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DFH

Dream Finders Homes, Inc.

DFH

Dream Finders Homes, Inc. • NYSE
$19.77 ▼ -0.25% (-0.05)
Market Cap $1.83 B
52w High $33.72
52w Low $17.61
Dividend Yield 0%
P/E 6.96
Volume 109.28K
Outstanding Shares 92.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $969.804M ▼ $154.59M ▲ $46.997M ▼ 4.846% ▼ $0.51 ▼ $67.271M ▼
Q2-2025 $1.151B ▲ $134.699M ▲ $56.58M ▲ 4.918% ▼ $0.57 ▲ $81.694M ▼
Q1-2025 $989.871M ▼ $116.694M ▼ $54.903M ▼ 5.546% ▼ $0.55 ▼ $84.062M ▼
Q4-2024 $1.561B ▲ $116.806M ▲ $129.253M ▲ 8.281% ▲ $1.35 ▲ $170.761M ▲
Q3-2024 $1.007B $101.886M $70.651M 7.017% $0.72 $99.563M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $251.044M ▲ $3.835B ▲ $2.283B ▲ $1.522B ▲
Q2-2025 $210.32M ▼ $3.65B ▲ $2.136B ▲ $1.483B ▲
Q1-2025 $297.468M ▲ $3.488B ▲ $2.017B ▲ $1.441B ▲
Q4-2024 $274.384M ▲ $3.329B ▲ $1.908B ▼ $1.393B ▲
Q3-2024 $204.906M $3.325B $2.035B $1.264B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $47.056M ▼ $-130.981M ▼ $-4.664M ▲ $167.419M ▲ $31.774M ▲ $-135.729M ▼
Q2-2025 $56.539M ▲ $-68.488M ▼ $-81.664M ▲ $60.454M ▼ $-89.698M ▼ $-78.794M ▼
Q1-2025 $55.01M ▼ $-44.711M ▼ $-115.591M ▼ $168.578M ▲ $8.276M ▼ $-47.875M ▼
Q4-2024 $129.253M ▲ $306.455M ▲ $-24.135M ▼ $-175.343M ▼ $106.977M ▲ $302.554M ▲
Q3-2024 $71.644M $-204.975M $-7.827M $149.019M $-63.783M $-222.527M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Financial Service
Financial Service
 $30.00M ▲$20.00M ▼$50.00M ▲$50.00M ▲
Home Building
Home Building
 $1.53Bn ▲$970.00M ▼$1.10Bn ▲$920.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Dream Finders has grown rapidly since going public, with sales and profits rising steadily every year in the past five years. Profitability looks solid for a homebuilder: they are not just growing the top line, they are converting that growth into operating profit and net income. Margins have held up reasonably well even as interest rates and housing conditions became more challenging, which suggests disciplined cost control and good pricing power in their chosen markets. That said, this is still a cyclical business tied closely to housing demand, mortgage rates, and general economic health, so the current strong earnings may not be a straight-line indicator of the future.

Balance Sheet

Balance Sheet The balance sheet shows a company that has scaled up quickly. Total assets and shareholders’ equity have climbed meaningfully over the period, reflecting retained earnings and expansion into more communities and markets. Debt has also increased, which is common for homebuilders funding growth, but it does mean leverage is something to watch, especially in a downturn. Cash balances move around year to year and recently have come down, suggesting a greater reliance on borrowing and internally generated funds to support growth. Overall, the company appears stronger and larger than a few years ago, but with higher obligations that increase sensitivity to market swings.

Cash Flow

Cash Flow Cash flow is more volatile than the income statement. In some years, the company converts its profits into healthy positive cash flow; in others, especially recently, operating cash flow has turned negative as it invests heavily in land options, lots, and construction activity. Free cash flow follows the same pattern because capital spending is relatively light; the main cash swing factor is working capital tied up in homes under development. This is typical for a fast-growing builder using an asset-light model, but it does mean the timing of cash in and cash out can be bumpy. If sales or closings slow while inventory is high, cash pressure can build quickly.

Competitive Edge

Competitive Edge Dream Finders competes by being nimble rather than by owning massive land banks. Its land-light strategy, use of lot options, and focus on high-growth markets like Florida, Texas, and the Carolinas give it flexibility and help reduce some of the classic risks of homebuilding. The company also benefits from offering mortgage and title services, which can make the buying process smoother and capture more value per customer. Its broad product range—from entry-level to move-up and even luxury and active adult communities—lets it serve multiple segments. Risks include intense competition from larger national builders, exposure to local market slowdowns, and mixed customer reviews on build quality and communication that could affect brand perception if not addressed.

Innovation and R&D

Innovation and R&D Innovation at Dream Finders is mostly about business model and process, not cutting-edge construction technology. The key “innovation” is the asset-light, option-based land strategy that aims to keep capital efficiency high and risk lower than traditional land-heavy builders. On the product side, they lean into customization, modern floor plans, and smart-home readiness, which meet buyer expectations but are not unique in the industry. The company is starting to talk more about environmental and social initiatives, especially energy-efficient features and affordability, but formal metrics and disclosures still appear limited. There is room for future operational technology improvements—such as more digital tools, analytics, or advanced building methods—but these are more opportunities than current differentiators.

Summary

Dream Finders looks like a fast-growing homebuilder that has successfully scaled both revenue and profits since its IPO, helped by a flexible, land-light approach and a focus on strong housing markets. The financials show solid profitability and a much larger equity base than just a few years ago, but also higher debt and more volatile cash flows as the company invests heavily in growth. Its competitive edge lies in capital-efficient land practices, geographic focus on high-demand regions, and a broad product mix supported by in-house mortgage and title offerings. Innovation is primarily strategic rather than technological, with early but not yet fully developed ESG and efficiency initiatives. Overall, DFH operates in a cyclical, interest-rate-sensitive sector, combining strong recent execution with the usual risks of leverage, housing demand swings, and the need to maintain quality and customer satisfaction as it grows.

NEWS

October 30, 2025 · 7:00 AM UTC

Dream Finders Announces Third Quarter 2025 Results

Read more