Dream Finders Homes (DFH) Financials

$14.57 +0.64 (+4.61%)

As of 02:49 PM Eastern

Annual Income Statements for Dream Finders Homes

This table shows Dream Finders Homes' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	39	79	121	262	296	335	217
Consolidated Net Income / (Loss)	45	85	135	274	308	341	217
Net Income / (Loss) Continuing Operations	45	85	135	274	308	341	217
Total Pre-Tax Income	45	85	162	356	404	438	284
Total Operating Income	39	79	160	351	433	441	274
Total Gross Profit	103	171	314	615	731	828	755
Total Revenue	744	1,134	1,924	3,342	3,749	4,450	4,323
Operating Revenue	744	1,134	1,924	3,342	3,749	4,450	4,323
Total Cost of Revenue	641	963	1,610	2,727	3,018	3,622	3,568
Operating Cost of Revenue	641	963	1,610	2,727	3,018	3,622	3,568
Total Operating Expenses	64	92	153	264	298	387	481
Selling, General & Admin Expense	64	90	154	266	303	395	485
Other Operating Expenses / (Income)	-	1.75	-0.98	-1.93	-4.96	-8.39	-4.31
Total Other Income / (Expense), net	5.52	5.74	1.90	5.07	-29	-3.37	10
Interest & Investment Income	2.21	7.99	9.43	16	18	11	0.42
Other Income / (Expense), net	3.53	-1.38	-7.53	-11	-47	-14	9.82
Income Tax Expense	0.00	0.00	27	82	96	97	67
Net Income / (Loss) Attributable to Noncontrolling Interest	5.71	5.42	13	12	12	5.24	0.21
Basic Earnings per Share	$0.00	$0.00	$1.27	$2.67	$3.03	$3.44	$2.19
Weighted Average Basic Shares Outstanding	0.00	0.00	92.52M	92.75M	93.07M	93.51M	93.11M
Diluted Earnings per Share	$0.00	$0.00	$1.27	$2.45	$2.79	$3.34	$2.14
Weighted Average Diluted Shares Outstanding	0.00	0.00	95.31M	106.69M	106.03M	100.30M	101.30M
Weighted Average Basic & Diluted Shares Outstanding	-	-	92.76M	92.99M	93.27M	93.44M	91.81M

This table shows Dream Finders Homes' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	76	102	54	81	71	129	55	57	47	59	13
Consolidated Net Income / (Loss)	80	105	56	83	72	130	55	57	47	59	14
Net Income / (Loss) Continuing Operations	80	105	56	83	72	130	55	57	47	59	14
Total Pre-Tax Income	104	135	71	106	92	169	71	74	61	78	19
Total Operating Income	107	145	69	105	98	171	72	61	63	78	18
Total Gross Profit	185	231	147	201	197	279	193	193	169	200	129
Total Revenue	896	1,138	828	1,056	1,006	1,561	990	1,151	970	1,213	888
Operating Revenue	896	1,138	828	1,056	1,006	1,561	990	1,151	970	1,213	888
Total Cost of Revenue	711	907	680	855	809	1,282	796	958	801	1,013	758
Operating Cost of Revenue	711	907	680	855	809	1,282	796	958	801	1,013	758
Total Operating Expenses	79	86	78	95	99	108	121	131	106	122	111
Selling, General & Admin Expense	79	90	80	97	102	113	117	135	110	124	111
Other Operating Expenses / (Income)	-	-	-1.76	-1.36	-2.56	-	4.69	-3.46	-3.36	-2.18	0.11
Total Other Income / (Expense), net	-2.82	-9.77	1.70	0.66	-5.85	-2.44	-0.92	13	-1.89	0.32	0.34
Interest & Investment Income	4.56	5.86	4.90	5.30	0.10	0.27	0.18	0.02	-0.10	0.32	0.34
Other Income / (Expense), net	-7.38	-16	-3.21	-4.64	-5.95	-2.70	-1.10	13	-1.79	-	0.00
Income Tax Expense	24	30	15	23	21	38	16	18	14	19	5.25
Net Income / (Loss) Attributable to Noncontrolling Interest	3.50	3.00	1.19	1.82	0.99	1.24	0.11	-0.04	0.06	0.08	0.30
Basic Earnings per Share	$0.79	$1.05	$0.55	$0.83	$0.72	$1.34	$0.55	$0.57	$0.47	$0.60	$0.11
Weighted Average Basic Shares Outstanding	93.11M	93.07M	93.33M	93.72M	93.53M	93.51M	93.55M	93.44M	92.84M	93.11M	92.02M
Diluted Earnings per Share	$0.75	$0.94	$0.55	$0.81	$0.70	$1.28	$0.54	$0.56	$0.47	$0.57	$0.11
Weighted Average Diluted Shares Outstanding	102.05M	106.03M	99.94M	100.13M	100.74M	100.30M	101.36M	101.91M	100.64M	101.30M	92.43M
Weighted Average Basic & Diluted Shares Outstanding	93.11M	93.27M	93.73M	93.73M	93.48M	93.44M	93.55M	92.88M	92.75M	91.81M	91.54M

