# Dream Finders Homes, Inc. (DFH)

> Source: Nexqual · https://nexqual.com/DFH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Dream Finders Homes, Inc. (DFH), nexqual.com/DFH" · informational, not investment advice.

**Price:** USD 10.12 (+12.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.02 · day 9.03–10.18 · 52w 7.3–23.8 · market cap $916M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.13B, net income $147M (3.5% margin), free cash flow -$162M (SEC filings).
- Valuation: P/E 6.2x (avg 9.2x at the last 3 fiscal year-ends), net debt $1.61B.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $8.8M; 6 not under a Rule 10b5-1 plan ($8.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $1.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (2 analysts).
- Total return with dividends: 1Y -56.3% vs S&P 500 +14.9%; 5Y -38.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.2, revenue estimate $1.04B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.92B | $3.34B | $3.75B | $4.45B | $4.32B | $4.13B |
| Gross profit | $314M | $620M | $737M | — | — | — |
| Net income | $121M | $262M | $296M | $335M | $217M | $147M |
| EPS (diluted) | $1.27 | $2.45 | $2.79 | $3.34 | $2.14 | — |
| Free cash flow | $62.2M | -$33.2M | $369M | -$282M | -$126M | -$162M |
| Gross margin | 16.3% | 18.6% | 19.7% | — | — | — |
| Net margin | 6.3% | 7.8% | 7.9% | 7.5% | 5.0% | 3.5% |
| Revenue growth | +69.7% | +73.7% | +12.2% | +18.7% | -2.9% | — |
| Cash + short-term investments | $227M | $365M | $494M | $274M | $235M | — |
| Total debt | $3.3M | — | — | $1.29B | $1.61B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.2x · P/S 0.2x · EV/Sales 0.6x · P/B 0.6x · FCF yield -17.65% · Earnings yield 16.01% · Buyback yield (TTM) 5.67% · Net debt $1.61B · EV $2.53B
P/E at fiscal year-ends: Dec 2025 8.0x, Dec 2024 7.0x, Dec 2023 12.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-24 | Lovett William Radford Ii |  | 56,590 | $943K | 1.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Lovett William Radford Ii |  | 21,962 | $329K | 0.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-17…2026-06-18 | Lovett William Radford Ii |  | 130,601 | $2.0M | 3.8% | No | Too little history (no open-market trades in 2023) |
| 2026-06-15…2026-06-16 | Lovett William Radford Ii |  | 103,591 | $1.6M | 2.9% | No | Too little history (no open-market trades in 2023) |
| 2026-06-11…2026-06-12 | Lovett William Radford Ii |  | 137,256 | $2.0M | 3.7% | No | Too little history (no open-market trades in 2023) |
| 2026-05-19…2026-05-20 | Lovett William Radford Ii |  | 150,000 | $1.9M | 3.9% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $1.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-10 | Beckwitt Richard | Director | 10,000 | $121K | 12.07 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Sturm Len | Director | 1,500 | $20K | 13.47 | Too little history (no open-market trades in 2025) |
| 2026-08-26 | Sturm Len | Director | 1,000 | $15K | 14.72 | Too little history (no open-market trades in 2025) |
| 2026-08-21…2026-08-24 | Sturm Len | Director | 500 | $7K | 14.78 | Too little history (no open-market trades in 2025) |
| 2026-08-11…2026-08-13 | Beckwitt Richard | Director | 90,000 | $1.3M | 14.05 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 2 analysts.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -56.3% | -38.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -56.5% | -9.3% |
| Volatility (annualized) | 67.0% | 55.3% |
| Max drawdown | -68.0% (Oct 2025→Oct 2026) | -79.9% (Mar 2024→Oct 2026) |

## Peers (Residential Construction)
BZH (Beazer Homes USA, Inc.) USD 33.48 +0.09% · LGIH (LGI Homes, Inc.) USD 42.77 +6.90% · BXBL (BOXABL, Inc.) USD 2.95 +4.98% · LEGH (Legacy Housing Corporation) USD 28.31 +3.89% · HOV (Hovnanian Enterprises, Inc.) USD 101.29 +9.86% · GRBK (Green Brick Partners, Inc.) USD 64.94 +7.02%

## More
Full page: https://nexqual.com/DFH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DFH's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1825088/000162828026010837/dfh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | DF Capital Management | "He has served on the investment committee of DF Capital Management, LLC, an investment manager focused on investments in land banks and land development joint ventures to deliver finished lots to us and other homebuilder…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Southeast | $388.4M | 36.5% | +5.7% |
| Midwest | $355.1M | 33.4% | -22.3% |
| Mid-Atlantic | $263.7M | 24.8% | -4.1% |
| Financial Services | $56.3M | 5.3% | +10.5% |
| Total revenue | $1.06B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Homebuilding | $1.01B | 94.7% | -8.4% |
| Financial services | $56.3M | 5.3% | +10.5% |
| Total revenue | $1.06B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Dream Finders Homes maintains its guidance of approximately 9,250 home closings for the full year 2026."
- "Forward-Looking Statements This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2026 home closings and market conditions, possible or assumed future results of operations, and statements regarding the Company's strategies and expectations as they relate to market opportunities and growth."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.20 | $0.33 | -39.4% | $1.04B | 2 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.58 | -21.4% | $1.29B | 2 |
| Current fiscal year (ends 2026-12-31) | $1.06 | $1.34 | -20.5% | $4.24B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.79 | $1.54 | -49.2% | $4.35B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±15.6%; last 8 reports averaged ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 69.7% | ±15.6% |
| 2026-12-18 | 56 | 64.9% | ±20.3% |
| 2027-01-15 | 84 | 65.8% | ±25.0% |
| 2027-04-16 | 175 | 65.8% | ±35.6% |