Hovnanian Enterprises (HOV) Financials

$131.99 -16.96 (-11.39%)

Closing price 03:59 PM Eastern

Extended Trading

$131.96 -0.02 (-0.02%)

As of 04:13 PM Eastern

Annual Income Statements for Hovnanian Enterprises

This table shows Hovnanian Enterprises' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Net Income / (Loss) Attributable to Common Shareholders	307	-16	-2.82	-155	211	138	299	763	257	236	281
Consolidated Net Income / (Loss)	307	-16	-2.82	-332	4.52	-42	51	608	225	206	242
Net Income / (Loss) Continuing Operations	307	-16	-2.82	-155	211	138	299	763	268	247	292
Total Pre-Tax Income	20	-22	2.44	-45	8.15	-40	55	190	320	256	317
Total Operating Income	105	72	6.78	139	95	64	169	262	387	333	344
Total Gross Profit	366	335	392	384	360	335	412	585	686	621	640
Total Revenue	2,063	2,148	2,752	2,452	1,991	2,017	2,344	2,783	2,922	2,756	3,005
Operating Revenue	2,063	2,148	2,752	2,452	1,991	2,017	2,344	2,783	2,922	2,756	3,005
Total Cost of Revenue	1,698	1,814	2,360	2,068	1,631	1,682	1,932	2,198	2,236	2,135	2,365
Operating Cost of Revenue	1,698	1,814	2,360	2,050	1,631	1,682	1,932	2,198	2,236	2,135	2,365
Total Operating Expenses	260	263	385	245	266	271	243	322	299	288	296
Selling, General & Admin Expense	255	251	253	256	229	233	242	277	296	305	342
Other Operating Expenses / (Income)	-	-	96	-63	37	38	1.10	46	2.42	-17	-46
Total Other Income / (Expense), net	-85	-94	-4.35	-7.05	120	77	134	83	-25	-37	23
Interest Expense	89	92	-	-	-96	-48	-117	-74	54	80	29
Interest & Investment Income	7.90	4.17	-4.35	-7.05	24	29	17	8.85	29	43	52
Income Tax Expense	-287	-5.67	5.26	287	3.63	2.45	4.48	-418	94	50	75
Preferred Stock Dividends Declared	-	-	-	-	-	-	0.00	0.00	11	11	11
Basic Earnings per Share	$2.05	($0.11)	($0.02)	($56.23)	-	($7.06)	$7.48	$87.50	$30.31	$28.76	$34.40
Weighted Average Basic Shares Outstanding	146.27M	146.90M	147.45M	5.91M	5.94M	5.97M	6.19M	6.29M	6.44M	6.23M	6.48M
Diluted Earnings per Share	$1.87	($0.11)	($0.02)	($56.23)	$0.72	($7.06)	$7.03	$85.86	$29.00	$26.88	$31.79
Weighted Average Diluted Shares Outstanding	162.44M	146.90M	147.45M	5.91M	6.07M	5.97M	6.58M	6.40M	6.73M	6.67M	7.01M
Weighted Average Basic & Diluted Shares Outstanding	145.88M	146.52M	147.30M	147.59M	148.39M	6.13M	6.14M	6.25M	5.96M	6.10M	6.06M

This table shows Hovnanian Enterprises' 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	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Net Income / (Loss) Attributable to Common Shareholders	49	25	42	63	106	33	60	83	106	39	30
Consolidated Net Income / (Loss)	56	19	34	56	97	24	51	73	94	28	20
Net Income / (Loss) Continuing Operations	27	28	44	66	108	35	63	85	108	42	33
Total Pre-Tax Income	91	18	46	70	121	33	69	97	118	40	27
Total Operating Income	147	35	65	90	143	38	79	105	122	54	39
Total Gross Profit	201	109	141	146	224	125	155	150	210	120	120
Total Revenue	887	515	704	650	887	594	708	723	980	674	686
Operating Revenue	887	515	704	650	887	594	708	723	980	674	686
Total Cost of Revenue	686	407	562	504	663	469	553	573	769	554	566
Operating Cost of Revenue	686	407	562	504	663	469	553	573	769	554	566
Total Operating Expenses	54	74	76	56	81	87	76	45	89	66	81
Selling, General & Admin Expense	81	73	76	75	81	86	79	89	88	87	81
Other Operating Expenses / (Income)	-20	0.39	0.57	-19	0.50	0.55	-3.13	-45	1.08	-21	0.50
Total Other Income / (Expense), net	-84	-7.93	-9.09	-9.18	-10	5.87	2.20	4.44	10	-0.31	0.30
Interest Expense	-	15	15	18	33	9.08	8.97	6.26	5.07	9.52	8.75
Interest & Investment Income	5.11	7.16	5.41	8.40	22	15	11	11	15	9.21	9.04
Income Tax Expense	36	-0.67	12	15	24	8.66	19	24	24	12	6.80
Preferred Stock Dividends Declared	-	2.67	2.67	2.67	2.67	2.67	2.67	2.67	2.67	2.67	2.67
Basic Earnings per Share	-	$2.37	$4.68	$7.92	$13.79	$3.11	$7.12	$10.61	$13.56	$3.88	$2.64
Weighted Average Basic Shares Outstanding	6.44M	6.19M	6.17M	6.25M	6.23M	6.50M	6.46M	6.47M	6.48M	6.52M	6.41M
Diluted Earnings per Share	$6.72	$2.26	$4.47	$7.38	$12.77	$2.91	$6.66	$9.75	$12.47	$3.58	$2.43
Weighted Average Diluted Shares Outstanding	6.73M	6.47M	6.46M	6.71M	6.67M	6.94M	6.90M	7.05M	7.01M	7.07M	6.95M
Weighted Average Basic & Diluted Shares Outstanding	5.96M	720.31K	6.00M	6.09M	6.10M	6.10M	5.99M	6.05M	6.06M	5.92M	5.80M

