Dream Finders Homes
DFH NYSE Homebuilding Financials FY2019–FY2025
Dream Finders Homes' revenue fell 2.9% to $4.3 billion in fiscal 2025. Its net margin was 5.0%, down from 7.5% a year earlier. Free cash flow was −$126 million. It paid out $42 million in dividends and buybacks. The diluted share count rose 1.0%.
Revenue
Total sales reported in the income statement.
$4.3B
2.9%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$217M
35.2%
Free cash flow
Cash from operations minus capital spending.
−$126M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.2%
Market cap
Last close times the latest diluted share count, so it is approximate.
$936M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
7.2x
On $1.43 EPS (TTM)
What Dream Finders Homes does
No business description yet.
- Legal name
- DREAM FINDERS HOMES, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-010837
0001825088
Revenue and margins
Dream Finders Homes had $4.3B of revenue in fiscal 2025, down 2.9% on the year before.
FY19
Revenue $744M
FY20
Revenue $1.1B
FY21
Revenue $1.9B
FY22
Revenue $3.3B
FY23
Revenue $3.7B
FY24
Revenue $4.4B
FY25
Revenue $4.3B
Q3 '23
Revenue $896M
Q4 '23
Revenue $1.1B
Q1 '24
Revenue $828M
Q2 '24
Revenue $1.1B
Q3 '24
Revenue $1.0B
Q4 '24
Revenue $1.6B
Q1 '25
Revenue $990M
Q2 '25
Revenue $1.2B
Q3 '25
Revenue $970M
Q4 '25
Revenue $1.2B
Q1 '26
Revenue $888M
Q2 '26
Revenue $1.1B
FY19
Gross 13.8%
Operating —
Net 5.3%
FCF 3.7%
FY20
Gross 15.1%
Operating —
Net 7.0%
FCF 8.3%
FY21
Gross 16.3%
Operating —
Net 6.3%
FCF 3.2%
FY22
Gross 18.6%
Operating —
Net 7.9%
FCF −1.0%
FY23
Gross 19.7%
Operating —
Net 7.9%
FCF 9.9%
FY24
Gross —
Operating —
Net 7.5%
FCF −6.3%
FY25
Gross —
Operating —
Net 5.0%
FCF −2.9%
Gross
Operating
Net
FCF
Q3 '23
Gross 20.8%
Operating —
Net 8.5%
FCF 9.6%
Q4 '23
Gross 20.7%
Operating —
Net 9.0%
FCF 19.2%
Q1 '24
Gross 18.0%
Operating —
Net 6.6%
FCF −30.2%
Q2 '24
Gross 19.2%
Operating —
Net 7.7%
FCF −10.7%
Q3 '24
Gross —
Operating —
Net 7.0%
FCF −22.1%
Q4 '24
Gross —
Operating —
Net 8.3%
FCF 19.4%
Q1 '25
Gross —
Operating —
Net 5.6%
FCF −4.8%
Q2 '25
Gross —
Operating —
Net 4.9%
FCF −6.9%
Q3 '25
Gross —
Operating —
Net 4.9%
FCF −14.0%
Q4 '25
Gross —
Operating —
Net 4.8%
FCF 11.2%
Q1 '26
Gross —
Operating —
Net 1.5%
FCF −6.2%
Q2 '26
Gross —
Operating —
Net 2.6%
FCF −10.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $39.2M
FY20
Net income $79.1M
FY21
Net income $121M
FY22
Net income $262M
FY23
Net income $296M
FY24
Net income $335M
FY25
Net income $217M
Q3 '23
Net income $76.1M
Q4 '23
Net income $102M
Q1 '24
Net income $54.5M
Q2 '24
Net income $80.9M
Q3 '24
Net income $70.7M
Q4 '24
Net income $129M
Q1 '25
Net income $54.9M
Q2 '25
Net income $56.6M
Q3 '25
Net income $47.0M
Q4 '25
Net income $58.7M
Q1 '26
Net income $13.3M
Q2 '26
Net income $27.7M
FY19
Diluted EPS $0.00
FY20
Diluted EPS $0.00
FY21
Diluted EPS $1.27
FY22
Diluted EPS $2.45
FY23
Diluted EPS $2.79
FY24
Diluted EPS $3.34
FY25
Diluted EPS $2.14
Q3 '23
Diluted EPS $0.75
Q4 '23
Diluted EPS $0.96
Q1 '24
Diluted EPS $0.55
Q2 '24
Diluted EPS $0.81
Q3 '24
Diluted EPS $0.70
Q4 '24
Diluted EPS $1.28
Q1 '25
Diluted EPS $0.54
Q2 '25
Diluted EPS $0.56
Q3 '25
Diluted EPS $0.47
Q4 '25