This table details how cash moves in and out of Dream Finders Homes' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	39	18	188	114	153	-209	-55
Net Cash From Operating Activities	30	97	65	-28	374	-257	-101
Net Cash From Continuing Operating Activities	30	97	65	-28	374	-258	-101
Net Income / (Loss) Continuing Operations	45	85	135	274	308	341	217
Consolidated Net Income / (Loss)	45	85	135	274	308	341	217
Depreciation Expense	3.04	4.01	6.07	11	11	10	15
Amortization Expense	5.31	5.93	3.79	5.84	7.25	6.99	14
Non-Cash Adjustments To Reconcile Net Income	7.57	36	87	-28	31	-75	-43
Changes in Operating Assets and Liabilities, net	-30	-33	-167	-291	18	-541	-304
Net Cash From Investing Activities	-18	-13	-523	-5.52	-4.48	-222	-226
Net Cash From Continuing Investing Activities	-18	-13	-523	-5.52	-4.48	-222	-226
Purchase of Property, Plant & Equipment	-2.89	-2.92	-2.77	-5.55	-4.78	-25	-26
Acquisitions	-16	-17	-519	-0.28	0.00	-178	-184
Purchase of Investments	-	-	-	-	0.00	0.00	-12
Sale of Property, Plant & Equipment	0.09	0.24	0.51	0.15	0.37	0.03	0.07
Divestitures	0.70	6.58	0.67	0.45	0.23	0.88	0.69
Sale and/or Maturity of Investments	-	-	-	-	0.00	0.00	13
Other Investing Activities, net	-	-	-1.98	-0.30	-0.30	-19	-17
Net Cash From Financing Activities	26	-66	646	147	-216	270	271
Net Cash From Continuing Financing Activities	26	-66	646	147	-216	270	271
Repayment of Debt	14	-787	414	-10,826	-5,868	-1,790	-1,754
Repurchase of Common Equity	0.00	0.00	-138	0.00	0.00	-7.83	-42
Payment of Dividends	-22	-25	-47	-37	-25	-26	-18
Issuance of Debt	13	742	0.00	11,023	5,710	2,134	2,067
Other Financing Activities, net	-0.38	-0.15	-1.21	-14	-33	-40	18
Cash Interest Paid	0.30	-	34	105	80	199	283
Cash Income Taxes Paid	-	-	28	48	81	128	121

This table details how cash moves in and out of Dream Finders Homes' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	38	185	-281	29	-64	107	8.28	-90	32	-5.79	195
Net Cash From Operating Activities	87	219	-248	-111	-205	306	-45	-68	-131	144	-50
Net Cash From Continuing Operating Activities	87	219	-248	-111	-205	306	-45	-68	-131	144	-50
Net Income / (Loss) Continuing Operations	80	105	56	83	72	130	55	57	47	59	14
Consolidated Net Income / (Loss)	80	105	56	83	72	130	55	57	47	59	14
Depreciation Expense	2.67	2.67	2.20	2.60	2.15	3.28	3.27	3.80	3.69	4.32	5.19
Amortization Expense	1.82	1.81	1.84	1.74	1.70	1.72	4.02	3.83	2.84	3.40	3.13
Non-Cash Adjustments To Reconcile Net Income	4.33	12	-14	-63	6.48	51	11	8.23	-32	-6.50	5.68
Changes in Operating Assets and Liabilities, net	-1.45	99	-293	-135	-287	120	-118	-141	-153	84	-77
Net Cash From Investing Activities	-1.05	-0.48	-186	-3.70	-7.83	-24	-116	-82	-4.66	-24	-11
Net Cash From Continuing Investing Activities	-1.05	-0.48	-186	-3.70	-7.83	-24	-116	-82	-4.66	-24	-11
Purchase of Property, Plant & Equipment	-0.90	-0.88	-2.07	-1.82	-18	-3.90	-3.16	-10	-4.75	-7.57	-5.27
Acquisitions	-	-	-184	-0.34	9.92	-3.72	-112	-72	-1.36	-	0.00
Purchase of Investments	-	-	-	-	-	-	0.00	-	-3.47	-6.44	-32
Sale of Property, Plant & Equipment	0.15	0.17	0.05	0.02	0.02	-0.06	0.02	0.17	0.02	-0.14	0.11
Divestitures	-	0.23	0.00	-	-	0.31	0.30	0.79	0.54	-0.93	7.50
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	4.36	6.16	20
Other Investing Activities, net	-0.30	-	0.00	-	-0.79	-17	-1.19	-0.75	-	-15	-1.15
Net Cash From Financing Activities	-48	-34	153	143	149	-175	169	60	167	-125	255
Net Cash From Continuing Financing Activities	-48	-34	153	143	149	-175	169	60	167	-125	255
Repayment of Debt	-342	-25	-100	-7.01	-589	-232	-516	-133	-505	-599	-253
Repurchase of Common Equity	-	-	0.00	-	-4.82	-1.16	-6.96	-16	-9.67	-9.01	-18
Payment of Dividends	-5.74	-8.68	-12	-3.02	-7.15	-3.82	-7.21	-3.50	-3.68	-3.31	-3.38
Issuance of Debt	300	-	280	181	750	62	706	237	686	439	535
Other Financing Activities, net	-	-	-15	-26	-	-	-6.85	-23	-	48	-5.14
Cash Interest Paid	-	-	46	-	-	-	67	60	84	72	97
Cash Income Taxes Paid	2.02	2.02	102	3.66	7.43	14	39	52	17	13	7.83

This table presents Dream Finders Homes' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	734	1,894	2,371	2,562	3,329	3,727
Total Current Assets	457	1,327	1,786	1,965	309	2,300
Cash & Equivalents	44	227	365	494	274	235
Accounts Receivable	17	33	43	31	34	39
Inventories, net	397	1,067	1,378	1,440	-	2,026
Plant, Property, & Equipment, net	4.31	6.79	7.34	7.04	0.00	0.00
Total Noncurrent Assets	272	560	578	590	3,020	1,428
Long-Term Investments	4.55	16	14	15	11	27
Goodwill	29	172	172	172	300	377
Other Noncurrent Operating Assets	236	359	391	403	2,708	1,024
Total Liabilities & Shareholders' Equity	734	1,894	2,371	2,562	3,329	3,727
Total Liabilities	522	1,338	1,570	1,476	1,908	2,123
Total Current Liabilities	164	253	319	342	429	640
Short-Term Debt	-	-	-	0.00	-	193
Accounts Payable	37	113	135	134	147	126
Accrued Expenses	67	140	184	207	281	321
Total Noncurrent Liabilities	357	1,085	1,252	1,135	1,480	1,483
Long-Term Debt	30	-	0.00	294	585	591
Noncurrent Deferred Revenue	-	-	146	173	126	70
Other Noncurrent Operating Liabilities	328	1,085	1,106	668	769	822
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	76	155	156	149	170	178
Total Equity & Noncontrolling Interests	136	401	645	938	1,250	1,426
Total Preferred & Common Equity	104	377	632	925	1,245	1,425
Total Common Equity	104	377	632	925	1,245	1,425
Common Stock	104	259	266	276	282	300
Retained Earnings	0.00	118	366	648	970	1,174
Treasury Stock	-	-	-	0.00	-7.83	-50
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	0.00	0.61
Noncontrolling Interest	32	24	13	13	5.49	1.50

