An industry chapter · Homebuilders

Homebuilders

24 members, 1808 to TOL, A to Z by ticker.

Gross profitability: median 23% — gross profit as a share of total assets, each member's median across its readable years; read on 16 of 24 members
Capital intensity: median 0.6% — capital expenditure as a share of revenue, each member's median across its readable years; read on 23 of 24 members
Net cash: 8 of the 24 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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1808 Haseko

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥106.1B¥52.8B¥28.5B(¥20.0B)¥26.6B¥59.6B(¥58.1B)¥107.6B(¥4.1B)¥148.6B

Retained capital Retained ¥329.8B of earnings over 2017–2026; annual owner earnings grew ¥21.6B, ¥0.07 per ¥1 retained.

Balance sheet Modest net debt, ¥125.3B · dividend paid 10 of 10 yrs, cut at least once

1925 Daiwa House Industry

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥228.1B¥318.2B¥284.6B¥74.4B¥351.9B¥236.1B¥116.8B¥185.1B¥288.8B¥48.9B

Retained capital Retained ¥1.59T of earnings over 2017–2026; annual owner earnings fell ¥102.7B, ¥-0.06 per ¥1 retained.

Balance sheet Heavy net debt, ¥2.79T · dividend paid 10 of 10 yrs, never cut

1928 Sekisui House

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥92.7B¥143.4B¥102.9B¥342.2B¥170.2B¥94.0B¥98.8B(¥12.1B)¥27.6B¥173.6B

Retained capital Retained ¥881.9B of earnings over 2017–2026; annual owner earnings fell ¥49.9B, ¥-0.06 per ¥1 retained.

Balance sheet Heavy net debt, ¥1.42T · dividend paid 10 of 10 yrs, never cut

BZH Beazer Homes USA Inc.

Beazer Homes offers a diverse portfolio of products tailored to meet the evolving needs of homebuyers that value a well-constructed and energy efficient home .

Owner earnings 2017–2025 $92M$38M$99M$278M$17M$66M$166M($152M)$13M

Retained capital Retained $554M of earnings over 2017–2025; annual owner earnings fell $68M, $-0.12 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $19.91

CCS Century Communities Inc.

Century Communities, Inc. is engaged in the development, design , construction, marketing and sale of single-family attached and detached homes in 16 states.

Owner earnings 2016–2025 ($50M)($118M)($208M)($82M)$332M($210M)$304M$26M$101M$124M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $209M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $17.34 · dividend paid 5 of 10 yrs, never cut

CVCO Cavco Industries, Inc.

We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments.

Owner earnings 2017–2026 $42M$55M$28M$96M$108M$133M$239M$207M$157M$244M

Retained capital Retained $695M of earnings over 2017–2026; annual owner earnings grew $161M, $0.23 per $1 retained.

Balance sheet Net cash, +$242M

DFH Dream Finders Homes Inc.

We design, build and sell homes primarily in high-growth markets using our asset-light lot acquisition strategy.

Owner earnings 2019–2025 $28M$94M$62M($33M)$369M($267M)($116M)

Retained capital Retained $1.3B of earnings over 2019–2025; annual owner earnings fell $66M, $-0.05 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $23.32

DHI D.R. Horton Inc.

D.R. Horton builds houses and sells them, weighted toward entry-level and first-move-up buyers across many states. It buys raw land, develops it into lots, frames the homes, and closes the sale, often pairing it with its own mortgage and title services. The money comes from the gap between what a finished house fetches and what the land, materials, and labor to build it cost.

Owner earnings 2016–2025 $563M$386M$477M$820M$1.3B$441M$480M$4.2B$2.1B$3.3B

Retained capital Retained $17.4B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.16 per $1 retained.

Balance sheet Modest net debt, $3.0B · buybacks at an average near $101 · dividend paid 10 of 10 yrs, never cut

ECG Everus Construction Group Inc.

We are a leading construction solutions provider headquartered in Bismarck, North Dakota, offering specialty contracting services to a diverse set of end markets across the United States.

Owner earnings 2022–2025 ($45M)$150M$140M$128M

Retained capital Retained $607M of earnings over 2022–2025; annual owner earnings grew $58M, $0.09 per $1 retained.

Balance sheet Modest net debt, $111M

GRBK Green Brick Partners Inc.

Green Brick Partners, Inc. is a diversified homebuilding and land development company.

Owner earnings 2016–2025 ($5M)($18M)($43M)($25M)$32M($94M)$89M$210M$22M$208M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $169M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $303M · dividend paid 4 of 10 yrs, never cut

HOV Hovnanian Enterprises Inc.

Our financial services operations provide mortgage loans and title services to the customers of our homebuilding operations.

Owner earnings 2016–2025 $383M$297M($70M)($253M)$289M$204M$84M$426M$16M$174M

Retained capital Retained $756M of earnings over 2016–2025; annual owner earnings grew $2M, $0.00 per $1 retained.

