NYSE : DFH
Dream Finders Homes, Inc. — Financial statements
Consumer Discretionary · Residential Construction · United States
Last price 9.79 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 886.34M
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Financial statements
Dream Finders Homes, Inc. (DFH) reported revenue of 4.16B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.95B | 4.15B | 4.40B | 3.74B | 3.33B | 1.92B |
| Other Revenue | 214.85M | 177.50M | 51.98M | 9.70M | 7.78M | 6.61M |
| Revenue | 4.16B | 4.32B | 4.45B | 3.75B | 3.34B | 1.92B |
| Cost of Revenue | 3.35B | 3.43B | 3.59B | 3.01B | 2.72B | 1.60B |
| Gross Profit | 805.65M | 895.20M | 858.66M | 735.47M | 626.90M | 323.58M |
| Selling, General & Admin | 480.31M | 480.61M | 390.30M | 301.49M | 266.06M | 154.41M |
| Other Operating Expenses | 180.94M | 144.73M | 30.44M | 6.01M | 4.97M | |
| Operating Expenses | 661.25M | 625.34M | 420.74M | 307.50M | 271.04M | 154.41M |
| Operating Income | 144.40M | 269.86M | 437.92M | 427.98M | 355.86M | 169.17M |
| Interest & Investment Income | 6.00K | |||||
| Earnings From Equity Investments | 2.09M | 417.00K | 10.57M | 18.07M | 16.12M | 9.43M |
| Other Non Operating Income (Expenses) | 21.55M | 4.31M | 8.39M | 4.96M | 1.93M | 975.00K |
| EBT Excluding Unusual Items | 168.04M | 274.59M | 456.88M | 451.01M | 373.91M | 179.58M |
| Merger & Restructuring Charges | -21.11M | -305.00K | -5.09M | -6.70M | -10.00M | |
| Other Unusual Items | 9.82M | -13.94M | -46.59M | -11.05M | -7.53M | |
| Pretax Income | 146.93M | 284.10M | 437.85M | 404.43M | 356.16M | 162.05M |
| Income Tax Expense | 39.58M | 66.70M | 97.27M | 96.48M | 81.86M | 27.45M |
| Earnings From Continuing Operations | 107.35M | 217.40M | 340.58M | 307.94M | 274.30M | 134.59M |
| Minority Interest in Earnings | -1.00M | -207.00K | -5.24M | -12.04M | -11.98M | -13.46M |
| Net Income | 106.35M | 217.20M | 335.34M | 295.90M | 262.31M | 121.13M |
| Preferred Dividends & Other Adjustments | 13.50M | 13.50M | 13.50M | 13.48M | 14.51M | 3.60M |
| Net Income to Common | 92.85M | 203.70M | 321.84M | 282.42M | 247.80M | 117.53M |
| Shares Outstanding (Basic) | 91.63M | 93.11M | 93.51M | 93.07M | 92.75M | 92.52M |
| Shares Outstanding (Diluted) | 93.95M | 101.30M | 100.30M | 106.03M | 106.69M | 95.31M |
| EPS (Basic) | 1.01 | 2.19 | 3.44 | 3.03 | 2.67 | 1.27 |
| EPS (Diluted) | 0.99 | 2.14 | 3.34 | 2.79 | 2.45 | 1.27 |
| Free Cash Flow | -126.37M | -281.99M | 369.45M | -33.17M | 62.20M | |
| Free Cash Flow Per Share | -1.25 | -2.81 | 3.48 | -0.31 | 0.65 | |
| Gross Margin | 19.37% | 20.71% | 19.30% | 19.62% | 18.76% | 16.82% |
| Operating Margin | 3.47% | 6.24% | 9.84% | 11.42% | 10.65% | 8.79% |
| Profit Margin | 2.23% | 4.71% | 7.23% | 7.53% | 7.41% | 6.11% |
| Free Cash Flow Margin | -2.92% | -6.34% | 9.86% | -0.99% | 3.23% | |
| EBITDA | 164.95M | 284.94M | 448.15M | 438.63M | 367.11M | 175.24M |
