# Residential Construction — company-by-company sector analysis

> Residential Construction: Lennar Corporation owns the largest revenue base; Cavco Industries, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Residential Construction has underperformed S&P 500 by 5.2% over 52 weeks and 10.9% over 13 weeks. 7 of 18 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 18 beat the sector itself. Lennar Corporation leads with revenue of $32,737 million, based on 15 of 18 comparable companies through Jun 2026.

### Is the Residential Construction sector outperforming S&P 500?

Residential Construction has underperformed S&P 500 by 5.2% over 52 weeks and 10.9% over 13 weeks. 7 of 18 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 18 beat the sector itself.

### Which Residential Construction company is largest by revenue?

Lennar Corporation leads with revenue of $32,737 million, based on 15 of 18 comparable companies through Jun 2026.

### Which Residential Construction company is growing fastest?

Cavco Industries, Inc. has the fastest current revenue growth at 11.4%, across 15 of 18 comparable companies.

### Which Residential Construction company has the strongest 4-Factor Sector Score?

Legacy Housing Corporation ranks first at 65.7/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Residential Construction company reports the most CAPEX?

D.R. Horton, Inc. reports the largest latest CAPEX at $42 million, with 18 of 18 companies comparable.

### Which Residential Construction company has the least gross debt?

Legacy Housing Corporation has the lowest comparable gross debt at $2 million. D.R. Horton, Inc. has the highest at $7,113 million.

### Which Residential Construction company has the lowest comparable PEG?

Hovnanian Enterprises, Inc. has the lowest comparable Guarded PEG at 0.23, among 13 of 18 companies that pass the metric’s comparability rules.

### How much history does this Residential Construction comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Residential Construction has underperformed S&P 500 by 5.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.9%. 7 of 18 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Beazer Homes USA, Inc. is the strongest against the sector itself at +30.1%.

13-week sector return versus NIFTY 500: 11%
52-week sector return versus NIFTY 500: -5.2%
Stocks leading NIFTY: 7/18
Stocks leading sector: 8/18