This table details how cash moves in and out of Hovnanian Enterprises' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Net Change in Cash & Equivalents	-67	-8.15	89	182	-261	-51	127	1.94	71	95	-211
Net Cash From Operating Activities	-191	-321	387	302	-67	-249	293	210	89	435	24
Net Cash From Continuing Operating Activities	-191	-321	387	302	-67	-249	293	210	89	435	24
Net Income / (Loss) Continuing Operations	307	-16	-2.82	-332	4.52	-42	51	608	225	206	242
Consolidated Net Income / (Loss)	307	-16	-2.82	-332	4.52	-42	51	608	225	206	242
Depreciation Expense	3.42	3.39	3.57	4.25	3.16	4.17	5.30	5.28	5.46	8.80	7.73
Amortization Expense	10	12	13	14	8.82	8.13	1.89	0.24	0.38	1.65	-1.04
Non-Cash Adjustments To Reconcile Net Income	-793	-1,018	-1,230	95	-11	15	79	-30	46	-22	-78
Changes in Operating Assets and Liabilities, net	282	699	1,604	521	-72	-234	156	-373	-188	241	-147
Net Cash From Investing Activities	-15	2.47	-52	-30	36	-8.31	2.14	9.00	-2.15	-78	-46
Net Cash From Continuing Investing Activities	-14	7.02	-52	-30	36	-8.31	2.14	9.00	-2.15	-78	-46
Purchase of Property, Plant & Equipment	-3.42	-2.05	-8.01	-6.48	-5.19	-4.01	-3.38	-5.94	-13	-19	-18
Acquisitions	-22	-19	-50	-37	-26	-13	-	-	0.04	-78	-34
Sale of Property, Plant & Equipment	0.52	1.57	0.76	0.27	38	0.03	0.11	0.03	0.06	1.96	1.42
Sale and/or Maturity of Investments	11	17	5.26	13	29	8.93	25	31	10	16	4.40
Net Cash From Financing Activities	137	310	-246	-148	-229	207	-168	-217	-17	-262	-188
Net Cash From Continuing Financing Activities	137	310	-246	-90	-229	207	-168	-217	-17	-262	-188
Repayment of Debt	-167	-215	-645	-1,095	-578	-752	-548	-398	-533	-1,149	-489
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-12	-4.80	-27
Payment of Dividends	-	-	-	-	-	0.00	0.00	0.00	-11	-11	-11
Issuance of Debt	303	509	351	1,008	376	880	390	250	398	982	322
Other Financing Activities, net	1.91	16	48	-3.50	-28	79	-10	-70	141	-79	17
Cash Interest Paid	85	86	102	90	112	109	89	87	45	63	48
Cash Income Taxes Paid	0.54	1.78	-1.39	1.09	2.52	3.48	3.01	7.67	14	9.41	9.69

This table details how cash moves in and out of Hovnanian Enterprises' 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	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Net Change in Cash & Equivalents	104	-103	91	-3.34	110	-239	-7.20	-47	83	-123	-25
Net Cash From Operating Activities	118	-31	97	226	144	-89	89	-92	116	-56	22
Net Cash From Continuing Operating Activities	118	-31	97	226	144	-89	89	-92	116	-56	22
Net Income / (Loss) Continuing Operations	56	19	34	56	97	24	51	73	94	28	20
Consolidated Net Income / (Loss)	56	19	34	56	97	24	51	73	94	28	20
Depreciation Expense	1.45	1.41	4.51	1.30	1.58	1.60	2.01	2.07	2.05	2.30	3.02
Amortization Expense	0.58	0.33	0.39	0.84	0.08	0.21	0.36	-0.94	-0.68	-0.77	-0.61
Non-Cash Adjustments To Reconcile Net Income	-13	33	-3.76	-10	-41	20	-2.25	-94	-2.24	6.50	-3.72
Changes in Operating Assets and Liabilities, net	73	-84	62	178	85	-135	38	-72	22	-92	3.89
Net Cash From Investing Activities	1.13	-23	2.82	-58	0.18	-4.12	-33	-3.10	-6.18	-25	-7.88
Net Cash From Continuing Investing Activities	1.13	-23	2.82	-58	0.18	-4.12	-33	-3.10	-6.18	-25	-7.88
Purchase of Property, Plant & Equipment	-3.99	-3.74	-4.43	-5.03	-5.62	-5.44	-4.44	-3.55	-4.42	-3.69	-6.32
Acquisitions	-	-22	-	-	0.74	0.00	-	-	-	-26	-2.80
Sale of Property, Plant & Equipment	-	0.07	0.02	0.37	1.50	0.04	0.96	-0.05	0.47	0.88	0.64
Sale and/or Maturity of Investments	4.92	2.63	5.03	5.23	3.56	1.28	2.89	0.19	0.05	3.83	0.60
Net Cash From Financing Activities	-16	-48	-8.60	-171	-34	-146	-63	48	-27	-42	-39
Net Cash From Continuing Financing Activities	-16	-48	-8.60	-171	-34	-146	-63	48	-27	-42	-39
Repayment of Debt	-77	-105	-91	-177	-775	-213	-90	-64	-123	-96	-89
Repurchase of Common Equity	-12	-4.80	-	-	-	0.00	-15	-11	0.01	-18	-12
Payment of Dividends	-2.67	-2.67	-2.67	-2.67	-2.67	-2.67	-2.67	-2.67	-2.67	-2.67	-2.67
Issuance of Debt	52	58	95	64	766	79	72	76	94	58	47
Other Financing Activities, net	24	6.77	-9.26	-55	-22	-9.80	-28	50	4.96	17	17

This table presents Hovnanian Enterprises' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Total Assets	2,290	2,602	2,355	1,901	1,662	1,881	1,827	2,321	2,562	2,493	2,606
Total Current Assets	2,189	2,353	625	656	1,385	1,565	508	1,596	705	1,862	511
Cash & Equivalents	524	534	347	469	195	182	267	246	333	434	210
Restricted Cash	59	27	23	24	38	0.00	-	-	-	8.43	7.88
Inventories, net	1,348	1,645	209	125	1,078	1,292	182	1,254	309	1,349	211
Prepaid Expenses	69	78	47	37	39	46	59	56	64	70	83
Plant, Property, & Equipment, net	93	46	50	53	20	40	18	0.00	26	34	43
Total Noncurrent Assets	518	125	1,907	1,183	247	254	1,375	503	2,026	2,619	4,423
Long-Term Investments	128	122	101	115	247	254	103	61	75	98	143
Noncurrent Note & Lease Receivables	-	-	50	58	-	-	34	-	38	28	29
Noncurrent Deferred & Refundable Income Taxes	285	-	284	-	-	-	0.00	426	345	2,493	2,606
Other Noncurrent Operating Assets	105	2.09	1,473	1,010	-	-	1,238	16	1,569	-	1,645
Total Liabilities & Shareholders' Equity	2,290	2,602	2,355	1,901	2,597	1,881	1,827	2,321	2,562	2,493	2,606
Total Liabilities	2,408	2,730	2,483	2,361	2,116	2,371	2,263	2,145	2,179	1,911	1,805
Total Current Liabilities	524	568	407	371	338	518	363	493	443	0.00	0.00
Total Noncurrent Liabilities	1,855	2,163	1,754	1,757	2,713	1,853	1,781	1,652	1,600	1,911	1,805
Other Noncurrent Operating Liabilities	0.00	-	-	-	-	169	215	279	309	1,911	1,805
Total Equity & Noncontrolling Interests	-118	-128	-129	-460	-454	-490	-436	175	383	582	800
Total Preferred & Common Equity	-118	-128	-129	-460	-454	-490	-437	175	383	582	800
Preferred Stock	135	135	135	135	135	135	135	135	135	135	135
Total Common Equity	-253	-263	-264	-596	-589	-626	-572	40	248	446	665
Common Stock	700	705	708	708	710	716	718	722	728	736	750
Retained Earnings	-837	-853	-856	-1,188	-1,184	-1,226	-1,175	-567	-352	-157	74
Treasury Stock	-115	-115	-115	-115	-115	-115	-115	-115	-128	-132	-159

