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Stock research / United States / DFH · Operative Builders · NYSE

Dream Finders Homes, Inc. (DFH)

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Dream Finders Homes, Inc. (DFH) reported revenue of $1.1 billion for Q2 FY2026, the quarter ended 30 June 2026, down 7.6% on the same quarter a year earlier. Net income was $28 million, down 51.0% on the year, and diluted earnings per share $0.27. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$1.1 billiondown 7.6%
Net income$28 milliondown 51.0%
Diluted EPS$0.27
QuarterQ2 FY2026ended 30 June 2026

Dream Finders Homes (DFH) in brief

Dream Finders Homes (DFH) reported revenue of $4.3 billion for fiscal 2025, the year ended 31 December 2025, down 2.9% on the year before.
Read moreNet income was $217 million and diluted earnings per share $2.14. Revenue was $4.5 billion in fiscal 2024, $3.7 billion in fiscal 2023, $3.3 billion in fiscal 2022 and $1.9 billion in fiscal 2021. Net income in the same years was $335 million, $296 million, $262 million and $121 million. Over the twelve months to 30 June 2026, Dream Finders Homes reported revenue of $4.1 billion and net income of $147 million. Revenue grew 30.7% a year, compounded, over the five years to fiscal 2025. At 30 June 2026 it carried $1.8 billion of debt and $203 million of cash. At the close of 9 October 2026 the market cap of Dream Finders Homes was $856 million, 6.6 times its earnings over the last twelve months.

Ratios

From the filings

ROE10.2%
ROCEn/a
Operating marginn/a
Net margin3.5%
FCF margin-3.9%
Interest covern/a
Debt to equity1.27
Cash conversion-0.94
Share count, 1 yearn/a
Sales CAGR, 3 years9.0%
Profit CAGR, 3 years-6.1%
EPS, TTM$1.43

At the close of 9 October 2026

Price$9.37
Market cap$856 million
Stock P/E6.55
Price to book0.60
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales0.21
52-week high$24.17
52-week low$9.37
Price, 1 year-60.2%
Price CAGR, 3 years-24.3%
Price CAGR, 5 years-10.2%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Dream Finders Homes, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
DFHgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on DFH

