Dream Finders Homes (DFH) Financials

$28.07 -1.28 (-4.36%)

As of 03:58 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
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	39	79	121	262	296	335
Consolidated Net Income / (Loss)	45	85	135	274	308	341
Net Income / (Loss) Continuing Operations	45	85	135	274	308	341
Total Pre-Tax Income	45	85	162	356	404	438
Total Operating Income	39	79	160	351	433	441
Total Gross Profit	103	171	314	615	731	829
Total Revenue	744	1,134	1,924	3,342	3,749	4,452
Operating Revenue	744	1,134	1,924	3,342	3,749	4,452
Total Cost of Revenue	641	963	1,610	2,727	3,018	3,623
Operating Cost of Revenue	641	963	1,610	2,727	3,018	3,623
Total Operating Expenses	64	92	153	264	298	387
Selling, General & Admin Expense	64	90	154	266	303	396
Other Operating Expenses / (Income)	-	1.75	-0.98	-1.93	-4.96	-8.39
Total Other Income / (Expense), net	5.52	5.74	1.90	5.07	-29	-3.37
Interest & Investment Income	2.21	7.99	9.43	16	18	11
Other Income / (Expense), net	3.53	-1.38	-7.53	-11	-47	-14
Income Tax Expense	0.00	0.00	27	82	96	97
Net Income / (Loss) Attributable to Noncontrolling Interest	5.71	5.42	13	12	12	5.24
Basic Earnings per Share	$0.00	$0.00	$1.27	$2.67	$3.03	$3.44
Weighted Average Basic Shares Outstanding	0.00	0.00	92.52M	92.75M	93.07M	93.51M
Diluted Earnings per Share	$0.00	$0.00	$1.27	$2.45	$2.79	$3.34
Weighted Average Diluted Shares Outstanding	0.00	0.00	95.31M	106.69M	106.03M	100.30M
Weighted Average Basic & Diluted Shares Outstanding	-	-	92.76M	92.99M	93.27M	93.44M

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	86	49	69	76	102	54	81	71	129	55	57
Consolidated Net Income / (Loss)	90	52	72	80	105	56	83	72	130	55	57
Net Income / (Loss) Continuing Operations	90	52	72	80	105	56	83	72	130	55	57
Total Pre-Tax Income	121	69	96	104	135	71	106	92	169	71	74
Total Operating Income	116	72	109	107	145	69	105	96	171	72	61
Total Gross Profit	185	132	182	185	231	147	201	198	279	193	193
Total Revenue	1,099	769	945	896	1,138	828	1,056	1,007	1,561	990	1,151
Operating Revenue	1,099	769	945	896	1,138	828	1,056	1,007	1,561	990	1,151
Total Cost of Revenue	914	637	763	711	907	680	855	809	1,282	796	958
Operating Cost of Revenue	914	637	763	711	907	680	855	809	1,282	796	958
Total Operating Expenses	69	60	73	79	86	78	95	102	108	121	131
Selling, General & Admin Expense	70	61	74	79	90	80	97	102	113	117	135
Other Operating Expenses / (Income)	-0.15	-0.43	-0.64	-	-	-1.76	-1.36	-	-	4.69	-3.46
Total Other Income / (Expense), net	5.51	-2.36	-14	-2.82	-9.77	1.70	0.66	-3.29	-2.44	-0.92	13
Interest & Investment Income	4.69	2.96	4.70	4.56	5.86	4.90	5.30	0.10	0.27	0.18	0.02
Other Income / (Expense), net	0.82	-5.32	-18	-7.38	-16	-3.21	-4.64	-3.39	-2.70	-1.10	13
Income Tax Expense	31	18	24	24	30	15	23	21	38	16	18
Net Income / (Loss) Attributable to Noncontrolling Interest	3.64	2.66	2.88	3.50	3.00	1.19	1.82	0.99	1.24	0.11	-0.04
Basic Earnings per Share	$0.89	$0.49	$0.70	$0.79	$1.05	$0.55	$0.83	$0.72	$1.34	$0.55	$0.57
Weighted Average Basic Shares Outstanding	92.75M	92.94M	93.11M	93.11M	93.07M	93.33M	93.72M	93.53M	93.51M	93.55M	93.44M
Diluted Earnings per Share	$0.79	$0.45	$0.65	$0.75	$0.94	$0.55	$0.81	$0.70	$1.28	$0.54	$0.56
Weighted Average Diluted Shares Outstanding	106.69M	108.82M	105.44M	102.05M	106.03M	99.94M	100.13M	100.74M	100.30M	101.36M	101.91M
Weighted Average Basic & Diluted Shares Outstanding	92.99M	93.13M	93.11M	93.11M	93.27M	93.73M	93.73M	93.48M	93.44M	93.55M	92.88M