This table presents Dream Finders Homes' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,309	2,288	2,384	2,717	2,985	3,325	3,488	3,650	3,835	3,973
Total Current Assets	1,439	1,536	1,837	296	2,205	2,295	2,181	254	2,450	2,609
Cash & Equivalents	267	293	330	239	275	205	297	210	251	435
Accounts Receivable	34	31	33	28	33	30	31	44	53	33
Inventories, net	1,139	1,212	1,474	-	1,898	2,060	1,853	-	2,146	2,141
Plant, Property, & Equipment, net	299	7.95	7.52	8.28	8.78	25	28	0.00	0.00	0.00
Total Noncurrent Assets	566	744	539	2,413	771	1,004	1,279	3,396	1,386	1,364
Long-Term Investments	13	14	14	18	21	6.56	12	12	11	20
Goodwill	172	172	172	305	300	300	346	378	375	377
Other Noncurrent Operating Assets	381	558	353	2,090	450	698	921	3,006	1,000	966
Total Liabilities & Shareholders' Equity	2,309	2,288	2,384	2,717	2,985	3,325	3,488	3,650	3,835	3,973
Total Liabilities	1,458	1,369	1,398	1,566	1,764	2,035	2,017	2,136	2,283	2,378
Total Current Liabilities	239	377	260	1,138	363	526	527	542	520	542
Short-Term Debt	-	-	-	-	-	170	181	-	108	139
Accounts Payable	135	124	137	144	181	169	143	174	165	123
Accrued Expenses	104	90	123	114	182	187	203	283	247	280
Total Noncurrent Liabilities	1,220	991	1,138	428	1,401	1,509	1,490	1,594	1,762	1,836
Long-Term Debt	-	-	294	294	295	295	295	1,580	591	592
Noncurrent Deferred Revenue	166	-	164	-	129	130	103	-	89	86
Other Noncurrent Operating Liabilities	1,054	991	681	134	978	1,084	1,091	14	1,083	1,158
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	156	156	149	177	170	170	178	178	178	178
Total Equity & Noncontrolling Interests	694	763	838	974	1,052	1,120	1,294	1,336	1,375	1,417
Total Preferred & Common Equity	680	748	822	969	1,047	1,115	1,292	1,334	1,373	1,415
Total Common Equity	680	748	822	969	1,047	1,115	1,292	1,334	1,373	1,415
Common Stock	268	272	272	269	272	277	285	289	295	300
Retained Earnings	411	477	550	700	777	844	1,022	1,075	1,119	1,184
Treasury Stock	-	-	-	-	-1.85	-6.67	-15	-31	-41	-68
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	0.58	0.61	-0.45
Noncontrolling Interest	15	15	15	5.29	4.10	4.69	1.76	1.59	1.35	1.80

