HOVNANIAN ENTERPRISES INC HOV
Hovnanian Enterprises, Inc. ("HEI") conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the "Company," "we," "us" or "our" refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI's subsidiaries). Through its subsidiaries, HEI designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments and is one of the nation's largest builders of residential homes. Founded in 1959 by Kevork Hovnanian, HEI was incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983. Since the incorporation of HEI's predecessor company, the Company combined with its unconsolidated joint ventures have delivered in excess of 382,000 homes, including 6,431 homes in fiscal 2025. The Company has two distinct operations: homebuilding and financial services. Our homebuilding operations consist of three reportable segments: Northeast, Southeast and West. Our financial services operations provide mortgage loans and title services to the customers of our homebuilding operations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.98B | $3.00B | $2.76B | $2.92B | $2.78B | $2.34B | $2.02B | $1.99B | $2.45B | $2.75B |
| Total operating expenses | $2.91B | $2.74B | $2.52B | $2.62B | $2.60B | $2.32B | $2.04B | $2.00B | $2.46B | $2.74B |
| Interest expense | — | $120.7M | $134.9M | $132.4M | $161.8M | $178.1M | $161.1M | $164.1M | $185.2M | $182.6M |
| Pre-tax income | $86.1M | $317.1M | $256.0M | $319.8M | $189.9M | $55.4M | -$39.7M | $8.1M | -$45.2M | $2.4M |
| Income tax | $22.2M | $75.1M | $50.1M | $94.3M | $418.0M | $4.5M | $2.4M | $3.6M | $286.9M | $5.3M |
| Net income | $63.9M | $242.0M | $205.9M | $225.5M | $607.8M | $50.9M | -$42.1M | $4.5M | -$332.2M | -$2.8M |
| EPS, basic | 7.95 | 34.40 | 28.76 | 30.31 | 87.50 | 7.48 | -7.06 | 0.73 | -56.23 | -0.02 |
| EPS, diluted | 7.43 | 31.79 | 26.88 | 29.00 | 85.86 | 7.03 | -7.06 | 0.72 | -56.23 | -0.02 |
| Shares, diluted (wtd. avg.) | $6.9M | $7.0M | $6.7M | $6.7M | $6.4M | $6.6M | $6.0M | $6.1M | $5.9M | $147.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | — | — | — | — | — | — | — | $469.3M | $346.8M |
| Property, plant and equipment | $50.5M | $43.4M | $33.9M | $25.8M | $18.7M | $18.2M | $20.1M | $20.3M | $52.9M | $50.3M |
| Total assets | $2.63B | $2.61B | $2.49B | $2.56B | $2.32B | $1.83B | $1.88B | $1.66B | $1.90B | $2.35B |
| Long-term debt | $900.7M | $896.2M | $1.05B | $1.15B | $1.25B | $1.43B | $1.48B | $1.44B | $1.61B | $1.61B |
| Total liabilities | $1.80B | $1.81B | $1.91B | $2.18B | $2.15B | $2.26B | $2.37B | $2.12B | $2.36B | $2.48B |
| Retained earnings | $127.3M | $74.1M | -$157.2M | -$352.4M | -$567.2M | -$1.18B | -$1.23B | -$1.18B | -$1.19B | -$856.2M |
| Total equity | $830.9M | $800.3M | $581.8M | $383.1M | $175.4M | -$436.1M | -$489.8M | -$453.5M | -$460.4M | -$128.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $188.3M | $23.6M | $435.3M | $89.5M | $210.2M | $292.8M | -$249.1M | -$66.8M | $301.6M | $387.0M |
| Depreciation and amortisation | $13.9M | $7.7M | $8.8M | $5.5M | $5.3M | $5.3M | $4.2M | $3.2M | $4.2M | $3.6M |
| Stock-based compensation | $16.7M | $25.3M | $14.2M | $10.3M | $7.7M | $2.8M | $721.0K | $3.7M | $557.0K | $2.9M |
| Capital expenditure | $22.1M | $17.9M | $18.8M | $12.6M | $5.9M | $3.4M | $4.0M | $5.2M | $6.5M | $8.0M |
| Investing cash flow | -$66.0M | -$46.5M | -$78.2M | -$2.2M | $9.0M | $2.1M | -$8.3M | $35.5M | -$29.7M | -$51.9M |
| Financing cash flow | -$70.4M | -$187.9M | -$261.7M | -$16.5M | -$217.3M | -$167.8M | $206.7M | -$229.4M | -$147.8M | -$245.7M |
| Dividends paid | $10.7M | $10.7M | $10.7M | $10.7M | $0 | $0 | $0 | — | — | — |
| Buybacks | $30.2M | $26.5M | $4.8M | $12.2M | $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 0001753926-25-001938.
Others in SIC 1531
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| 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% |