# Green Brick Partners (GRBK.US)

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

Analysis as of: 2026-10-16T07:28:53.083Z. Financial observations: FY2006–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: $61.98 per share; close as of 2026-10-15.

Estimated value: low $99.53 per share, central $141.27 per share, high $165.57 per share. Buy at or below the central value $141.27 per share. Valuation as of 2026-10-16T07:28:53.083Z; scenarios are not confidence intervals.

Expected annual return: 18.5% at the stated quote. About 18.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.12×

- FY2019: 0.09×

- FY2020: 0.13×

- FY2021: 0.16×

- FY2022: 0.20×

- FY2023: 0.20×

- FY2024: 0.23×

- FY2025: 0.20×

- LTM to Jun 2026: 0.20×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.9%

- ROIC, second-lowest year: 7.8%

- Typical minus recent gross margin: -3.4 pp

- Typical gross margin (annual median): 27.8%

- Recent gross margin (lower of latest and 3-year median): 31.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 14.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.8%

- FY2018: 9.0%

- FY2019: 7.8%

- FY2020: 12.3%

- FY2021: 16.2%

- FY2022: 21.0%

- FY2023: 19.1%

- FY2024: 21.3%

- FY2025: 16.0%

- LTM to Jun 2026: 13.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.6B

- Net income, five-year total: $1.6B

- Return on incremental invested capital: 16.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.9 pp

- Working capital / revenue, final three-year average: 98.2%

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

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 1.00×

- LTM to Jun 2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.8% vs 19.1%

- Per-share earnings: 0.38 to 7.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: -2.9%

- Market cap gain: $2.2B

- Cumulative retained earnings: $1.5B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: -2.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 44.2%

- Per-share value change: $6.75

- Per-share value, starting three-year median: $0.38

- Per-share value, ending three-year median: $7.13

- Buybacks concentrated in cheaper years (correlation): 0.45

- Average buyback yield: 1.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.5M

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 19.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.49

- FY2017: $0.30

- FY2018: $1.02

- FY2019: $1.16

- FY2020: $2.24

- FY2021: $3.73

- FY2022: $6.08

- FY2023: $6.20

- FY2024: $8.51

- FY2025: $7.13

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 3.9%

- Receivables to sales index (DSRI): 2.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.68×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.7%

- FY2017: 5.5%

- FY2018: 11.6%

- FY2019: 9.2%

- FY2020: 7.9%

- FY2021: 19.9%

- FY2022: 12.2%

- FY2023: 3.7%

- FY2024: 15.8%

- FY2025: 3.9%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Sep 2024 · sales -4.3%

Story as of 2026-10-16T09:58:50.782Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.1% a year for ten years

### Sales · FY2025–2026

sales -4.3%; source https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm; observed 2026-02-25.

- FY2017: $454M 

- FY2018: $624M 

- FY2019: $792M 

- FY2020: $976M 

- FY2021: $1.4B 

- FY2022: $1.8B 

- FY2023: $1.8B 

- FY2024: $2.1B 

- FY2025: $2.0B 

- FY2026: $2.0B 

### Gross margin · FY2026

gross margin 31.2%; source https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm; observed 2026-02-25.

- FY2017: 21.7% 

- FY2018: 20.9% 

- FY2019: 21.4% 

- FY2020: 24.0% 

- FY2021: 25.8% 

- FY2022: 29.8% 

- FY2023: 30.8% 

- FY2024: 33.5% 

- FY2025: 31.2% 

- FY2026: 31.2% 

## Owner memo

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

### How it makes money

Operates in residential construction; annual sales are USD 2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm (filed 2026-02-25); FY2025: revenue 2039994000; grossProfit 635695000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GRBK.US: Green Brick Partners, Inc. operates as a diversified homebuilding and land development company in the United States. The company engages in the homebuilding process, which includes acquiring and developing land, securing entitlements, designing homes, constructing properties, providing title, mortgage, and insurance agency services, and managing marketing and sales, as well as creating master-planned communities. It also provides financial services platforms, including Green Brick Title, GRBK Mortgage, and Green Brick Insurance. Green Brick Partners, Inc. was incorporated in 2006 and is headquartered in Plano, Texas.