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 18
Combined market value: ₹1.6 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Legacy Housing Corporation (LEGH): 66/100 — Favorable setup; evidence 82%
   - Growth & earnings 20.9/35 | Capital efficiency 16.1/25 | Valuation 9.8/20 | Relative strength 18.9/20
   - Exact sum: 20.9 + 16.1 + 9.8 + 18.9 = 65.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Cavco Industries, Inc. (CVCO): 63/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 27.1/35 | Capital efficiency 16.0/25 | Valuation 9.5/20 | Relative strength 10.0/20
   - Exact sum: 27.1 + 16 + 9.5 + 10 = 62.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Toll Brothers, Inc. (TOL): 56/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 17.5/35 | Capital efficiency 14.0/25 | Valuation 14.1/20 | Relative strength 9.9/20
   - Exact sum: 17.5 + 14 + 14.1 + 9.9 = 55.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Taylor Morrison Home Corporation (TMHC): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 11.5/35 | Capital efficiency 11.0/25 | Valuation 14.1/20 | Relative strength 18.1/20
   - Exact sum: 11.5 + 11 + 14.1 + 18.1 = 54.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. M/I Homes, Inc. (MHO): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.3/35 | Capital efficiency 11.5/25 | Valuation 14.8/20 | Relative strength 14.5/20
   - Exact sum: 13.3 + 11.5 + 14.8 + 14.5 = 54.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Green Brick Partners, Inc. (GRBK): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 14.7/35 | Capital efficiency 16.0/25 | Valuation 12.1/20 | Relative strength 8.2/20
   - Exact sum: 14.7 + 16 + 12.1 + 8.2 = 51
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. PulteGroup, Inc. (PHM): 51/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.2/35 | Capital efficiency 15.4/25 | Valuation 9.7/20 | Relative strength 10.2/20
   - Exact sum: 15.2 + 15.4 + 9.7 + 10.2 = 50.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. LGI Homes, Inc. (LGIH): 49/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 15.1/35 | Capital efficiency 7.2/25 | Valuation 10.1/20 | Relative strength 16.5/20
   - Exact sum: 15.1 + 7.2 + 10.1 + 16.5 = 48.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Hovnanian Enterprises, Inc. (HOV): 47/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 12.7/35 | Capital efficiency 6.2/25 | Valuation 13.7/20 | Relative strength 14.6/20
   - Exact sum: 12.7 + 6.2 + 13.7 + 14.6 = 47.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. D.R. Horton, Inc. (DHI): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.7/35 | Capital efficiency 15.3/25 | Valuation 9.6/20 | Relative strength 2.4/20
   - Exact sum: 18.7 + 15.3 + 9.6 + 2.4 = 46
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Champion Homes, Inc. (SKY): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 22.2/35 | Capital efficiency 13.2/25 | Valuation 4.7/20 | Relative strength 5.8/20
   - Exact sum: 22.2 + 13.2 + 4.7 + 5.8 = 45.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. NVR, Inc. (NVR): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.6/35 | Capital efficiency 16.1/25 | Valuation 9.4/20 | Relative strength 4.5/20
   - Exact sum: 14.6 + 16.1 + 9.4 + 4.5 = 44.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Meritage Homes Corporation (MTH): 40/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.4/35 | Capital efficiency 9.0/25 | Valuation 15.3/20 | Relative strength 6.5/20
   - Exact sum: 9.4 + 9 + 15.3 + 6.5 = 40.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
14. Beazer Homes USA, Inc. (BZH): 38/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 7.4/35 | Capital efficiency 4.8/25 | Valuation 8.5/20 | Relative strength 17.0/20
   - Exact sum: 7.4 + 4.8 + 8.5 + 17 = 37.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 28.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15. Lennar Corporation (LEN): 37/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 9.2/35 | Capital efficiency 14.7/25 | Valuation 11.7/20 | Relative strength 1.2/20
   - Exact sum: 9.2 + 14.7 + 11.7 + 1.2 = 36.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. KB Home (KBH): 36/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 5.5/35 | Capital efficiency 8.7/25 | Valuation 14.3/20 | Relative strength 7.2/20
   - Exact sum: 5.5 + 8.7 + 14.3 + 7.2 = 35.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
17. Dream Finders Homes, Inc. (DFH): 35/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 8.5/35 | Capital efficiency 7.4/25 | Valuation 15.8/20 | Relative strength 3.5/20
   - Exact sum: 8.5 + 7.4 + 15.8 + 3.5 = 35.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
18. Installed Building Products, Inc. (IBP): 34/100 — Adverse evidence; evidence 82%
   - Growth & earnings 19.3/35 | Capital efficiency 9.2/25 | Valuation 3.9/20 | Relative strength 1.6/20
   - Exact sum: 19.3 + 9.2 + 3.9 + 1.6 = 34
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Lennar Corporation is the scale leader at $32,737 million, 196.4% ahead of Toll Brothers, Inc.. Cavco Industries, Inc.'s growth is 11.4% from a $2,245 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Lennar Corporation is the scale benchmark; Cavco Industries, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Lennar Corporation's growth falls below Cavco Industries, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Lennar Corporation · $32,737 million | 196.4% versus #2 · Toll Brothers, Inc. | 2/8 recent comparable periods | 15/18 companies · 344 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Lennar Corporation (LEN): ₹32.7K Cr
2. Toll Brothers, Inc. (TOL): ₹11.0K Cr
3. Taylor Morrison Home Corporation (TMHC): ₹7.6K Cr
4. Meritage Homes Corporation (MTH): ₹5.6K Cr
5. KB Home (KBH): ₹5.5K Cr

### Revenue growth — fastest growers
1. Cavco Industries, Inc. (CVCO): 11%
2. Champion Homes, Inc. (SKY): 7.2%
3. Toll Brothers, Inc. (TOL): 3.6%
4. Installed Building Products, Inc. (IBP): 0.4%
5. M/I Homes, Inc. (MHO): -1.6%