This table displays calculated financial ratios and metrics derived from Dream Finders Homes' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	52.33%	69.69%	73.73%	12.15%	18.75%	-2.85%
EBITDA Growth	0.00%	70.40%	86.03%	119.81%	13.19%	9.96%	-29.62%
EBIT Growth	0.00%	80.35%	97.21%	122.80%	13.62%	10.60%	-33.61%
NOPAT Growth	0.00%	100.03%	68.87%	103.27%	21.92%	4.11%	-38.94%
Net Income Growth	0.00%	88.23%	59.26%	103.80%	12.27%	10.60%	-36.17%
EPS Growth	0.00%	0.00%	0.00%	92.91%	13.88%	19.71%	-35.93%
Operating Cash Flow Growth	0.00%	218.49%	-32.96%	-142.52%	1,454.79%	-168.58%	60.81%
Free Cash Flow Firm Growth	0.00%	0.00%	111.60%	1,113.34%	-173.56%	-325.62%	60.85%
Invested Capital Growth	0.00%	0.00%	61.88%	34.79%	106.22%	97.48%	23.70%
Revenue Q/Q Growth	0.00%	0.00%	11.75%	0.00%	1.04%	10.51%	-7.47%
EBITDA Q/Q Growth	0.00%	0.00%	-50.33%	0.00%	3.21%	9.69%	-21.92%
EBIT Q/Q Growth	0.00%	0.00%	-51.83%	0.00%	3.48%	9.98%	-24.19%
NOPAT Q/Q Growth	0.00%	0.00%	-53.05%	0.00%	8.83%	6.13%	-25.51%
Net Income Q/Q Growth	0.00%	0.00%	18.69%	0.00%	5.11%	8.11%	-24.80%
EPS Q/Q Growth	0.00%	0.00%	84.06%	0.00%	5.68%	11.33%	-24.91%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	320.96%	0.00%	-8.17%	25.31%	-261.50%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-58.63%	81.22%	-77.65%	-19.81%
Invested Capital Q/Q Growth	0.00%	0.00%	-19.74%	0.00%	-6.92%	11.41%	6.89%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	13.83%	15.07%	16.30%	18.41%	19.50%	18.61%	17.46%
EBITDA Margin	6.89%	7.70%	8.44%	10.68%	10.78%	9.99%	7.24%
Operating Margin	5.29%	6.95%	8.32%	10.50%	11.55%	9.91%	6.34%
EBIT Margin	5.77%	6.83%	7.93%	10.17%	10.31%	9.60%	6.56%
Profit (Net Income) Margin	6.03%	7.45%	7.00%	8.21%	8.21%	7.65%	5.03%
Tax Burden Percent	100.00%	100.00%	83.06%	77.02%	76.14%	77.78%	76.52%
Interest Burden Percent	104.63%	109.20%	106.18%	104.74%	104.68%	102.47%	100.15%
Effective Tax Rate	0.00%	0.00%	16.94%	22.98%	23.86%	22.22%	23.48%
Return on Invested Capital (ROIC)	0.00%	81.43%	52.51%	73.54%	51.00%	26.50%	10.90%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	19.52%	51.31%	72.29%	58.31%	20.20%	12.81%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.71%	-17.48%	-33.12%	-18.36%	0.67%	3.48%
Return on Equity (ROE)	0.00%	79.72%	35.03%	40.42%	32.64%	27.18%	14.38%
Cash Return on Invested Capital (CROIC)	0.00%	-118.57%	5.25%	43.91%	-18.37%	-39.03%	-10.29%
Operating Return on Assets (OROA)	0.00%	10.55%	11.62%	15.94%	15.66%	14.51%	8.04%
Return on Assets (ROA)	0.00%	11.52%	10.24%	12.86%	12.48%	11.56%	6.16%
Return on Common Equity (ROCE)	0.00%	39.05%	21.93%	30.05%	26.92%	23.52%	12.69%
Return on Equity Simple (ROE_SIMPLE)	0.00%	81.38%	35.69%	43.42%	33.31%	27.36%	0.00%
Net Operating Profit after Tax (NOPAT)	39	79	133	270	330	343	210
NOPAT Margin	5.29%	6.95%	6.91%	8.09%	8.79%	7.71%	4.85%
Net Nonoperating Expense Percent (NNEP)	0.00%	61.91%	1.20%	1.26%	-7.31%	6.30%	-1.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	41.94%	26.77%	18.70%	9.48%
Cost of Revenue to Revenue	86.17%	84.93%	83.70%	81.59%	80.50%	81.39%	82.54%
SG&A Expenses to Revenue	8.54%	7.97%	8.03%	7.96%	8.08%	8.89%	11.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.54%	8.12%	7.97%	7.90%	7.95%	8.70%	11.12%
Earnings before Interest and Taxes (EBIT)	43	77	153	340	386	427	284
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	51	87	162	357	404	445	313
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.20	4.77	0.44	3.58	1.75	1.11
Price to Tangible Book Value (P/TBV)	0.00	1.72	9.18	0.61	4.40	2.30	1.51
Price to Revenue (P/Rev)	0.17	0.11	0.94	0.08	0.88	0.49	0.37
Price to Earnings (P/E)	3.18	1.58	14.86	1.07	11.18	6.49	7.30
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	31.40%	63.38%	6.73%	93.55%	8.94%	15.42%	13.69%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.11	5.54	0.17	3.74	1.54	1.08
Enterprise Value to Revenue (EV/Rev)	0.00	0.19	0.90	0.02	0.87	0.60	0.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	2.46	10.68	0.20	8.05	5.96	7.31
Enterprise Value to EBIT (EV/EBIT)	0.00	2.77	11.37	0.21	8.42	6.20	8.07
Enterprise Value to NOPAT (EV/NOPAT)	0.00	2.72	13.05	0.26	9.87	7.72	10.92
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.21	26.71	0.00	8.70	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	130.46	0.44	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.00	0.00	0.27	0.41	0.49
Long-Term Debt to Equity	0.00	0.14	0.00	0.00	0.27	0.21	0.49
Financial Leverage	0.00	-0.09	-0.34	-0.46	-0.31	0.03	0.27
Leverage Ratio	0.00	3.46	3.42	3.14	2.61	2.35	2.33
