Green Brick Partners
GRBK NYSE Homebuilding Financials FY2016–FY2025
Green Brick Partners' revenue fell 1.0% to $2.0 billion in fiscal 2025. Its net margin was 15.3%, down from 18.5% a year earlier. Free cash flow was $208 million, up 867.4%. It paid out $87 million in dividends and buybacks, 42% of free cash flow. The diluted share count fell 2.0%.
Revenue
Total sales reported in the income statement.
$2.0B
1.0%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$313M
17.9%
Free cash flow
Cash from operations minus capital spending.
$208M
867.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.9%
7.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.8B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
9.7x
On $6.64 EPS (TTM)
What Green Brick Partners does
No business description yet.
- Legal name
- Green Brick Partners, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-011798
0001373670
Revenue and margins
Green Brick Partners had $2.0B of revenue in fiscal 2025, down 1.0% on the year before.
FY16
Revenue $391M
FY17
Revenue $458M
FY18
Revenue $624M
FY19
Revenue $792M
FY20
Revenue $976M
FY21
Revenue $1.4B
FY22
Revenue $1.8B
FY23
Revenue $1.7B
FY24
Revenue $2.1B
FY25
Revenue $2.0B
Q3 '23
Revenue $419M
Q4 '23
Revenue $422M
Q1 '24
Revenue $439M
Q2 '24
Revenue $553M
Q3 '24
Revenue $514M
Q4 '24
Revenue $556M
Q1 '25
Revenue $489M
Q2 '25
Revenue $541M
Q3 '25
Revenue $484M
Q4 '25
Revenue $537M
Q1 '26
Revenue $466M
Q2 '26
Revenue $494M
FY16
Gross 22.5%
Operating 12.6%
Net 6.1%
FCF −1.4%
FY17
Gross 25.9%
Operating 13.1%
Net 3.3%
FCF −4.0%
FY18
Gross 24.7%
Operating 11.5%
Net 8.3%
FCF −6.8%
FY19
Gross 21.4%
Operating —
Net 7.4%
FCF −3.1%
FY20
Gross 24.0%
Operating —
Net 11.7%
FCF 3.3%
FY21
Gross 25.8%
Operating —
Net 13.6%
FCF −6.7%
FY22
Gross 29.8%
Operating —
Net 16.6%
FCF 5.0%
FY23
Gross 31.3%
Operating —
Net 16.3%
FCF 11.8%
FY24
Gross 34.1%
Operating —
Net 18.5%
FCF 1.1%
FY25
Gross 31.4%
Operating —
Net 15.4%
FCF 10.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 33.2%
Operating —
Net 17.2%
FCF 4.9%
Q4 '23
Gross 33.6%
Operating —
Net 17.3%
FCF −5.3%
Q1 '24
Gross 33.8%
Operating —
Net 19.0%
FCF 0.0%
Q2 '24
Gross 34.3%
Operating —
Net 19.1%
FCF 0.1%
Q3 '24
Gross 33.4%
Operating —
Net 17.3%
FCF −1.4%
Q4 '24
Gross 34.9%
Operating —
Net 18.7%
FCF 5.1%
Q1 '25
Gross 31.8%
Operating —
Net 15.3%
FCF 13.9%
Q2 '25
Gross 31.0%
Operating —
Net 15.2%
FCF 13.7%
Q3 '25
Gross 32.1%
Operating —
Net 16.1%
FCF −2.5%
Q4 '25
Gross 30.2%
Operating —
Net 14.6%
FCF 14.6%
Q1 '26
Gross 28.3%
Operating —
Net 13.1%
FCF 11.8%
Q2 '26
Gross 29.4%
Operating —
Net 15.0%
FCF −2.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 34.5% a year. Loss periods are shown in red.