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
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	39	18	188	114	153	-209
Net Cash From Operating Activities	30	97	65	-28	374	-257
Net Cash From Continuing Operating Activities	30	97	65	-28	374	-257
Net Income / (Loss) Continuing Operations	45	85	135	274	308	341
Consolidated Net Income / (Loss)	45	85	135	274	308	341
Depreciation Expense	3.04	4.01	6.07	11	11	10
Amortization Expense	5.31	5.93	3.79	5.84	7.25	6.99
Non-Cash Adjustments To Reconcile Net Income	7.57	36	87	-28	27	-19
Changes in Operating Assets and Liabilities, net	-30	-33	-167	-291	21	-596
Net Cash From Investing Activities	-18	-13	-523	-5.52	-4.48	-222
Net Cash From Continuing Investing Activities	-18	-13	-523	-5.52	-4.48	-222
Purchase of Property, Plant & Equipment	-2.89	-2.92	-2.77	-5.55	-4.78	-25
Acquisitions	-16	-17	-519	-0.28	0.00	-178
Sale of Property, Plant & Equipment	0.09	0.24	0.51	0.15	0.37	0.03
Divestitures	0.70	6.58	0.67	0.45	0.23	0.88
Other Investing Activities, net	-	-	-1.98	-0.30	-0.30	-19
Net Cash From Financing Activities	26	-66	646	147	-216	270
Net Cash From Continuing Financing Activities	26	-66	646	147	-216	270
Repayment of Debt	14	-787	414	-10,826	-5,868	-928
Repurchase of Common Equity	0.00	0.00	-138	0.00	0.00	-7.83
Payment of Dividends	-22	-25	-47	-37	-25	-26
Issuance of Debt	13	742	0.00	11,023	5,710	1,273
Other Financing Activities, net	-0.38	-0.15	-1.21	-14	-33	-40
Cash Interest Paid	0.30	-	34	105	80	199
Cash Income Taxes Paid	-	-	28	48	81	128

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	233	-98	28	38	185	-281	29	-64	107	8.28	-90
Net Cash From Operating Activities	253	-36	103	87	219	-248	-111	-205	306	-45	-68
Net Cash From Continuing Operating Activities	253	-36	103	87	219	-248	-111	-205	306	-45	-68
Net Income / (Loss) Continuing Operations	90	52	72	80	105	56	83	72	130	55	57
Consolidated Net Income / (Loss)	90	52	72	80	105	56	83	72	130	55	57
Depreciation Expense	3.25	2.64	2.68	2.67	2.67	2.20	2.60	2.15	3.28	3.27	3.80
Amortization Expense	1.69	1.79	1.83	1.82	1.81	1.84	1.74	1.70	1.72	4.02	3.83
Non-Cash Adjustments To Reconcile Net Income	-26	23	-11	4.33	12	-14	-63	6.48	51	-13	8.23
Changes in Operating Assets and Liabilities, net	184	-114	38	-1.45	99	-293	-135	-287	120	-94	-141
Net Cash From Investing Activities	-1.50	-1.36	-1.59	-1.05	-0.48	-186	-3.70	-7.83	-24	-116	-82
Net Cash From Continuing Investing Activities	-1.50	-1.36	-1.59	-1.05	-0.48	-186	-3.70	-7.83	-24	-116	-82
Purchase of Property, Plant & Equipment	-1.22	-1.38	-1.62	-0.90	-0.88	-2.07	-1.82	-18	-3.90	-3.16	-10
Acquisitions	-	0.00	-	-	-	-184	-0.34	9.92	-3.72	-112	-72
Sale of Property, Plant & Equipment	0.03	0.02	0.03	0.15	0.17	0.05	0.02	0.02	-0.06	0.02	0.17
Divestitures	-	-	-	-	0.23	0.00	-	-	0.31	0.30	0.79
Other Investing Activities, net	-0.30	-	-	-0.30	-	0.00	-	-0.79	-17	-1.19	-0.75
Net Cash From Financing Activities	-18	-61	-74	-48	-34	153	143	149	-175	169	60
Net Cash From Continuing Financing Activities	-18	-61	-74	-48	-34	153	143	149	-175	169	60
Repayment of Debt	-3,025	-2,795	-2,705	-342	-25	-100	-7.01	-589	-232	-516	-133
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-4.82	-1.16	-6.96	-16
Payment of Dividends	-7.63	-4.40	-6.36	-5.74	-8.68	-12	-3.02	-7.15	-3.82	-7.21	-3.50
Issuance of Debt	3,015	2,745	2,665	300	-	280	181	750	62	706	237
Other Financing Activities, net	-	-5.95	-27	-	-	-15	-26	-	-	-6.85	-23
Cash Interest Paid	-	-	-	-	-	46	-	-	-	67	60
Cash Income Taxes Paid	-	36	42	2.02	2.02	102	3.66	7.43	14	39	52