This table presents Hovnanian Enterprises' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	7/31/2022	1/31/2023	4/30/2023	7/31/2023	1/31/2024	4/30/2024	7/31/2024	1/31/2025	4/30/2025
Total Assets	2,538	415	2,484	2,394	2,340	2,318	2,541	2,533	2,553
Total Current Assets	1,920	40	695	639	1,723	1,680	1,861	1,848	435
Cash & Equivalents	225	0.00	337	329	183	182	122	94	74
Restricted Cash	-	40	-	-	8.37	8.37	9.62	8.45	9.03
Inventories, net	1,585	0.00	301	251	1,464	1,417	1,650	1,666	268
Prepaid Expenses	64	0.00	57	59	68	73	79	79	84
Plant, Property, & Equipment, net	23	28	28	31	37	40	41	45	48
Total Noncurrent Assets	467	347	1,978	1,892	2,475	2,493	2,715	2,780	4,505
Long-Term Investments	75	0.00	86	85	111	151	126	173	183
Noncurrent Note & Lease Receivables	-	-	37	33	24	25	48	74	25
Noncurrent Deferred & Refundable Income Taxes	377	347	337	325	2,340	2,318	2,541	2,533	2,553
Other Noncurrent Operating Assets	16	-	1,519	1,449	-	-	-	-	1,744
Total Liabilities & Shareholders' Equity	2,538	1,598	2,484	2,394	2,340	2,318	2,541	2,533	2,553
Total Liabilities	2,199	1,202	2,054	1,911	1,733	1,671	1,837	1,722	1,733
Total Current Liabilities	607	57	377	382	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	1,591	1,145	1,586	1,435	1,733	1,671	1,837	1,722	1,733
Other Noncurrent Operating Liabilities	256	-	308	261	1,733	1,671	1,837	1,722	1,733
Total Equity & Noncontrolling Interests	339	396	429	483	607	647	703	811	820
Total Preferred & Common Equity	338	396	429	482	607	647	703	811	820
Preferred Stock	135	135	135	135	135	135	135	135	135
Total Common Equity	203	260	294	347	472	512	568	676	685
Common Stock	724	729	731	731	740	747	745	753	758
Retained Earnings	-405	-336	-305	-252	-136	-88	-18	100	117
Treasury Stock	-115	-132	-132	-132	-132	-148	-159	-177	-189