### 20-quarter Revenue history
- DHI: Sep 2021 ₹8.1K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹8.0K Cr | Jun 2022 ₹8.8K Cr | Sep 2022 ₹9.6K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹10.5K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹9.1K Cr | Jun 2024 ₹10.0K Cr | Sep 2024 ₹10.0K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹9.2K Cr | Sep 2025 ₹9.7K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 —
- PHM: Sep 2021 ₹3.5K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- LEN: Sep 2021 ₹6.9K Cr | Dec 2021 ₹8.4K Cr | Mar 2022 ₹6.2K Cr | Jun 2022 ₹8.4K Cr | Sep 2022 ₹8.9K Cr | Dec 2022 ₹10.2K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹8.0K Cr | Sep 2023 ₹8.7K Cr | Dec 2023 ₹11.0K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹8.8K Cr | Sep 2024 ₹9.4K Cr | Dec 2024 ₹9.9K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹9.4K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹7.9K Cr
- NVR: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- TOL: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.5K Cr
- TMHC: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- IBP: Sep 2021 ₹510 Cr | Dec 2021 ₹534 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹677 Cr | Sep 2022 ₹719 Cr | Dec 2022 ₹686 Cr | Mar 2023 ₹659 Cr | Jun 2023 ₹692 Cr | Sep 2023 ₹707 Cr | Dec 2023 ₹721 Cr | Mar 2024 ₹693 Cr | Jun 2024 ₹738 Cr | Sep 2024 ₹761 Cr | Dec 2024 ₹750 Cr | Mar 2025 ₹685 Cr | Jun 2025 ₹760 Cr | Sep 2025 ₹778 Cr | Dec 2025 ₹748 Cr | Mar 2026 ₹661 Cr | Jun 2026 —
- MTH: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SKY: Sep 2021 ₹510 Cr | Dec 2021 ₹524 Cr | Mar 2022 ₹535 Cr | Jun 2022 ₹638 Cr | Sep 2022 ₹726 Cr | Dec 2022 ₹807 Cr | Mar 2023 — | Jun 2023 ₹492 Cr | Sep 2023 ₹465 Cr | Dec 2023 ₹559 Cr | Mar 2024 ₹536 Cr | Jun 2024 ₹628 Cr | Sep 2024 ₹617 Cr | Dec 2024 ₹645 Cr | Mar 2025 ₹594 Cr | Jun 2025 ₹701 Cr | Sep 2025 ₹684 Cr | Dec 2025 ₹657 Cr | Mar 2026 ₹621 Cr | Jun 2026 —
- CVCO: Sep 2021 ₹330 Cr | Dec 2021 ₹360 Cr | Mar 2022 ₹432 Cr | Jun 2022 ₹505 Cr | Sep 2022 ₹588 Cr | Dec 2022 ₹577 Cr | Mar 2023 — | Jun 2023 ₹476 Cr | Sep 2023 ₹476 Cr | Dec 2023 ₹447 Cr | Mar 2024 ₹420 Cr | Jun 2024 ₹478 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹508 Cr | Jun 2025 ₹557 Cr | Sep 2025 ₹557 Cr | Dec 2025 ₹581 Cr | Mar 2026 ₹550 Cr | Jun 2026 —
- MHO: Sep 2021 ₹904 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹861 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹973 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹976 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹921 Cr | Jun 2026 —
- KBH: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- GRBK: Sep 2021 ₹342 Cr | Dec 2021 ₹452 Cr | Mar 2022 ₹394 Cr | Jun 2022 ₹525 Cr | Sep 2022 ₹408 Cr | Dec 2022 ₹431 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹456 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹422 Cr | Mar 2024 ₹447 Cr | Jun 2024 ₹561 Cr | Sep 2024 ₹524 Cr | Dec 2024 ₹530 Cr | Mar 2025 ₹489 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹499 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹465 Cr | Jun 2026 —
- DFH: Sep 2021 ₹363 Cr | Dec 2021 ₹852 Cr | Mar 2022 ₹664 Cr | Jun 2022 ₹793 Cr | Sep 2022 ₹786 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹769 Cr | Jun 2023 ₹945 Cr | Sep 2023 ₹896 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹828 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹990 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹970 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹888 Cr | Jun 2026 —
