Dream Finders Homes, Inc.
DFH · Operative Builders · 106.0M shares · EDGAR filings ↗
Grade
C64Profitable asset-light homebuilder with above-median ROE but declining earnings and rising leverage in a soft housing cycle.
Strengths
- ROE 15.2% (66.7th pct) with profitability every year since inception and an asset-light, high-turnover model
- Net margin 5% and strong community-count growth (313 vs 242) support a long-term demand thesis
Risks
- Net income fell 35% and revenue declined; gross margin compressed and SG&A ratio rose 270bps
- Negative FCF (-$126M) and rising net homebuilding debt-to-cap (41.8% from 33.7%)
- Cyclical exposure to rates, affordability, and incentive-driven margin pressure
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
5.0%
Return on equity
15.2%
Return on assets
5.8%
Revenue growth (QoQ)
-26.8%
Net-income growth
-35.2%
Debt / equity
1.1×
Free cash flow
-$126M
Tangible book value
$1.0B
Cash & investments
$235M
Cash runway
7q
Stock comp / revenue
0.6%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Material agreement3.035.03Shareholder voteOtherExhibits | filing ↗ |
| 2026-06-05 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-21 | Reg FDExhibits | filing ↗ |
| 2026-05-15 | Auditor changeExhibits | filing ↗ |
| 2026-05-11 | Reg FDExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-02-23 | ResultsExhibits | filing ↗ |
| 2025-12-30 | Reg FD | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-08 | 0001628280-26-042289 ↗ |
| 8-K | 2026-06-05 | 2026-06-01 | 0001628280-26-041265 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001628280-26-037047 ↗ |
| 8-K | 2026-05-15 | 2026-05-13 | 0001628280-26-035718 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001628280-26-033114 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0001628280-26-029073 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001628280-26-028624 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001628280-26-010837 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001628280-26-010399 ↗ |
| 8-K | 2025-12-30 | 2025-12-29 | 0001628280-25-059048 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001628280-25-051387 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001628280-25-047364 ↗ |