HOVNANIAN ENTERPRISES INC
HOV, HOVVB, HOVNP · Operative Builders · 720K shares · +3%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$9M (gross $5M, SBC $14M)
Reference price $142.57 · est. market cap ~$103M — last insider sale, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Cyclical homebuilder holding revenue flat while gross margin collapsed and leverage stays elevated.
Strengths
- Positive free cash flow (fcf margin 5.6%, 61.5th pct) and total liquidity of ~$404M after heavy land spend
- Refinanced into simpler unsecured capital structure in Sept 2025
Risks
- Homebuilding gross margin fell from 18.7% to 12.7% on heavy incentives/buydowns; net contracts declined
- Elevated debt/equity (79.6th pct) into a high-rate, affordability-constrained housing market
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
2.1%
Return on equity
7.7%
Return on assets
2.4%
Revenue growth (QoQ)
5.6%
Net-income growth
-73.6%
Debt / equity
1.1×
Free cash flow
$166M
Tangible book value
$831M
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | SORSBY J LARRY | Sell | 1.0K | $142.57 |
| 2026-06-22 | HOVNANIAN ARA K | Sell | 13K | $125.78 |
| 2026-06-12 | SORSBY J LARRY | Grant | 924 | — |
| 2026-06-12 | Sellers Robin Stone | Grant | 1.1K | — |
| 2026-06-12 | PAGANO VINCENT JR | Grant | 1.1K | — |
| 2026-06-12 | MARENGI JOSEPH A | Grant | 1.2K | — |
| 2026-06-12 | Hernandez-Kakol Miriam | Grant | 1.1K | — |
| 2026-06-12 | COUTTS ROBERT B | Grant | 1.1K | — |
| 2026-06-11 | Wyatt Michael P. | Option exercise | 4.1K | — |
| 2026-06-11 | Wyatt Michael P. | Tax withheld | 2.0K | $120.87 |
| 2026-06-11 | O'Connor Brad G | Option exercise | 4.1K | — |
| 2026-06-11 | O'Connor Brad G | Tax withheld | 2.0K | $120.87 |
| 2026-06-09 | Sellers Robin Stone | Disposition | 534 | $114.00 |
| 2026-06-09 | PAGANO VINCENT JR | Disposition | 534 | $114.00 |
| 2026-06-09 | MARENGI JOSEPH A | Disposition | 610 | $114.00 |
| 2026-06-09 | Hernandez-Kakol Miriam | Disposition | 534 | $114.00 |
| 2026-06-09 | COUTTS ROBERT B | Disposition | 534 | $114.00 |
| 2026-06-01 | SORSBY J LARRY | Option exercise | 5.0K | $56.75 |
| 2026-06-01 | SORSBY J LARRY | Tax withheld | 3.1K | $116.00 |
| 2026-05-27 | O'Connor Brad G | Option exercise | 2.0K | $42.50 |
| 2026-05-27 | O'Connor Brad G | Option exercise | 1.0K | $42.50 |
| 2026-05-27 | O'Connor Brad G | Tax withheld | 370 | $115.09 |
| 2026-05-27 | O'Connor Brad G | Tax withheld | 739 | $115.09 |
| 2026-05-27 | SORSBY J LARRY | Option exercise | 5.0K | $56.75 |
| 2026-05-27 | SORSBY J LARRY | Tax withheld | 3.1K | $116.20 |
| 2026-04-29 | SORSBY J LARRY | Gift | 1.3K | — |
| 2026-04-29 | SORSBY J LARRY | Gift | 1.3K | — |
| 2026-04-27 | SORSBY J LARRY | Gift | 2.1K | — |
| 2026-04-27 | SORSBY J LARRY | Gift | 2.1K | — |
| 2026-04-01 | PAGANO VINCENT JR | Tax withheld | 1.2K | $112.89 |
| 2026-04-01 | PAGANO VINCENT JR | Option exercise | 2.0K | $42.50 |
| 2025-12-16 | SORSBY J LARRY | Grant | 9.2K | — |
| 2025-12-16 | Wyatt Michael P. | Grant | 12K | — |
| 2025-12-16 | O'Connor Brad G | Grant | 13K | — |
| 2025-11-03 | SORSBY J LARRY | Tax withheld | 48K | $122.33 |
| 2025-11-03 | SORSBY J LARRY | Option exercise | 32K | — |
| 2025-11-03 | SORSBY J LARRY | Option exercise | 30K | — |
| 2025-11-03 | SORSBY J LARRY | Option exercise | 21K | — |
| 2025-11-03 | SORSBY J LARRY | Tax withheld | 48K | $122.33 |
| 2025-10-31 | Wyatt Michael P. | Tax withheld | 3.0K | $120.23 |