Diluted EPS $0.58
Q1 '26
Diluted EPS $0.11
Q2 '26
Diluted EPS $0.27
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets 9.2%
FY22
Return on capital —
Return on equity 50.2%
Return on assets 12.3%
FY23
Return on capital —
Return on equity 37.7%
Return on assets 12.0%
FY24
Return on capital —
Return on equity 30.9%
Return on assets 11.4%
FY25
Return on capital 17.2%
Return on equity 16.3%
Return on assets 6.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$126M in fiscal 2025, −2.9% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $27.5M
FY20
Free cash flow $94.0M
FY21
Free cash flow $62.2M
FY22
Free cash flow −$33.2M
FY23
Free cash flow $369M
FY24
Free cash flow −$282M
FY25
Free cash flow −$126M
Q3 '23
Free cash flow $86.1M
Q4 '23
Free cash flow $219M
Q1 '24
Free cash flow −$250M
Q2 '24
Free cash flow −$112M
Q3 '24
Free cash flow −$223M
Q4 '24
Free cash flow $303M
Q1 '25
Free cash flow −$47.9M
Q2 '25
Free cash flow −$78.8M
Q3 '25
Free cash flow −$136M
Q4 '25
Free cash flow $136M
Q1 '26
Free cash flow −$54.8M
Q2 '26
Free cash flow −$107M
FY19
Cash from operations $30.4M
Capital spending $2.9M
FY20
Cash from operations $96.9M
Capital spending $2.9M
FY21
Cash from operations $65.0M
Capital spending $2.8M
FY22
Cash from operations −$27.6M
Capital spending $5.5M
FY23
Cash from operations $374M
Capital spending $4.8M
FY24
Cash from operations −$257M
Capital spending $25.3M
FY25
Cash from operations −$101M
Capital spending $25.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $87.0M
Capital spending $0.9M
Q4 '23
Cash from operations $220M
Capital spending $0.9M
Q1 '24
Cash from operations −$248M
Capital spending $2.1M
Q2 '24
Cash from operations −$111M
Capital spending $1.8M
Q3 '24
Cash from operations −$205M
Capital spending $17.6M
Q4 '24
Cash from operations $307M
Capital spending $3.9M
Q1 '25
Cash from operations −$44.7M
Capital spending $3.2M
Q2 '25
Cash from operations −$68.5M
Capital spending $10.3M
Q3 '25
Cash from operations −$131M
Capital spending $4.7M
Q4 '25
Cash from operations $144M
Capital spending $7.6M
Q1 '26
Cash from operations −$49.5M
Capital spending $5.3M
Q2 '26
Cash from operations −$102M
Capital spending $5.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Dream Finders Homes returned $41.7M to shareholders in fiscal 2025. The diluted share count rose 1.0%.
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $7.8M
FY25
Dividends $0.0M
Buybacks $41.7M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $1.8M
Q3 '24
Dividends $0.0M
Buybacks $4.8M
Q4 '24
Dividends $0.0M
Buybacks $1.2M
Q1 '25
Dividends $0.0M
Buybacks $7.0M
Q2 '25
Dividends $0.0M
Buybacks $16.1M
Q3 '25
Dividends $0.0M
Buybacks $9.7M
Q4 '25
Dividends $0.0M
Buybacks $9.0M
Q1 '26
Dividends $0.0M
Buybacks $18.5M
Q2 '26
Dividends $0.0M
Buybacks $14.8M
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.10B
FY22
Diluted shares 0.11B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.10B
Value Dream Finders Homes yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.4B and divides by 101.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 7.2x · peers 13.0x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Dream Finders Homes can carry it.