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

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
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
Total Assets	2,309	2,288	2,384	2,717	2,985	3,325	3,488	3,650
Total Current Assets	1,439	1,536	1,837	296	2,205	2,295	2,181	254
Cash & Equivalents	267	293	330	239	275	205	297	210
Accounts Receivable	34	31	33	28	33	30	31	44
Plant, Property, & Equipment, net	299	7.95	7.52	8.28	8.78	25	28	0.00
Total Noncurrent Assets	566	744	539	2,413	771	1,004	1,279	3,396
Long-Term Investments	13	14	14	18	21	6.56	12	12
Goodwill	172	172	172	305	300	300	346	378
Other Noncurrent Operating Assets	381	558	353	2,090	450	698	921	3,006
Total Liabilities & Shareholders' Equity	2,309	2,288	2,384	2,717	2,985	3,325	3,488	3,650
Total Liabilities	1,458	1,369	1,398	1,566	1,764	2,035	2,017	2,136
Total Current Liabilities	239	377	260	1,138	363	526	527	542
Accounts Payable	135	124	137	144	181	169	143	174
Accrued Expenses	104	90	123	114	182	187	203	283
Customer Deposits	-	163	-	-	-	-	-	85
Total Noncurrent Liabilities	1,220	991	1,138	428	1,401	1,509	1,490	1,594
Long-Term Debt	-	-	294	294	295	295	295	1,580
Other Noncurrent Operating Liabilities	1,054	991	681	134	978	1,084	1,091	14
Commitments & Contingencies	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
Total Equity & Noncontrolling Interests	694	763	838	974	1,052	1,120	1,294	1,336
Total Preferred & Common Equity	680	748	822	969	1,047	1,115	1,292	1,334
Total Common Equity	680	748	822	969	1,047	1,115	1,292	1,334
Common Stock	268	272	272	269	272	277	285	289
Retained Earnings	411	477	550	700	777	844	1,022	1,075
Treasury Stock	-	-	-	-	-1.85	-6.67	-15	-31
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	0.58
Noncontrolling Interest	15	15	15	5.29	4.10	4.69	1.76	1.59