Balance sheet Heavy net debt, $508M · buybacks at an average near $39.50 · dividend paid 4 of 10 yrs, never cut

KBH KB Home

Home is one of the largest and most trusted homebuilders in the U.S.

Owner earnings 2018–2025 $219M$224M$282M($66M)$151M$1.0B$323M$298M

Retained capital Retained $1.7B of earnings over 2018–2025; annual owner earnings grew $315M, $0.18 per $1 retained.

Balance sheet Net cash, debt-free, +$230M · dividend paid 8 of 8 yrs, never cut

LEGH Legacy Housing Corporation

We build, sell, and finance manufactured homes and "Tiny Houses" that are distributed through a network of independent retailers and company-owned stores and also sold directly to manufactured home communities.

Owner earnings 2018–2025 ($3M)($8M)($5M)$54M($5M)($21M)$27M$28M

Retained capital Retained $346M of earnings over 2018–2025; annual owner earnings grew $17M, $0.05 per $1 retained.

Balance sheet Net cash, +$7M · buybacks at an average near $19.13

LEN Lennar Corporation

Lennar is among the largest US homebuilders, controlling land, developing lots, building houses, and selling them to buyers across many states, with a financial-services arm that writes mortgages and title for those same buyers. It earns the spread between the sale price of a finished home and the cost of the land, materials, and labor that went into it.

Owner earnings 2016–2025 $458M$916M$1.6B$1.4B$4.1B$2.5B$3.2B$5.1B$2.3B$83M

Retained capital Retained $15.2B of earnings over 2016–2025; annual owner earnings grew $1.5B, $0.10 per $1 retained.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $52.08 · dividend paid 10 of 10 yrs, never cut

LGIH LGI Homes Inc.

We are engaged in the design, construction and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania, Maryland and Utah.

Owner earnings 2022–2025 ($372M)($58M)($146M)($141M)

Retained capital not read

Balance sheet Heavy net debt, $1.6B

MHO M/I Homes Inc.

Homes, Inc. and subsidiaries is one of the nation's leading builders of single-family homes.

Owner earnings 2016–2025 $21M($62M)($11M)$61M$157M($34M)$175M$546M$171M$128M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $299M, $0.13 per $1 retained.

Balance sheet Net cash, +$394M · buybacks at an average near $85.01 · dividend paid 2 of 10 yrs, cut at least once

NVR NVR Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $371M$550M$703M$844M$909M$1.2B$1.9B$1.5B$1.4B$1.1B

Retained capital Retained $311M of earnings over 2016–2025; annual owner earnings grew $770M.

Balance sheet Net cash, +$1.4B · buybacks at an average near $4,516

ONEG OneConstruction Group Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2023–2025 ($2M)($7M)($5M)

Retained capital not read

Balance sheet Net cash, debt-free, +$5M

PHM PulteGroup Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $29M$631M$1.4B$1.0B$1.7B$931M$598M$2.1B$1.6B$1.7B

Retained capital Retained $8.0B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.14 per $1 retained.

Balance sheet Net cash, +$350M · dividend paid 10 of 10 yrs, never cut

SDHC Smith Douglas Homes Corp.

We are engaged in the design, construction, and sale of single-family homes in some of the highest growth and most desirable markets in the Southeastern and Southern United States.

Owner earnings 2023–2025 $75M$17M($34M)

Retained capital not read

Balance sheet Modest net debt, $31M

SKY Champion Homes Inc.

Champion Homes Inc. is focused on operational improvements to increase capacity utilization and profitability at its existing manufacturing facilities as well as measured expansion of its manufacturing and retail footprint through facility and equipment investments and acquisitions.

Owner earnings 2017–2026 $27M$22M$53M$61M$146M$204M$389M$188M$190M$270M

Retained capital Retained $1.1B of earnings over 2017–2026; annual owner earnings grew $182M, $0.17 per $1 retained.

Balance sheet Net cash, +$614M

SPHL Springview Holdings Ltd

Revenue is New Construction (54%), Reconstruction (29%) and A&A (16%).

Owner earnings 2022–2023 (S$605K)(S$1M)

Retained capital not read

Balance sheet Net debt against an operating loss, S$577K

TMHC Taylor Morrison Home Corporation

Our homebuilding business operates under the Taylor Morrison and Esplanade brand names.

Owner earnings 2016–2025 $371M$383M$115M$363M$1.1B$355M$1.1B$773M$174M$777M

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $285M, $0.09 per $1 retained.

Balance sheet Modest net debt, $1.4B · buybacks at an average near $30.76

TOL Toll Brothers Inc.

We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities.

Owner earnings 2017–2025 $833M$560M$351M$939M$1.2B$915M$1.2B$937M$1.0B

Retained capital Retained $3.6B of earnings over 2017–2025; annual owner earnings grew $471M, $0.13 per $1 retained.

Balance sheet Modest net debt, $483M · buybacks at an average near $55.99 · dividend paid 9 of 9 yrs, never cut

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.