| EBITDA Margin | 3.96% | 6.59% | 10.07% | 11.70% | 10.98% | 9.11% |
| D&A For EBITDA | 20.54M | 15.08M | 10.23M | 10.65M | 11.25M | 6.07M |
| EBIT | 144.40M | 269.86M | 437.92M | 427.98M | 355.86M | 169.17M |
| EBIT Margin | 3.47% | 6.24% | 9.84% | 11.42% | 10.65% | 8.79% |
| Effective Tax Rate | 26.94% | 23.48% | 22.22% | 23.86% | 22.98% | 16.94% |
| Revenue as Reported | 4.16B | 4.32B | 4.45B | 3.75B | 3.34B | 1.92B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 245.65M | 234.77M | 274.38M | 494.14M | 364.53M | 227.23M |
| Trading Asset Securities | 1.45M | 487.00K | ||||
| Cash & Short-Term Investments | 245.65M | 236.22M | 274.87M | 494.14M | 364.53M | 227.23M |
| Receivables | 28.64M | 42.72M | 39.33M | 44.57M | 43.49M | 33.48M |
| Inventory | 2.52B | 2.03B | 1.72B | 1.44B | 1.38B | 1.07B |
| Restricted Cash | 48.36M | 49.62M | 65.44M | 54.31M | 30.60M | 54.09M |
| Other Current Assets | 490.17M | 545.25M | 458.30M | 247.21M | 277.26M | 241.41M |
| Total Current Assets | 3.50B | 3.10B | 2.86B | 2.28B | 2.09B | 1.62B |
| Property, Plant & Equipment | 54.68M | 39.69M | 27.32M | 31.42M | 26.15M | |
| Long-Term Investments | 23.01M | 57.31M | 11.45M | 15.36M | 14.01M | 15.97M |
| Goodwill | 377.36M | 377.36M | 300.31M | 172.21M | 172.21M | 171.93M |
| Other Intangible Assets | 9.14M | |||||
| Long-Term Accounts Receivable | 20.70M | 21.00M | ||||
| Long-Term Deferred Tax Assets | 18.28M | 29.31M | 4.23M | |||
| Long-Term Deferred Charges | 11.40M | 10.30M | 7.00M | 7.30M | 6.00M | |
| Other Long-Term Assets | 302.02M | 103.89M | 80.89M | 60.06M | 31.44M | 16.96M |
| Total Assets | 4.20B | 3.73B | 3.33B | 2.56B | 2.37B | 1.89B |
| Accounts Payable | 151.72M | 126.13M | 147.14M | 134.12M | 134.70M | 113.50M |
| Accrued Expenses | 292.70M | 272.87M | 253.33M | 185.57M | 181.85M | 135.61M |
| Current Portion of Leases | 12.51M | |||||
| Current Unearned Revenue | 500.00K | 500.00K | 1.20M | 2.20M | 3.90M | |
| Other Current Liabilities | 20.59M | 27.64M | 20.62M | |||
| Total Current Liabilities | 444.42M | 432.59M | 428.61M | 341.50M | 318.75M | 253.01M |
| Long-Term Debt | 2.00B | 1.61B | 1.29B | 824.30M | 966.25M | 763.29M |
| Long-Term Leases | 14.99M | 21.11M | 24.66M | 19.83M | ||
| Long-Term Unearned Revenue | 77.85M | 69.59M | 125.60M | 172.57M | 145.65M | 177.69M |
| Other Long-Term Liabilities | 68.03M | 116.80M | 115.13M | 124.06M | ||
| Total Liabilities | 2.52B | 2.12B | 1.91B | 1.48B | 1.57B | 1.34B |
| Common Stock | 951.00K | 944.00K | 937.00K | 931.00K | 927.00K | 925.00K |
| Additional Paid-In Capital | 310.09M | 298.59M | 281.56M | 275.24M | 264.76M | 257.96M |
| Retained Earnings | 1.21B | 1.17B | 970.25M | 648.41M | 365.99M | 118.19M |
| Treasury Stock | -88.80M | -49.53M | -7.83M | |||
| Comprehensive Income & Other | 1.90M | 613.00K | ||||
| Total Common Equity | 1.43B | 1.42B | 1.24B | 924.58M | 631.68M | 377.08M |
| Minority Interest | 31.26M | 31.04M | 26.94M | 13.07M | 12.97M | 24.08M |
