Recent News
Dec 29, 2025 — Company released its 2024 annual shareholder letter authored by the CEO, reiterating strategic priorities and geographic expansion efforts. Dec 29, 2025 — CEO issued a shareholder statement describing his October 2025 acquisition of the Tampa Bay Rays and noting the purchase will not materially affect his commitment to Dream Finders Homes or require meaningful DFH stock sales.
Technical Analysis
Directional Indicators (ADX / DI+ / DI-): ADX at 22.05 signals an emerging trend. DI+ at 25.99 shows a dip-and-reverse, which reads as bullish; DI- at 14.50 is decreasing, which also reads as bullish. Together, directional indicators point to a nascent bullish directional bias that supports near-term upside attempts.
MACD: MACD sits at 0.33, above the signal line at 0.13, and the MACD trend increases — this cross-above the signal line confirms bullish momentum and aligns with short-term upward pressure on price.
MRO (Momentum/Regression Oscillator): MRO at 29.94 registers positive, indicating price currently sits above the implied target and therefore carries a tendency to mean-revert downward; the increasing MRO suggests that mean-reversion potential has strengthened even as momentum indicators stay constructive.
RSI: RSI at 49.06 and increasing occupies neutral ground, implying buyers and sellers remain balanced; the uptick supports further attempts to test resistance but does not signal overbought conditions.
Price vs Moving Averages & Bands: Last close $20.39 trades above the 20-day average ($19.16) and 50-day average ($18.81) while remaining below the 200-day average ($22.97). Price slightly exceeds the 1x Bollinger upper band ($20.26), indicating short-term extension; the 200-day average above price preserves a longer-term cap. The SuperTrend lower support at $18.84 provides a nearby technical floor.
Volume & Volatility: Intraday volume of 423,882 sits slightly below the 10-day average of 466,341 and roughly in line with the 50-day average, suggesting recent moves lack outsized participation. 42-day and 52-week volatility at ~3% reflect relatively contained price swings for the sector.
Fundamental Analysis
Profitability: Operating (EBIT) of $59,279,000 yields an operating margin of 6.11%. Quarter-over-quarter operating margin expanded by 21.49%, while year-over-year operating margin declined by 35.70%. The operating margin sits below the industry peer mean (≈14.25%) and industry peer median (≈14.12%), though above the industry peer low (≈5.42%). Gross margin registered 17.40%, down 11.32% year-over-year but up 3.98% quarter-over-quarter.
Earnings Per Share: Reported EPS $0.47 versus an estimate of $0.50 producing an EPS surprise of -6.0%. Forward EPS stands at $0.451, implying a forward P/E of 32.22 compared with the reported trailing P/E of 54.01; both metrics reflect elevated multiples relative to recent profitability.
Cash Flow & Liquidity: Operating cash flow shows an outflow of $130,981,000 and free cash flow negative $135,729,000, producing a free cash flow yield of -5.76%. Cash and short-term investments total $251,044,000. The current ratio equals 1.55 while the quick ratio equals 0.27; the current ratio sits below the industry peer mean (≈9.46) and the quick ratio below the industry peer mean (≈2.63), indicating tighter near-term liquidity versus typical peer levels.
Leverage & Capital Structure: Total debt $1,766,134,000 produces debt-to-equity of 1.29 and debt-to-assets of 0.4605. Debt-to-equity and debt-to-assets run above the industry peer means (debt-to-equity mean ≈0.319; debt-to-assets mean ≈0.182), signaling materially higher leverage on the balance sheet.
Efficiency & Returns: Asset turnover at 0.259 is slightly below the industry peer mean (≈0.290). Return on equity stands at 3.42%, below the industry peer mean (≈4.70%). Receivables turnover registers a strong 20.01x, reflecting rapid collection, while days inventory outstanding at ~197 days creates a long working-capital cycle; cash conversion cycle sits at ~185 days, inside the industry peer mean but still elevated in absolute terms.