### Why customers stay

Margins ranged from 30.8% to 33.5% during 2023–25; it earns 14.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 33.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 31.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2017,0.07779884371180192],[2018,0.09010140535486062],[2019,0.07752830656457058],[2020,0.12342032379773832],[2021,0.16152896912227865],[2022,0.20971737542710572],[2023,0.1912818552326874],[2024,0.212616521824949],[2025,0.1602748013900691],[2026,0.13759174476119884]]; median 0.14893327307563398. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 3.1%; sales volumes rose.

- Source: https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm (filed 2026-02-25); [p0] ess overview and developments during the year ended December 31, 2025, refer to Part I, Item 1 of this Annual Report on Form 10-K. Overview and Outlook Our key financial and operating metrics are home deliveries, home closings revenue, average sales price of homes delivered, net new home orders, which refers to the number of sales contracts executed reduced by the number of sales contracts canceled during the relevant period, and homebuilding gross margin. Our results for each key financial and operating metric, as compared to the year ended December 31, 2024, are provided below: Year Ended December 31, 2025 New homes delivered Increased by 4.2% Home closings revenue Increased by 1.0% Average sales price of homes delivered Decreased by 3.1% Net new home orders Increased by 3.1% Homebuilding gross margin percentage Decreased by 330 bps The results achieved in our key metrics compared to last year are largely driven by our strategic focus on infill and infill-adjacent locations in high growth markets, our land approach to self-develop raw land into finished lots that are held on our balance sheet, and our reduced cycle times. Our home deliveries and net new home orders increased 4.2% and 3.1%, respectively. Home closings revenue remained relatively unchanged mainly due to a 3.1% decrease in the average sales price of homes delivered, which also resulted in a lower homebuilding gross margin percentage. We remain focused on disciplined land acquisition and operational efficiency to drive long-term value, even as we navigate a more competitive pricing environment. We believe we operate in some of the most desirable housing markets in the nation and that increasing demand and supply levels in our target markets create favorable conditions for our future growth. As of October 2025, Texas, Florida and Georgia were ranked first

[p1] n. Our results for each key financial and operating metric, as compared to the year ended December 31, 2024, are provided below: Year Ended December 31, 2025 New homes delivered Increased by 4.2% Home closings revenue Increased by 1.0% Average sales price of homes delivered Decreased by 3.1% Net new home orders Increased by 3.1% Homebuilding gross margin percentage Decreased by 330 bps The results achieved in our key metrics compared to last year are largely driven by our strategic focus on infill and infill-adjacent locations in high growth markets, our land approach to self-develop raw land into finished lots that are held on our balance sheet, and our reduced cycle times. Our home deliveries and net new home orders increased 4.2% and 3.1%, respectively. Home closings revenue remained relatively unchanged mainly due to a 3.1% decrease in the average sales price of homes delivered, which also resulted in a lower homebuilding gross margin percentage. We remain focused on disciplined land acquisition and operational efficiency to drive long-term value, even as we navigate a more competitive pricing environment. We believe we operate in some of the most desirable housing markets in the nation and that increasing demand and supply levels in our target markets create favorable conditions for our future growth. As of October 2025, Texas, Florida and Georgia were ranked first, second and fifth, respectively, in terms of single-family building permits issued according to the National Association of Home Builders. Results of Operations Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Residential Units Revenue and New Homes Delivered The table below represents residential units revenue and new homes delivered for the years ended December 31, 2025 and December 31, 2024 (dollars in thousands): Years Ended

