Green Brick Partners vs LGI Homes
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KIRA’s take AI analyst
I put Green Brick Partners and LGI Homes side by side, using each one’s latest annual report. Here is what stands out:
- Green Brick Partners is the larger business, with $2.0B of revenue in fiscal 2025 against $1.7B for LGI Homes.
- Green Brick Partners grew revenue faster (−1.0%, against −22.6%).
- Green Brick Partners turned more of its sales into free cash flow (10.2% FCF margin, against −8.3%).
- Green Brick Partners earned a higher return on the capital invested in it (17.9%, against 1.6%).
- Investors pay more for each dollar of LGI Homes’s earnings: a P/E of 14.9x against 9.7x for Green Brick Partners.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Green Brick Partners
GRBK
9/9
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
LGI Homes
LGIH
0/9
Side by side
Best in the row
| Latest fiscal year | GRBK FY25 | LGIH FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $990M |
| Revenue | $2.0B | $1.7B |
| Free cash flow | $208M | −$141M |
| Net income | $313M | $72.6M |
| Growth | ||
| Revenue growth | −1.0% | −22.6% |
| 5-year growth | 15.9% | −6.4% |
| Share count change | −2.0% | −1.5% |
| Profitability | ||
| Gross margin | 31.4% | 20.7% |
| Operating margin | — | 4.7% |
| Net margin | 15.4% | 4.3% |
| FCF margin | 10.2% | −8.3% |
| Return on capital | 17.9% | 1.6% |
| Return on equity | 18.0% | 3.5% |
| Balance sheet | ||
| Net debt | $132M | $1.6B |
| Net debt / EBITDA | 0.3x | 19.0x |
| Dividends and buybacks | $86.7M | $23.6M |
| Valuation & quality | ||
| P/E | 9.7x | 14.9x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
GRBK $391M
LGIH $838M
FY17
GRBK $458M
LGIH $1.3B
FY18
GRBK $624M
LGIH $1.5B
FY19
GRBK $792M
LGIH $1.8B
FY20
GRBK $976M
LGIH $2.4B
FY21
GRBK $1.4B
LGIH $3.1B
FY22
GRBK $1.8B
LGIH $2.3B
FY23
GRBK $1.7B
LGIH $2.4B
FY24
GRBK $2.1B
LGIH $2.2B
FY25
GRBK $2.0B
LGIH $1.7B
GRBK
LGIH
Operating margin
FY16
GRBK 12.6%
LGIH 13.3%
FY17
GRBK 13.1%
LGIH 13.5%
FY18
GRBK 11.5%
LGIH 13.3%
FY19
GRBK —
LGIH 12.4%
FY20
GRBK —
LGIH 15.4%
FY21
GRBK —
LGIH 18.0%
FY22
GRBK —
LGIH 16.9%
FY23
GRBK —
LGIH 9.9%
FY24
GRBK —
LGIH 9.6%
FY25
GRBK —
LGIH 4.7%
GRBK
LGIH
Free cash flow
FY16
GRBK −$5.3M
LGIH —
FY17
GRBK −$18.2M
LGIH —
FY18
GRBK −$42.7M
LGIH —
FY19
GRBK −$24.6M
LGIH —
FY20
GRBK $32.2M
LGIH —
FY21
GRBK −$94.4M
LGIH —
FY22
GRBK $88.7M
LGIH −$372M
FY23
GRBK $206M
LGIH −$58.4M
FY24
GRBK $21.6M
LGIH −$146M
FY25
GRBK $208M
LGIH −$141M
GRBK
LGIH
Return on capital
FY16
GRBK 7.9%
LGIH 12.1%
FY17
GRBK 6.2%
LGIH 14.0%
FY18
GRBK —
LGIH 14.5%
FY19
GRBK —
LGIH 12.7%
FY20
GRBK 15.0%
LGIH 20.5%
FY21
GRBK 20.7%
LGIH 22.9%
FY22
GRBK 25.2%
LGIH 12.5%
FY23
GRBK 21.7%
LGIH 6.1%
FY24
GRBK 25.3%
LGIH 4.9%
FY25
GRBK 17.9%
LGIH 1.6%
GRBK
LGIH
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.