Dream Finders Homes vs Installed Building Products
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The short version
- Dream Finders Homes is the larger business, with $4.3B of revenue in fiscal 2025 against $3.0B for Installed Building Products.
- Installed Building Products grew revenue faster (1.0%, against −2.9%).
- Installed Building Products turned more of its sales into free cash flow (10.1% FCF margin, against −2.9%).
- Installed Building Products earned a higher return on the capital invested in it (22.6%, against 17.2%).
- Investors pay more for each dollar of Installed Building Products’s earnings: a P/E of 21.5x against 7.2x for Dream Finders Homes.
| Latest fiscal year | DFH · FY25 | IBP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $5.3B |
| Revenue | $4.3B | $3.0B |
| Free cash flow | −$126M | $301M |
| Net income | $217M | $265M |
| Growth | ||
| Revenue growth | −2.9% | 1.0% |
| 5-year growth | 30.7% | 12.4% |
| Share count change | 1.0% | −3.1% |
| Profitability | ||
| Gross margin | — | 34.0% |
| Operating margin | — | 13.0% |
| Net margin | 5.0% | 8.9% |
| FCF margin | −2.9% | 10.1% |
| Return on capital | 17.2% | 22.6% |
| Return on equity | 16.3% | 37.5% |
| Balance sheet | ||
| Net debt | $1.4B | $571M |
| Net debt / EBITDA | 2.4x | 1.3x |
| Dividends and buybacks | $41.7M | $260M |
| Valuation & quality | ||
| P/E | 7.2x | 21.5x |
| Piotroski F-score | — | 7 |
Revenue
FY16
DFH —
IBP $863M
FY17
DFH —
IBP $1.1B
FY18
DFH —
IBP $1.3B
FY19
DFH $744M
IBP $1.5B
FY20
DFH $1.1B
IBP $1.7B
FY21
DFH $1.9B
IBP $2.0B
FY22
DFH $3.3B
IBP $2.7B
FY23
DFH $3.7B
IBP $2.8B
FY24
DFH $4.4B
IBP $2.9B
FY25
DFH $4.3B
IBP $3.0B
DFH
IBP
Operating margin
FY16
DFH —
IBP 7.7%
FY17
DFH —
IBP 6.6%
FY18
DFH —
IBP 7.0%
FY19
DFH —
IBP 8.0%
FY20
DFH —
IBP 9.8%
FY21
DFH —
IBP 9.5%
FY22
DFH —
IBP 12.9%
FY23
DFH —
IBP 13.3%
FY24
DFH —
IBP 13.0%
FY25
DFH —
IBP 13.0%
DFH
IBP
Free cash flow
FY16
DFH —
IBP $46.3M
FY17
DFH —
IBP $37.1M
FY18
DFH —
IBP $61.4M
FY19
DFH $27.5M
IBP $72.9M
FY20
DFH $94.0M
IBP $147M
FY21
DFH $62.2M
IBP $101M
FY22
DFH −$33.2M
IBP $232M
FY23
DFH $369M
IBP $279M
FY24
DFH −$282M
IBP $251M
FY25
DFH −$126M
IBP $301M
DFH
IBP
Return on capital
FY16
DFH —
IBP 16.3%
FY17
DFH —
IBP 14.5%
FY18
DFH —
IBP 14.0%
FY19
DFH —
IBP 15.4%
FY20
DFH —
IBP 18.9%
FY21
DFH —
IBP 17.9%
FY22
DFH —
IBP 24.4%
FY23
DFH —
IBP 23.5%
FY24
DFH —
IBP 23.4%
FY25
DFH 17.2%
IBP 22.6%
DFH
IBP
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.