FY19
Cash $50.6M
Debt —
FY20
Cash $43.7M
Debt —
FY21
Cash $227M
Debt —
FY22
Cash $365M
Debt —
FY23
Cash $494M
Debt —
FY24
Cash $274M
Debt $1.3B
FY25
Cash $235M
Debt $1.6B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $227M | $365M | $494M | $274M | $235M |
| Debt incl. finance leases | — | — | — | $1.3B | $1.6B |
| Net debt / EBITDA | — | — | — | 1.6x | 2.4x |
| Debt / equity | — | — | — | 1.0x | 1.1x |
| Interest coverage | 242.1x | 11,130.9x | 6.1x | 3.2x | 2.0x |
| Total assets | $1.9B | $2.4B | $2.6B | $3.3B | $3.7B |
| Total liabilities | $1.3B | $1.6B | $1.5B | $1.9B | $2.1B |
| Shareholders' equity | $401M | $645M | $925M | $1.2B | $1.4B |
| Net debt (− = net cash) | — | — | — | $1.0B | $1.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.4M
2 insiders
Sold, 12 months
$3.3M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Richard BeckwittDirector | Bought | 10,000 | $12.07 | $0.1M | Form 4 |
| Sep 3, 2026 | Len SturmDirector | Bought | 1,500 | $13.47 | $0.0M | Form 4 |
| Aug 26, 2026 | Len SturmDirector | Bought | 1,000 | $14.72 | $0.0M | Form 4 |
| Aug 24, 2026 | Len SturmDirector | Bought | 250 | $14.75 | $0.0M | Form 4 |
| Aug 21, 2026 | Len SturmDirector | Bought | 250 | $14.81 | $0.0M | Form 4 |
| Aug 13, 2026 | Richard BeckwittDirector | Bought | 12,000 | $14.80 | $0.2M | Form 4 |
| Aug 12, 2026 | Richard BeckwittDirector | Bought | 8,000 | $13.83 | $0.1M | Form 4 |
| Aug 11, 2026 | Richard BeckwittDirector | Bought | 70,000 | $13.95 | $1.0M | Form 4 |
| Jun 24, 2026 | William Radford Lovett II10% owner | Sold | 56,590 | $16.67 | $0.9M | Form 4 |
| Jun 22, 2026 | William Radford Lovett II10% owner | Sold | 21,962 | $15.00 | $0.3M | Form 4 |
| Jun 18, 2026 | William Radford Lovett II10% owner | Sold | 85,057 | $15.52 | $1.3M | Form 4 |
| Jun 17, 2026 | William Radford Lovett II10% owner | Sold | 45,544 | $15.21 | $0.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✓ | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.2% | 20.1% | 9.0% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dream Finders Homes DFH | $936M | −2.9% | — | −2.9% | 17.2% | 7.2x | — | |
| M/I Homes MHO | $3.2B | −1.9% | 11.5% | 2.9% | — | 11.8x | — | Compare → |
| Century Communities CCS | $1.7B | −6.4% | — | 3.0% | — | 12.7x | — | Compare → |
| KB Home KBH | $2.9B | −10.0% | — | 4.6% | — | 13.3x | — | Compare → |
| Installed Building Products IBP | $5.3B | 1.0% | 13.0% | 10.1% | 22.6% | 21.5x | 7 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $744M | $1.1B | $1.9B | $3.3B | $3.7B | $4.4B | $4.3B |
| Gross profit | $103M | $171M | $314M | $620M | $737M | — | — |
| Interest expense | $0.2M | $0.9M | $0.7M | $0.0M | $80.1M | $199M | $283M |
| Pretax income | $44.9M | $84.5M | $162M | $356M | $404M | $438M | $284M |
| Income tax | $0.0M | $0.0M | $27.5M | $81.9M | $96.5M | $97.3M | $66.7M |
| Net income | $39.2M | $79.1M | $121M | $262M | $296M | $335M | $217M |