This table displays calculated financial ratios and metrics derived from Hovnanian Enterprises' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.46%	4.12%	28.10%	-10.92%	-18.78%	1.29%	16.21%	18.73%	5.01%	-5.69%	9.03%
EBITDA Growth	-92.59%	-29.31%	-71.38%	576.20%	-31.77%	-28.74%	131.73%	51.79%	46.68%	-12.57%	2.08%
EBIT Growth	-93.42%	-34.63%	-89.71%	1,943.62%	-31.50%	-32.71%	165.08%	54.98%	47.55%	-13.95%	3.28%
NOPAT Growth	-30.78%	-96.86%	-115.59%	1,336.17%	-45.70%	-15.11%	248.09%	439.74%	-67.50%	-1.85%	-2.01%
Net Income Growth	881.45%	-105.24%	82.49%	-11,684.07%	101.36%	-1,031.79%	220.92%	1,093.48%	-62.90%	-8.69%	17.54%
EPS Growth	750.00%	-105.88%	81.82%	-11,684.07%	101.36%	-1,080.56%	199.58%	1,121.34%	-66.22%	-7.31%	18.27%
Operating Cash Flow Growth	-2,156.38%	-68.18%	220.73%	-22.07%	-122.16%	-272.82%	217.54%	-28.21%	-57.44%	386.53%	-94.57%
Free Cash Flow Firm Growth	-13.29%	-89.52%	-293.79%	322.16%	-85.43%	-4.22%	-133.80%	1,937.24%	-139.36%	35.15%	-39.53%
Invested Capital Growth	-20.12%	-10.66%	29.96%	-46.56%	-8.47%	-9.55%	26.19%	7.13%	56.55%	29.12%	26.07%
Revenue Q/Q Growth	15.68%	-0.24%	4.24%	-3.29%	-5.09%	-24.45%	44.46%	41.90%	-17.46%	0.01%	3.18%
EBITDA Q/Q Growth	-96.47%	111.28%	-80.42%	489.85%	-48.71%	25.67%	-13.82%	158.42%	-60.62%	12.24%	5.76%
EBIT Q/Q Growth	-96.88%	108.99%	-93.41%	1,774.21%	-51.74%	33.31%	-13.55%	156.46%	-61.02%	12.82%	5.97%
NOPAT Q/Q Growth	-49.63%	109.34%	-242.70%	1,774.21%	-61.74%	52.68%	56.87%	146.76%	-62.20%	24.88%	5.87%
Net Income Q/Q Growth	-60.54%	-105.73%	-785.89%	-3.25%	115.16%	-817.74%	500.07%	1.99%	1.42%	25.35%	-1.19%
EPS Q/Q Growth	1,458.33%	-106.47%	-100.72%	-3.25%	115.16%	-115.16%	-80.69%	287.45%	-0.07%	29.04%	-0.93%
Operating Cash Flow Q/Q Growth	6.06%	-21.54%	87.23%	-10.75%	-212.22%	-9.12%	45.13%	15.33%	-9.94%	6.25%	-54.09%
Free Cash Flow Firm Q/Q Growth	-7.21%	123.74%	-15.56%	60.75%	-96.29%	103.65%	-110.65%	135.51%	-136.96%	-349.02%	64.19%
Invested Capital Q/Q Growth	38.93%	-5.61%	-2.14%	-23.64%	138.43%	-40.29%	-1.67%	-24.24%	28.13%	37.02%	3.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.72%	15.59%	14.25%	15.64%	18.10%	16.62%	17.59%	21.02%	23.47%	22.53%	21.30%
EBITDA Margin	5.55%	3.77%	0.84%	6.39%	5.37%	3.78%	7.53%	9.63%	13.45%	12.47%	11.68%
Operating Margin	5.11%	3.35%	0.25%	5.65%	4.77%	3.17%	7.23%	9.43%	13.25%	12.09%	11.45%
EBIT Margin	4.89%	3.07%	0.25%	5.65%	4.77%	3.17%	7.23%	9.43%	13.25%	12.09%	11.45%
Profit (Net Income) Margin	14.89%	-0.75%	-0.10%	-13.55%	0.23%	-2.09%	2.17%	21.84%	7.72%	7.47%	8.05%
Tax Burden Percent	1,522.02%	73.97%	-115.72%	734.23%	55.49%	106.17%	91.92%	320.14%	70.52%	80.44%	76.32%
Interest Burden Percent	20.02%	-33.03%	35.92%	-32.64%	8.58%	-62.09%	32.71%	72.33%	82.56%	76.81%	92.14%
Effective Tax Rate	-1,422.02%	0.00%	215.72%	0.00%	44.51%	0.00%	8.08%	-220.14%	29.48%	19.56%	23.68%
Return on Invested Capital (ROIC)	97.04%	3.62%	-0.52%	7.41%	6.03%	5.63%	18.24%	85.18%	20.86%	14.65%	11.27%
ROIC Less NNEP Spread (ROIC-NNEP)	29.76%	-0.77%	-0.21%	-19.36%	2.41%	-1.23%	10.28%	64.36%	16.24%	10.03%	10.01%
Return on Net Nonoperating Assets (RNNOA)	-208.60%	9.48%	2.72%	105.41%	-7.02%	3.30%	-29.24%	-551.46%	59.89%	28.03%	23.75%
Return on Equity (ROE)	-111.57%	13.10%	2.20%	112.82%	-0.99%	8.93%	-11.00%	-466.28%	80.76%	42.68%	35.02%
Cash Return on Invested Capital (CROIC)	119.40%	14.88%	-26.58%	68.10%	14.87%	15.65%	-4.92%	78.29%	-23.22%	-10.77%	-11.80%
Operating Return on Assets (OROA)	4.98%	2.69%	0.27%	6.51%	5.33%	3.61%	9.13%	12.66%	15.86%	13.18%	13.50%
Return on Assets (ROA)	15.17%	-0.66%	-0.11%	-15.61%	0.25%	-2.38%	2.75%	29.31%	9.24%	8.15%	9.49%
Return on Common Equity (ROCE)	-166.49%	27.51%	4.51%	164.66%	-1.28%	11.50%	-14.23%	-952.61%	41.55%	30.71%	28.16%
Return on Equity Simple (ROE_SIMPLE)	-260.74%	12.57%	2.19%	72.16%	-1.00%	8.59%	-11.66%	347.53%	58.87%	35.39%	30.24%
Net Operating Profit after Tax (NOPAT)	1,605	50	-7.85	97	53	45	156	840	273	268	263
NOPAT Margin	77.79%	2.34%	-0.29%	3.96%	2.65%	2.22%	6.64%	30.20%	9.35%	9.73%	8.74%
Net Nonoperating Expense Percent (NNEP)	67.27%	4.39%	-0.31%	26.77%	3.62%	6.86%	7.96%	20.81%	4.62%	4.61%	1.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	16.31%	46.07%	32.82%
Cost of Revenue to Revenue	82.28%	84.41%	85.75%	84.36%	81.90%	83.38%	82.41%	78.98%	76.53%	77.47%	78.70%
SG&A Expenses to Revenue	12.35%	11.68%	9.20%	10.43%	11.49%	11.56%	10.32%	9.94%	10.13%	11.06%	11.39%
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	12.61%	12.24%	14.01%	9.99%	13.34%	13.45%	10.36%	11.59%	10.22%	10.44%	9.85%
Earnings before Interest and Taxes (EBIT)	101	66	6.78	139	95	64	169	262	387	333	344
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	115	81	23	157	107	76	177	268	393	344	351
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.31	1.04	0.95	1.60
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.31	1.04	0.95	1.60
Price to Revenue (P/Rev)	0.27	0.14	0.08	0.15	0.11	0.07	0.08	0.19	0.09	0.15	0.35
Price to Earnings (P/E)	1.79	0.00	0.00	0.00	1.03	1.08	0.65	0.69	1.00	1.79	3.79
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	56.00%	0.00%	0.00%	0.00%	97.45%	92.51%	153.07%	144.82%	99.74%	55.72%	26.39%
Enterprise Value to Invested Capital (EV/IC)	1.24	1.46	0.97	1.80	3.10	2.03	1.60	1.69	0.80	0.01	0.32
Enterprise Value to Revenue (EV/Rev)	0.89	0.89	0.60	0.67	1.30	0.76	0.65	0.62	0.44	0.01	0.28
Enterprise Value to EBITDA (EV/EBITDA)	15.96	23.68	71.15	10.47	24.17	20.11	8.65	6.45	3.25	0.05	2.40
Enterprise Value to EBIT (EV/EBIT)	18.14	29.10	243.16	11.84	27.22	23.98	9.02	6.59	3.30	0.06	2.44
Enterprise Value to NOPAT (EV/NOPAT)	1.14	38.10	0.00	16.91	49.05	34.26	9.81	2.06	4.68	0.07	3.20
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	4.26	5.44	0.00	0.00	5.21	8.23	14.27	0.04	35.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.93	9.26	0.00	1.84	19.90	12.32	0.00	2.24	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-15.75	-16.89	-13.65	-3.82	-5.98	-3.44	-3.59	7.83	3.37	0.00	0.00
Long-Term Debt to Equity	-15.75	-16.89	-13.65	-3.82	-5.98	-3.44	-3.59	7.83	3.37	0.00	0.00
Financial Leverage	-7.01	-12.31	-12.76	-5.44	-2.91	-2.68	-2.84	-8.57	3.69	2.79	2.37
Leverage Ratio	-7.35	-19.90	-19.32	-7.23	-3.90	-3.76	-4.01	-15.91	8.74	5.24	3.69