| Shareholders' Equity | 1.68B | 1.60B | 1.42B | 1.09B | 800.69M | 556.38M |
| Total Liabilities & Equity | 4.20B | 3.73B | 3.33B | 2.56B | 2.37B | 1.89B |
| Total Debt | 2.00B | 1.63B | 1.29B | 845.42M | 990.91M | 783.12M |
| Net Cash (Debt) | -1.75B | -1.40B | -1.01B | -351.27M | -626.38M | -555.89M |
| Net Cash Per Share | -18.63 | -13.80 | -10.08 | -3.31 | -5.87 | -5.83 |
| Filing Date Shares Outstanding | 90.54M | 91.81M | 93.44M | 93.27M | 92.99M | 92.76M |
| Total Common Shares Outstanding | 90.54M | 92.27M | 93.73M | 93.11M | 92.76M | 92.52M |
| Working Capital | 3.05B | 2.67B | 2.43B | 1.94B | 1.78B | 1.37B |
| Book Value Per Share | 15.82 | 15.44 | 13.28 | 9.93 | 6.81 | 4.08 |
| Tangible Book Value | 1.05B | 1.05B | 944.61M | 752.38M | 459.47M | 196.01M |
| Tangible Book Value Per Share | 11.65 | 11.35 | 10.08 | 8.08 | 4.95 | 2.12 |
| Land | 216.00K | 216.00K | ||||
| Buildings | 13.99M | 13.99M | 617.00K | 401.00K | 401.00K | |
| Machinery | 66.39M | 49.68M | 25.04M | 22.55M | 22.16M | |
| Order Backlog | 821.29M | 1.30B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 217.20M | 335.34M | 295.90M | 262.31M | 121.13M | |
| Depreciation & Amortization | 29.16M | 17.21M | 17.90M | 17.09M | 9.85M | |
| Loss (Gain) From Sale of Assets | -87.00K | |||||
| Loss (Gain) on Equity Investments | -3.92M | |||||
| Stock-Based Compensation | 24.92M | 18.79M | 14.10M | 6.80M | 5.23M | |
| Other Operating Activities | 14.78M | 29.20M | 25.91M | 20.28M | 27.77M | |
| Change in Accounts Receivable | -924.00K | -2.63M | 12.62M | -11.85M | -16.72M | |
| Change in Inventory | -290.69M | -358.99M | -34.87M | -347.38M | -214.43M | |
| Change in Accounts Payable | -115.15M | -23.06M | 19.20M | 65.75M | 63.36M | |
| Change in Unearned Revenue | -56.66M | -55.78M | 26.92M | -32.03M | 78.17M | |
| Change in Other Net Operating Assets | 76.78M | -216.74M | -3.44M | -8.60M | -5.39M | |
| Operating Cash Flow | -100.57M | -256.65M | 374.23M | -27.62M | 64.97M | |
| Capital Expenditures | -25.79M | -25.34M | -4.78M | -5.54M | -2.77M | |
| Sale of Property, Plant & Equipment | 74.00K | 32.00K | 367.00K | 152.00K | 508.00K | |
| Cash Acquisitions | -184.46M | -189.13M | -280.00K | -519.47M | ||
| Investment in Securities | -15.67M | -7.23M | -70.00K | 149.00K | -1.31M | |
| Investing Cash Flow | -225.84M | -221.67M | -4.48M | -5.52M | -523.04M | |
| Long-Term Debt Issued | 2.13B | 2.13B | 5.71B | 11.02B | 1.90B | |
| Long-Term Debt Repaid | -1.74B | -1.78B | -5.85B | -10.82B | -1.45B | |
| Net Debt Issued (Repaid) | 386.79M | 351.48M | -135.86M | 202.96M | 446.90M | |
| Issuance of Common Stock | 143.63M | |||||
| Repurchase of Common Stock | -49.58M | -20.29M | -322.00K | |||
| Preferred Dividends Paid | -13.50M | -13.50M | -13.24M | -13.69M | ||
| Dividends Paid | -13.50M | -13.50M | -13.24M | -13.69M | -23.29M | |