| Diluted EPS | $0.00 | $0.00 | $1.27 | $2.45 | $2.79 | $3.34 | $2.14 |
| Diluted shares | 0.00B | 0.00B | 0.10B | 0.11B | 0.11B | 0.10B | 0.10B |
| Cash flow | |||||||
| Cash from operations | $30.4M | $96.9M | $65.0M | −$27.6M | $374M | −$257M | −$101M |
| Capital expenditure | $2.9M | $2.9M | $2.8M | $5.5M | $4.8M | $25.3M | $25.8M |
| Free cash flow | $27.5M | $94.0M | $62.2M | −$33.2M | $369M | −$282M | −$126M |
| Depreciation and amortization | $3.0M | $4.0M | $6.1M | $11.3M | $10.7M | $10.2M | $15.1M |
| Stock-based compensation | $0.9M | $0.9M | $5.2M | $6.8M | $14.1M | $18.8M | $24.9M |
| Acquisitions | $13.0M | $16.8M | $520M | $0.3M | $0.0M | $178M | $185M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $7.8M | $41.7M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $7.8M | $41.7M |
| Balance sheet | |||||||
| Cash and short-term investments | $50.6M | $43.7M | $227M | $365M | $494M | $274M | $235M |
| Total debt | — | — | — | — | — | $1.3B | $1.6B |
| Finance lease liabilities | $0.0M | $0.3M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $484M | $1.1B | — | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $4.3M | $6.8M | $7.3M | $7.0M | $39.7M | $54.7M |
| Total assets | — | $734M | $1.9B | $2.4B | $2.6B | $3.3B | $3.7B |
| Total liabilities | — | $522M | $1.3B | $1.6B | $1.5B | $1.9B | $2.1B |
| Shareholders' equity | — | — | $401M | $645M | $925M | $1.2B | $1.4B |
| Margins | |||||||
| Gross margin | 13.8% | 15.1% | 16.3% | 18.6% | 19.7% | — | — |
| EBITDA margin | 6.5% | 7.9% | 8.8% | 11.0% | 13.2% | 14.6% | 13.5% |
| Net margin | 5.3% | 7.0% | 6.3% | 7.9% | 7.9% | 7.5% | 5.0% |
| FCF margin | 3.7% | 8.3% | 3.2% | −1.0% | 9.9% | −6.3% | −2.9% |
| Returns | |||||||
| Return on capital | — | — | — | — | — | — | 17.2% |
| Return on equity | — | — | — | 50.2% | 37.7% | 30.9% | 16.3% |
| Return on assets | — | — | 9.2% | 12.3% | 12.0% | 11.4% | 6.2% |
| Growth | |||||||
| Revenue growth | — | 52.3% | 69.7% | 73.7% | 12.2% | 18.7% | −2.9% |
| Net income growth | — | 101.8% | 53.2% | 116.6% | 12.8% | 13.3% | −35.2% |
| EPS growth | — | — | — | 92.9% | 13.9% | 19.7% | −35.9% |
| FCF growth | — | 241.3% | −33.8% | −153.3% | — | −176.3% | — |
| Share count change | — | — | — | 11.9% | −0.6% | −5.4% | 1.0% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | — | — | 1.6x | 2.4x |
| Debt / equity | — | — | — | — | — | 1.0x | 1.1x |
| Interest coverage | 203.8x | 98.0x | 242.1x | 11,130.9x | 6.1x | 3.2x | 2.0x |
| Capital allocation | |||||||
| Capex / revenue | 0.4% | 0.3% | 0.1% | 0.2% | 0.1% | 0.6% | 0.6% |
| Stock comp / revenue | 0.1% | 0.1% | 0.3% | 0.2% | 0.4% | 0.4% | 0.6% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | — | 0.0% | — | — |
| Quality scores | |||||||
| Accruals ratio | — | — | 4.3% | 13.6% | −3.2% | 20.1% | 9.0% |
Source: SEC EDGAR XBRL filings (CIK 0001825088). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.