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

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

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	15.87%	19.19%	14.02%	3.50%	7.59%	11.68%	12.40%	37.19%	19.58%	8.98%
EBITDA Growth	0.00%	10.59%	4.96%	28.92%	10.33%	-1.27%	9.83%	-7.25%	29.30%	11.89%	-22.25%
EBIT Growth	0.00%	10.25%	5.53%	29.08%	11.16%	-0.76%	10.49%	-6.93%	29.91%	7.68%	-26.47%
NOPAT Growth	0.00%	13.28%	20.91%	17.75%	31.02%	1.57%	0.57%	-9.26%	17.65%	2.52%	-43.07%
Net Income Growth	0.00%	11.69%	7.94%	11.15%	16.64%	7.60%	15.52%	-10.00%	24.34%	-1.21%	-31.69%
EPS Growth	0.00%	7.14%	8.33%	17.19%	18.99%	22.22%	24.62%	-6.67%	36.17%	-1.82%	-30.86%
Operating Cash Flow Growth	0.00%	70.95%	210.85%	234.55%	-13.17%	-595.53%	-206.99%	-335.67%	39.63%	81.94%	38.07%
Free Cash Flow Firm Growth	80.72%	83.93%	111.78%	-285.68%	-1,355.19%	-1,766.16%	-2,837.42%	37.47%	-113.24%	21.65%	-205.27%
Invested Capital Growth	34.79%	17.07%	11.37%	0.00%	106.22%	105.14%	99.14%	65.00%	97.48%	41.29%	135.24%
Revenue Q/Q Growth	39.94%	-30.02%	22.86%	-5.24%	27.03%	-27.26%	27.54%	-4.63%	55.05%	-36.60%	16.23%
EBITDA Q/Q Growth	51.05%	-41.68%	34.99%	8.41%	29.28%	-47.82%	50.17%	-8.45%	80.23%	-54.84%	4.35%
EBIT Q/Q Growth	51.68%	-43.01%	37.21%	8.84%	30.62%	-49.13%	52.77%	-8.33%	82.33%	-57.83%	4.31%
NOPAT Q/Q Growth	23.68%	-37.69%	52.83%	-0.02%	37.61%	-51.14%	51.33%	-9.79%	78.41%	-57.91%	-15.96%
Net Income Q/Q Growth	25.63%	-42.48%	38.44%	11.11%	31.85%	-46.94%	48.63%	-13.43%	82.14%	-57.84%	2.78%
EPS Q/Q Growth	23.44%	-43.04%	44.44%	15.38%	25.33%	-41.49%	47.27%	-13.58%	82.86%	-57.81%	3.70%
Operating Cash Flow Q/Q Growth	491.04%	-114.08%	390.47%	-15.86%	152.34%	-212.78%	55.32%	-85.34%	249.51%	-114.59%	-53.18%
Free Cash Flow Firm Q/Q Growth	-105.02%	-25.38%	166.33%	-4,546.16%	60.65%	-60.18%	2.70%	-1.56%	-34.21%	40.92%	-279.10%
Invested Capital Q/Q Growth	0.00%	33.92%	8.43%	52.56%	-6.92%	33.22%	5.26%	26.41%	11.41%	-4.69%	75.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.84%	17.17%	19.30%	20.66%	20.33%	18.02%	19.22%	19.63%	17.87%	19.54%	16.74%
EBITDA Margin	11.05%	9.21%	10.12%	11.58%	11.78%	8.45%	9.95%	9.55%	11.10%	7.91%	7.10%
Operating Margin	10.53%	9.32%	11.57%	11.90%	12.76%	8.35%	9.98%	9.51%	10.96%	7.28%	5.33%
EBIT Margin	10.60%	8.63%	9.64%	11.07%	11.39%	7.96%	9.54%	9.17%	10.78%	7.17%	6.44%
Profit (Net Income) Margin	8.18%	6.73%	7.58%	8.89%	9.22%	6.73%	7.84%	7.12%	8.36%	5.56%	4.91%
Tax Burden Percent	74.20%	74.58%	74.75%	76.72%	77.49%	78.62%	78.07%	77.52%	77.40%	77.30%	76.34%
Interest Burden Percent	104.02%	104.45%	105.16%	104.59%	104.52%	107.44%	105.26%	100.11%	100.16%	100.25%	100.02%
Effective Tax Rate	25.80%	25.42%	25.25%	23.28%	22.51%	21.38%	21.93%	22.48%	22.60%	22.70%	23.66%
Return on Invested Capital (ROIC)	71.01%	45.75%	53.53%	72.42%	57.34%	28.98%	33.28%	23.96%	29.15%	18.56%	9.37%