Compound Leverage Factor	-1.47	6.57	-6.94	2.36	-0.33	2.33	-1.31	-11.51	7.22	4.02	3.40
Debt to Total Capital	106.78%	106.29%	107.91%	135.50%	120.07%	141.03%	138.59%	88.68%	77.12%	0.00%	0.00%
Short-Term Debt 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%
Long-Term Debt to Total Capital	106.78%	106.29%	107.91%	135.50%	120.07%	141.03%	138.59%	88.68%	77.12%	0.00%	0.00%
Preferred Equity to Total Capital	7.79%	6.65%	8.32%	10.43%	5.99%	11.33%	11.97%	8.74%	8.08%	23.26%	16.91%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.07%	0.03%	0.00%	0.01%	0.00%
Common Equity to Total Capital	-14.57%	-12.94%	-16.23%	-45.93%	-26.07%	-52.42%	-50.63%	2.56%	14.80%	76.74%	83.10%
Debt to EBITDA	16.19	26.72	75.69	11.21	25.37	22.10	8.87	5.12	3.29	0.00	0.00
Net Debt to EBITDA	9.99	18.28	55.40	7.33	20.88	16.37	6.77	3.98	2.25	0.00	0.00
Long-Term Debt to EBITDA	16.19	26.72	75.69	11.21	25.37	22.10	8.87	5.12	3.29	0.00	0.00
Debt to NOPAT	1.16	42.98	-223.51	18.11	51.49	37.64	10.06	1.63	4.73	0.00	0.00
Net Debt to NOPAT	0.71	29.42	-163.60	11.84	42.37	27.89	7.68	1.27	3.24	0.00	0.00
Long-Term Debt to NOPAT	1.16	42.98	-223.51	18.11	51.49	37.64	10.06	1.63	4.73	0.00	0.00
Altman Z-Score	1.54	1.34	0.84	0.93	1.21	0.98	0.84	1.95	1.64	2.49	2.88
Noncontrolling Interest Sharing Ratio	-49.22%	-110.05%	-105.46%	-45.95%	-29.62%	-28.77%	-29.39%	-104.30%	48.55%	28.05%	19.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.18	4.14	1.54	1.77	4.10	3.02	1.40	3.24	1.59	0.00	0.00
Quick Ratio	1.18	1.06	0.85	1.26	0.68	0.44	0.74	0.58	0.75	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,975	207	-401	891	130	124	-42	772	-304	-197	-275
Operating Cash Flow to CapEx	-6,553.82%	-66,639.29%	5,343.03%	4,857.89%	0.00%	-6,265.77%	8,960.47%	3,556.90%	714.07%	2,581.70%	143.80%
Free Cash Flow to Firm to Interest Expense	22.31	2.25	0.00	0.00	0.00	0.00	0.00	0.00	-5.62	-2.47	-9.36
Operating Cash Flow to Interest Expense	-2.15	-3.49	0.00	0.00	0.00	0.00	0.00	0.00	1.65	5.46	0.80
Operating Cash Flow Less CapEx to Interest Expense	-2.19	-3.50	0.00	0.00	0.00	0.00	0.00	0.00	1.42	5.25	0.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.02	0.88	1.11	1.15	1.12	1.14	1.26	1.34	1.20	1.09	1.18
Accounts Receivable Turnover	0.00	26.38	0.00	0.00	0.00	50.36	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.34	1.21	2.55	12.40	2.71	1.42	2.62	3.06	2.86	2.58	1.58
Fixed Asset Turnover	29.54	30.91	57.42	47.49	54.40	66.63	80.22	0.00	0.00	92.23	77.67
Accounts Payable Turnover	4.63	4.71	6.33	5.87	5.10	5.38	5.69	5.60	5.16	0.00	0.00
Days Sales Outstanding (DSO)	0.00	13.84	0.00	0.00	0.00	7.25	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	155.72	301.11	143.32	29.43	134.62	257.25	139.33	119.28	127.54	141.70	231.06
Days Payable Outstanding (DPO)	78.88	77.44	57.66	62.15	71.62	67.83	64.20	65.24	70.70	0.00	0.00
Cash Conversion Cycle (CCC)	76.84	237.51	85.65	-32.72	63.01	196.67	75.13	54.04	56.84	141.70	231.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,469	1,313	1,706	912	834	755	953	1,020	1,598	2,063	2,601
Invested Capital Turnover	1.25	1.54	1.82	1.87	2.28	2.54	2.75	2.82	2.23	1.51	1.29
Increase / (Decrease) in Invested Capital	-370	-157	393	-794	-77	-80	198	68	577	465	538
Enterprise Value (EV)	1,829	1,918	1,649	1,641	2,584	1,532	1,527	1,729	1,277	18	840
Market Capitalization	549	302	230	357	217	149	195	527	258	423	1,066
Book Value per Share	($1.74)	($1.80)	($1.79)	($4.04)	($3.97)	($105.21)	($93.16)	$6.33	$38.74	$73.25	$109.84
Tangible Book Value per Share	($1.74)	($1.80)	($1.79)	($4.04)	($3.97)	($105.21)	($93.16)	$6.33	$38.74	$73.25	$109.84
Total Capital	1,737	2,035	1,626	1,297	2,259	1,194	1,130	1,549	1,674	582	800
Total Debt	1,855	2,163	1,754	1,757	2,713	1,684	1,566	1,373	1,291	0.00	0.00
Total Long-Term Debt	1,855	2,163	1,754	1,757	2,713	1,684	1,566	1,373	1,291	0.00	0.00
Net Debt	1,145	1,481	1,284	1,148	2,232	1,247	1,196	1,067	884	-540	-361
Capital Expenditures (CapEx)	2.91	0.48	7.24	6.21	-33	3.98	3.27	5.91	13	17	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,083	1,225	-151	-209	814	865	-122	857	-71	1,419	1,727
Debt-free Net Working Capital (DFNWC)	1,666	1,785	218	284	1,047	1,047	145	1,103	262	1,862	1,945
Net Working Capital (NWC)	1,666	1,785	218	284	1,047	1,047	145	1,103	262	1,862	1,945
Net Nonoperating Expense (NNE)	1,298	66	-5.03	429	48	87	105	232	48	62	21
Net Nonoperating Obligations (NNO)	1,587	1,441	1,834	1,372	1,288	1,245	1,389	845	1,215	1,481	1,800
Total Depreciation and Amortization (D&A)	14	15	16	18	12	12	7.20	5.52	5.83	10	6.69
Debt-free, Cash-free Net Working Capital to Revenue	52.49%	56.99%	-5.49%	-8.53%	40.89%	42.87%	-5.21%	30.81%	-2.42%	51.49%	57.48%
Debt-free Net Working Capital to Revenue	80.72%	83.08%	7.94%	11.60%	52.59%	51.91%	6.19%	39.65%	8.97%	67.55%	64.73%
Net Working Capital to Revenue	80.72%	83.08%	7.94%	11.60%	52.59%	51.91%	6.19%	39.65%	8.97%	67.55%	64.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$51.25	($2.75)	($0.50)	($56.25)	$0.75	$0.00	$0.00	$87.50	$30.31	$28.76	$34.40
Adjusted Weighted Average Basic Shares Outstanding	5.85M	5.88M	5.90M	5.91M	5.94M	5.97M	6.19M	6.29M	6.44M	6.23M	6.48M
Adjusted Diluted Earnings per Share	$46.75	($2.75)	($0.50)	($56.25)	$0.75	($7.06)	$7.03	$85.86	$29.00	$26.88	$31.79
Adjusted Weighted Average Diluted Shares Outstanding	6.50M	5.88M	5.90M	5.91M	6.07M	5.97M	6.58M	6.40M	6.73M	6.67M	7.01M
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	5.84M	5.86M	5.89M	5.90M	5.94M	6.13M	6.14M	6.25M	5.96M	6.10M	6.06M
Normalized Net Operating Profit after Tax (NOPAT)	77	59	30	134	53	45	156	184	273	268	263
Normalized NOPAT Margin	3.76%	2.74%	1.10%	5.46%	2.65%	2.22%	6.64%	6.60%	9.35%	9.73%	8.74%
Pre Tax Income Margin	0.98%	-1.01%	0.09%	-1.85%	0.41%	-1.97%	2.36%	6.82%	10.94%	9.29%	10.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.14	0.72	0.00	0.00	0.00	0.00	0.00	0.00	7.15	4.18	11.71
NOPAT to Interest Expense	18.13	0.55	0.00	0.00	0.00	0.00	0.00	0.00	5.04	3.36	8.94
EBIT Less CapEx to Interest Expense	1.11	0.71	0.00	0.00	0.00	0.00	0.00	0.00	6.92	3.97	11.15
NOPAT Less CapEx to Interest Expense	18.10	0.54	0.00	0.00	0.00	0.00	0.00	0.00	4.81	3.15	8.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.73%	5.18%	4.41%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.15%	7.52%	15.37%