Compound Leverage Factor	0.00	3.78	3.63	3.29	2.74	2.41	2.34
Debt to Total Capital	0.00%	12.27%	0.00%	0.00%	21.30%	29.16%	32.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	14.44%	0.00%
Long-Term Debt to Total Capital	0.00%	12.27%	0.00%	0.00%	21.30%	14.72%	32.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	44.76%	32.23%	21.11%	11.71%	8.75%	7.52%
Common Equity to Total Capital	0.00%	42.97%	67.77%	78.89%	67.00%	62.09%	59.66%
Debt to EBITDA	0.00	0.34	0.00	0.00	0.73	1.32	2.51
Net Debt to EBITDA	0.00	-0.21	0.00	0.00	-0.53	0.67	1.67
Long-Term Debt to EBITDA	0.00	0.34	0.00	0.00	0.73	0.66	2.51
Debt to NOPAT	0.00	0.38	0.00	0.00	0.89	1.70	3.74
Net Debt to NOPAT	0.00	-0.24	0.00	0.00	-0.65	0.87	2.49
Long-Term Debt to NOPAT	0.00	0.38	0.00	0.00	0.89	0.86	3.74
Altman Z-Score	0.00	2.52	2.86	2.95	4.42	3.33	2.24
Noncontrolling Interest Sharing Ratio	0.00%	51.02%	37.41%	25.67%	17.52%	13.45%	11.74%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	2.78	5.25	5.60	5.75	2.89	0.61
Quick Ratio	0.00	0.37	1.03	1.28	1.54	0.44	0.61
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-115	13	161	-119	-505	-198
Operating Cash Flow to CapEx	1,086.46%	3,613.39%	2,867.26%	-512.20%	8,478.34%	-1,013.90%	-391.06%
Free Cash Flow to Firm to Interest Expense	0.00	-131.69	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	137.41	111.26	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	124.76	108.18	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.55	1.46	1.57	1.52	1.51	1.23
Accounts Receivable Turnover	0.00	67.63	76.58	86.85	100.82	136.97	118.04
Inventory Turnover	0.00	2.43	2.20	2.23	2.14	2.30	0.00
Fixed Asset Turnover	0.00	263.12	346.71	473.22	521.36	266.88	0.00
Accounts Payable Turnover	0.00	25.73	21.34	21.98	22.45	25.76	26.11
Days Sales Outstanding (DSO)	0.00	5.40	4.77	4.20	3.62	2.66	3.09
Days Inventory Outstanding (DIO)	0.00	150.34	165.84	163.61	170.46	158.96	0.00
Days Payable Outstanding (DPO)	0.00	14.18	17.10	16.61	16.26	14.17	13.98
Cash Conversion Cycle (CCC)	0.00	141.56	153.50	151.20	157.82	147.45	-10.89
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	193	313	422	871	1,719	2,127
Invested Capital Turnover	0.00	11.72	7.59	9.09	5.80	3.44	2.25
Increase / (Decrease) in Invested Capital	0.00	193	120	109	448	849	407
Enterprise Value (EV)	0.00	214	1,736	71	3,254	2,649	2,288
Market Capitalization	125	125	1,800	280	3,308	2,175	1,586
Book Value per Share	$0.00	$10.82	$4.08	$6.81	$9.93	$13.32	$15.36
Tangible Book Value per Share	$0.00	$7.57	$2.12	$4.95	$8.08	$10.11	$11.29
Total Capital	0.00	242	556	801	1,380	2,005	2,388
Total Debt	0.00	30	0.00	0.00	294	585	784
Total Long-Term Debt	0.00	30	0.00	0.00	294	295	784
Net Debt	0.00	-19	-243	-379	-216	299	523
Capital Expenditures (CapEx)	2.80	2.68	2.27	5.39	4.41	25	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	249	847	1,103	1,130	1,339	-408
Debt-free Net Working Capital (DFNWC)	0.00	293	1,074	1,467	1,624	1,613	-174
Net Working Capital (NWC)	0.00	293	1,074	1,467	1,624	1,324	-174
Net Nonoperating Expense (NNE)	-5.52	-5.74	-1.57	-3.90	22	2.62	-7.83
Net Nonoperating Obligations (NNO)	0.00	-19	-243	-379	-216	299	523
Total Depreciation and Amortization (D&A)	8.34	9.94	9.85	17	18	17	29
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	21.98%	44.03%	33.00%	30.13%	30.08%	-9.45%
Debt-free Net Working Capital to Revenue	0.00%	25.83%	55.84%	43.91%	43.32%	36.24%	-4.02%
Net Working Capital to Revenue	0.00%	25.83%	55.84%	43.91%	43.32%	29.74%	-4.02%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.27	$2.67	$3.03	$3.44	$2.19
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	92.52M	92.75M	93.07M	93.51M	93.11M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.27	$2.45	$2.79	$3.34	$2.14
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	95.31M	106.69M	106.03M	100.30M	101.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	92.76M	92.99M	93.27M	93.44M	91.81M
Normalized Net Operating Profit after Tax (NOPAT)	28	55	133	270	330	343	210
Normalized NOPAT Margin	3.70%	4.86%	6.91%	8.09%	8.79%	7.71%	4.85%
Pre Tax Income Margin	6.03%	7.45%	8.42%	10.66%	10.79%	9.84%	6.57%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	193.77	88.85	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	177.82	90.44	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	181.13	85.78	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	165.18	87.36	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	49.55%	29.69%	34.63%	13.41%	8.18%	7.73%	8.14%
Augmented Payout Ratio	49.55%	29.69%	136.91%	13.41%	8.18%	10.03%	27.32%

