Dream Finders Homes vs KB Home
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The short version
- KB Home is the larger business, with $6.2B of revenue in fiscal 2025 against $4.3B for Dream Finders Homes.
- Dream Finders Homes grew revenue faster (β2.9%, against β10.0%).
- KB Home turned more of its sales into free cash flow (4.6% FCF margin, against β2.9%).
- Investors pay more for each dollar of KB Homeβs earnings: a P/E of 13.3x against 7.2x for Dream Finders Homes.
| Latest fiscal year | DFH Β· FY25 | KBH Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $2.9B |
| Revenue | $4.3B | $6.2B |
| Free cash flow | β$126M | $287M |
| Net income | $217M | $429M |
| Growth | ||
| Revenue growth | β2.9% | β10.0% |
| 5-year growth | 30.7% | 8.3% |
| Share count change | 1.0% | β10.0% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 5.0% | 6.9% |
| FCF margin | β2.9% | 4.6% |
| Return on capital | 17.2% | β |
| Return on equity | 16.3% | 10.8% |
| Balance sheet | ||
| Net debt | $1.4B | $1.5B |
| Net debt / EBITDA | 2.4x | β |
| Dividends and buybacks | $41.7M | $610M |
| Valuation & quality | ||
| P/E | 7.2x | 13.3x |
| Piotroski F-score | β | β |
Revenue
FY16
DFH β
KBH $3.6B
FY17
DFH β
KBH $4.4B
FY18
DFH β
KBH $4.5B
FY19
DFH $744M
KBH $4.6B
FY20
DFH $1.1B
KBH $4.2B
FY21
DFH $1.9B
KBH $5.7B
FY22
DFH $3.3B
KBH $6.9B
FY23
DFH $3.7B
KBH $6.4B
FY24
DFH $4.4B
KBH $6.9B
FY25
DFH $4.3B
KBH $6.2B
DFH
KBH
Operating margin
FY16
DFH β
KBH 4.2%
FY17
DFH β
KBH 6.5%
FY18
DFH β
KBH 7.6%
FY19
DFH β
KBH β
FY20
DFH β
KBH β
FY21
DFH β
KBH β
FY22
DFH β
KBH β
FY23
DFH β
KBH β
FY24
DFH β
KBH β
FY25
DFH β
KBH β
DFH
KBH
Free cash flow
FY16
DFH β
KBH β
FY17
DFH β
KBH β
FY18
DFH β
KBH $214M
FY19
DFH $27.5M
KBH $211M
FY20
DFH $94.0M
KBH $282M
FY21
DFH $62.2M
KBH β$76.7M
FY22
DFH β$33.2M
KBH $138M
FY23
DFH $369M
KBH $1.0B
FY24
DFH β$282M
KBH $323M
FY25
DFH β$126M
KBH $287M
DFH
KBH
Return on capital
FY16
DFH β
KBH 2.9%
FY17
DFH β
KBH 4.8%
FY18
DFH β
KBH 4.9%
FY19
DFH β
KBH 7.4%
FY20
DFH β
KBH 8.0%
FY21
DFH β
KBH 14.0%
FY22
DFH β
KBH 17.0%
FY23
DFH β
KBH β
FY24
DFH β
KBH β
FY25
DFH 17.2%
KBH β
DFH
KBH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.