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HOV

Hovnanian Enterprises, Inc.

HOV

Hovnanian Enterprises, Inc. • NYSE
$131.58 ▼ -1.20% (-1.60)
Market Cap $675.24 M
52w High $202.00
52w Low $81.15
Dividend Yield 0%
P/E 6.39
Volume 50.32K
Outstanding Shares 5.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $800.583M ▲ $55.77M ▼ $16.615M ▼ 2.075% ▼ $2.14 ▼ $34.143M ▲
Q2-2025 $686.471M ▲ $80.564M ▼ $19.726M ▼ 2.874% ▼ $2.64 ▼ $30.053M ▼
Q1-2025 $673.623M ▼ $86.945M ▼ $28.191M ▼ 4.185% ▼ $3.88 ▼ $51.678M ▼
Q4-2024 $979.638M ▲ $87.681M ▼ $94.349M ▲ 9.631% ▼ $13.84 ▲ $124.986M ▲
Q3-2024 $722.704M $89.469M $72.919M 10.09% $10.61 $105.598M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $158.747M ▲ $2.629B ▲ $1.794B ▲ $835.363M ▲
Q2-2025 $73.98M ▼ $2.553B ▲ $1.733B ▲ $820.37M ▲
Q1-2025 $94.258M ▼ $2.533B ▼ $1.722B ▼ $811.426M ▲
Q4-2024 $209.976M ▲ $2.606B ▲ $1.805B ▼ $800.349M ▲
Q3-2024 $122.036M $2.541B $1.837B $703.384M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $16.615M ▼ $52.781M ▲ $-27.689M ▼ $50.504M ▲ $75.596M ▲ $45.774M ▲
Q2-2025 $19.726M ▼ $22.303M ▲ $-7.88M ▲ $-39.446M ▲ $-25.023M ▲ $15.984M ▲
Q1-2025 $28.191M ▼ $-55.879M ▼ $-25.066M ▼ $-41.575M ▼ $-122.52M ▼ $-59.564M ▼
Q4-2024 $94.349M ▲ $115.824M ▲ $-6.177M ▼ $-26.757M ▼ $82.89M ▲ $111.402M ▲
Q3-2024 $72.919M $-92.283M $-3.095M $48.328M $-47.05M $-95.837M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Financial Service
Financial Service
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲
Home Building
Home Building
 $960.00M ▲$660.00M ▼$670.00M ▲$770.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Hovnanian’s revenue has been fairly steady in recent years, with a gentle upward trend rather than dramatic growth. Profit margins have generally been healthy for a homebuilder, though they peaked a couple of years ago and have eased a bit since. Earnings were unusually high earlier in the period, likely helped by one‑off factors and a very strong housing market, and have since settled back to more normal – but still solid – levels. Overall, the income statement shows a company that is consistently profitable, but with earnings that can swing meaningfully as housing conditions change.

Balance Sheet

Balance Sheet The balance sheet has improved noticeably. Debt has been worked down over time, and shareholders’ equity has rebuilt from a low base, which reduces financial fragility compared with the past. Cash on hand moves around from year to year, which is typical for a builder that is constantly buying land and building homes, but there is still a clear cushion. Even with the progress, the company still relies meaningfully on debt financing, so its capital structure is stronger than before but not risk‑free, especially if the housing market weakens.

Cash Flow

Cash Flow Cash generation is uneven. Some years show strong cash inflows from operations, while the most recent year was much weaker, suggesting that more money was tied up in land, work‑in‑process, and inventory. Free cash flow follows the same pattern, swinging between very good and fairly thin. On the positive side, ongoing spending on property and equipment is modest, so when the business is not building up inventory, it can turn a large share of its profits into cash. The flip side is that working‑capital swings can quickly drain cash in tougher or more investment‑heavy periods.

Competitive Edge

Competitive Edge Hovnanian is a national homebuilder but not among the very largest in the industry, so it operates in a highly competitive space dominated by bigger players with stronger scale advantages. Its “land‑light” model, where it controls many lots through options rather than outright ownership, helps reduce risk in downturns and improves flexibility. The company serves a wide range of buyers — from first‑time to move‑up and active‑adult — which helps smooth demand across cycles and regions. Long operating history and brand recognition are clear strengths, but the firm still faces intense price competition, exposure to swings in mortgage rates, and pressure from larger builders with deeper resources.

Innovation and R&D

Innovation and R&D Innovation is focused on design, customer experience, and energy efficiency rather than formal, lab‑style research and development. The curated “Looks” design packages simplify choices for buyers and can speed up the sales process. Its emphasis on highly energy‑efficient and “Zero Energy Ready” homes is a meaningful differentiator as buyers and regulators focus more on sustainability and lower utility costs. Digital tools, such as online design and pricing, and a push toward a more seamless online buying process, also modernize the customer journey. Quick move‑in homes and selective international ventures, like the Saudi joint venture, show a willingness to experiment with new formats and markets, though these initiatives also add execution risk.

Summary

Hovnanian today looks like a more financially stable version of a historically cyclical, debt‑heavy builder. Profitability has been strong, if somewhat volatile, and the balance sheet is in better shape than it was several years ago, with less debt and more equity backing the business. Cash flow, however, remains lumpy and highly sensitive to how aggressively the company invests in land and inventory. Competitively, Hovnanian is a solid mid‑tier player with a risk‑conscious land strategy, a broad customer base, and a recognizable brand, but it still operates in a tough, rate‑sensitive, commodity‑like industry. Its focus on energy‑efficient homes, simplified design offerings, digital tools, and selective international projects could support differentiation and growth, provided the company manages the associated financial and execution risks carefully.

NEWS

November 20, 2025 · 3:30 PM UTC

Hovnanian Enterprises Announces Fiscal Year 2025 Earnings Release and Conference Call

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September 11, 2025 · 4:15 PM UTC

K. Hovnanian Enterprises, Inc. Prices Offering of $450 Million of 8.000% Senior Notes Due 2031 and $450 Million of 8.375% Senior Notes Due 2033

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September 10, 2025 · 7:55 AM UTC

K. Hovnanian Enterprises, Inc. Announces New Senior Notes Offering

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