This table displays calculated financial ratios and metrics derived from Dream Finders Homes' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	91,809,399.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	91,809,399.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.14
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.02%	3.50%	7.59%	11.68%	12.40%	37.19%	19.58%	8.98%	-3.64%	-22.26%	-10.31%
EBITDA Growth	28.92%	10.33%	-1.27%	9.83%	-7.25%	29.30%	11.89%	-22.25%	-29.94%	-50.66%	-65.77%
EBIT Growth	29.08%	11.16%	-0.76%	10.49%	-6.93%	29.91%	7.68%	-26.47%	-34.09%	-53.78%	-73.98%
NOPAT Growth	17.75%	31.02%	1.57%	0.57%	-9.26%	17.65%	2.52%	-43.07%	-36.31%	-55.09%	-76.10%
Net Income Growth	11.15%	16.64%	7.60%	15.52%	-10.00%	24.34%	-1.21%	-31.69%	-34.32%	-54.94%	-75.35%
EPS Growth	17.19%	18.99%	22.22%	24.62%	-6.67%	36.17%	-1.82%	-30.86%	-32.86%	-55.47%	-79.63%
Operating Cash Flow Growth	234.55%	-13.17%	-595.53%	-206.99%	-335.67%	39.63%	81.94%	38.07%	36.10%	-53.14%	-10.82%
Free Cash Flow Firm Growth	-285.68%	-1,355.19%	-1,766.16%	-2,837.42%	37.47%	-113.24%	21.65%	-205.27%	25.15%	51.42%	48.48%
Invested Capital Growth	0.00%	106.22%	105.14%	99.14%	65.00%	97.48%	41.29%	135.24%	28.94%	23.70%	14.12%
Revenue Q/Q Growth	-5.24%	27.03%	-27.26%	27.54%	-4.63%	55.05%	-36.60%	16.23%	-15.71%	25.04%	-26.79%
EBITDA Q/Q Growth	8.41%	29.28%	-47.82%	50.17%	-8.45%	80.23%	-54.84%	4.35%	-17.51%	26.93%	-68.67%
EBIT Q/Q Growth	8.84%	30.62%	-49.13%	52.77%	-8.33%	82.33%	-57.83%	4.31%	-17.82%	27.85%	-76.26%
NOPAT Q/Q Growth	-0.02%	37.61%	-51.14%	51.33%	-9.79%	78.41%	-57.91%	-15.96%	3.61%	20.69%	-77.26%
Net Income Q/Q Growth	11.11%	31.85%	-46.94%	48.63%	-13.43%	82.14%	-57.84%	2.78%	-16.77%	24.96%	-76.94%
EPS Q/Q Growth	15.38%	25.33%	-41.49%	47.27%	-13.58%	82.86%	-57.81%	3.70%	-16.07%	21.28%	-80.70%
Operating Cash Flow Q/Q Growth	-15.86%	152.34%	-212.78%	55.32%	-85.34%	249.51%	-114.59%	-53.18%	-91.25%	209.64%	-134.50%
Free Cash Flow Firm Q/Q Growth	-4,546.16%	60.65%	-60.18%	2.70%	-1.56%	-34.21%	40.92%	-279.10%	75.19%	12.34%	37.52%
Invested Capital Q/Q Growth	52.56%	-6.92%	33.22%	5.26%	26.41%	11.41%	-4.69%	75.25%	-30.72%	6.89%	-12.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.66%	20.33%	18.02%	19.22%	19.63%	17.87%	19.54%	16.74%	17.40%	16.49%	14.58%
EBITDA Margin	11.58%	11.78%	8.45%	9.95%	9.55%	11.10%	7.91%	7.10%	6.95%	7.05%	3.02%
Operating Margin	11.90%	12.76%	8.35%	9.98%	9.51%	10.96%	7.28%	5.33%	6.46%	6.42%	2.08%
EBIT Margin	11.07%	11.39%	7.96%	9.54%	9.17%	10.78%	7.17%	6.44%	6.27%	6.42%	2.08%
Profit (Net Income) Margin	8.89%	9.22%	6.73%	7.84%	7.12%	8.36%	5.56%	4.91%	4.85%	4.85%	1.53%
Tax Burden Percent	76.72%	77.49%	78.62%	78.07%	77.52%	77.40%	77.30%	76.34%	77.46%	75.26%	72.10%
Interest Burden Percent	104.59%	104.52%	107.44%	105.26%	100.11%	100.16%	100.25%	100.02%	99.83%	100.42%	101.81%
Effective Tax Rate	23.28%	22.51%	21.38%	21.93%	22.48%	22.60%	22.70%	23.66%	22.54%	24.74%	27.90%
Return on Invested Capital (ROIC)	72.42%	57.34%	28.98%	33.28%	23.96%	29.15%	18.56%	9.37%	13.23%	10.86%	3.61%
ROIC Less NNEP Spread (ROIC-NNEP)	80.94%	59.89%	28.01%	32.95%	21.44%	24.62%	17.75%	10.80%	12.81%	10.91%	3.72%
Return on Net Nonoperating Assets (RNNOA)	-4.17%	-18.86%	-3.87%	-4.73%	1.91%	0.82%	1.19%	5.36%	3.11%	2.96%	0.54%
Return on Equity (ROE)	68.24%	38.49%	25.11%	28.56%	25.86%	29.97%	19.75%	14.72%	16.34%	13.82%	4.15%
Cash Return on Invested Capital (CROIC)	-135.23%	-18.37%	-30.58%	-30.19%	-22.96%	-39.03%	-9.60%	-65.58%	-9.35%	-10.29%	-3.65%
Operating Return on Assets (OROA)	34.47%	17.30%	12.06%	14.17%	12.94%	16.30%	10.66%	9.13%	8.19%	7.86%	2.35%
Return on Assets (ROA)	27.66%	14.01%	10.19%	11.65%	10.04%	12.63%	8.26%	6.97%	6.33%	5.94%	1.73%
Return on Common Equity (ROCE)	56.90%	31.74%	20.68%	23.95%	22.02%	25.94%	17.03%	12.82%	14.31%	12.20%	3.66%
Return on Equity Simple (ROE_SIMPLE)	35.63%	0.00%	32.19%	30.84%	28.25%	0.00%	26.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	82	113	54	82	74	132	56	47	49	59	13
NOPAT Margin	9.13%	9.89%	6.57%	7.79%	7.37%	8.48%	5.63%	4.07%	5.00%	4.83%	1.50%
Net Nonoperating Expense Percent (NNEP)	-8.52%	-2.55%	0.96%	0.34%	2.52%	4.53%	0.81%	-1.43%	0.42%	-0.06%	-0.11%
Return On Investment Capital (ROIC_SIMPLE)	-	9.14%	-	-	-	7.21%	3.15%	1.61%	2.34%	2.65%	0.62%
Cost of Revenue to Revenue	79.34%	79.67%	81.98%	80.78%	80.37%	82.13%	80.46%	83.26%	82.60%	83.51%	85.42%
SG&A Expenses to Revenue	8.76%	7.92%	9.88%	9.37%	10.12%	7.25%	11.79%	11.71%	11.29%	10.25%	12.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.76%	7.57%	9.67%	9.24%	10.12%	6.91%	12.26%	11.41%	10.95%	10.07%	12.50%
Earnings before Interest and Taxes (EBIT)	99	130	66	101	92	168	71	74	61	78	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	104	134	70	105	96	173	78	82	67	86	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.52	3.58	4.21	2.31	3.04	1.75	1.63	1.76	1.75	1.11	0.90
Price to Tangible Book Value (P/TBV)	3.18	4.40	6.15	3.24	4.17	2.30	2.23	2.46	2.41	1.51	1.23
Price to Revenue (P/Rev)	0.56	0.88	1.07	0.62	0.84	0.49	0.46	0.50	0.52	0.37	0.30
Price to Earnings (P/E)	7.38	11.18	13.54	7.72	11.02	6.49	6.28	7.55	8.37	7.30	7.28
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	13.54%	8.94%	7.39%	12.95%	9.08%	15.42%	15.93%	13.24%	11.95%	13.69%	13.74%
Enterprise Value to Invested Capital (EV/IC)	2.33	3.74	3.68	2.12	2.48	1.54	1.50	1.35	1.52	1.08	0.93
Enterprise Value to Revenue (EV/Rev)	0.59	0.87	1.12	0.66	0.95	0.60	0.53	0.83	0.65	0.53	0.41
Enterprise Value to EBITDA (EV/EBITDA)	5.57	8.05	10.59	6.28	9.43	5.96	5.42	9.05	7.55	7.31	6.63
Enterprise Value to EBIT (EV/EBIT)	5.85	8.42	11.07	6.56	9.84	6.20	5.68	9.59	8.08	8.07	7.50
Enterprise Value to NOPAT (EV/NOPAT)	7.21	9.87	12.91	7.84	11.82	7.72	7.12	12.58	10.75	10.92	10.36
Enterprise Value to Operating Cash Flow (EV/OCF)	5.36	8.70	26.31	0.00	0.00	0.00	0.00	0.00	48.56	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.27	0.26	0.24	0.36	0.41	0.32	1.04	0.45	0.49	0.46
