Latest Ratios: P/E Ratio 7.7x · EV/EBITDA 6.3x · ROE 14.4%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.7B | $2.3B | $3.8B | $924M | $1.8B | — | — | — |
| Enterprise Value | $1.9B | $2.1B | $3.4B | $4.1B | $1.6B | $2.4B | — | — | — |
| P/E Ratio → | 7.74 | 7.99 | 7.25 | 13.36 | 3.73 | 15.31 | — | — | — |
| P/S Ratio | 0.36 | 0.40 | 0.52 | 1.00 | 0.28 | 0.94 | — | — | — |
| P/B Ratio | 1.05 | 1.08 | 1.64 | 3.47 | 1.15 | 3.23 | — | — | — |
| P/FCF | — | — | — | 10.20 | — | 28.93 | — | — | — |
| P/OCF | — | — | — | 10.07 | — | 27.70 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.48 | 0.76 | 1.10 | 0.46 | 1.23 | — | — | — |
| EV / EBITDA | 6.34 | 6.99 | 7.47 | 9.24 | 4.23 | 13.95 | — | — | — |
| EV / EBIT | 7.02 | 7.35 | 7.68 | 10.18 | 4.35 | 14.50 | — | — | — |
| EV / FCF | — | — | — | 11.15 | — | 37.92 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.5% | 17.5% | 18.6% | 19.7% | 18.6% | 16.3% | 15.1% | 13.5% | 13.0% |
| Operating Margin | 6.2% | 6.2% | 9.7% | 11.4% | 10.4% | 8.3% | 7.1% | 5.0% | 4.7% |
| Net Profit Margin | 5.0% | 5.0% | 7.5% | 7.9% | 7.8% | 6.4% | 7.0% | 3.2% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | 26.8% | 31.4% | 38.7% | 31.9% | 52.9% | 41.6% | 27.9% |
| ROA | 6.2% | 6.2% | 11.4% | 12.0% | 12.3% | 9.3% | 12.7% | 7.0% | 4.6% |
| ROIC | 9.2% | 9.2% | 16.7% | 22.4% | 20.6% | 14.8% | 15.1% | 14.1% | — |
| ROCE | 11.4% | 11.4% | 26.1% | 34.8% | 42.6% | 32.5% | 33.6% | 31.0% | 20.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.92 | 0.78 | 1.24 | 1.41 | 1.58 | 2.85 | 3.10 |
| Debt / EBITDA | 1.98 | 1.98 | 2.90 | 1.90 | 2.71 | 4.65 | 3.60 | 3.97 | 6.76 |
| Net Debt / Equity | — | 0.22 | 0.73 | 0.32 | 0.78 | 1.01 | 1.37 | 2.34 | 2.78 |
| Net Debt / EBITDA | 1.19 | 1.19 | 2.29 | 0.79 | 1.71 | 3.31 | 3.13 | 3.27 | 6.06 |
| Debt / FCF | — | — | — | 0.95 | — | 8.99 | 3.14 | 9.72 | — |
| Interest Coverage | — | — | — | 404426.00 | 11130.88 | 242.14 | 98.05 | 219.07 | 35.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.92 | 2.92 | 1.57 | 1.93 | 1.27 | 1.16 | 1.31 | 1.36 | 1.29 |
| Quick Ratio | 0.35 | 0.35 | 0.44 | 0.55 | 0.31 | 0.26 | 0.24 | 0.22 | 0.14 |
| Cash Ratio | 0.30 | 0.30 | 0.18 | 0.47 | 0.25 | 0.19 | 0.10 | 0.14 | 0.08 |
| Asset Turnover | — | 1.16 | 1.34 | 1.46 | 1.41 | 1.02 | 1.55 | 1.90 | 1.39 |
| Inventory Turnover | 1.76 | 1.76 | 2.11 | 2.09 | 1.98 | 1.51 | 1.99 | 2.32 | 1.55 |
| Days Sales Outstanding | — | 3.30 | 2.80 | 3.01 | 4.75 | 6.35 | 5.40 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.8% | 0.6% | 0.4% | 1.5% | 1.3% | — | — | — |
| Payout Ratio | — | — | — | — | — | 19.0% | — | 26.8% | 67.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.9% | 12.5% | 13.8% | 7.5% | 26.8% | 6.5% | — | — | — |
| FCF Yield | — | — | — | 9.8% | — | 3.5% | — | — | — |
| Buyback Yield | 3.2% | 2.9% | 0.9% | 0.0% | 0.0% | 1.4% | — | — | — |
| Total Shareholder Yield | 4.0% | 3.6% | 1.4% | 0.4% | 1.5% | 2.7% | — | — | — |
| Shares Outstanding | — | $101M | $100M | $106M | $107M | $93M | $93M | $93M | $93M |
Land option dependency risk
According to current market data, DFH trades at a trailing P/E of 8.04, which appears to discount the company's growth potential relative to peers like Cavco Industries, suggesting investors remain wary of the sustainability of earnings in a high-interest rate environment for the residential construction sector.
