# KB Home (KBH)

> Source: Nexqual · https://nexqual.com/KBH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, KB Home (KBH), nexqual.com/KBH" · informational, not investment advice.

**Price:** USD 46.19 (+7.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 43.01 · day 42.99–46.28 · 52w 40.92–67.57 · market cap $2.81B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $5.18B, net income $228M (4.4% margin), free cash flow $28.7M (SEC filings).
- Valuation: P/E 12.3x (avg 9.2x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $17.9M; 4 not under a Rule 10b5-1 plan ($17.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.94 on a 1–5 scale) (17 analysts), mean target USD 51.14 (range 39–70).
- Total return with dividends: 1Y -25.4% vs S&P 500 +14.9%; 5Y +21.8% vs S&P 500 +80.3%.
- Next earnings: 2026-12-17, EPS estimate USD 1.21, revenue estimate $1.56B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.72B | $6.90B | $6.41B | $6.93B | $6.24B | $5.18B |
| Net income | $565M | $817M | $590M | $655M | $429M | $228M |
| EPS (diluted) | $6.01 | $9.09 | $7.03 | $8.45 | $6.15 | — |
| Free cash flow | -$76.7M | $138M | $1.05B | $323M | $287M | $28.7M |
| Net margin | 9.9% | 11.8% | 9.2% | 9.5% | 6.9% | 4.4% |
| Revenue growth | +36.9% | +20.6% | -7.1% | +8.1% | -10.0% | — |
| Cash + short-term investments | $292M | $330M | $727M | $599M | $230M | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 12.3x · P/S 0.5x · P/FCF 97.9x · P/B 0.7x · FCF yield 1.02% · Earnings yield 8.11% · Dividend yield (paid, TTM) 2.26% · Buyback yield (TTM) 10.08%
P/E at fiscal year-ends: Nov 2025 10.4x, Nov 2024 9.7x, Nov 2023 7.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-06 | Collins Arthur Reginald | Director | 4,000 | $228K | 30.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-05 | Praw Albert Z | EVP, Real Estate & Bus. Dev. | 22,015 | $1.3M | 17.5% | No | Too little history (no open-market trades in 2023) |
| 2026-07-13…2026-07-15 | Mezger Jeffrey T | Executive Chairman | 274,952 | $15.2M | 12.7% | No | Too little history (no open-market trades in 2025) |
| 2026-07-13 | McGibney Robert V. | President and CEO | 20,621 | $1.1M | 9.9% | 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.

## Analysts
Consensus Hold (mean 2.94 on a 1–5 scale), 17 analysts; mean target USD 51.14 (low 39, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Wells Fargo | Target lowered | Underweight | $50 → $42 |
| 2026-10-16 | StoneX | Initiated | Hold |  |
| 2026-10-15 | RBC Capital | Target lowered | Sector Perform | $50 → $47 |
| 2026-10-06 | Melius Research | Initiated | Sell | $43 |
| 2026-10-05 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $65 → $54 |
| 2026-10-01 | Morgan Stanley | Initiated | Underweight | $39 |
| 2026-09-23 | Truist Securities | Target lowered | Hold | $55 → $50 |
| 2026-09-23 | Evercore ISI Group | Target lowered | In-Line | $62 → $59 |
| 2026-09-23 | RBC Capital | Target lowered | Sector Perform | $53 → $50 |
| 2026-09-23 | Barclays | Target lowered | Overweight | $57 → $49 |
| 2026-09-23 | Citizens | Target lowered | Market Outperform | $77 → $70 |
| 2026-09-23 | B of A Securities | Target lowered | Neutral | $56 → $54 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -25.4% | +21.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.5% | +4.0% |
| Volatility (annualized) | 39.0% | 38.8% |
| Max drawdown | -36.7% (Feb 2026→Oct 2026) | -48.9% (Sep 2024→Oct 2026) |

## Peers (Residential Construction)
GRBK (Green Brick Partners, Inc.) USD 64.94 +7.02% · MHO (M/I Homes, Inc.) USD 123.3 +8.12% · MTH (Meritage Homes Corporation) USD 63.63 +7.27% · CVCO (Cavco Industries, Inc.) USD 547.44 +6.04% · SKY (Champion Homes, Inc.) USD 79.72 +5.27% · IBP (Installed Building Products, In) USD 198.13 +5.46%

## More
Full page: https://nexqual.com/KBH · 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 KBH's own 10-K filed 2026-01-23 (https://www.sec.gov/Archives/edgar/data/795266/000079526626000017/kbh-20251130.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | GR Alliance Ventures | "We depend on third-party lenders, including GR Alliance Ventures, LLC ("GR Alliance"), a" |

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Homebuilding | $1.29B | 99.6% | -20.0% |
| Housing | $620.0M | 47.8% | -6.7% |
| Financial services | $4.8M | 0.4% | -21.0% |
| Total revenue | $1.30B | 100% | — |
The lines above cover 147.8% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $1.21 | $1.51 | -19.6% | $1.56B | 15 |
| Next quarter (ends 2027-02-28) | $0.47 | $0.72 | -35.6% | $1.09B | 10 |
| Current fiscal year (ends 2026-11-30) | $3.21 | $3.33 | -3.8% | $5.04B | 16 |
| Next fiscal year (ends 2027-11-30) | $3.57 | $4.61 | -22.5% | $5.14B | 16 |

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

Expected move by 2026-12-18 (includes earnings 2026-12-17): ±13.5%; earnings reaction alone ±4.3%; last 8 reports averaged ±5.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 41.3% | ±9.4% |
| 2026-12-18 | 56 | 43.2% | ±13.5% |
| 2027-01-15 | 84 | 42.1% | ±16.0% |
| 2027-03-19 | 147 | 42.1% | ±20.9% |
| 2027-04-16 | 175 | 41.5% | ±22.5% |
| 2027-06-17 | 237 | 42.4% | ±26.2% |
| 2027-09-17 | 329 | 39.9% | ±28.7% |