# Dream Finders Homes (DFH.US)

Canonical: https://gigainvestors.com/s/DFH

Analysis as of: 2026-10-16T07:27:58.932Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.44 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.05×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.06×

- LTM to Mar 2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 11.2%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 17.5%

- Recent gross margin (lower of latest and 3-year median): 17.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 8.0%

- FY2020: 11.2%

- FY2021: 14.4%

- FY2022: 24.5%

- FY2023: 29.5%

- FY2024: 17.1%

- FY2025: 14.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: 10.4%

- Working capital / revenue, annual change: 0.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 1.04×

- FY2023: 1.04×

- FY2024: 1.00×

- FY2025: 1.02×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.2% vs 17.1%

- Per-share earnings: 0.85 to 2.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 1.8%

- Per-share value growth: 34.4%

- Per-share value change: $1.94

- Per-share value, starting three-year median: $0.85

- Per-share value, ending three-year median: $2.79

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.5%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 11.2%

- ROIC, last three-year median: 17.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: $0.34

- FY2020: $0.85

- FY2021: $1.28

- FY2022: $2.46

- FY2023: $2.79

- FY2024: $3.34

- FY2025: $2.14

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 8.5%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 1.4%

- FY2020: -2.2%

- FY2021: 3.0%

- FY2022: 12.2%

- FY2023: -3.1%

- FY2024: 17.8%

- FY2025: 8.5%

## Holders

## Price story

Down 81% since Mar 2024 · sales -2.4%

Story as of 2026-10-16T09:58:37.828Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -2.4%; source https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm; observed 2026-02-24.

- FY2019: $977M 

- FY2020: $1.1B 

- FY2021: $1.9B 

- FY2022: $3.3B 

- FY2023: $3.7B 

- FY2024: $4.5B 

- FY2025: $4.3B 

- FY2026: $4.2B 

### Gross margin · FY2025

gross margin 17.5%; source https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm; observed 2026-02-24.

- FY2019: 13.5% 

- FY2020: 15.1% 

- FY2021: 16.3% 

- FY2022: 18.6% 

- FY2023: 19.7% 

- FY2024: 18.6% 

- FY2025: 17.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in residential construction; annual sales are USD 4.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm (filed 2026-02-24); FY2025: revenue 4322848000; grossProfit 754767000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DFH.US: Dream Finders Homes, Inc., through its subsidiary, Dream Finders Homes LLC, engages in the homebuilding business in the United States. It operates through four segments: Southeast, Mid-Atlantic, Midwest, and Financial Services. The company designs, builds, constructs, and sells single-family homes, such as entry-level, first and second time move-up, and active adult and custom homes. It markets its homes under various brands, including Dream Finders Homes, DF Luxury, Reverie Active Adult Lifestyle by Dream Finders Homes, Craft Homes and Coventry Homes. The company also provides insurance agency services, including closing, escrow, and title insurance, as well as mortgage banking solutions. It sells its homes through its sales representatives and independent real estate brokers. The company was founded in 2008 and is headquartered in Jacksonville, Florida.

### Why customers stay

Margins ranged from 17.5% to 19.7% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 18.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 7-year return on capital observations [[2019,0.07978870011828663],[2020,0.11249038720064557],[2021,0.14377036035893695],[2022,0.24472263590538226],[2023,0.2952716807720002],[2024,0.1705183375700143],[2025,0.14696845534587888]]; median 0.14696845534587888. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back USD 49.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 2892130; owner earnings 41298162. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 2924040; owner earnings 88933761. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 2774372; owner earnings 129453638. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 0; upkeep 5545000; owner earnings 273859000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 4781000; owner earnings 309015000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 8130000; upkeep 17215000; owner earnings 335341000. Growth capex / owner earnings = 0.024243978517389762.

- Source: https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 25792000; owner earnings 220564000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2019,8298586],[2020,17256938],[2021,23289322],[2022,13688000],[2023,13238000],[2024,13500000],[2025,13500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 49581000 USD.

### Are managers owners

Insiders own 20.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DFH.US SharesStats.PercentInsiders = 20.230999999999998 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 8.44 USD; reporting-to-trading FX 1; FY2025 annual sales per share 42.67514131516517; price multiple 0.19777321737891315. FY2025 cash earnings/share 2.1774070864943877. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-01: $23.15 per share

- 2021-02: $23.43 per share

- 2021-03: $24.07 per share

- 2021-04: $25.28 per share

- 2021-05: $31.77 per share

- 2021-06: $24.43 per share

- 2021-07: $23.15 per share

- 2021-08: $20.80 per share

- 2021-09: $17.33 per share

- 2021-10: $15.87 per share

- 2021-11: $16.77 per share

- 2021-12: $19.45 per share

- 2022-01: $18.64 per share

- 2022-02: $20.12 per share

- 2022-03: $17.08 per share

- 2022-04: $17.33 per share

- 2022-05: $17.66 per share

- 2022-06: $10.64 per share

- 2022-07: $13.00 per share

- 2022-08: $12.35 per share

- 2022-09: $10.60 per share

- 2022-10: $11.10 per share

- 2022-11: $9.84 per share

- 2022-12: $8.66 per share

- 2023-01: $12.64 per share

- 2023-02: $12.03 per share

- 2023-03: $13.25 per share

- 2023-04: $15.25 per share

- 2023-05: $18.54 per share

- 2023-06: $24.59 per share

- 2023-07: $25.50 per share

- 2023-08: $28.82 per share

- 2023-09: $22.23 per share

- 2023-10: $19.69 per share

- 2023-11: $24.34 per share

- 2023-12: $35.53 per share

- 2024-01: $32.87 per share

- 2024-02: $39.13 per share

- 2024-03: $43.73 per share

- 2024-04: $35.50 per share

- 2024-05: $28.41 per share

- 2024-06: $25.82 per share

- 2024-07: $31.55 per share

- 2024-08: $33.45 per share

- 2024-09: $36.21 per share

- 2024-10: $29.85 per share

- 2024-11: $33.27 per share

- 2024-12: $23.27 per share

- 2025-01: $23.07 per share

- 2025-02: $23.91 per share

- 2025-03: $22.56 per share

- 2025-04: $22.66 per share

- 2025-05: $20.86 per share

- 2025-06: $25.13 per share

- 2025-07: $25.32 per share

- 2025-08: $27.79 per share

- 2025-09: $25.92 per share

- 2025-10: $19.80 per share

- 2025-11: $19.77 per share

- 2025-12: $17.10 per share

- 2026-01: $18.39 per share

- 2026-02: $18.07 per share

- 2026-03: $13.92 per share

- 2026-04: $14.60 per share

- 2026-05: $15.46 per share

- 2026-06: $17.26 per share

- 2026-07: $12.79 per share

- 2026-08: $14.05 per share

- 2026-09: $10.70 per share

- 2026-10: $8.44 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:39.981Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.