ROIC Less NNEP Spread (ROIC-NNEP)	69.69%	46.63%	58.56%	80.94%	59.89%	28.01%	32.95%	21.44%	24.62%	17.75%	10.80%
Return on Net Nonoperating Assets (RNNOA)	-31.93%	-12.83%	-15.07%	-4.17%	-18.86%	-3.87%	-4.73%	1.91%	0.82%	1.19%	5.36%
Return on Equity (ROE)	39.08%	32.91%	38.46%	68.24%	38.49%	25.11%	28.56%	25.86%	29.97%	19.75%	14.72%
Cash Return on Invested Capital (CROIC)	43.91%	37.06%	39.28%	-135.23%	-18.37%	-30.58%	-30.19%	-22.96%	-39.03%	-9.60%	-65.58%
Operating Return on Assets (OROA)	16.62%	13.84%	15.77%	34.47%	17.30%	12.06%	14.17%	12.94%	16.30%	10.66%	9.13%
Return on Assets (ROA)	12.83%	10.78%	12.40%	27.66%	14.01%	10.19%	11.65%	10.04%	12.63%	8.26%	6.97%
Return on Common Equity (ROCE)	29.05%	25.00%	30.15%	56.90%	31.74%	20.68%	23.95%	22.02%	25.94%	17.03%	12.82%
Return on Equity Simple (ROE_SIMPLE)	0.00%	41.16%	38.07%	35.63%	0.00%	32.19%	30.84%	28.25%	0.00%	26.31%	0.00%
Net Operating Profit after Tax (NOPAT)	86	54	82	82	113	54	82	74	132	56	47
NOPAT Margin	7.81%	6.95%	8.65%	9.13%	9.89%	6.57%	7.79%	7.37%	8.48%	5.63%	4.07%
Net Nonoperating Expense Percent (NNEP)	1.32%	-0.88%	-5.03%	-8.52%	-2.55%	0.96%	0.34%	2.52%	4.53%	0.81%	-1.43%
Return On Investment Capital (ROIC_SIMPLE)	13.32%	-	-	-	9.14%	-	-	-	7.21%	3.15%	1.61%
Cost of Revenue to Revenue	83.16%	82.83%	80.70%	79.34%	79.67%	81.98%	80.78%	80.37%	82.13%	80.46%	83.26%
SG&A Expenses to Revenue	6.32%	7.90%	7.80%	8.76%	7.92%	9.88%	9.37%	10.12%	7.25%	11.79%	11.71%
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	6.31%	7.84%	7.73%	8.76%	7.57%	9.67%	9.24%	10.12%	6.91%	12.26%	11.41%
Earnings before Interest and Taxes (EBIT)	117	66	91	99	130	66	101	92	168	71	74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	71	96	104	134	70	105	96	173	78	82
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.44	1.81	3.06	2.52	3.58	4.21	2.31	3.04	1.75	1.63	1.76
Price to Tangible Book Value (P/TBV)	0.61	2.43	3.97	3.18	4.40	6.15	3.24	4.17	2.30	2.23	2.46
Price to Revenue (P/Rev)	0.08	0.36	0.64	0.56	0.88	1.07	0.62	0.84	0.49	0.46	0.50
Price to Earnings (P/E)	1.07	4.60	8.36	7.38	11.18	13.54	7.72	11.02	6.49	6.28	7.55
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	93.55%	21.72%	11.96%	13.54%	8.94%	7.39%	12.95%	9.08%	15.42%	15.93%	13.24%
Enterprise Value to Invested Capital (EV/IC)	0.17	1.99	3.51	2.33	3.74	3.68	2.12	2.48	1.54	1.50	1.35
Enterprise Value to Revenue (EV/Rev)	0.02	0.33	0.60	0.59	0.87	1.12	0.66	0.95	0.60	0.53	0.83
Enterprise Value to EBITDA (EV/EBITDA)	0.20	3.09	5.85	5.57	8.05	10.59	6.28	9.43	5.96	5.42	9.05
Enterprise Value to EBIT (EV/EBIT)	0.21	3.24	6.14	5.85	8.42	11.07	6.56	9.84	6.20	5.68	9.59
Enterprise Value to NOPAT (EV/NOPAT)	0.26	4.06	7.40	7.21	9.87	12.91	7.84	11.82	7.72	7.12	12.58
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	18.94	8.42	5.36	8.70	26.31	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.44	5.78	9.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.30	0.27	0.26	0.24	0.36	0.41	0.32	1.04