Long-Term Debt to Equity	0.30	0.27	0.26	0.24	0.23	0.21	0.20	1.04	0.38	0.49	0.37
Financial Leverage	-0.05	-0.31	-0.14	-0.14	0.09	0.03	0.07	0.50	0.24	0.27	0.14
Leverage Ratio	2.42	2.61	2.51	2.46	2.51	2.35	2.37	2.43	2.52	2.33	2.43
Compound Leverage Factor	2.53	2.73	2.70	2.59	2.51	2.35	2.37	2.43	2.51	2.34	2.48
Debt to Total Capital	22.94%	21.30%	20.36%	19.43%	26.50%	29.16%	24.48%	51.08%	31.04%	32.83%	31.42%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	9.70%	14.44%	9.31%	0.00%	4.81%	0.00%	5.98%
Long-Term Debt to Total Capital	22.94%	21.30%	20.36%	19.43%	16.80%	14.72%	15.16%	51.08%	26.23%	32.83%	25.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.81%	11.71%	12.62%	11.48%	9.95%	8.75%	9.20%	5.81%	7.97%	7.52%	7.73%
Common Equity to Total Capital	64.25%	67.00%	67.03%	69.09%	63.55%	62.09%	66.32%	43.12%	61.00%	59.66%	60.85%
Debt to EBITDA	0.75	0.73	0.73	0.71	1.15	1.32	1.05	3.68	1.74	2.51	2.80
Net Debt to EBITDA	-0.13	-0.53	0.02	0.00	0.63	0.67	0.37	3.16	1.09	1.67	1.05
Long-Term Debt to EBITDA	0.75	0.73	0.73	0.71	0.73	0.66	0.65	3.68	1.47	2.51	2.26
Debt to NOPAT	0.97	0.89	0.89	0.89	1.44	1.70	1.38	5.11	2.48	3.74	4.37
Net Debt to NOPAT	-0.17	-0.65	0.03	0.00	0.78	0.87	0.49	4.39	1.55	2.49	1.65
Long-Term Debt to NOPAT	0.97	0.89	0.89	0.89	0.91	0.86	0.86	5.11	2.10	3.74	3.54
Altman Z-Score	3.70	4.09	3.03	3.35	3.30	3.07	3.00	2.33	2.92	2.06	2.44
Noncontrolling Interest Sharing Ratio	16.62%	17.52%	17.65%	16.12%	14.87%	13.45%	13.79%	12.93%	12.46%	11.74%	11.71%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.06	5.75	0.26	6.08	4.37	2.89	4.14	0.47	4.71	0.61	4.81
Quick Ratio	1.40	1.54	0.24	0.85	0.45	0.44	0.62	0.47	0.58	0.61	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-853	-336	-540	-525	-534	-716	-423	-1,604	-398	-349	-218
Operating Cash Flow to CapEx	11,535.28%	30,955.15%	-12,205.67%	-6,154.54%	-1,169.21%	7,744.63%	-1,422.11%	-675.76%	-2,769.74%	1,862.59%	-961.72%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.11	1.52	1.52	1.49	1.41	1.51	1.49	1.42	1.31	1.23	1.13
Accounts Receivable Turnover	0.00	100.82	123.25	121.59	126.85	136.97	155.96	122.52	112.23	118.04	132.36
Inventory Turnover	0.00	2.14	0.00	2.02	1.83	2.30	0.00	0.00	1.82	0.00	1.77
Fixed Asset Turnover	0.00	521.36	24.81	468.50	248.51	266.88	253.20	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	22.45	21.87	20.61	21.18	25.76	26.04	21.66	22.94	26.11	26.56
Days Sales Outstanding (DSO)	0.00	3.62	2.96	3.00	2.88	2.66	2.34	2.98	3.25	3.09	2.76
Days Inventory Outstanding (DIO)	0.00	170.46	0.00	180.57	198.97	158.96	0.00	0.00	200.19	0.00	206.45
Days Payable Outstanding (DPO)	0.00	16.26	16.69	17.71	17.23	14.17	14.02	16.85	15.91	13.98	13.74
Cash Conversion Cycle (CCC)	0.00	157.82	-13.73	165.86	184.61	147.45	-11.67	-13.88	187.53	-10.89	195.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	935	871	1,160	1,221	1,543	1,719	1,639	2,872	1,990	2,127	1,870
Invested Capital Turnover	7.93	5.80	4.41	4.27	3.25	3.44	3.30	2.30	2.64	2.25	2.41
Increase / (Decrease) in Invested Capital	935	448	594	608	608	849	479	1,651	447	407	231
Enterprise Value (EV)	2,183	3,254	4,270	2,593	3,822	2,649	2,454	3,889	3,024	2,288	1,733
Market Capitalization	2,070	3,308	4,079	2,420	3,394	2,175	2,108	2,351	2,407	1,586	1,278
Book Value per Share	$8.83	$9.93	$10.39	$11.18	$11.90	$13.32	$13.83	$14.26	$14.79	$15.36	$15.41
Tangible Book Value per Share	$6.98	$8.08	$7.12	$7.97	$8.69	$10.11	$10.13	$10.22	$10.75	$11.29	$11.30
Total Capital	1,280	1,380	1,445	1,516	1,755	2,005	1,948	3,094	2,251	2,388	2,326
Total Debt	294	294	294	295	465	585	477	1,580	699	784	731
Total Long-Term Debt	294	294	294	295	295	295	295	1,580	591	784	592
Net Debt	-51	-216	8.74	-0.79	253	299	167	1,358	437	523	275
Capital Expenditures (CapEx)	0.75	0.71	2.03	1.80	18	3.96	3.14	10	4.73	7.71	5.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,247	1,130	-1,110	1,568	1,735	1,339	1,538	-498	1,787	-408	1,771
Debt-free Net Working Capital (DFNWC)	1,577	1,624	-842	1,843	1,940	1,613	1,835	-288	2,038	-174	2,206
Net Working Capital (NWC)	1,577	1,624	-842	1,843	1,769	1,324	1,654	-288	1,929	-174	2,067
Net Nonoperating Expense (NNE)	2.17	7.57	-1.33	-0.52	2.55	1.89	0.71	-9.71	1.46	-0.24	-0.24
Net Nonoperating Obligations (NNO)	-51	-216	8.74	-0.79	253	299	167	1,358	437	523	275
Total Depreciation and Amortization (D&A)	4.49	4.48	4.03	4.34	3.85	5.00	7.29	7.63	6.52	7.72	8.32
Debt-free, Cash-free Net Working Capital to Revenue	33.62%	30.13%	-29.15%	40.03%	43.06%	30.08%	33.33%	-10.58%	38.24%	-9.45%	41.95%
Debt-free Net Working Capital to Revenue	42.51%	43.32%	-22.11%	47.04%	48.15%	36.24%	39.78%	-6.11%	43.61%	-4.02%	52.26%
Net Working Capital to Revenue	42.51%	43.32%	-22.11%	47.04%	43.92%	29.74%	35.85%	-6.11%	41.30%	-4.02%	48.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.79	$1.05	$0.55	$0.83	$0.72	$1.34	$0.55	$0.57	$0.47	$0.60	$0.11
Adjusted Weighted Average Basic Shares Outstanding	93.11M	93.07M	93.33M	93.72M	93.53M	93.51M	93.55M	93.44M	92.84M	93.11M	92.02M
Adjusted Diluted Earnings per Share	$0.75	$0.94	$0.55	$0.81	$0.70	$1.28	$0.54	$0.56	$0.47	$0.57	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	102.05M	106.03M	99.94M	100.13M	100.74M	100.30M	101.36M	101.91M	100.64M	101.30M	92.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	93.11M	93.27M	93.73M	93.73M	93.48M	93.44M	93.55M	92.88M	92.75M	91.81M	91.54M
Normalized Net Operating Profit after Tax (NOPAT)	82	113	54	82	74	132	56	47	49	59	13
Normalized NOPAT Margin	9.13%	9.89%	6.57%	7.79%	7.37%	8.48%	5.63%	4.07%	5.00%	4.83%	1.50%
Pre Tax Income Margin	11.58%	11.90%	8.56%	10.04%	9.18%	10.80%	7.19%	6.44%	6.26%	6.44%	2.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.24%	8.18%	10.62%	9.22%	9.90%	7.73%	6.24%	6.91%	6.30%	8.14%	7.88%
Augmented Payout Ratio	8.24%	8.18%	10.62%	9.79%	12.02%	10.03%	10.59%	16.16%	18.01%	27.32%	38.12%