[p2] hat are held on our balance sheet, and our reduced cycle times. Our home deliveries and net new home orders increased 4.2% and 3.1%, respectively. Home closings revenue remained relatively unchanged mainly due to a 3.1% decrease in the average sales price of homes delivered, which also resulted in a lower homebuilding gross margin percentage. We remain focused on disciplined land acquisition and operational efficiency to drive long-term value, even as we navigate a more competitive pricing environment. We believe we operate in some of the most desirable housing markets in the nation and that increasing demand and supply levels in our target markets create favorable conditions for our future growth. As of October 2025, Texas, Florida and Georgia were ranked first, second and fifth, respectively, in terms of single-family building permits issued according to the National Association of Home Builders. Results of Operations Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Residential Units Revenue and New Homes Delivered The table below represents residential units revenue and new homes delivered for the years ended December 31, 2025 and December 31, 2024 (dollars in thousands): Years Ended December 31, 2025 2024 Change % Home closings revenue $ 2,091,258 $ 2,069,756 $ 21,502 1.0 % Mechanic’s lien contracts revenue 219 380 (161) (42.4) % Residential units revenue $ 2,091,477 $ 2,070,136 $ 21,341 1.0 % New homes delivered 3,943 3,783 160 4.2 % Average sales price of homes delivered $ 530.4 $ 547.1 $ (16.7) (3.1) % The $21.3 million increase in residential units revenue was driven by the 4.2% increase in the number of homes delivered partially offset by a 3.1% decrease in average sales price of new homes delivered. The increase in new homes delivered was primarily driven by our Trophy Signature Homes

[p3] verage sales price of homes delivered, which also resulted in a lower homebuilding gross margin percentage. We remain focused on disciplined land acquisition and operational efficiency to drive long-term value, even as we navigate a more competitive pricing environment. We believe we operate in some of the most desirable housing markets in the nation and that increasing demand and supply levels in our target markets create favorable conditions for our future growth. As of October 2025, Texas, Florida and Georgia were ranked first, second and fifth, respectively, in terms of single-family building permits issued according to the National Association of Home Builders. Results of Operations Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Residential Units Revenue and New Homes Delivered The table below represents residential units revenue and new homes delivered for the years ended December 31, 2025 and December 31, 2024 (dollars in thousands): Years Ended December 31, 2025 2024 Change % Home closings revenue $ 2,091,258 $ 2,069,756 $ 21,502 1.0 % Mechanic’s lien contracts revenue 219 380 (161) (42.4) % Residential units revenue $ 2,091,477 $ 2,070,136 $ 21,341 1.0 % New homes delivered 3,943 3,783 160 4.2 % Average sales price of homes delivered $ 530.4 $ 547.1 $ (16.7) (3.1) % The $21.3 million increase in residential units revenue was driven by the 4.2% increase in the number of homes delivered partially offset by a 3.1% decrease in average sales price of new homes delivered. The increase in new homes delivered was primarily driven by our Trophy Signature Homes and CB JENI Homes brands. The decrease in the average sales price of homes delivered was attributable to product mix, higher incentives, discounts, and closing costs to sustain order pace. 25 TABLE OF CONTENTS New Home Orders and Backlo

[p4] 4 Change % Home closings revenue $ 2,091,258 $ 2,069,756 $ 21,502 1.0 % Mechanic’s lien contracts revenue 219 380 (161) (42.4) % Residential units revenue $ 2,091,477 $ 2,070,136 $ 21,341 1.0 % New homes delivered 3,943 3,783 160 4.2 % Average sales price of homes delivered $ 530.4 $ 547.1 $ (16.7) (3.1) % The $21.3 million increase in residential units revenue was driven by the 4.2% increase in the number of homes delivered partially offset by a 3.1% decrease in average sales price of new homes delivered. The increase in new homes delivered was primarily driven by our Trophy Signature Homes and CB JENI Homes brands. The decrease in the average sales price of homes delivered was attributable to product mix, higher incentives, discounts, and closing costs to sustain order pace. 25 TABLE OF CONTENTS New Home Orders and Backlog The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s liens contracts (dollars in thousands): Years Ended December 31, 2025 2024 Change % Net new home orders 3,795 3,681 114 3.1 % Revenue from net new home orders $ 1,949,703 $ 2,010,439 $ (60,736) (3.0) % Average selling price of net new home orders $ 513.8 $ 546.2 $ (32.4) (5.9) % Cancellation rate 7.5 % 7.3 % 0.2 % 2.7 % Absorption rate per average active selling community per quarter 9.3 9.1 0.2 2.2 % Average active selling communities 102 101 1 1.0 % Active selling communities at end of period 101 106 (5) (4.7) % Backlog revenue $ 354,328 $ 495,883 $ (141,555) (28.5) % Backlog units 520 668 (148) (22.2) % Average sales price of backlog $ 681.4 $ 742.3 $ (60.9) (8.2) % Net new home orders increased by 3.1% over the prior year while our average active selling communities remained relatively flat. Revenue from net new home orders declined $60.7 million or 3.0% consistent with the de