- LGIH: Sep 2021 ₹752 Cr | Dec 2021 ₹801 Cr | Mar 2022 ₹546 Cr | Jun 2022 ₹723 Cr | Sep 2022 ₹547 Cr | Dec 2022 ₹488 Cr | Mar 2023 ₹487 Cr | Jun 2023 ₹645 Cr | Sep 2023 ₹618 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹391 Cr | Jun 2024 ₹602 Cr | Sep 2024 ₹652 Cr | Dec 2024 ₹557 Cr | Mar 2025 ₹351 Cr | Jun 2025 ₹483 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹320 Cr | Jun 2026 —
- BZH: Sep 2021 ₹591 Cr | Dec 2021 ₹454 Cr | Mar 2022 ₹509 Cr | Jun 2022 ₹527 Cr | Sep 2022 ₹828 Cr | Dec 2022 ₹445 Cr | Mar 2023 ₹544 Cr | Jun 2023 ₹573 Cr | Sep 2023 ₹645 Cr | Dec 2023 ₹387 Cr | Mar 2024 ₹542 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹469 Cr | Mar 2025 ₹565 Cr | Jun 2025 ₹545 Cr | Sep 2025 ₹792 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹410 Cr | Jun 2026 —
- HOV: Sep 2021 ₹691 Cr | Dec 2021 ₹814 Cr | Mar 2022 ₹565 Cr | Jun 2022 ₹703 Cr | Sep 2022 ₹768 Cr | Dec 2022 ₹887 Cr | Mar 2023 ₹515 Cr | Jun 2023 ₹704 Cr | Sep 2023 ₹650 Cr | Dec 2023 ₹887 Cr | Mar 2024 ₹594 Cr | Jun 2024 ₹708 Cr | Sep 2024 ₹723 Cr | Dec 2024 ₹980 Cr | Mar 2025 ₹674 Cr | Jun 2025 ₹686 Cr | Sep 2025 ₹801 Cr | Dec 2025 ₹818 Cr | Mar 2026 ₹632 Cr | Jun 2026 ₹668 Cr
- LEGH: Sep 2021 ₹56 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹34 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- DHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 19% | Dec 2022 2.9% | Mar 2023 -0.3% | Jun 2023 11% | Sep 2023 9.0% | Dec 2023 6.5% | Mar 2024 14% | Jun 2024 2.5% | Sep 2024 -4.8% | Dec 2024 -1.5% | Mar 2025 -15% | Jun 2025 -7.4% | Sep 2025 -3.3% | Dec 2025 -9.5% | Mar 2026 -2.3% | Jun 2026 —
- PHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 12% | Dec 2022 22% | Mar 2023 14% | Jun 2023 8.0% | Sep 2023 2.8% | Dec 2023 -15% | Mar 2024 10% | Jun 2024 9.8% | Sep 2024 12% | Dec 2024 15% | Mar 2025 -1.4% | Jun 2025 -4.3% | Sep 2025 -1.6% | Dec 2025 -6.3% | Mar 2026 -12% | Jun 2026 —
- LEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 21% | Mar 2023 4.6% | Jun 2023 -3.8% | Sep 2023 -2.3% | Dec 2023 7.8% | Mar 2024 13% | Jun 2024 9.0% | Sep 2024 7.9% | Dec 2024 -9.3% | Mar 2025 4.4% | Jun 2025 -4.4% | Sep 2025 -6.4% | Dec 2025 -5.8% | Mar 2026 -13% | Jun 2026 -5.2%
- NVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 16% | Dec 2022 23% | Mar 2023 -7.1% | Jun 2023 -11% | Sep 2023 -6.3% | Dec 2023 -9.5% | Mar 2024 7.5% | Jun 2024 12% | Sep 2024 6.0% | Dec 2024 16% | Mar 2025 2.3% | Jun 2025 -0.9% | Sep 2025 -4.9% | Dec 2025 -5.0% | Mar 2026 -21% | Jun 2026 —
- TOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 22% | Mar 2023 -0.6% | Jun 2023 10% | Sep 2023 7.7% | Dec 2023 -19% | Mar 2024 9.4% | Jun 2024 13% | Sep 2024 1.5% | Dec 2024 10% | Mar 2025 -4.6% | Jun 2025 -3.5% | Sep 2025 8.0% | Dec 2025 2.7% | Mar 2026 15% | Jun 2026 -7.6%
- TMHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 9.5% | Dec 2022 -0.5% | Mar 2023 -2.4% | Jun 2023 3.3% | Sep 2023 -18% | Dec 2023 -19% | Mar 2024 2.3% | Jun 2024 -3.4% | Sep 2024 27% | Dec 2024 17% | Mar 2025 12% | Jun 2025 2.0% | Sep 2025 -1.2% | Dec 2025 -11% | Mar 2026 -27% | Jun 2026 —
- IBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 41% | Dec 2022 28% | Mar 2023 12% | Jun 2023 2.2% | Sep 2023 -1.7% | Dec 2023 5.1% | Mar 2024 5.2% | Jun 2024 6.7% | Sep 2024 7.6% | Dec 2024 4.0% | Mar 2025 -1.2% | Jun 2025 3.0% | Sep 2025 2.2% | Dec 2025 -0.3% | Mar 2026 -3.5% | Jun 2026 —
- MTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 25% | Dec 2022 33% | Mar 2023 -0.5% | Jun 2023 11% | Sep 2023 2.2% | Dec 2023 -17% | Mar 2024 15% | Jun 2024 8.1% | Sep 2024 -1.4% | Dec 2024 -2.3% | Mar 2025 -7.5% | Jun 2025 -4.1% | Sep 2025 -11% | Dec 2025 -11% | Mar 2026 -18% | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 42% | Dec 2022 54% | Mar 2023 — | Jun 2023 -23% | Sep 2023 -36% | Dec 2023 -31% | Mar 2024 — | Jun 2024 28% | Sep 2024 33% | Dec 2024 15% | Mar 2025 11% | Jun 2025 12% | Sep 2025 11% | Dec 2025 1.9% | Mar 2026 4.6% | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 78% | Dec 2022 60% | Mar 2023 — | Jun 2023 -5.7% | Sep 2023 -19% | Dec 2023 -23% | Mar 2024 — | Jun 2024 0.4% | Sep 2024 6.5% | Dec 2024 17% | Mar 2025 21% | Jun 2025 17% | Sep 2025 9.9% | Dec 2025 11% | Mar 2026 8.3% | Jun 2026 —
- MHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.3% | Sep 2022 12% | Dec 2022 16% | Mar 2023 16% | Jun 2023 -2.6% | Sep 2023 3.3% | Dec 2023 -20% | Mar 2024 4.6% | Jun 2024 9.5% | Sep 2024 9.3% | Dec 2024 24% | Mar 2025 -6.8% | Jun 2025 4.8% | Sep 2025 -1.0% | Dec 2025 -4.8% | Mar 2026 -5.6% | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 26% | Dec 2022 16% | Mar 2023 -1.1% | Jun 2023 2.6% | Sep 2023 -14% | Dec 2023 -14% | Mar 2024 6.1% | Jun 2024 -3.1% | Sep 2024 10% | Dec 2024 19% | Mar 2025 -5.2% | Jun 2025 -11% | Sep 2025 -7.6% | Dec 2025 -15% | Mar 2026 -23% | Jun 2026 -27%
- GRBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 19% | Dec 2022 -4.7% | Mar 2023 15% | Jun 2023 -13% | Sep 2023 2.7% | Dec 2023 -2.1% | Mar 2024 -1.1% | Jun 2024 23% | Sep 2024 25% | Dec 2024 26% | Mar 2025 9.4% | Jun 2025 -2.1% | Sep 2025 -4.8% | Dec 2025 -6.8% | Mar 2026 -4.9% | Jun 2026 —
- DFH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 117% | Sep 2022 117% | Dec 2022 29% | Mar 2023 16% | Jun 2023 19% | Sep 2023 14% | Dec 2023 3.6% | Mar 2024 7.7% | Jun 2024 12% | Sep 2024 12% | Dec 2024 37% | Mar 2025 20% | Jun 2025 9.0% | Sep 2025 -3.6% | Dec 2025 -22% | Mar 2026 -10% | Jun 2026 —
- LGIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.7% | Sep 2022 -27% | Dec 2022 -39% | Mar 2023 -11% | Jun 2023 -11% | Sep 2023 13% | Dec 2023 25% | Mar 2024 -20% | Jun 2024 -6.7% | Sep 2024 5.5% | Dec 2024 -8.4% | Mar 2025 -10% | Jun 2025 -20% | Sep 2025 -39% | Dec 2025 -15% | Mar 2026 -8.8% | Jun 2026 —
- BZH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.7% | Sep 2022 40% | Dec 2022 -2.0% | Mar 2023 6.9% | Jun 2023 8.7% | Sep 2023 -22% | Dec 2023 -13% | Mar 2024 -0.4% | Jun 2024 4.0% | Sep 2024 25% | Dec 2024 21% | Mar 2025 4.2% | Jun 2025 -8.6% | Sep 2025 -1.7% | Dec 2025 -23% | Mar 2026 -27% | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 -8.9% | Jun 2023 0.1% | Sep 2023 -15% | Dec 2023 0.0% | Mar 2024 15% | Jun 2024 0.6% | Sep 2024 11% | Dec 2024 10% | Mar 2025 13% | Jun 2025 -3.1% | Sep 2025 11% | Dec 2025 -17% | Mar 2026 -6.2% | Jun 2026 -2.6%
- LEGH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 1.8% | Dec 2022 43% | Mar 2023 -12% | Jun 2023 -17% | Sep 2023 -12% | Dec 2023 -55% | Mar 2024 -19% | Jun 2024 -21% | Sep 2024 -12% | Dec 2024 59% | Mar 2025 -16% | Jun 2025 19% | Sep 2025 -9.1% | Dec 2025 -30% | Mar 2026 -5.6% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Legacy Housing Corporation leads both opm at 36.1% and margin change at +3.6 percentage points.