Financials Breakdown Chart

Key Financial Trends

Dream Finders Homes (NYSE: DFH) has shown a mix of revenue variability and improving liquidity over the last four quarters, with cash flow and margins remaining in the healthy, mid-teens to mid-single-digit range. Below is a concise, numbers-backed snapshot of trends from DFH’s quarterly statements (income, cash flow, and balance sheet) across the most recent four years.

Strong liquidity in the latest quarter: In Q3 2025, DFH reported total current assets of about $2.45B against total current liabilities of about $520M, implying a current ratio near 4.7x. This provides a robust cushion for near-term obligations and operating needs.
Q4 2025 cash flow from continuing operating activities turned positive: Net cash from continuing operating activities was approximately $143.6M in Q4 2025, reversing negative quarterly cash flow patterns seen earlier in 2025.
Gross margin remained in the mid-teens across 2025: For example, Q4 2025 gross margin was about 16.5% (Total Gross Profit of $199.9M on Revenue of $1.212B), with similar margins observed in other 2025 quarters.
Consistent quarterly net income from continuing operations in 2025: DFH posted positive results each quarter (Q1 about $55.0M, Q2 about $56.5M, Q3 about $47.1M, Q4 about $58.8M).
Debt issuance in 2025 supported cash inflows: Financing activity included substantial debt issuances, such as approximately $685.8M in Q3 2025 and about $438.6M in Q4 2025, contributing to stronger cash reserves despite higher leverage.
Elevated inventories tied to backlog: Inventories net were around $2.14B in Q3 2025 (and remain high relative to other line items), reflecting the builder’s backlog and production cycle.
Earnings per share generally in the low- to mid-0.5x range: 2025 quarters show Basic EPS around $0.47–$0.60 and Diluted EPS around $0.47–$0.57, indicating stable but non-resilient growth in profitability per share.
Revenue declined in 2025 versus 2024: Q4 2025 revenue was about $1.212B, down from Q4 2024’s approximately $1.561B (roughly a 22% year-over-year decrease), signaling softer topline demand or seasonality.
Net income margin compressed in 2025 versus 2024: Q4 2025 net income margin was about 4.8% (58.8M on 1.212B), lower than Q4 2024’s margin of roughly 8.4% (130.5M on 1.561B), indicating tighter profitability despite revenue fluctuations.
Financing activity and cash posture remained mixed by quarter: In Q4 2025, net cash from financing activities was negative (approximately -$125.5M) and the quarter’s net change in cash was slightly negative (~-$5.8M), suggesting continued reliance on external financing and working-capital adjustments to manage liquidity.

05/21/26 01:40 PM ETAI Generated. May Contain Errors.

Dream Finders Homes Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Dream Finders Homes' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Dream Finders Homes' net income appears to be on an upward trend, with a most recent value of $217.40 million in 2025, rising from $44.90 million in 2019. The previous period was $340.58 million in 2024. See Dream Finders Homes' forecast for analyst expectations on what's next for the company.

Dream Finders Homes' total operating income in 2025 was $273.87 million, based on the following breakdown:

Total Gross Profit: $754.77 million
Total Operating Expenses: $480.90 million

Over the last 6 years, Dream Finders Homes' total revenue changed from $744.29 million in 2019 to $4.32 billion in 2025, a change of 480.8%.

Dream Finders Homes' total liabilities were at $2.12 billion at the end of 2025, a 11.3% increase from 2024, and a 307.0% increase since 2020.

In the past 5 years, Dream Finders Homes' cash and equivalents has ranged from $43.66 million in 2020 to $494.15 million in 2023, and is currently $234.77 million as of their latest financial filing in 2025.

Over the last 6 years, Dream Finders Homes' book value per share changed from 0.00 in 2019 to 15.36 in 2025, a change of 1,535.9%.

Related Companies

Financial statements for NYSE:DFH last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Dream Finders Homes (DFH) Financials

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Dream Finders Homes (DFH) Financials

Annual Income Statements for Dream Finders Homes

Quarterly Income Statements for Dream Finders Homes

Annual Cash Flow Statements for Dream Finders Homes

Quarterly Cash Flow Statements for Dream Finders Homes

Annual Balance Sheets for Dream Finders Homes

Quarterly Balance Sheets for Dream Finders Homes

Annual Metrics And Ratios for Dream Finders Homes

Quarterly Metrics And Ratios for Dream Finders Homes

Financials Breakdown Chart

Key Financial Trends

Dream Finders Homes Financials - Frequently Asked Questions

When does Dream Finders Homes' fiscal year end?

How has Dream Finders Homes' net income changed over the last 6 years?

What is Dream Finders Homes' operating income?

How has Dream Finders Homes' revenue changed over the last 6 years?

How much debt does Dream Finders Homes have?

How much cash does Dream Finders Homes have?

How has Dream Finders Homes' book value per share changed over the last 6 years?

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