FY16
Net income $23.8M
FY17
Net income $15.0M
FY18
Net income $51.6M
FY19
Net income $58.7M
FY20
Net income $114M
FY21
Net income $190M
FY22
Net income $292M
FY23
Net income $285M
FY24
Net income $382M
FY25
Net income $313M
Q3 '23
Net income $72.2M
Q4 '23
Net income $73.0M
Q1 '24
Net income $83.3M
Q2 '24
Net income $105M
Q3 '24
Net income $89.1M
Q4 '24
Net income $104M
Q1 '25
Net income $75.1M
Q2 '25
Net income $81.9M
Q3 '25
Net income $77.9M
Q4 '25
Net income $78.4M
Q1 '26
Net income $60.9M
Q2 '26
Net income $74.2M
FY16
Diluted EPS $0.49
FY17
Diluted EPS $0.30
FY18
Diluted EPS $1.02
FY19
Diluted EPS $1.16
FY20
Diluted EPS $2.24
FY21
Diluted EPS $3.72
FY22
Diluted EPS $6.02
FY23
Diluted EPS $6.14
FY24
Diluted EPS $8.45
FY25
Diluted EPS $7.07
Q3 '23
Diluted EPS $1.56
Q4 '23
Diluted EPS $1.59
Q1 '24
Diluted EPS $1.82
Q2 '24
Diluted EPS $2.32
Q3 '24
Diluted EPS $1.98
Q4 '24
Diluted EPS $2.33
Q1 '25
Diluted EPS $1.67
Q2 '25
Diluted EPS $1.85
Q3 '25
Diluted EPS $1.77
Q4 '25
Diluted EPS $1.78
Q1 '26
Diluted EPS $1.39
Q2 '26
Diluted EPS $1.70
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 7.9%
Return on equity 6.4%
Return on assets 4.7%
FY17
Return on capital 6.2%
Return on equity 3.7%
Return on assets 2.6%
FY18
Return on capital —
Return on equity 11.7%
Return on assets 7.4%
FY19
Return on capital —
Return on equity 11.8%
Return on assets 7.1%
FY20
Return on capital 15.0%
Return on equity 19.5%
Return on assets 12.2%
FY21
Return on capital 20.7%
Return on equity 25.1%
Return on assets 15.8%
FY22
Return on capital 25.2%
Return on equity 30.2%
Return on assets 19.0%
FY23
Return on capital 21.7%
Return on equity 24.1%
Return on assets 16.0%
FY24
Return on capital 25.3%
Return on equity 26.1%
Return on assets 18.4%
FY25
Return on capital 17.9%
Return on equity 18.0%
Return on assets 13.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $208M in fiscal 2025, 10.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$5.3M
FY17
Free cash flow −$18.2M
FY18
Free cash flow −$42.7M
FY19
Free cash flow −$24.6M
FY20
Free cash flow $32.2M
FY21
Free cash flow −$94.4M
FY22
Free cash flow $88.7M
FY23
Free cash flow $206M
FY24
Free cash flow $21.6M
FY25
Free cash flow $208M
Q3 '23
Free cash flow $20.6M
Q4 '23
Free cash flow −$22.4M
Q1 '24
Free cash flow $0.1M
Q2 '24
Free cash flow $0.8M
Q3 '24
Free cash flow −$7.4M
Q4 '24
Free cash flow $28.1M
Q1 '25
Free cash flow $68.0M
Q2 '25
Free cash flow $74.0M
Q3 '25
Free cash flow −$12.0M
Q4 '25
Free cash flow $78.4M
Q1 '26
Free cash flow $55.0M
Q2 '26
Free cash flow −$9.8M
FY16
Cash from operations −$4.9M
Capital spending $0.5M
FY17
Cash from operations −$18.0M
Capital spending $0.1M
FY18
Cash from operations −$39.5M
Capital spending $3.2M
FY19
Cash from operations −$22.1M
Capital spending $2.6M
FY20
Cash from operations $35.1M
Capital spending $2.9M
FY21
Cash from operations −$92.4M
Capital spending $2.0M
FY22
Cash from operations $90.7M
Capital spending $2.0M
FY23
Cash from operations $213M
Capital spending $7.8M
FY24
Cash from operations $25.9M
Capital spending $4.4M
FY25
Cash from operations $213M
Capital spending $4.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $22.5M
Capital spending $1.9M
Q4 '23
Cash from operations −$19.4M
Capital spending $3.0M
Q1 '24
Cash from operations $1.0M
Capital spending $0.9M
Q2 '24
Cash from operations $2.2M
Capital spending $1.4M
Q3 '24
Cash from operations −$6.2M
Capital spending $1.2M
Q4 '24
Cash from operations $28.9M
Capital spending $0.9M
Q1 '25
Cash from operations $68.7M
Capital spending $0.7M
Q2 '25
Cash from operations $74.7M
Capital spending $0.7M
Q3 '25
Cash from operations −$10.2M
Capital spending $1.8M
Q4 '25
Cash from operations $80.0M
Capital spending $1.6M
Q1 '26
Cash from operations $56.3M
Capital spending $1.2M
Q2 '26
Cash from operations −$8.8M
Capital spending $1.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Green Brick Partners returned $86.6M to shareholders in fiscal 2025, 42% of free cash flow. The diluted share count fell 2.0%.