Filings29 in twelve months: 18 current reports (8-K), about 8 regulation FD disclosure; 4 results of operations; 3 material agreement; 3 officer or director change; 3 other events
Planned insider sales4 Form 144 notices in twelve months, $26.6 million; latest 10 June 2026
Options tapeput/call 0.36 by open interest at the 9 October 2026 close; the straddle prices a 15.6% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 11 Schedule 13D or 13G filings in twelve months
Insider trading21 sales and 8 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest8.8 million shares short, 7.11 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 * †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue8961,1388281,0561,0071,5619901,1519701,2138881,063
Cost of revenue709902679853n/an/an/an/an/an/an/an/a
Gross profit187236149203n/an/an/an/an/an/an/an/a
Gross margin21%21%18%19%n/an/an/an/an/an/an/an/a
SG&A78.594.480.196.9102116117135110124111128
Pre-tax income10413570.810692.416971.274.160.878.118.836.8
Tax rate23%23%21%22%22%23%23%24%23%25%28%24%
Net income76.110254.580.970.712954.956.647.058.713.327.7
Net margin8%9%7%8%7%8%6%5%5%5%1%3%
Diluted EPS$0.75$1.00$0.55$0.81$0.70$1.29$0.54$0.56$0.47$0.58$0.11$0.27
Operating cash flow87.0219-248-111-205306-44.7-68.5-131144-49.5-102
Capital expenditure0.90.92.11.817.63.93.210.34.77.65.35.7
Free cash flow86.1219-250-112-223303-47.9-78.8-136136-54.8-107
Buybacks0.0n/a0.01.84.81.27.016.19.79.018.514.8
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020 †FY2021 †FY2022 †FY2023 †FY2024 †FY2025TTM
Revenue7441,1341,9243,3423,7494,4524,3234,134
Cost of revenue6419631,6102,7223,012n/an/an/a
Gross profit103171314620737n/an/an/a
Gross margin13.8%15.1%16.3%18.6%19.7%n/an/an/a
Selling, general and administrative63.690.4154266303396485473
Interest expense0.20.90.70.0n/an/an/an/a
Pre-tax income44.984.5162356404438284195
Income tax0.00.027.581.996.597.366.747.3
Effective tax rate0.0%0.0%16.9%23.0%23.9%22.2%23.5%24.3%
Net income39.279.1121262296335217147
Net margin5.3%7.0%6.3%7.8%7.9%7.5%5.0%3.5%
Diluted EPS$0.00$0.00$1.27$2.45$2.79$3.34$2.14$1.43
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Midwest1,5841,8481,69339.2%
Southeast1,5211,3871,39032.2%
Mid-Atlantic6331,1631,06224.6%
Financial Services48.979.31784.1%
Corporate0.00.00.00.0%
MidwestSoutheastMid-AtlanticFinancial ServicesCorporate
3,788FY20234,477FY20244,323FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Homebuilding3,7394,3984,14595.9%
Financial services9.752.01784.1%
HomebuildingFinancial services
3,749FY20234,450FY20244,323FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020 †FY2021 †FY2022 †FY2023 †FY2024 †FY2025TTM
Operating cash flow30.496.965.0-27.6374-257-101-138
Capital expenditure2.92.92.85.54.825.325.823.3
Free cash flow27.594.062.2-33.2369-282-126-162
Free cash flow margin3.7%8.3%3.2%-1.0%9.9%-6.3%-2.9%-3.9%
Cash from investing-17.8-13.0-523-5.5-4.5-222-226-45.1
Cash from financing26.1-65.8646147-216270271179
Depreciation and amortisation3.04.06.111.310.710.215.118.6
Share-based compensation0.90.95.26.814.118.824.921.0
Buybacksn/an/an/a0.00.07.841.752.0
Diluted shares, weighted0095m107m106m100m101m91m
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020 †FY2021 †FY2022 †FY2023 †FY2024 †FY2025TTM
Funded by
Shareholders' equityn/an/a4016459251,2451,4251,432
Non-controlling interestn/an/an/an/a13.15.51.51.9
Redeemable equityn/a76.2155156148148148148
Debtn/a29.73.30.02941,2861,6061,817
Other liabilitiesn/an/a1,3351,5701,182644547560
Total liabilities and equityn/a7341,8942,3712,5623,3293,7273,960
Owned
Fixed assetsn/a4.36.87.37.039.754.7n/a
Goodwilln/a28.6172172172300377377
Intangible assetsn/a2.79.15.0n/an/an/an/a
Cash and equivalents50.643.7227365494274235203
Inventoryn/a4841,067n/an/an/an/an/a
Other assetsn/a1704131,8221,8892,7143,0613,379
Total assetsn/a7341,8942,3712,5623,3293,7273,960
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a30.7%9.0%-12.2%
Profit growth, compoundedn/a22.4%-6.1%-52.9%
Return on equity, averagen/a29.0%24.7%15.2%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Dream Finders Homes' revenue in fiscal 2025?

Dream Finders Homes (DFH) reported revenue of $4.3 billion for fiscal 2025, the year ended 31 December 2025, down 2.9% on the year before.

How much did Dream Finders Homes earn in fiscal 2025?

Net income was $217 million for fiscal 2025, and diluted earnings per share $2.14.

What is Dream Finders Homes' P/E ratio?

At the close of 9 October 2026, Dream Finders Homes traded at 6.6 times its earnings over the twelve months to 30 June 2026.

What is Dream Finders Homes' market cap?

The market cap of Dream Finders Homes was $856 million at the close of 9 October 2026.

How much debt does Dream Finders Homes have?

At 30 June 2026 Dream Finders Homes carried $1.8 billion of debt and $203 million of cash.