[p5] 2 % Average sales price of homes delivered $ 530.4 $ 547.1 $ (16.7) (3.1) % The $21.3 million increase in residential units revenue was driven by the 4.2% increase in the number of homes delivered partially offset by a 3.1% decrease in average sales price of new homes delivered. The increase in new homes delivered was primarily driven by our Trophy Signature Homes and CB JENI Homes brands. The decrease in the average sales price of homes delivered was attributable to product mix, higher incentives, discounts, and closing costs to sustain order pace. 25 TABLE OF CONTENTS New Home Orders and Backlog The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s liens contracts (dollars in thousands): Years Ended December 31, 2025 2024 Change % Net new home orders 3,795 3,681 114 3.1 % Revenue from net new home orders $ 1,949,703 $ 2,010,439 $ (60,736) (3.0) % Average selling price of net new home orders $ 513.8 $ 546.2 $ (32.4) (5.9) % Cancellation rate 7.5 % 7.3 % 0.2 % 2.7 % Absorption rate per average active selling community per quarter 9.3 9.1 0.2 2.2 % Average active selling communities 102 101 1 1.0 % Active selling communities at end of period 101 106 (5) (4.7) % Backlog revenue $ 354,328 $ 495,883 $ (141,555) (28.5) % Backlog units 520 668 (148) (22.2) % Average sales price of backlog $ 681.4 $ 742.3 $ (60.9) (8.2) % Net new home orders increased by 3.1% over the prior year while our average active selling communities remained relatively flat. Revenue from net new home orders declined $60.7 million or 3.0% consistent with the decline in the average selling price of net new home orders. The increase in net new home orders is attributable to a lower cancellation rate and higher incentives offered to drive sales orders. Backlog refers to homes under sales con

[p6]  of homes delivered partially offset by a 3.1% decrease in average sales price of new homes delivered. The increase in new homes delivered was primarily driven by our Trophy Signature Homes and CB JENI Homes brands. The decrease in the average sales price of homes delivered was attributable to product mix, higher incentives, discounts, and closing costs to sustain order pace. 25 TABLE OF CONTENTS New Home Orders and Backlog The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s liens contracts (dollars in thousands): Years Ended December 31, 2025 2024 Change % Net new home orders 3,795 3,681 114 3.1 % Revenue from net new home orders $ 1,949,703 $ 2,010,439 $ (60,736) (3.0) % Average selling price of net new home orders $ 513.8 $ 546.2 $ (32.4) (5.9) % Cancellation rate 7.5 % 7.3 % 0.2 % 2.7 % Absorption rate per average active selling community per quarter 9.3 9.1 0.2 2.2 % Average active selling communities 102 101 1 1.0 % Active selling communities at end of period 101 106 (5) (4.7) % Backlog revenue $ 354,328 $ 495,883 $ (141,555) (28.5) % Backlog units 520 668 (148) (22.2) % Average sales price of backlog $ 681.4 $ 742.3 $ (60.9) (8.2) % Net new home orders increased by 3.1% over the prior year while our average active selling communities remained relatively flat. Revenue from net new home orders declined $60.7 million or 3.0% consistent with the decline in the average selling price of net new home orders. The increase in net new home orders is attributable to a lower cancellation rate and higher incentives offered to drive sales orders. Backlog refers to homes under sales contracts that have not yet closed at the end of the relevant period, and absorption rate refers to the rate at which net new home orders are contracted per average active selling 