This table displays calculated financial ratios and metrics derived from Hovnanian Enterprises' 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	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-41.08%	-8.84%	0.16%	-15.33%	0.03%	15.30%	0.67%	11.19%	10.44%	13.37%	-3.09%
EBITDA Growth	-80.19%	-11.39%	-11.24%	-16.70%	-3.30%	8.70%	16.10%	15.50%	-14.96%	37.93%	-49.09%
EBIT Growth	-80.43%	-13.72%	-15.95%	-17.50%	-3.10%	8.93%	21.19%	16.99%	-14.93%	40.49%	-50.61%
NOPAT Growth	-82.44%	27.69%	-30.44%	-11.45%	27.67%	-22.89%	19.92%	10.71%	-15.02%	35.34%	-49.88%
Net Income Growth	6.01%	-24.56%	-45.31%	-32.50%	74.83%	27.72%	48.88%	30.76%	-3.00%	17.93%	-61.20%
EPS Growth	-0.30%	-26.38%	-46.72%	-31.79%	90.03%	28.76%	48.99%	32.11%	-2.35%	23.02%	-63.51%
Operating Cash Flow Growth	-7.72%	73.00%	81.62%	571.40%	21.69%	-184.85%	-8.34%	-140.90%	-19.39%	37.22%	-74.97%
Free Cash Flow Firm Growth	-210.08%	253.12%	126.08%	-203.78%	28.05%	-243.49%	-1,029.93%	-400.40%	-25.58%	75.70%	-37.80%
Invested Capital Growth	56.55%	-76.70%	-0.67%	20.74%	29.12%	493.96%	38.17%	67.50%	26.07%	21.62%	35.76%
Revenue Q/Q Growth	15.53%	-41.88%	36.54%	-7.63%	36.48%	-33.01%	19.22%	2.02%	35.55%	-31.24%	1.91%
EBITDA Q/Q Growth	35.30%	-65.66%	91.10%	31.00%	57.05%	-72.35%	104.11%	30.32%	15.63%	-55.15%	-24.67%
EBIT Q/Q Growth	35.31%	-66.65%	86.59%	37.56%	58.94%	-73.30%	107.59%	32.79%	15.57%	-55.90%	-27.02%
NOPAT Q/Q Growth	11.49%	-43.14%	33.20%	47.20%	60.75%	-75.54%	107.17%	35.88%	23.40%	-61.04%	-23.27%
Net Income Q/Q Growth	-32.66%	-66.36%	82.44%	63.31%	74.42%	-75.42%	112.67%	43.44%	29.39%	-70.12%	-30.03%
EPS Q/Q Growth	-37.89%	-66.37%	97.79%	65.10%	73.04%	-77.21%	128.87%	46.40%	27.90%	-71.29%	-32.12%
Operating Cash Flow Q/Q Growth	251.32%	-126.47%	411.12%	132.10%	-36.32%	-161.95%	200.11%	-203.57%	225.51%	-148.24%	139.91%
Free Cash Flow Firm Q/Q Growth	-370.03%	344.70%	-95.29%	-416.65%	-87.22%	-413.83%	69.47%	-70.39%	53.02%	0.58%	-73.13%
Invested Capital Q/Q Growth	28.13%	-76.81%	330.07%	-5.51%	37.02%	6.67%	0.05%	14.55%	3.13%	2.91%	11.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.68%	21.12%	20.11%	22.52%	25.27%	21.00%	21.89%	20.75%	21.47%	17.80%	17.51%
EBITDA Margin	16.86%	7.14%	9.99%	14.16%	16.30%	6.73%	11.52%	14.71%	12.55%	8.19%	6.05%
Operating Margin	16.63%	6.80%	9.29%	13.83%	16.11%	6.42%	11.18%	14.56%	12.41%	7.96%	5.70%
EBIT Margin	16.63%	6.80%	9.29%	13.83%	16.11%	6.42%	11.18%	14.56%	12.41%	7.96%	5.70%
Profit (Net Income) Margin	6.27%	3.63%	4.85%	8.58%	10.97%	4.02%	7.18%	10.09%	9.63%	4.19%	2.87%
Tax Burden Percent	60.81%	103.71%	74.03%	79.22%	80.13%	73.41%	73.26%	74.97%	80.05%	70.72%	74.35%
Interest Burden Percent	62.03%	51.51%	70.56%	78.28%	84.94%	85.33%	87.59%	92.47%	96.95%	74.35%	67.81%
Effective Tax Rate	39.19%	-3.71%	25.97%	20.78%	19.87%	26.59%	26.74%	25.03%	19.95%	29.28%	25.65%
Return on Invested Capital (ROIC)	22.58%	20.66%	12.36%	21.95%	19.44%	10.40%	12.26%	15.78%	12.80%	7.12%	5.00%
ROIC Less NNEP Spread (ROIC-NNEP)	19.27%	18.08%	11.23%	20.34%	18.16%	9.87%	11.73%	15.36%	12.62%	6.56%	4.50%
Return on Net Nonoperating Assets (RNNOA)	71.08%	41.73%	40.95%	47.84%	50.74%	15.44%	29.62%	36.81%	29.96%	15.99%	11.41%
Return on Equity (ROE)	93.65%	62.38%	53.31%	69.78%	70.18%	25.83%	41.88%	52.59%	42.77%	23.11%	16.41%
Cash Return on Invested Capital (CROIC)	-23.22%	149.52%	14.72%	-3.19%	-10.77%	-121.94%	-19.40%	-38.15%	-11.80%	-8.31%	-20.92%
Operating Return on Assets (OROA)	19.91%	14.33%	10.97%	15.46%	17.57%	13.21%	13.23%	17.18%	14.63%	10.07%	7.17%
Return on Assets (ROA)	7.51%	7.66%	5.73%	9.59%	11.96%	8.28%	8.49%	11.91%	11.35%	5.30%	3.61%
Return on Common Equity (ROCE)	48.19%	33.85%	32.31%	46.76%	50.49%	18.86%	31.35%	40.59%	34.39%	18.70%	13.38%
Return on Equity Simple (ROE_SIMPLE)	0.00%	55.43%	44.50%	34.04%	0.00%	34.77%	35.20%	34.82%	0.00%	30.35%	26.23%
Net Operating Profit after Tax (NOPAT)	90	36	48	71	115	28	58	79	97	38	29
NOPAT Margin	10.11%	7.05%	6.88%	10.96%	12.91%	4.71%	8.19%	10.91%	9.93%	5.63%	4.24%
Net Nonoperating Expense Percent (NNEP)	3.31%	2.58%	1.14%	1.60%	1.28%	0.52%	0.53%	0.42%	0.18%	0.56%	0.50%
Return On Investment Capital (ROIC_SIMPLE)	5.36%	-	-	-	19.68%	4.61%	-	-	12.16%	4.67%	3.55%
Cost of Revenue to Revenue	77.32%	78.88%	79.89%	77.48%	74.73%	79.00%	78.11%	79.25%	78.53%	82.20%	82.49%
SG&A Expenses to Revenue	9.12%	14.24%	10.73%	11.55%	9.10%	14.49%	11.15%	12.38%	8.95%	12.91%	11.74%
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	6.05%	14.32%	10.82%	8.69%	9.16%	14.58%	10.71%	6.19%	9.06%	9.85%	11.81%
Earnings before Interest and Taxes (EBIT)	147	35	65	90	143	38	79	105	122	54	39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	150	37	70	92	145	40	82	106	123	55	42
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.04	1.33	0.18	1.84	0.95	2.18	1.76	2.21	1.60	1.19	0.84
Price to Tangible Book Value (P/TBV)	1.04	1.33	0.18	1.84	0.95	2.18	1.76	2.21	1.60	1.19	0.84
Price to Revenue (P/Rev)	0.09	0.12	0.02	0.23	0.15	0.36	0.32	0.43	0.35	0.26	0.19
Price to Earnings (P/E)	1.00	1.10	0.20	2.77	1.79	4.23	2.73	3.61	3.79	2.79	2.23
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	99.74%	90.51%	502.11%	36.12%	55.72%	23.65%	36.57%	27.73%	26.39%	35.87%	44.86%
Enterprise Value to Invested Capital (EV/IC)	0.80	4.28	0.66	1.02	0.01	0.39	0.32	0.45	0.32	0.25	0.15
Enterprise Value to Revenue (EV/Rev)	0.44	0.55	0.36	0.56	0.01	0.30	0.24	0.39	0.28	0.21	0.14
Enterprise Value to EBITDA (EV/EBITDA)	3.25	4.58	3.22	5.01	0.05	2.49	2.19	3.42	2.40	1.81	1.36
Enterprise Value to EBIT (EV/EBIT)	3.30	4.67	3.32	5.19	0.06	2.57	2.25	3.50	2.44	1.84	1.38
Enterprise Value to NOPAT (EV/NOPAT)	4.68	6.44	4.65	7.15	0.07	3.29	2.90	4.58	3.20	2.42	1.81
Enterprise Value to Operating Cash Flow (EV/OCF)	14.27	9.12	4.80	3.75	0.04	2.29	1.88	22.04	35.55	11.66	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.08	4.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.37	2.89	2.98	2.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	3.37	2.89	2.98	2.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	3.69	2.31	3.65	2.35	2.79	1.56	2.52	2.40	2.37	2.44	2.54