| Other Financing Activities | -52.72M | -47.99M | -55.92M | -42.31M | -44.19M | |
| Financing Cash Flow | 270.98M | 269.69M | -216.42M | 146.96M | 646.02M | |
| Net Cash Flow | -55.44M | -208.63M | 153.33M | 113.81M | 187.95M | |
| Free Cash Flow | -126.37M | -281.99M | 369.45M | -33.17M | 62.20M | |
| Free Cash Flow Margin | -2.92% | -6.34% | 9.86% | -0.99% | 3.23% | |
| Free Cash Flow Per Share | -1.25 | -2.81 | 3.48 | -0.31 | 0.65 | |
| Levered Free Cash Flow | -98.10M | -424.02M | 260.64M | -27.39M | -512.29M | |
| Unlevered Free Cash Flow | -98.10M | -424.02M | 260.64M | -27.39M | -512.29M | |
| Cash Interest Paid | 283.05M | 199.18M | 80.11M | 105.22M | 33.95M | |
| Cash Income Tax Paid | 120.74M | 127.55M | 81.32M | 47.94M | 27.82M | |
| Change in Working Capital | -386.64M | -657.20M | 20.43M | -334.11M | -95.02M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 991.36M | 1.59B | 2.18B | 3.31B | 803.30M | 1.80B |
| Enterprise Value | 2.74B | 3.28B | 3.62B | 4.01B | 1.85B | 2.35B |
| Last Close Price | 10.95 | 17.10 | 23.27 | 35.53 | 8.66 | 19.45 |
| PE Ratio | 11.06 | 7.79 | 6.76 | 11.71 | 3.24 | 15.31 |
| Forward PE | 30.42 | 9.50 | 6.84 | 13.41 | 4.89 | 9.87 |
| PS Ratio | 0.24 | 0.37 | 0.49 | 0.88 | 0.24 | 0.94 |
| PB Ratio | 0.69 | 0.99 | 1.53 | 3.05 | 1.00 | 3.23 |
| P/TBV Ratio | 0.94 | 1.51 | 2.30 | 4.40 | 1.75 | 9.18 |
| P/FCF Ratio | 8.95 | 28.93 | ||||
| P/OCF Ratio | 8.84 | 27.70 | ||||
| PEG Ratio | 4.70 | 0.72 | 1.56 | 0.32 | 0.18 | |
| EV/Sales Ratio | 0.66 | 0.76 | 0.81 | 1.07 | 0.55 | 1.22 |
| EV/EBITDA Ratio | 16.62 | 11.51 | 8.08 | 9.15 | 5.04 | 13.40 |
| EV/EBIT Ratio | 18.99 | 12.16 | 8.27 | 9.38 | 5.20 | 13.88 |
| EV/FCF Ratio | 10.86 | 37.76 | ||||
| Debt / Equity Ratio | 1.19 | 1.02 | 0.91 | 0.78 | 1.24 | 1.41 |
| Debt / EBITDA Ratio | 12.10 | 5.26 | 2.83 | 1.87 | 2.62 | 4.31 |
| Debt / FCF Ratio | 2.29 | 12.59 | ||||
| Net Debt / Equity Ratio | 1.04 | 0.87 | 0.71 | 0.32 | 0.78 | 1.00 |
| Net Debt / EBITDA Ratio | 10.61 | 4.91 | 2.26 | 0.80 | 1.71 | 3.17 |
| Net Debt / FCF Ratio | -11.06 | -3.59 | 0.95 | -18.89 | 8.94 | |
| Asset Turnover | 1.03 | 1.23 | 1.51 | 1.52 | 1.57 | 1.46 |
| Inventory Turnover | 1.44 | 1.83 | 2.28 | 2.14 | 2.22 | 2.06 |
| Quick Ratio | 0.62 | 0.65 | 0.73 | 1.58 | 1.28 | 1.03 |
| Current Ratio | 7.87 | 7.18 | 6.67 | 6.68 | 6.57 | 6.41 |
| Return on Equity (ROE) | 6.64% | 14.38% | 27.18% | 32.64% | 40.42% | 36.00% |
| Return on Assets (ROA) | 2.25% | 4.78% | 9.29% | 10.84% | 10.43% | 8.05% |
| Return on Invested Capital (ROIC) | 3.17% | 7.60% | 17.61% | 22.75% | 21.59% | 17.63% |
| Return on Capital Employed (ROCE) | 3.80% | 8.20% | 15.10% | 19.30% | 17.30% | 10.30% |
| Earnings Yield | 9.04% | 13.69% | 15.42% | 8.95% | 32.65% | 6.73% |
| FCF Yield | -16.32% | -7.97% | -12.96% | 11.17% | -4.13% | 3.46% |
| Payout Ratio | 6.21% | 4.03% | 4.47% | 5.22% | 19.23% | |
| Buyback Yield / Dilution | 7.14% | -1.00% | 5.41% | 0.62% | -11.94% | -95,551.24% |