Dream Finders Homes, Inc. DFH
We design, build and sell homes primarily in high-growth markets using our asset-light lot acquisition strategy. Our primary focus is on constructing and selling single-family homes across entry-level, first-time move-up, second-time move-up and active adult homes. We also sell homes to third-party investors that intend to lease the homes ("built-for-rent contracts"). Our home offerings are marketed under various brands, including Dream Finders Homes, DF Luxury, Reverie Active Adult Lifestyle by Dream Finders Homes, Craft Homes and Coventry Homes.
To fully serve our homebuyers and capture ancillary business opportunities, we have financial services operations that offer mortgage banking solutions primarily through our wholly owned mortgage banking business, Jet HomeLoans, LP ("Jet HomeLoans"), as well as title insurance services—inclusive of agency services primarily through DF Title, LLC, doing business as Golden Dog Title & Trust and Golden Dog Title ("DF Title"), and residential and commercial underwriting services through Alliant National Title Insurance Company, Inc. ("Alliant Title"). Additionally, we offer homeowners insurance and adjacent products to homebuyers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.32B | $4.45B | $3.75B | $3.34B | $1.92B | $1.13B | $744.3M | — |
| Cost of revenue | — | — | $3.01B | $2.72B | $1.61B | $962.9M | $641.3M | — |
| Gross profit | — | — | $736.8M | $620.2M | $313.6M | $170.9M | $103.0M | — |
| SG&A | $485.2M | $395.1M | $302.8M | $266.1M | $154.4M | $90.4M | $63.6M | — |
| Interest expense | — | — | — | $32.0K | $672.0K | $871.0K | $221.4K | — |
| Pre-tax income | $284.1M | $437.9M | $404.4M | $356.2M | $162.0M | $84.5M | $44.9M | — |
| Income tax | $66.7M | $97.3M | $96.5M | $81.9M | $27.5M | $0 | $0 | — |
| Net income | $217.4M | $340.6M | $307.9M | $274.3M | $134.6M | $79.1M | $39.2M | — |
| EPS, basic | 2.19 | 3.44 | 3.03 | 2.67 | 1.27 | 0.00 | 0.00 | — |
| EPS, diluted | 2.14 | 3.34 | 2.79 | 2.45 | 1.27 | 0.00 | 0.00 | — |
| Shares, diluted (wtd. avg.) | $101.3M | $100.3M | $106.0M | $106.7M | $95.3M | $0 | $0 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $234.8M | $274.4M | $494.1M | $395.1M | $281.3M | $93.4M | $75.3M | $36.6M |
| Inventory | — | — | — | — | $1.07B | $484.4M | — | — |
| Property, plant and equipment | $54.7M | $39.7M | $7.0M | $7.3M | $6.8M | $4.3M | — | — |
| Goodwill | $377.4M | $300.3M | $172.2M | $172.2M | $171.9M | $28.6M | — | — |
| Other intangibles | — | — | — | $5.0M | $9.1M | $2.7M | — | — |
| Total assets | $3.73B | $3.33B | $2.56B | $2.37B | $1.89B | $733.7M | — | — |
| Long-term debt | $1.61B | $1.29B | — | — | — | — | — | — |
| Total liabilities | $2.12B | $1.91B | $1.48B | $1.57B | $1.34B | $521.7M | — | — |
| Retained earnings | $1.17B | $970.3M | $648.4M | $366.0M | $118.2M | $0 | — | — |
| Total equity | $1.42B | $1.24B | $937.6M | $644.6M | $401.2M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$100.6M | -$256.6M | $374.2M | -$27.6M | $65.0M | $96.9M | $30.4M | — |
| Depreciation and amortisation | $11.8M | $6.4M | $4.8M | $5.0M | $3.7M | $4.0M | $3.0M | — |
| Stock-based compensation | $24.9M | $18.8M | $14.1M | $6.8M | $5.2M | $947.0K | $895.0K | — |
| Capital expenditure | $25.8M | $25.3M | $4.8M | $5.5M | $2.8M | $2.9M | $2.9M | — |
| Investing cash flow | -$225.8M | -$221.7M | -$4.5M | -$5.5M | -$523.0M | -$13.0M | -$17.8M | — |
| Financing cash flow | $271.0M | $269.7M | -$216.4M | $147.0M | $646.0M | -$65.8M | $26.1M | — |
| Buybacks | $41.7M | $7.8M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-050982.
Others in SIC 1531
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| DHI | HORTON D R INC /DE/ | $39.93B | 12.3x | -6.9% |
| PHM | PULTEGROUP INC/MI/ | $23.33B | 11.2x | -3.5% |
| NVR | NVR INC | $16.79B | 14.4x | -1.9% |
| TOL | Toll Brothers, Inc. | $13.06B | 10.5x | 1.1% |
| ECG | Everus Construction Group, Inc. | $5.99B | 29.7x | 31.5% |
| MTH | Meritage Homes CORP | $4.39B | 10.6x | — |
| MHO | M/I HOMES, INC. | $3.75B | 10.1x | -1.9% |
| KBH | KB HOME | $3.20B | 8.5x | -10.0% |