Valuation: Enterprise multiple equals 58.8, above the industry peer mean (≈39.5). Price-to-book equals 1.71 versus the industry peer mean of ≈2.46. WMDST values the stock as over-valued given the combination of elevated market multiples, negative free cash flow, and higher leverage relative to peers.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 258.4 M |
| Operating Cash Flow | $ -130.98 M | |
| Capital Expenditures | $ -4.75 M | |
| Change In Working Capital | $ -201.35 M | |
| Dividends Paid | $ -3.38 M | |
| Cash Flow Delta | $ 31.8 M | |
| End Period Cash Flow | $ 290.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 969.8 M | |
| Forward Revenue | $ 215.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 801.0 M | |
| Depreciation | $ 6.5 M | |
| Depreciation and Amortization | $ 6.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 910.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 168.8 M | |
| EBITDA | $ 65.8 M | |
| EBIT | $ 59.3 M | |
| Operating Income | $ 59.3 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 60.8 M | |
| Tax Provision | $ 13.7 M | |
| Tax Rate | 22.542 % | |
| Net Income | $ 47.0 M | |
| Net Income From Continuing Operations | $ 47.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.50 | |
| EPS Actual | $ 0.47 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -6.0 % | |
| Forward EPS | $ 0.45 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.8 B | |
| Intangible Assets | $ 375.1 M | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 251.0 M | |
| Cash | $ 251.0 M | |
| Net Receivables | $ 53.0 M | |
| Inventory | $ 2.1 B | |
| Long-Term Investments | $ 294.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 165.3 M | |
| Short-Term Debt | $ 1.2 B | |
| Total Current Liabilities | $ 1.7 B | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.3 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.81 | |
| Shares Outstanding | 92.755 M | |
| Revenue Per-Share | $ 10.46 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 3.9 B | |
| Enterprise Multiple | 58.812 | |
| Enterprise Multiple QoQ | 0.946 % | |
| Enterprise Multiple YoY | 46.545 % | |
| Enterprise Multiple IPRWA | DFH: 58.812 high: 56.389 median: 43.224 mean: 39.521 low: 26.861 |
|
| EV/R | 3.99 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.793 | |
| Asset To Liability | 1.68 | |
| Debt To Capital | 0.563 | |
| Debt To Assets | 0.461 | |
| Debt To Assets QoQ | 6.358 % | |
| Debt To Assets YoY | 31.828 % | |
| Debt To Assets IPRWA | high: 0.48 DFH: 0.461 mean: 0.182 median: 0.17 low: 0.002 |
|
| Debt To Equity | 1.286 | |
| Debt To Equity QoQ | 8.562 % | |
| Debt To Equity YoY | 23.475 % | |
| Debt To Equity IPRWA | high: 1.452 DFH: 1.286 mean: 0.319 median: 0.249 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.715 | |
| Price To Book QoQ | -6.499 % | |
| Price To Book YoY | -37.092 % | |
| Price To Book IPRWA | high: 5.472 mean: 2.463 median: 1.935 DFH: 1.715 low: 0.571 |
|
| Price To Earnings (P/E) | 54.015 | |
| Price To Earnings QoQ | 20.921 % | |
| Price To Earnings YoY | 16.291 % | |
| Price To Earnings IPRWA | high: 92.96 DFH: 54.015 mean: 53.197 median: 52.279 low: 30.727 |
|
| PE/G Ratio | -3.361 | |
| Price To Sales (P/S) | 2.428 | |
| Price To Sales QoQ | 14.185 % | |
| Price To Sales YoY | -19.561 % | |
| Price To Sales IPRWA | high: 14.419 mean: 5.631 median: 4.836 DFH: 2.428 low: 1.863 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 32.218 | |
| Forward PE/G | -2.005 | |
| Forward P/S | 5.858 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.154 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.259 | |
| Asset Turnover Ratio QoQ | -19.618 % | |
| Asset Turnover Ratio YoY | -18.807 % | |
| Asset Turnover Ratio IPRWA | high: 0.437 mean: 0.29 median: 0.269 DFH: 0.259 low: 0.073 |
|
| Receivables Turnover | 20.015 | |
| Receivables Turnover Ratio QoQ | -34.926 % | |
| Receivables Turnover Ratio YoY | -37.179 % | |
| Receivables Turnover Ratio IPRWA | DFH: 20.015 high: 14.207 mean: 6.213 median: 4.799 low: 1.737 |
|
| Inventory Turnover | 0.387 | |
| Inventory Turnover Ratio QoQ | -22.302 % | |
| Inventory Turnover Ratio YoY | -5.296 % | |
