 0%: weak)
EPS, next year A +108.58% (at or above 15%: strong)
Revenue, next year A −1.85% (below 0%: weak)
EPS, past 5 yrs +20.28% (at or above 15%: strong)
EPS, next 5 yrs A −0.79% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.6×, against a ten-year median of 0.7×; over the ten years it ranged from 0.3× in 2026 to 2.5× in 2021.
P/E against its own 10 years 78.09%
10-year low 10-year high
P/S against its own 10 years 3.09%
10-year low 10-year high
P/B against its own 10 years 2.61%
10-year low 10-year high
EV/Sales against its own 10 years 29.40%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 548 340 284 294
Receivables 31 34 39 29
Inventory 1,440 1,715 2,026 2,516
Other 247 458 545 490
2,267 2,548 2,894 3,328
2023 2024 2025 Q'26
Payables 134 147 126 152
ST’ Debt 824 295 591 1,831
Other 289 194 70 78
1,476 1,619 1,931 2,353

Compound Annual Growth %

10y 5y 3y
Sales — 30.69% 8.95%
Cash Flow — 0.00% 0.00%
Earnings — 20.83% (6.32%)
Book Value — 46.40% 21.22%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate 0.26 Actual 0.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.65 0.56 Miss by 0.09
Q3 FY25 0.47 0.47 Met by 0.00
Q4 FY25 0.62 0.58 Miss by 0.04
Q1 FY26 0.26 0.11 Miss by 0.15

EPS $

Mar Jun Sep Dec Year
’26 0.11 0.27 0.00 — —
’25 0.54 0.56 0.47 0.58 2.14
’24 0.55 0.81 0.70 1.29 3.34
’23 0.45 0.65 0.75 1.00 2.79
’22 0.42 0.60 0.64 0.78 2.45
’21 0.18 0.31 0.20 0.55 1.27
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 888 1,063 996 — —
’25 990 1,151 970 1,213 4,323
’24 828 1,056 1,006 1,560 4,450
’23 769 945 896 1,138 3,749
’22 664 793 786 1,099 3,342
’21 344 365 363 852 1,924
’20 189 200 284 461 1,134
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (50) (102) (153) — —
’25 (45) (68) (131) 144 (101)
’24 (248) (111) (205) 306 (257)
’23 (36) 103 87 219 374
’22 (122) (93) (65) 253 (28)
’21 (22) (71) (25) 183 65
’20 (21) (7) 31 92 97
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (55) (107) (159) — —
’25 (48) (79) (136) 136 (126)
’24 (250) (112) (223) 302 (282)
’23 (37) 102 86 219 370
’22 (123) (94) (67) 252 (33)
’21 (23) (71) (25) 182 63
’20 (22) (8) 31 92 94
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 522 744 1,134 1,924 3,342 3,749 4,450 4,323 4,160 +35.2% 4,243 4,350 4,509 +1.4%
Gross margin, % — — 12.99 13.83 15.07 16.30 18.41 19.49 18.61 17.46 15.17 +4.5 pt
EBT — — 23 45 85 162 356 404 438 284 147 +43.0%
EBT margin, % — — 4.45 6.03 7.45 8.42 10.66 10.79 9.84 6.57 3.53 +2.1 pt
Net income — 0 23 45 85 135 274 308 341 217 107 n/m
Per share, $
Per share, $ Revenue — — 5,340.07 8.00 12.19 20.79 36.04 40.28 47.59 46.43 45.90 (49.2%)
Earnings — — — — 0.87 1.27 2.67 3.03 3.44 2.19 0.98 +20.3%
Cash flow — — (25.66) 0.33 1.04 0.70 (0.30) 4.02 (2.74) (1.08) (1.77) (36.4%)
Capex — — 44.83 (0.03) (0.03) (0.02) (0.06) (0.05) (0.27) (0.28) (0.26) n/m
Free cash flow — — 19.16 0.30 1.01 0.68 (0.36) 3.97 (3.02) (1.36) (2.04) n/m
Book value — — 0.00 1.74 2.28 6.01 8.63 10.08 13.37 15.32 15.82 n/m
Shares, m — — 0 93 93 93 93 93 94 93 92 +166.4%
Valuation, ×
Valuation, × P/E — — 36.75 36.75 36.75 15.32 3.59 11.34 6.74 7.81 12.79 19.4
P/S — — 1.71 1.71 1.71 0.94 0.27 0.86 0.49 0.37 0.27 1.0
P/B — — 12.39 12.39 12.39 4.49 1.38 3.42 1.74 1.12 0.79 6.2
EV/Sales — — 1.88 1.88 1.88 1.19 0.44 0.93 0.48 0.63 0.64 1.2
EV/FCF — — 23.04 23.04 23.04 36.38 (44.21) 9.42 (7.56) (21.55) (14.47) 5.2
Cash, $m
Cash, $m Operating cash flow — — (3) 30 97 65 (28) 374 (257) (101) (161) +69.4%
Capex — — 4 (3) (3) (2) (5) (4) (25) (26) (24) n/m
Free cash flow — — 2 28 94 63 (33) 370 (282) (126) (185) n/m
Balance, $m
Balance, $m Working capital — — — 104 139 285 524 790 929 964 975 +45.0%
Net debt — — — 149 197 482 571 276 (45) 307 1,537 +12.8%
Shareholders’ equity — — — 161 212 556 801 938 1,250 1,426 1,434 +43.8%
Returns, %
Returns, % ROA — — 0.00 15.22 12.67 8.94 11.62 11.45 10.93 5.77 2.22 +5.8 pt
ROIC — — 0.00 7.93 12.32 9.58 15.91 22.04 22.44 9.72 2.59 +9.7 pt
ROE — — 0.00 37.83 60.93 42.16 47.39 35.70 29.42 15.22 6.36 +15.2 pt
People
People Employees — — — 354 542 1,212 1,170 1,236 1,686 1,911 — +32.4%
Revenue/emp, $m — — 0.00 2.10 2.09 1.59 2.86 3.03 2.64 2.26 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Dream Finders Homes, Inc. vs peers in Residential Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MTH Meritage Homes Corporation $4.6B 15.9× 14.9× −17.41% (below 0%: shrinking) −25.71% (below 0%: shrinking) +66.18% (above 0%: growing) 17.88% 6.79% Compare
MHO M/I Homes, Inc. $3.4B 12.5× 12.0× −4.92% (below 0%: shrinking) −34.66% (below 0%: shrinking) −139.62% (below 0%: shrinking) 20.86% 7.74% Compare
KBH KB Home $3.2B 14.4× 14.9× −19.96% (below 0%: shrinking) −35.34% (below 0%: shrinking) −178.04% (below 0%: shrinking) 16.85% 5.54% Compare
GRBK Green Brick Partners, Inc. $2.8B 10.6× 10.6× −8.82% (below 0%: shrinking) −23.16% (below 0%: shrinking) −346.83% (below 0%: shrinking) 29.84% 17.05% Compare
DFH Dream Finders Homes, Inc. $1.1B 12.8× 9.2× +2.71% (above 0%: growing) n/m −16.82% (below 0%: shrinking) 14.80% 0.31%
LGIH LGI Homes, Inc. $1.1B 15.4× 15.7× +10.15% (above 0%: growing) +23.82% (above 0%: growing) +1,594.22% (above 0%: growing) 20.07% 6.10% Compare
LEGH Legacy Housing Corporation $716.1M 11.5× 10.9× +72.20% (above 0%: growing) +136.11% (above 0%: growing) +113.55% (above 0%: growing) 0.00% 33.62% Compare
HOV Hovnanian Enterprises Inc $614.0M 118× 24.9× −11.85% (below 0%: shrinking) n/m −160.88% (below 0%: shrinking) 13.12% 0.81% Compare
BXBL BOXABL, Inc $463.8M — (loss-making) — — n/m −211.88% (below 0%: shrinking) — 0.00% Compare
Median of peers $2.0B 14.4× 14.9× −8.82% −24.43% −150.25% 17.88% 6.45%