[p7]  segments, excluding mechanic’s liens contracts (dollars in thousands): Years Ended December 31, 2025 2024 Change % Net new home orders 3,795 3,681 114 3.1 % Revenue from net new home orders $ 1,949,703 $ 2,010,439 $ (60,736) (3.0) % Average selling price of net new home orders $ 513.8 $ 546.2 $ (32.4) (5.9) % Cancellation rate 7.5 % 7.3 % 0.2 % 2.7 % Absorption rate per average active selling community per quarter 9.3 9.1 0.2 2.2 % Average active selling communities 102 101 1 1.0 % Active selling communities at end of period 101 106 (5) (4.7) % Backlog revenue $ 354,328 $ 495,883 $ (141,555) (28.5) % Backlog units 520 668 (148) (22.2) % Average sales price of backlog $ 681.4 $ 742.3 $ (60.9) (8.2) % Net new home orders increased by 3.1% over the prior year while our average active selling communities remained relatively flat. Revenue from net new home orders declined $60.7 million or 3.0% consistent with the decline in the average selling price of net new home orders. The increase in net new home orders is attributable to a lower cancellation rate and higher incentives offered to drive sales orders. Backlog refers to homes under sales contracts that have not yet closed at the end of the relevant period, and absorption rate refers to the rate at which net new home orders are contracted per average active selling community during the relevant period. Sales contracts may be canceled prior to closing for a number of reasons, including the inability of the homebuyer to obtain suitable mortgage financing. Accordingly, backlog may not be indicative of our future revenue. Backlog revenue decreased by 28.5% mainly due to a decrease of 148 backlog units and a 8.2% decrease in the average sales price of backlog units compared to the prior year period. The change in backlog is due to increase in homes delivered of 160 units parti

[p8]  quarter 9.3 9.1 0.2 2.2 % Average active selling communities 102 101 1 1.0 % Active selling communities at end of period 101 106 (5) (4.7) % Backlog revenue $ 354,328 $ 495,883 $ (141,555) (28.5) % Backlog units 520 668 (148) (22.2) % Average sales price of backlog $ 681.4 $ 742.3 $ (60.9) (8.2) % Net new home orders increased by 3.1% over the prior year while our average active selling communities remained relatively flat. Revenue from net new home orders declined $60.7 million or 3.0% consistent with the decline in the average selling price of net new home orders. The increase in net new home orders is attributable to a lower cancellation rate and higher incentives offered to drive sales orders. Backlog refers to homes under sales contracts that have not yet closed at the end of the relevant period, and absorption rate refers to the rate at which net new home orders are contracted per average active selling community during the relevant period. Sales contracts may be canceled prior to closing for a number of reasons, including the inability of the homebuyer to obtain suitable mortgage financing. Accordingly, backlog may not be indicative of our future revenue. Backlog revenue decreased by 28.5% mainly due to a decrease of 148 backlog units and a 8.2% decrease in the average sales price of backlog units compared to the prior year period. The change in backlog is due to increase in homes delivered of 160 units partially offset by an increase in new home orders of 114 units. Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the respective period, was 7.5% for the year ended December 31, 2025, compared to 7.3% for the year ended December 31, 2024. Our cancellation rate remained in a historically low range under 10.0% since December 31, 2022. 26 TABLE OF CONTENTS R

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 83.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 172000; upkeep 286000; owner earnings 23756000. Growth capex / owner earnings = 0.007240276140764439.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 149000; owner earnings 15146000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 268000; upkeep 2943000; owner earnings 51623000. Growth capex / owner earnings = 0.005191484415861147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 2569000; owner earnings 59166000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 2903000; owner earnings 114456000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 2025000; owner earnings 190929000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 2012000; owner earnings 292255000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 131680.46374559868; upkeep 7670319.536254401; owner earnings 280500680.4637456. Growth capex / owner earnings = 0.00046944792978004284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 4365000; owner earnings 382097000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 4798000; owner earnings 313538000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,10896000],[2018,10747000],[2019,2811000],[2020,2811000],[2021,834000],[2022,2811000],[2023,2875000],[2024,2875000],[2025,2875000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 83770000 USD.