Leverage Ratio	8.74	4.60	7.08	6.00	5.24	2.75	4.46	4.16	3.69	3.44	3.32
Compound Leverage Factor	5.42	2.37	4.99	4.70	4.45	2.34	3.91	3.85	3.58	2.55	2.25
Debt to Total Capital	77.12%	74.32%	74.85%	70.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt 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%
Long-Term Debt to Total Capital	77.12%	74.32%	74.85%	70.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	8.08%	8.78%	7.92%	8.17%	23.26%	22.29%	20.91%	19.24%	16.91%	16.67%	16.49%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	14.80%	16.90%	17.23%	20.96%	76.74%	77.71%	79.09%	80.76%	83.10%	83.33%	83.51%
Debt to EBITDA	3.29	3.31	3.94	3.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	2.25	3.20	2.63	2.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	3.29	3.31	3.94	3.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	4.73	4.65	5.69	5.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	3.24	4.49	3.81	3.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	4.73	4.65	5.69	5.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.33	6.19	1.24	1.46	2.24	2.42	2.48	2.56	2.60	2.50	1.72
Noncontrolling Interest Sharing Ratio	48.55%	45.74%	39.40%	32.99%	28.05%	26.99%	25.14%	22.82%	19.58%	19.08%	18.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	0.70	1.84	1.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.75	0.00	0.89	0.86	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-487	1,256	59	-187	-351	-1,802	-550	-937	-440	-438	-758
Operating Cash Flow to CapEx	2,961.94%	-851.16%	2,206.88%	4,833.59%	3,490.67%	-1,648.53%	2,557.49%	-2,561.28%	2,929.29%	-1,993.54%	392.73%
Free Cash Flow to Firm to Interest Expense	0.00	83.21	4.08	-10.65	-10.78	-198.45	-61.33	-149.69	-86.86	-46.01	-86.67
Operating Cash Flow to Interest Expense	0.00	-2.07	6.70	12.83	4.42	-9.80	9.93	-14.74	22.85	-5.87	2.55
Operating Cash Flow Less CapEx to Interest Expense	0.00	-2.31	6.40	12.57	4.29	-10.40	9.55	-15.31	22.07	-6.17	1.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	2.11	1.18	1.12	1.09	2.06	1.18	1.18	1.18	1.27	1.26
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.86	0.00	8.91	2.35	2.58	0.00	2.55	2.38	1.58	1.56	2.92
Fixed Asset Turnover	0.00	119.41	116.07	100.87	92.23	86.52	84.08	80.29	77.67	74.99	70.14
Accounts Payable Turnover	5.16	0.00	5.67	5.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	127.54	0.00	40.97	155.30	141.70	0.00	143.21	153.67	231.06	233.25	124.89
Days Payable Outstanding (DPO)	70.70	0.00	64.32	68.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	56.84	0.00	-23.35	87.12	141.70	0.00	143.21	153.67	231.06	233.25	124.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,598	370	1,593	1,505	2,063	2,200	2,201	2,522	2,601	2,676	2,989
Invested Capital Turnover	2.23	2.93	1.80	2.00	1.51	2.21	1.50	1.45	1.29	1.27	1.18
Increase / (Decrease) in Invested Capital	577	-1,220	-11	259	465	1,830	608	1,016	538	476	787
Enterprise Value (EV)	1,277	1,586	1,044	1,534	18	863	695	1,135	840	662	442
Market Capitalization	258	345	53	640	423	1,030	901	1,258	1,066	802	574
Book Value per Share	$38.74	$43.66	$408.40	$57.87	$73.25	$72.63	$83.95	$94.80	$109.84	$111.66	$115.63
Tangible Book Value per Share	$38.74	$43.66	$408.40	$57.87	$73.25	$72.63	$83.95	$94.80	$109.84	$111.66	$115.63
Total Capital	1,674	1,541	1,708	1,656	582	607	647	703	800	811	820
Total Debt	1,291	1,145	1,278	1,174	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	1,291	1,145	1,278	1,174	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	884	1,106	855	759	-540	-302	-341	-258	-361	-275	-266
Capital Expenditures (CapEx)	3.99	3.67	4.41	4.67	4.12	5.40	3.48	3.60	3.95	2.80	5.68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-71	-57	-19	-72	1,419	1,532	1,490	1,729	1,727	1,746	352
Debt-free Net Working Capital (DFNWC)	262	-17	318	257	1,862	1,723	1,680	1,861	1,945	1,848	435
Net Working Capital (NWC)	262	-17	318	257	1,862	1,723	1,680	1,861	1,945	1,848	435
Net Nonoperating Expense (NNE)	34	18	14	15	17	4.11	7.20	5.94	2.97	9.72	9.36
Net Nonoperating Obligations (NNO)	1,215	-25	1,164	1,023	1,481	1,593	1,554	1,818	1,800	1,865	2,168
Total Depreciation and Amortization (D&A)	2.03	1.74	4.91	2.14	1.66	1.81	2.37	1.13	1.38	1.53	2.41
Debt-free, Cash-free Net Working Capital to Revenue	-2.42%	-1.99%	-0.67%	-2.62%	51.49%	54.03%	52.47%	59.37%	57.48%	56.60%	11.49%
Debt-free Net Working Capital to Revenue	8.97%	-0.60%	11.06%	9.33%	67.55%	60.79%	59.17%	63.89%	64.73%	59.93%	14.20%
Net Working Capital to Revenue	8.97%	-0.60%	11.06%	9.33%	67.55%	60.79%	59.17%	63.89%	64.73%	59.93%	14.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$2.37	$0.00	$7.92	$13.79	$3.11	$7.12	$10.61	$13.56	$3.88	$2.64
Adjusted Weighted Average Basic Shares Outstanding	6.44M	6.19M	6.17M	6.25M	6.23M	6.50M	6.46M	6.47M	6.48M	6.52M	6.41M
Adjusted Diluted Earnings per Share	$6.72	$2.26	$4.47	$7.38	$12.77	$2.91	$6.66	$9.75	$12.47	$3.58	$2.43
Adjusted Weighted Average Diluted Shares Outstanding	6.73M	6.47M	6.46M	6.71M	6.67M	6.94M	6.90M	7.05M	7.01M	7.07M	6.95M
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	5.96M	720.31K	6.00M	6.09M	6.10M	6.10M	5.99M	6.05M	6.06M	5.92M	5.80M
Normalized Net Operating Profit after Tax (NOPAT)	90	25	48	71	115	28	58	79	97	38	29
Normalized NOPAT Margin	10.11%	4.76%	6.88%	10.96%	12.91%	4.71%	8.19%	10.91%	9.93%	5.63%	4.24%
Pre Tax Income Margin	10.32%	3.50%	6.55%	10.83%	13.69%	5.48%	9.80%	13.46%	12.03%	5.92%	3.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	2.32	4.51	5.11	4.39	4.20	8.83	16.80	23.98	5.63	4.47
NOPAT to Interest Expense	0.00	2.41	3.34	4.05	3.52	3.09	6.47	12.59	19.19	3.98	3.33
EBIT Less CapEx to Interest Expense	0.00	2.08	4.20	4.85	4.27	3.61	8.44	16.22	23.20	5.34	3.82
NOPAT Less CapEx to Interest Expense	0.00	2.16	3.03	3.79	3.39	2.49	6.08	12.02	18.41	3.69	2.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.73%	4.87%	5.59%	6.50%	5.18%	5.06%	4.69%	4.36%	4.41%	4.33%	4.96%
Augmented Payout Ratio	10.15%	12.62%	14.49%	16.86%	7.52%	5.06%	11.34%	15.19%	15.37%	22.43%	24.38%