Long-Term Debt to Equity	0.00	0.00	0.00	0.30	0.27	0.26	0.24	0.23	0.21	0.20	1.04
Financial Leverage	-0.46	-0.28	-0.26	-0.05	-0.31	-0.14	-0.14	0.09	0.03	0.07	0.50
Leverage Ratio	3.14	2.97	2.81	2.42	2.61	2.51	2.46	2.51	2.35	2.37	2.43
Compound Leverage Factor	3.27	3.11	2.95	2.53	2.73	2.70	2.59	2.51	2.35	2.37	2.43
Debt to Total Capital	0.00%	0.00%	0.00%	22.94%	21.30%	20.36%	19.43%	26.50%	29.16%	24.48%	51.08%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.70%	14.44%	9.31%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	22.94%	21.30%	20.36%	19.43%	16.80%	14.72%	15.16%	51.08%
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	21.11%	20.09%	18.60%	12.81%	11.71%	12.62%	11.48%	9.95%	8.75%	9.20%	5.81%
Common Equity to Total Capital	78.89%	79.91%	81.40%	64.25%	67.00%	67.03%	69.09%	63.55%	62.09%	66.32%	43.12%
Debt to EBITDA	0.00	0.00	0.00	0.75	0.73	0.73	0.71	1.15	1.32	1.05	3.68
Net Debt to EBITDA	0.00	0.00	0.00	-0.13	-0.53	0.02	0.00	0.63	0.67	0.37	3.16
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.75	0.73	0.73	0.71	0.73	0.66	0.65	3.68
Debt to NOPAT	0.00	0.00	0.00	0.97	0.89	0.89	0.89	1.44	1.70	1.38	5.11
Net Debt to NOPAT	0.00	0.00	0.00	-0.17	-0.65	0.03	0.00	0.78	0.87	0.49	4.39
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.97	0.89	0.89	0.89	0.91	0.86	0.86	5.11
Altman Z-Score	2.64	2.97	3.61	3.70	4.09	3.03	3.35	3.30	3.07	3.00	2.33
Noncontrolling Interest Sharing Ratio	25.67%	24.05%	21.62%	16.62%	17.52%	17.65%	16.12%	14.87%	13.45%	13.79%	12.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.60	6.03	4.07	7.06	5.75	0.26	6.08	4.37	2.89	4.14	0.47
Quick Ratio	1.28	1.26	0.86	1.40	1.54	0.24	0.85	0.45	0.44	0.62	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-23	-29	19	-853	-336	-540	-525	-534	-716	-423	-1,604
Operating Cash Flow to CapEx	21,081.57%	-2,616.84%	6,497.49%	11,535.28%	30,955.15%	-12,205.67%	-6,154.54%	-1,169.21%	7,744.63%	-1,422.11%	-675.76%
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	1.57	1.60	1.64	3.11	1.52	1.52	1.49	1.41	1.51	1.49	1.42
Accounts Receivable Turnover	86.85	102.77	116.67	0.00	100.82	123.25	121.59	126.85	136.97	155.96	122.52
Inventory Turnover	2.23	2.38	2.30	0.00	2.14	0.00	2.02	1.83	2.30	0.00	0.00
Fixed Asset Turnover	473.22	22.59	497.95	0.00	521.36	24.81	468.50	248.51	266.88	253.20	0.00
Accounts Payable Turnover	21.98	20.79	23.19	0.00	22.45	21.87	20.61	21.18	25.76	26.04	21.66
Days Sales Outstanding (DSO)	4.20	3.55	3.13	0.00	3.62	2.96	3.00	2.88	2.66	2.34	2.98
Days Inventory Outstanding (DIO)	163.61	153.39	158.99	0.00	170.46	0.00	180.57	198.97	158.96	0.00	0.00
Days Payable Outstanding (DPO)	16.61	17.56	15.74	0.00	16.26	16.69	17.71	17.23	14.17	14.02	16.85
Cash Conversion Cycle (CCC)	151.20	139.38	146.38	0.00	157.82	-13.73	165.86	184.61	147.45	-11.67	-13.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	422	565	613	935	871	1,160	1,221	1,543	1,719	1,639	2,872