| 2025-10-31 | O'Connor Brad G | Tax withheld | 3.3K | $120.23 |
| 2025-10-31 | SORSBY J LARRY | Tax withheld | 5.5K | $120.23 |
| 2025-10-31 | SORSBY J LARRY | Tax withheld | 5.5K | $120.23 |
| 2025-10-15 | Hovnanian Alexander A. | Gift | 50 | — |
| 2025-08-28 | HOVNANIAN ARA K | Sell | 609 | $138.31 |
| 2025-07-08 | Sellers Robin Stone | Sell | 750 | $113.26 |
| 2025-07-07 | Sellers Robin Stone | Sell | 750 | $109.99 |
| 2025-06-30 | KANGAS EDWARD A | Sell | 5.5K | $107.12 |
| 2025-06-13 | KANGAS EDWARD A | Grant | 1.6K | — |
| 2025-06-13 | Hernandez-Kakol Miriam | Grant | 1.4K | — |
| 2025-06-13 | COUTTS ROBERT B | Grant | 1.4K | — |
| 2025-06-13 | SORSBY J LARRY | Grant | 1.2K | — |
| 2025-06-13 | Sellers Robin Stone | Grant | 1.4K | — |
| 2025-06-13 | PAGANO VINCENT JR | Grant | 1.4K | — |
| 2025-06-13 | MARENGI JOSEPH A | Grant | 1.6K | — |
| 2025-06-12 | COUTTS ROBERT B | Disposition | 857 | $99.54 |
| 2025-06-12 | SORSBY J LARRY | Tax withheld | 8.8K | $99.54 |
| 2025-06-12 | Sellers Robin Stone | Disposition | 857 | $99.54 |
| 2025-06-12 | PAGANO VINCENT JR | Disposition | 857 | $99.54 |
| 2025-06-12 | MARENGI JOSEPH A | Disposition | 980 | $99.54 |
| 2025-06-12 | KANGAS EDWARD A | Disposition | 980 | $99.54 |
| 2025-06-12 | Wyatt Michael P. | Tax withheld | 889 | $99.54 |
| 2025-06-12 | O'Connor Brad G | Tax withheld | 896 | $99.54 |
| 2025-06-10 | Sellers Robin Stone | Disposition | 931 | $105.56 |
| 2025-06-10 | PAGANO VINCENT JR | Disposition | 931 | $105.56 |
| 2025-06-10 | MARENGI JOSEPH A | Disposition | 1.1K | $105.56 |
| 2025-06-10 | KANGAS EDWARD A | Disposition | 1.1K | $105.56 |
| 2025-06-10 | Hernandez-Kakol Miriam | Disposition | 798 | $105.56 |
| 2025-06-10 | COUTTS ROBERT B | Disposition | 931 | $105.56 |
| 2025-06-09 | HOVNANIAN ARA K | Gift | 10 | — |
| 2025-06-05 | O'Connor Brad G | Option exercise | 800 | $66.75 |
| 2025-06-05 | O'Connor Brad G | Tax withheld | 546 | $97.98 |
| 2025-03-03 | KANGAS EDWARD A | Sell | 2.0K | $101.51 |
| 2025-02-25 | Sellers Robin Stone | Sell | 5 | $109.31 |
| 2025-02-25 | Sellers Robin Stone | Sell | 142 | $106.67 |
| 2025-02-25 | Sellers Robin Stone | Sell | 248 | $108.64 |
| 2025-02-25 | Sellers Robin Stone | Sell | 582 | $107.94 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-21 | ResultsExhibits | filing ↗ |
| 2026-04-01 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2025-12-04 | ResultsExhibits | filing ↗ |
| 2025-09-25 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2025-09-23 | Exec/director change | filing ↗ |
| 2025-09-11 | OtherExhibits | filing ↗ |
| 2025-09-10 | Material agreementDebt obligationOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-06-02 | 2026-04-30 | 0001753926-26-000964 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001753926-26-000924 ↗ |
| 8-K | 2026-04-01 | 2026-03-31 | 0001753926-26-000607 ↗ |
| 10-Q | 2026-03-02 | 2026-01-31 | 0001753926-26-000412 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001753926-26-000356 ↗ |
| 10-K | 2025-12-22 | 2025-10-31 | 0001753926-25-001938 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0001753926-25-001856 ↗ |
| 8-K | 2025-09-25 | 2025-09-25 | 0001753926-25-001557 ↗ |
| 8-K | 2025-09-23 | 2025-09-17 | 0001753926-25-001548 ↗ |
| 8-K | 2025-09-11 | 2025-09-11 | 0001753926-25-001467 ↗ |
| 8-K | 2025-09-10 | 2025-09-10 | 0001753926-25-001449 ↗ |
| 10-Q | 2025-08-29 | 2025-07-31 | 0001753926-25-001413 ↗ |