Peers: Construction

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
D.R. Horton, Inc. DHI$37.9 billion12.8312.8%n/a-3.5%0.301.3%
PulteGroup Inc. PHM$21.0 billion11.4514.6%n/a-7.3%0.140.8%
NVR Inc. NVR$15.7 billion15.3033.7%n/a-9.9%0.27n/a
Toll Brothers, Inc. TOL$12.3 billion10.6914.0%13.8%-1.1%0.320.7%
Everus Construction Group, Inc. ECG$6.3 billion24.6432.9%7.8%30.5%0.35n/a
M/I Homes, Inc. MHO$3.2 billion10.759.8%9.3%-5.0%0.17n/a
Green Brick Partners, Inc. GRBK$2.7 billion9.4714.7%n/a-6.2%0.14n/a
KB Home KBH$2.6 billion12.156.0%n/a-20.8%0.552.3%
Sunrun Inc. RUN$1.8 billion5.1711.5%2.7%63.2%4.34n/a
Century Communities, Inc. CCS$1.6 billion12.205.2%n/a-8.9%0.44n/a
LGI Homes, Inc. LGIH$1.0 billion15.373.1%n/a-16.7%0.74n/a
Dream Finders Homes, Inc. DFH$856 million6.5510.2%n/a-12.2%1.27n/a
All 31 in Construction
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Quanta Services, Inc. PWR$106.0 billion80.8313.8%6.2%26.3%0.560.1%
Comfort Systems USA Inc. FIX$60.4 billion42.2044.6%16.5%46.1%0.020.1%
D.R. Horton, Inc. DHI$37.9 billion12.8312.8%n/a-3.5%0.301.3%
Emcor Group, Inc. EME$34.9 billion24.5635.3%10.4%18.9%0.000.2%
PulteGroup Inc. PHM$21.0 billion11.4514.6%n/a-7.3%0.140.8%
Lennar Corp. LEN$18.2 billion14.496.1%5.4%-8.0%0.270.3%
Mastec Inc. MTZ$17.1 billion33.9014.2%n/a23.5%0.74n/a
Jacobs Solutions Inc. J$16.3 billion49.5210.4%4.6%20.1%1.101.0%
Sterling Infrastructure, Inc. STRL$15.7 billion36.9831.8%17.5%60.8%0.20n/a
NVR Inc. NVR$15.7 billion15.3033.7%n/a-9.9%0.27n/a
Toll Brothers, Inc. TOL$12.3 billion10.6914.0%13.8%-1.1%0.320.7%
Dycom Industries Inc. DY$8.1 billion24.5016.0%7.8%37.8%1.35n/a
Fluor Corp. FLR$6.9 billionn/a-74.3%-1.4%-4.8%0.4032.1%
Everus Construction Group, Inc. ECG$6.3 billion24.6432.9%7.8%30.5%0.35n/a
IES Holdings, Inc. IESC$5.9 billion13.2237.1%12.4%22.7%0.00n/a
Argan Inc. AGX$5.5 billion31.0735.4%15.4%29.0%0.000.4%
Installed Building Products, Inc. IBP$4.9 billion19.9639.2%12.4%0.3%1.661.8%
Granite Construction Inc. GVA$4.9 billionn/a-21.9%6.3%21.8%2.070.5%
Construction Partners, Inc. ROAD$4.9 billion34.0513.7%8.6%41.9%1.68n/a
MYR Group Inc. MYRG$4.9 billion29.5721.9%5.6%16.1%0.01n/a
Primoris Services Corp. PRIM$4.5 billion32.798.7%2.9%5.1%0.500.4%
Kbr, Inc. KBR$4.5 billion10.6425.9%9.6%-4.3%1.561.9%
Tutor Perini Corp. TPC$4.4 billion35.919.8%4.5%24.7%0.310.1%
GEO Group Inc. GEO$4.1 billion14.6919.2%11.2%15.4%1.000.0%
M/I Homes, Inc. MHO$3.2 billion10.759.8%9.3%-5.0%0.17n/a
Green Brick Partners, Inc. GRBK$2.7 billion9.4714.7%n/a-6.2%0.14n/a
KB Home KBH$2.6 billion12.156.0%n/a-20.8%0.552.3%
Sunrun Inc. RUN$1.8 billion5.1711.5%2.7%63.2%4.34n/a
Century Communities, Inc. CCS$1.6 billion12.205.2%n/a-8.9%0.44n/a
LGI Homes, Inc. LGIH$1.0 billion15.373.1%n/a-16.7%0.74n/a
Dream Finders Homes, Inc. DFH$856 million6.5510.2%n/a-12.2%1.27n/a
10 companies share its SEC industry code (Operative Builders); the rest are the names nearest in size in its wider industry, Construction, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-K/A31 December 202530 July 2026EDGAR
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 20261 May 2026EDGAR
10-K31 December 202524 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 20241 August 2024EDGAR

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