### Are managers owners

Insiders own 8.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GRBK.US SharesStats.PercentInsiders = 8.399 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm (filed 2026-02-25); argin compression if we are unable to increase our sales prices accordingly.

The cost of labor and raw materials may also be adversely affected during periods of shortage or high inflation. Shortages and price increases could cause delays in, and increase our costs of, land development and home construction, which we may not be able to offset by raising home prices due to market demand and because the price for each home is typically set prior to its delivery pursuant to the agreement of sale with the homebuyer. In addition, the federal government has at various times in recent years imposed tariffs on a variety of imports from foreign countries and may impose additional tariffs in the future. Significant tariffs or other restrictions that are placed on raw materials that we use in our homebuilding operation, such as lumber or steel, could cause the cost of home construction to increase, which we may not be able to offset by raising home prices or which could slow our absorption due to constraints on market demand. As a result, shortages or increased costs of labor and raw materials could have a material adverse effect on our business, prospects, financial condition and results of operations.

Tariffs could adversely affect our business and financial results, especially since we may not be able to raise home prices sufficiently to offset increased prices caused by any such tariffs.

The Trump administration has imposed a number of tariffs on imports from several countries, including a 35% tariff on softwood lumber imports from Canada, which could, significantly increase the cost of lumber in the U.S. As noted above with respect to the impact of inflation, while we attempt to pass along price increases to our consumers to help offset price increases we incur, we may not be able to continue to do so, thereby adversely impacting our margins as a result of any tariffs imposed on our operations. The imposed tariffs have been the subject of numerous legal challenges, including before the U.S. Supreme Court, the outcome of which has yet to be determined. Even if those challenges are successful, it is uncertain as to whether we will be able to recover any tariffs we have previously paid, or whether the U.S. government will attempt to reimpose the tariffs under some other authority.

Failure to recruit, retain and develop highly skilled, competent employees may have a material adverse effect on our business and results of operations.



### What the price says

The price assumes cash profits shrink 4.1% yearly over ten years; actual growth was 33.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.07053585650208022. Price 61.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3960946657023866 → FY2025 7.138193242874055. Closing-price date 2026-10-15.