Key Financial Trends

Hovnanian Enterprises (NYSE: HOV) has shown varied financial performance over the last four years based on the quarterly financial statements analyzed. Here are the key points from the analysis:

Consistent growth in Operating Revenue from about $515 million in Q1 2023 to $686 million in Q2 2025, indicating expanding business operations.
Gross Profit has increased overall, with $108.8 million in Q1 2023 growing to over $120 million by Q2 2025, showing the company is maintaining profitability at the operational level.
Net Income attributable to common shareholders increased notably from $25 million in Q1 2023 to nearly $30 million in Q2 2025, supporting better bottom-line performance.
Diluted EPS rose from $2.26 per share in Q1 2023 to $2.43 in Q2 2025, suggesting improving profitability on a per-share basis.
Strong operating cash flow trends with positive $22.3 million net cash from operating activities in Q2 2025 compared to more volatile cash flows in prior periods, reflecting better cash management.
Significant variability in net cash from investing activities, including acquisitions and sales of property and investments, which reflects active capital allocation strategies but adds uncertainty.
The company continues to carry substantial long-term debt, fluctuating around $1.1 to $1.3 billion over recent quarters, indicating leverage that needs to be monitored.
Net cash from financing activities remains negative in recent quarters, with large debt repayments and equity repurchases, which could pressure liquidity.
Inventories have increased substantially from $279 million in early 2024 to $268 million in Q2 2025, impacting working capital and potentially indicating slower sales or build-up of unsold homes.
Total equity remains modest relative to liabilities (e.g., total equity around $685 million against liabilities of $1.73 billion in Q2 2025), showing a leveraged balance sheet and potential solvency risk if market conditions deteriorate.

In summary, Hovnanian Enterprises has demonstrated growth in revenue and profitability metrics with improving earnings per share, supported by better cash generation from operations recently. However, the company carries a significant debt load and faces volatility in cash flows from investing and financing activities, alongside growing inventories which may pressurize cash flow and working capital. Investors should watch the company's ability to manage leverage and inventory levels amid fluctuating housing market conditions.

08/21/25 02:27 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Hovnanian Enterprises' Financials

When does Hovnanian Enterprises' fiscal year end?

According to the most recent income statement we have on file, Hovnanian Enterprises' financial year ends in October. Their financial year 2024 ended on October 31, 2024.

How has Hovnanian Enterprises' net income changed over the last 10 years?

Hovnanian Enterprises' net income appears to be on an upward trend, with a most recent value of $242.01 million in 2024, falling from $307.14 million in 2014. The previous period was $205.89 million in 2023. Find out what analysts predict for Hovnanian Enterprises in the coming months.

What is Hovnanian Enterprises' operating income?

Hovnanian Enterprises' total operating income in 2024 was $344.15 million, based on the following breakdown:

Total Gross Profit: $640.17 million
Total Operating Expenses: $296.02 million

How has Hovnanian Enterprises' revenue changed over the last 10 years?

Over the last 10 years, Hovnanian Enterprises' total revenue changed from $2.06 billion in 2014 to $3.00 billion in 2024, a change of 45.6%.

How much debt does Hovnanian Enterprises have?

Hovnanian Enterprises' total liabilities were at $1.81 billion at the end of 2024, a 5.5% decrease from 2023, and a 25.0% decrease since 2014.

How much cash does Hovnanian Enterprises have?

In the past 10 years, Hovnanian Enterprises' cash and equivalents has ranged from $182.27 million in 2019 to $533.99 million in 2015, and is currently $209.98 million as of their latest financial filing in 2024.

How has Hovnanian Enterprises' book value per share changed over the last 10 years?

Over the last 10 years, Hovnanian Enterprises' book value per share changed from -1.74 in 2014 to 109.84 in 2024, a change of -6,430.8%.

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This page (NYSE:HOV) was last updated on 8/21/2025 by MarketBeat.com Staff

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Hovnanian Enterprises (HOV) Financials

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Hovnanian Enterprises (HOV) Financials

Annual Income Statements for Hovnanian Enterprises

Quarterly Income Statements for Hovnanian Enterprises

Annual Cash Flow Statements for Hovnanian Enterprises

Quarterly Cash Flow Statements for Hovnanian Enterprises

Annual Balance Sheets for Hovnanian Enterprises

Quarterly Balance Sheets for Hovnanian Enterprises

Annual Metrics And Ratios for Hovnanian Enterprises

Quarterly Metrics And Ratios for Hovnanian Enterprises

Key Financial Trends

Frequently Asked Questions About Hovnanian Enterprises' Financials

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