FY16
Dividends $0.0M
Buybacks $0.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $1.0M
FY19
Dividends $0.0M
Buybacks $2.2M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $2.8M
Buybacks $102M
FY23
Dividends $2.9M
Buybacks $45.8M
FY24
Dividends $2.9M
Buybacks $48.4M
FY25
Dividends $2.9M
Buybacks $83.8M
Dividends
Buybacks
Q3 '23
Dividends $0.7M
Buybacks $0.0M
Q4 '23
Dividends $0.7M
Buybacks $17.8M
Q1 '24
Dividends $0.7M
Buybacks $3.8M
Q2 '24
Dividends $0.7M
Buybacks $38.8M
Q3 '24
Dividends $0.7M
Buybacks $5.4M
Q4 '24
Dividends $0.7M
Buybacks $0.4M
Q1 '25
Dividends $0.7M
Buybacks $16.9M
Q2 '25
Dividends $0.7M
Buybacks $43.8M
Q3 '25
Dividends $0.7M
Buybacks $0.0M
Q4 '25
Dividends $0.7M
Buybacks $23.0M
Q1 '26
Dividends $0.7M
Buybacks $7.3M
Q2 '26
Dividends $0.7M
Buybacks $9.4M
Dividends
Buybacks
FY16
Diluted shares 0.05B
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Value Green Brick Partners 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 −$132M and divides by 43.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 9.7x · peers 22.2x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Green Brick Partners can carry it.
FY16
Cash $35.2M
Debt $85.9M
FY17
Cash $40.3M
Debt $117M
FY18
Cash $41.8M
Debt —
FY19
Cash $37.7M
Debt $241M
FY20
Cash $33.6M
Debt $221M
FY21
Cash $93.6M
Debt $340M
FY22
Cash $93.3M
Debt $372M
FY23
Cash $200M
Debt $351M
FY24
Cash $160M
Debt $340M
FY25
Cash $191M
Debt $323M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $93.6M | $93.3M | $200M | $160M | $191M |
| Debt incl. finance leases | $340M | $372M | $351M | $340M | $323M |
| Net debt / EBITDA | 1.0x | 0.7x | 0.4x | 0.4x | 0.3x |
| Debt / equity | 0.4x | 0.4x | 0.3x | 0.2x | 0.2x |
| Total assets | $1.4B | $1.7B | $1.9B | $2.3B | $2.5B |
| Total liabilities | $511M | $544M | $549M | $552M | $602M |
| Shareholders' equity | $875M | $1.1B | $1.3B | $1.6B | $1.9B |
| Net debt (− = net cash) | $246M | $279M | $151M | $180M | $132M |
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
$0.0M
0 insiders
Sold, 12 months
$0.5M
1 insider
Of sales under plans
0%
$0.0M
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 | 4.0% | 17.1% | 4.2% |
| Altman Z'' | — | — | — |
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|---|---|---|---|---|---|---|---|---|
| Green Brick Partners GRBK | $2.8B | −1.0% | — | 10.2% | 17.9% | 9.7x | — | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $391M | $458M | $624M | $792M | $976M | $1.4B | $1.8B | $1.7B | $2.1B | $2.0B |
| Gross profit | $87.8M | $119M | $154M | $169M | $235M | $362M | $523M | $548M | $704M | $641M |
| Operating income | $49.1M | $60.0M | $71.8M | — | — | — | — | — | — | — |
| Interest expense | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | $50.6M | $64.2M | $81.7M | $84.3M | $143M | $257M | $397M | $391M | $512M | $438M |
| Income tax | $15.4M | $39.0M | $17.1M | $20.0M | $25.0M | $52.6M | $82.5M | $84.6M | $94.7M | $94.7M |
| Net income | $23.8M | $15.0M | $51.6M | $58.7M | $114M | $190M | $292M | $285M | $382M | $313M |
| Diluted EPS | $0.49 | $0.30 | $1.02 | $1.16 | $2.24 | $3.72 | $6.02 | $6.14 | $8.45 | $7.07 |
| Diluted shares | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | −$4.9M | −$18.0M | −$39.5M | −$22.1M | $35.1M | −$92.4M | $90.7M | $213M | $25.9M | $213M |
| Capital expenditure | $0.5M | $0.1M | $3.2M | $2.6M | $2.9M | $2.0M | $2.0M | $7.8M | $4.4M | $4.8M |