Invested Capital Turnover	9.09	6.58	6.19	7.93	5.80	4.41	4.27	3.25	3.44	3.30	2.30
Increase / (Decrease) in Invested Capital	109	82	63	935	448	594	608	608	849	479	1,651
Enterprise Value (EV)	71	1,123	2,155	2,183	3,254	4,270	2,593	3,822	2,649	2,454	3,889
Market Capitalization	280	1,232	2,290	2,070	3,308	4,079	2,420	3,394	2,175	2,108	2,351
Book Value per Share	$6.81	$7.31	$8.04	$8.83	$9.93	$10.39	$11.18	$11.90	$13.32	$13.83	$14.26
Tangible Book Value per Share	$4.95	$5.46	$6.19	$6.98	$8.08	$7.12	$7.97	$8.69	$10.11	$10.13	$10.22
Total Capital	801	850	919	1,280	1,380	1,445	1,516	1,755	2,005	1,948	3,094
Total Debt	0.00	0.00	0.00	294	294	294	295	465	585	477	1,580
Total Long-Term Debt	0.00	0.00	0.00	294	294	294	295	295	295	295	1,580
Net Debt	-379	-280	-306	-51	-216	8.74	-0.79	253	299	167	1,358
Capital Expenditures (CapEx)	1.20	1.36	1.59	0.75	0.71	2.03	1.80	18	3.96	3.14	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,103	934	866	1,247	1,130	-1,110	1,568	1,735	1,339	1,538	-498
Debt-free Net Working Capital (DFNWC)	1,467	1,200	1,159	1,577	1,624	-842	1,843	1,940	1,613	1,835	-288
Net Working Capital (NWC)	1,467	1,200	1,159	1,577	1,624	-842	1,843	1,769	1,324	1,654	-288
Net Nonoperating Expense (NNE)	-4.09	1.76	10	2.17	7.57	-1.33	-0.52	2.55	1.89	0.71	-9.71
Net Nonoperating Obligations (NNO)	-379	-285	-306	-51	-216	8.74	-0.79	253	299	167	1,358
Total Depreciation and Amortization (D&A)	4.93	4.43	4.50	4.49	4.48	4.03	4.34	3.85	5.00	7.29	7.63
Debt-free, Cash-free Net Working Capital to Revenue	33.00%	27.08%	24.07%	33.62%	30.13%	-29.15%	40.03%	43.06%	30.08%	33.33%	-10.58%
Debt-free Net Working Capital to Revenue	43.91%	34.81%	32.19%	42.51%	43.32%	-22.11%	47.04%	48.15%	36.24%	39.78%	-6.11%
Net Working Capital to Revenue	43.91%	34.81%	32.19%	42.51%	43.32%	-22.11%	47.04%	43.92%	29.74%	35.85%	-6.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.89	$0.49	$0.70	$0.79	$1.05	$0.55	$0.83	$0.72	$1.34	$0.55	$0.57
Adjusted Weighted Average Basic Shares Outstanding	92.75M	92.94M	93.11M	93.11M	93.07M	93.33M	93.72M	93.53M	93.51M	93.55M	93.44M
Adjusted Diluted Earnings per Share	$0.79	$0.45	$0.65	$0.75	$0.94	$0.55	$0.81	$0.70	$1.28	$0.54	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	106.69M	108.82M	105.44M	102.05M	106.03M	99.94M	100.13M	100.74M	100.30M	101.36M	101.91M
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	92.99M	93.13M	93.11M	93.11M	93.27M	93.73M	93.73M	93.48M	93.44M	93.55M	92.88M
Normalized Net Operating Profit after Tax (NOPAT)	86	54	82	82	113	54	82	74	132	56	47
Normalized NOPAT Margin	7.81%	6.95%	8.65%	9.13%	9.89%	6.57%	7.79%	7.37%	8.48%	5.63%	4.07%
Pre Tax Income Margin	11.03%	9.02%	10.14%	11.58%	11.90%	8.56%	10.04%	9.18%	10.80%	7.19%	6.44%
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	13.41%	12.87%	7.85%	8.24%	8.18%	10.62%	9.22%	9.90%	7.73%	6.24%	6.91%
Augmented Payout Ratio	13.41%	12.87%	7.85%	8.24%	8.18%	10.62%	9.79%	12.02%	10.03%	10.59%	16.16%