The forward P/E of 12.84 indicates that the market anticipates a contraction in earnings, likely driven by margin compression and volume headwinds. This valuation gap compared to asset-heavy peers suggests that the market is applying a risk premium to the land-light model, questioning its durability during a sustained housing market downturn.
Based on reported quarterly figures, ROIC has trended downward from 7.1% in 2023Q4 to a marginal 0.6% in 2026Q1, indicating that the company is struggling to generate meaningful returns on its invested capital as the cost of scaling operations outpaces the incremental profitability of new home deliveries.
The decline in ROIC suggests that the company's aggressive expansion strategy, including bolt-on acquisitions, may be diluting the efficiency of its capital base. Investors should monitor whether this trend is a temporary byproduct of integration costs or a structural issue inherent in the company's reliance on third-party developed lots.
As evidenced by the company's financial statements, the cash conversion cycle has expanded significantly to 236 days in 2026Q1, a sharp increase from the 126 days observed in 2024Q4, which highlights the growing difficulty in managing inventory turnover and supplier leverage within the current housing market.
The ballooning DIO, which reached 247 days in 2026Q1, suggests that inventory is lingering on the balance sheet longer than in previous periods, potentially tying up liquidity. This inefficiency appears to be a primary driver of the company's inconsistent free cash flow generation and warrants further investigation into sales velocity.
According to recent balance sheet disclosures, the debt-to-equity ratio has climbed to 1.18 in 2026Q1 from a low of 0.37 in 2025Q4, signaling a shift toward higher financial leverage that may reduce the company's flexibility to navigate future interest rate volatility or regional economic downturns.
While the company maintains a cash position of $479 million, the rapid increase in debt suggests that the firm is increasingly reliant on external financing to fund its land-light pipeline. This leverage profile appears less conservative than historical levels and may limit the company's ability to absorb further margin compression.
The debt-to-equity ratio is frequently misapplied to DFH, as it fails to account for the significant off-balance sheet liabilities associated with land option contracts, which effectively function as debt-like commitments that are not fully captured in traditional leverage metrics provided in standard financial statements.
Investors should instead focus on total capital commitments, including the value of controlled lots, to gain a clearer picture of the company's true financial risk. Relying solely on the reported D/E ratio likely leads to an underestimation of the company's exposure to a potential credit crunch in the land development market.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying DFH stock.
Dream Finders Homes, Inc.'s current P/E ratio is 7.7x. The historical average is 9.5x. This places it at the 40th percentile of its historical range.
Dream Finders Homes, Inc.'s current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Dream Finders Homes, Inc.'s return on equity (ROE) is 14.4%. The historical average is 33.2%.
Based on historical data, Dream Finders Homes, Inc. is trading at a P/E of 7.7x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dream Finders Homes, Inc.'s current dividend yield is 0.80%.
Dream Finders Homes, Inc. has 17.5% gross margin and 6.2% operating margin.
Dream Finders Homes, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.