All 19 Residential Construction stocks →

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.23m 7.78m 82.00
2024 12.88m 7.55m 111.00
2023 11.37m 26.36m 170.00
2022 8.29m 3.79m 42.00
2021 14.39m 12.68m 93.00

Ownership

Directors and executive officers, together 86.30% of the votes
Patrick O. Zalupski 84.40% of the votes
Kayne Anderson 2.10% of the votes
BlackRock 2.10% of the votes
W. Radford Lovett II 1.90% of the votes
Cooke & Bieler 1.10% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Dream Finders Homes, Inc. (DFH) Latest News

29 Oct

Impact 4 · · Business Wire

27 Oct

Impact 4 · · Business Wire

22 Oct

Impact 4 · · Business Wire

20 Oct

Impact 4 · · Investing.com
Impact 4 · · Business Wire

15 Oct

Impact 4 · · Business Wire

16 Sep

Impact 3 ·

9 Sep

Impact 4 ·

17 Aug

Impact 4 ·

10 Aug

Impact 5 · · jacksonville.com

7 Aug

Impact 5 · · realtor.com
Impact 5 ·
Impact 5 ·
Impact 4 ·
Impact 4 · · wsj.com
Impact 4 ·

30 Jul

Impact 4 ·

14 Jul

Impact 4 ·

10 Jul

Impact 3 ·

9 Jul

Impact 4 ·

8 Jul

Impact 4 · · InvestorsHub
Impact 4 ·
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Impact 3 ·
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21 May

Impact 4 · · Business Wire

11 May

Impact 5 · · InvestorsHub
Impact 4 · · Barrons.com
Impact 4 ·
Impact 3 · · Business Wire
stockrow.com/DFH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com