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

- 2016-10: $7.65 per share

- 2016-11: $9.15 per share

- 2016-12: $10.05 per share

- 2017-01: $9.60 per share

- 2017-02: $9.45 per share

- 2017-03: $9.95 per share

- 2017-04: $10.30 per share

- 2017-05: $9.90 per share

- 2017-06: $11.45 per share

- 2017-07: $11.25 per share

- 2017-08: $9.45 per share

- 2017-09: $9.90 per share

- 2017-10: $10.85 per share

- 2017-11: $12.05 per share

- 2017-12: $11.30 per share

- 2018-01: $11.20 per share

- 2018-02: $10.10 per share

- 2018-03: $10.90 per share

- 2018-04: $10.10 per share

- 2018-05: $11.80 per share

- 2018-06: $9.80 per share

- 2018-07: $9.70 per share

- 2018-08: $10.45 per share

- 2018-09: $10.10 per share

- 2018-10: $9.40 per share

- 2018-11: $8.30 per share

- 2018-12: $7.24 per share

- 2019-01: $8.46 per share

- 2019-02: $8.91 per share

- 2019-03: $8.75 per share

- 2019-04: $8.94 per share

- 2019-05: $8.69 per share

- 2019-06: $8.31 per share

- 2019-07: $9.41 per share

- 2019-08: $9.19 per share

- 2019-09: $10.70 per share

- 2019-10: $10.07 per share

- 2019-11: $11.41 per share

- 2019-12: $11.48 per share

- 2020-01: $11.59 per share

- 2020-02: $10.94 per share

- 2020-03: $8.05 per share

- 2020-04: $8.91 per share

- 2020-05: $10.70 per share

- 2020-06: $11.85 per share

- 2020-07: $13.80 per share

- 2020-08: $14.24 per share

- 2020-09: $16.10 per share

- 2020-10: $17.89 per share

- 2020-11: $21.77 per share

- 2020-12: $22.96 per share

- 2021-01: $19.90 per share

- 2021-02: $19.73 per share

- 2021-03: $22.68 per share

- 2021-04: $25.81 per share

- 2021-05: $23.34 per share

- 2021-06: $22.74 per share

- 2021-07: $25.07 per share

- 2021-08: $24.99 per share

- 2021-09: $20.52 per share

- 2021-10: $26.05 per share

- 2021-11: $24.95 per share

- 2021-12: $30.33 per share

- 2022-01: $23.68 per share

- 2022-02: $23.19 per share

- 2022-03: $19.76 per share

- 2022-04: $19.70 per share

- 2022-05: $24.32 per share

- 2022-06: $19.57 per share

- 2022-07: $26.80 per share

- 2022-08: $24.36 per share

- 2022-09: $21.38 per share

- 2022-10: $23.13 per share

- 2022-11: $24.18 per share

- 2022-12: $24.23 per share

- 2023-01: $31.20 per share

- 2023-02: $31.20 per share

- 2023-03: $35.06 per share

- 2023-04: $37.27 per share

- 2023-05: $47.87 per share

- 2023-06: $56.80 per share

- 2023-07: $56.52 per share

- 2023-08: $49.46 per share

- 2023-09: $41.51 per share

- 2023-10: $38.70 per share

- 2023-11: $47.45 per share

- 2023-12: $51.94 per share

- 2024-01: $52.17 per share

- 2024-02: $58.50 per share

- 2024-03: $60.23 per share

- 2024-04: $54.13 per share

- 2024-05: $54.60 per share

- 2024-06: $57.24 per share

- 2024-07: $73.15 per share

- 2024-08: $78.78 per share

- 2024-09: $83.52 per share

- 2024-10: $69.01 per share

- 2024-11: $71.46 per share

- 2024-12: $56.49 per share

- 2025-01: $60.47 per share

- 2025-02: $59.73 per share

- 2025-03: $58.31 per share

- 2025-04: $58.99 per share

- 2025-05: $58.45 per share

- 2025-06: $62.88 per share

- 2025-07: $61.94 per share

- 2025-08: $69.84 per share

- 2025-09: $73.86 per share

- 2025-10: $64.74 per share

- 2025-11: $67.88 per share

- 2025-12: $62.66 per share

- 2026-01: $69.39 per share

- 2026-02: $73.66 per share

- 2026-03: $64.45 per share

- 2026-04: $67.44 per share

- 2026-05: $67.26 per share

- 2026-06: $80.04 per share

- 2026-07: $70.73 per share

- 2026-08: $72.22 per share

- 2026-09: $66.11 per share

- 2026-10: $61.98 per share

## Annual estimated value (USD per share)

- FY2016: low $6.33 per share, central $8.81 per share, high $10.25 per share

- FY2017: low $7.34 per share, central $10.24 per share, high $11.94 per share

- FY2018: low $8.90 per share, central $10.06 per share, high $11.60 per share

- FY2019: low $11.02 per share, central $12.49 per share, high $14.45 per share

- FY2020: low $15.70 per share, central $17.86 per share, high $20.74 per share

- FY2021: low $25.85 per share, central $29.28 per share, high $33.84 per share

- FY2022: low $47.82 per share, central $54.29 per share, high $62.91 per share

- FY2023: low $67.32 per share, central $84.28 per share, high $97.83 per share

- FY2024: low $102.64 per share, central $145.67 per share, high $170.72 per share

- FY2025: low $103.05 per share, central $145.74 per share, high $170.60 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1373670/000162828026011798/grbk-20251231.htm); period 2025-12-31, filed 2026-02-25.

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.