| Inventory Turnover Ratio IPRWA | high: 2.707 mean: 0.599 DFH: 0.387 median: 0.292 low: 0.085 |
|
| Days Sales Outstanding (DSO) | 4.559 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 185.412 | |
| Cash Conversion Cycle Days QoQ | -9.561 % | |
| Cash Conversion Cycle Days YoY | -5.342 % | |
| Cash Conversion Cycle Days IPRWA | high: 889.05 mean: 222.148 DFH: 185.412 median: 80.111 low: 46.208 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.046 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | -0.728 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.1 B | |
| Net Invested Capital | $ 3.1 B | |
| Invested Capital | $ 3.1 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 926.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.15 | |
| Current Ratio | 1.553 | |
| Current Ratio QoQ | 16.007 % | |
| Current Ratio YoY | 2.286 % | |
| Current Ratio IPRWA | high: 17.394 mean: 9.463 median: 6.11 low: 1.865 DFH: 1.553 |
|
| Quick Ratio | 0.273 | |
| Quick Ratio QoQ | 9.69 % | |
| Quick Ratio YoY | 2.022 % | |
| Quick Ratio IPRWA | high: 4.511 median: 3.154 mean: 2.628 low: 0.47 DFH: 0.273 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 26.841 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | 5927.9 | |
| Interest Coverage Ratio QoQ | 2.422 % | |
| Interest Coverage Ratio YoY | -38.068 % | |
| Interest Coverage Ratio IPRWA | DFH: 5927.9 high: 601.482 mean: 57.819 median: 28.941 low: 1.167 |
|
| Operating Cash Flow Ratio | -0.071 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 16.16 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 13.925 | |
| Dividend Payout Ratio | 0.072 | |
| Dividend Rate | $ 0.04 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.073 % | |
| Revenue Growth | -15.706 % | |
| Revenue Growth QoQ | -196.783 % | |
| Revenue Growth YoY | 239.222 % | |
| Revenue Growth IPRWA | high: 7.522 % median: 2.354 % mean: 2.054 % DFH: -15.706 % low: -19.304 % |
|
| Earnings Growth | -16.071 % | |
| Earnings Growth QoQ | -533.882 % | |
| Earnings Growth YoY | 18.343 % | |
| Earnings Growth IPRWA | high: 9.896 % median: -2.31 % mean: -3.481 % DFH: -16.071 % low: -41.667 % |
|
| MARGINS | ||
| Gross Margin | 17.404 % | |
| Gross Margin QoQ | 3.979 % | |
| Gross Margin YoY | -11.317 % | |
| Gross Margin IPRWA | high: 41.838 % mean: 24.309 % median: 22.682 % DFH: 17.404 % low: 16.745 % |
|
| EBIT Margin | 6.112 % | |
| EBIT Margin QoQ | 21.487 % | |
| EBIT Margin YoY | -35.704 % | |
| EBIT Margin IPRWA | high: 23.986 % mean: 14.248 % median: 14.12 % DFH: 6.112 % low: 5.417 % |
|
| Return On Sales (ROS) | 6.112 % | |
| Return On Sales QoQ | 21.487 % | |
| Return On Sales YoY | -35.704 % | |
| Return On Sales IPRWA | high: 23.986 % median: 14.12 % mean: 14.022 % DFH: 6.112 % low: 5.214 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -135.73 M | |
| Free Cash Flow Yield | -5.764 % | |
| Free Cash Flow Yield QoQ | 78.951 % | |
| Free Cash Flow Yield YoY | -21.278 % | |
| Free Cash Flow Yield IPRWA | high: 5.211 % mean: 3.213 % median: 2.654 % low: -1.138 % DFH: -5.764 % |
|
| Free Cash Growth | 72.258 % | |
| Free Cash Growth QoQ | 11.884 % | |
| Free Cash Growth YoY | -26.23 % | |
| Free Cash Growth IPRWA | high: 250.563 % median: 157.39 % mean: 122.417 % DFH: 72.258 % low: -254.593 % |
|
| Free Cash To Net Income | -2.888 | |
| Cash Flow Margin | -12.286 % | |
| Cash Flow To Earnings | -2.535 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 1.256 % | |
| Return On Assets QoQ | -20.757 % | |
| Return On Assets YoY | -43.904 % | |
| Return On Assets IPRWA | high: 5.723 % mean: 3.184 % median: 2.585 % DFH: 1.256 % low: 0.49 % |
|
| Return On Capital Employed (ROCE) | 2.746 % | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | -19.311 % | |
| Return On Equity YoY | -45.991 % | |
| Return On Equity IPRWA | high: 0.086 mean: 0.047 median: 0.044 DFH: 0.034 low: 0.009 |
|
| DuPont ROE | 3.472 % | |
| Return On Invested Capital (ROIC) | 1.463 % | |
| Return On Invested Capital QoQ | -3.496 % | |
| Return On Invested Capital YoY | -81.14 % | |
| Return On Invested Capital IPRWA | high: 7.144 % mean: 3.888 % median: 3.27 % DFH: 1.463 % low: 0.412 % |
|