| Free cash flow | −$5.3M | −$18.2M | −$42.7M | −$24.6M | $32.2M | −$94.4M | $88.7M | $206M | $21.6M | $208M |
| Depreciation and amortization | $0.3M | $0.3M | $2.9M | $3.1M | $3.7M | $2.7M | $2.4M | $3.5M | $4.9M | $5.1M |
| Stock-based compensation | $1.3M | $2.6M | $1.8M | $2.2M | $2.1M | $3.1M | $3.5M | $6.8M | $8.4M | $12.3M |
| Acquisitions | $0.0M | $0.0M | $26.9M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $1.0M | $2.2M | $0.0M | $0.0M | $102M | $45.8M | $48.4M | $83.8M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.8M | $2.9M | $2.9M | $2.9M |
| Dividends and buybacks | $0.0M | $0.0M | $1.0M | $2.2M | $0.0M | $0.0M | $104M | $48.7M | $51.3M | $86.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $35.2M | $40.3M | $41.8M | $37.7M | $33.6M | $93.6M | $93.3M | $200M | $160M | $191M |
| Total debt | $85.9M | $117M | — | $241M | $221M | $340M | $372M | $351M | $340M | $323M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $0.9M | $0.8M | $4.7M | $4.3M | $3.6M | $2.8M | $2.9M | $7.1M | $6.6M | $6.3M |
| Total assets | $541M | $611M | $784M | $876M | $989M | $1.4B | $1.7B | $1.9B | $2.3B | $2.5B |
| Total liabilities | $140M | $178M | $290M | $326M | $326M | $511M | $544M | $549M | $552M | $602M |
| Shareholders' equity | $385M | $416M | $468M | $523M | $640M | $875M | $1.1B | $1.3B | $1.6B | $1.9B |
| Margins | ||||||||||
| Gross margin | 22.5% | 25.9% | 24.7% | 21.4% | 24.0% | 25.8% | 29.8% | 31.3% | 34.1% | 31.4% |
| Operating margin | 12.6% | 13.1% | 11.5% | — | — | — | — | — | — | — |
| EBITDA margin | 12.6% | 13.2% | 12.0% | 11.0% | 15.0% | 18.5% | 22.7% | 22.6% | 25.1% | 21.7% |
| Net margin | 6.1% | 3.3% | 8.3% | 7.4% | 11.7% | 13.6% | 16.6% | 16.3% | 18.5% | 15.4% |
| FCF margin | −1.4% | −4.0% | −6.8% | −3.1% | 3.3% | −6.7% | 5.0% | 11.8% | 1.1% | 10.2% |
| Returns | ||||||||||
| Return on capital | 7.9% | 6.2% | — | — | 15.0% | 20.7% | 25.2% | 21.7% | 25.3% | 17.9% |
| Return on equity | 6.4% | 3.7% | 11.7% | 11.8% | 19.5% | 25.1% | 30.2% | 24.1% | 26.1% | 18.0% |
| Return on assets | 4.7% | 2.6% | 7.4% | 7.1% | 12.2% | 15.8% | 19.0% | 16.0% | 18.4% | 13.1% |
| Growth | ||||||||||
| Revenue growth | 34.3% | 17.2% | 36.1% | 26.9% | 23.3% | 43.7% | 25.3% | −0.5% | 17.9% | −1.0% |
| Net income growth | 55.0% | −37.0% | 244.8% | 13.6% | 93.8% | 67.3% | 53.5% | −2.5% | 34.1% | −17.9% |
| EPS growth | 29.0% | −38.8% | 240.0% | 13.7% | 93.1% | 66.1% | 61.8% | 2.0% | 37.6% | −16.3% |
| FCF growth | — | — | — | — | — | −392.9% | — | 131.8% | −89.5% | 867.4% |
| Share count change | 21.9% | 1.6% | 2.2% | −0.2% | 0.3% | 0.5% | −6.0% | −4.3% | −2.4% | −2.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.0x | 1.3x | — | 2.3x | 1.3x | 1.0x | 0.7x | 0.4x | 0.4x | 0.3x |
| Debt / equity | 0.2x | 0.3x | — | 0.5x | 0.3x | 0.4x | 0.4x | 0.3x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.1% | 0.0% | 0.5% | 0.3% | 0.3% | 0.1% | 0.1% | 0.5% | 0.2% | 0.2% |
| Stock comp / revenue | 0.3% | 0.6% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.4% | 0.4% | 0.6% |
| Payouts / FCF | — | — | — | — | 0.0% | — | 117.6% | 23.7% | 238.1% | 41.6% |
| Quality scores | ||||||||||
| Accruals ratio | 5.6% | 5.7% | 13.1% | 9.7% | 8.4% | 23.4% | 13.1% | 4.0% | 17.1% | 4.2% |
Source: SEC EDGAR XBRL filings (CIK 0001373670). 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.