Key Financial Trends

Dream Finders Homes (NYSE: DFH) has exhibited consistent revenue growth over the past several quarters, with operating revenue increasing from approximately $770 million in Q1 2023 to over $1.15 billion in Q2 2025. This growth is supported by expanding gross profits, which rose from $132 million in early 2023 to nearly $193 million by Q2 2025, indicating effective cost management aligned with rising sales.

Net income has also shown a positive trend, improving from $51.7 million in Q1 2023 to $56.5 million in Q2 2025. Earnings per share have followed a similar upward trajectory, reaching $0.57 basic EPS in Q2 2025, up from $0.49 in Q1 2023. The company maintained a stable share count over this period, which helps preserve earnings per share growth.

However, Dream Finders Homes has faced challenges in its operating cash flow, with net cash from operating activities turning negative in recent quarters, such as Q2 2025 where it was -$68.5 million, reflecting significant working capital changes likely due to inventory and receivables build-up. This cash flow pressure contrasts with solid net income, indicating possible timing differences between earnings and cash receipts or investments.

The company remains active in financing and investing activities. Notably, Dream Finders Homes has been investing heavily in acquisitions and property, plant, & equipment, with acquisitions totaling $71.5 million in Q2 2025 alone. Debt issuance has increased substantially, with long-term debt reaching $1.58 billion as of Q2 2025, up from around $294 million in early 2024, supporting this expansion but also increasing leverage.

Overall, Dream Finders Homes is in a growth phase characterized by rising revenues and profitability but tempered by strained operating cash flows and rising debt levels. Investors should watch for improvements in cash flow conversion and the impact of leverage on financial stability.

Consistent revenue growth from $770 million in Q1 2023 to over $1.15 billion in Q2 2025.
Improving net income from $51.7 million in Q1 2023 to $56.5 million in Q2 2025.
Gross profit has increased steadily, indicating effective cost control alongside growth.
Relatively stable share count supporting earnings per share growth.
Strategic investments in acquisitions and property, plant & equipment suggest growth ambitions.
Strong net income but negative operating cash flows in recent quarters imply working capital management issues.
High levels of capital expenditures and acquisitions could fuel future growth but require continued financial discipline.
Net cash from operating activities turned negative, with -$68.5 million reported in Q2 2025, pointing to cash flow challenges.
Long-term debt increased significantly to $1.58 billion by Q2 2025, raising leverage and financial risk.
High interest payments related to increased debt (about $59.9 million cash interest paid in Q2 2025) could pressure profitability.

08/14/25 05:59 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Dream Finders Homes' Financials

When does Dream Finders Homes' financial year end?

According to the most recent income statement we have on file, Dream Finders Homes' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Dream Finders Homes' net income changed over the last 5 years?

Dream Finders Homes' net income appears to be on an upward trend, with a most recent value of $340.58 million in 2024, rising from $44.90 million in 2019. The previous period was $307.94 million in 2023. Check out Dream Finders Homes' forecast to explore projected trends and price targets.

What is Dream Finders Homes' operating income?

Dream Finders Homes' total operating income in 2024 was $441.23 million, based on the following breakdown:

Total Gross Profit: $828.58 million
Total Operating Expenses: $387.36 million

How has Dream Finders Homes' revenue changed over the last 5 years?

Over the last 5 years, Dream Finders Homes' total revenue changed from $744.29 million in 2019 to $4.45 billion in 2024, a change of 498.1%.

How much debt does Dream Finders Homes have?

Dream Finders Homes' total liabilities were at $1.91 billion at the end of 2024, a 29.3% increase from 2023, and a 265.8% increase since 2020.

How much cash does Dream Finders Homes have?

In the past 4 years, Dream Finders Homes' cash and equivalents has ranged from $43.66 million in 2020 to $494.15 million in 2023, and is currently $274.38 million as of their latest financial filing in 2024.

How has Dream Finders Homes' book value per share changed over the last 5 years?

Over the last 5 years, Dream Finders Homes' book value per share changed from 0.00 in 2019 to 13.32 in 2024, a change of 1,331.8%.

Related Companies

This page (NYSE:DFH) was last updated on 8/14/2025 by MarketBeat.com Staff

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