Investor read: Legacy Housing Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Legacy Housing Corporation · 36.1% | 101.7% versus #2 · Green Brick Partners, Inc. | 2/8 recent comparable periods | 18/18 companies · 344 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Legacy Housing Corporation (LEGH): 36%
2. Green Brick Partners, Inc. (GRBK): 18%
3. Toll Brothers, Inc. (TOL): 14%
4. NVR, Inc. (NVR): 14%
5. PulteGroup, Inc. (PHM): 13%

### Margin change — fastest expanders
1. Legacy Housing Corporation (LEGH): +3.6 pp
2. Cavco Industries, Inc. (CVCO): +1.8 pp
3. LGI Homes, Inc. (LGIH): −0.2 pp
4. Champion Homes, Inc. (SKY): −1.3 pp
5. Installed Building Products, Inc. (IBP): −1.5 pp

### 20-quarter OPM history
- DHI: Sep 2021 21% | Dec 2021 21% | Mar 2022 23% | Jun 2022 25% | Sep 2022 21% | Dec 2022 17% | Mar 2023 15% | Jun 2023 18% | Sep 2023 18% | Dec 2023 15% | Mar 2024 16% | Jun 2024 17% | Sep 2024 16% | Dec 2024 14% | Mar 2025 13% | Jun 2025 14% | Sep 2025 12% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- PHM: Sep 2021 18% | Dec 2021 20% | Mar 2022 19% | Jun 2022 22% | Sep 2022 22% | Dec 2022 23% | Mar 2023 20% | Jun 2023 22% | Sep 2023 21% | Dec 2023 22% | Mar 2024 21% | Jun 2024 23% | Sep 2024 20% | Dec 2024 24% | Mar 2025 17% | Jun 2025 18% | Sep 2025 17% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- LEN: Sep 2021 19% | Dec 2021 21% | Mar 2022 18% | Jun 2022 22% | Sep 2022 22% | Dec 2022 19% | Mar 2023 13% | Jun 2023 15% | Sep 2023 17% | Dec 2023 18% | Mar 2024 13% | Jun 2024 14% | Sep 2024 15% | Dec 2024 14% | Mar 2025 9.9% | Jun 2025 7.7% | Sep 2025 8.0% | Dec 2025 7.7% | Mar 2026 3.6% | Jun 2026 5.3%
- NVR: Sep 2021 19% | Dec 2021 20% | Mar 2022 24% | Jun 2022 22% | Sep 2022 20% | Dec 2022 21% | Mar 2023 20% | Jun 2023 20% | Sep 2023 21% | Dec 2023 20% | Mar 2024 20% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 17% | Jun 2025 17% | Sep 2025 17% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- TOL: Sep 2021 12% | Dec 2021 15% | Mar 2022 9.8% | Jun 2022 12% | Sep 2022 15% | Dec 2022 19% | Mar 2023 13% | Jun 2023 17% | Sep 2023 19% | Dec 2023 19% | Mar 2024 16% | Jun 2024 22% | Sep 2024 18% | Dec 2024 18% | Mar 2025 12% | Jun 2025 16% | Sep 2025 17% | Dec 2025 17% | Mar 2026 10% | Jun 2026 14%
- TMHC: Sep 2021 12% | Dec 2021 15% | Mar 2022 14% | Jun 2022 19% | Sep 2022 20% | Dec 2022 17% | Mar 2023 15% | Jun 2023 15% | Sep 2023 13% | Dec 2023 15% | Mar 2024 15% | Jun 2024 14% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 14% | Sep 2025 14% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- IBP: Sep 2021 11% | Dec 2021 8.9% | Mar 2022 9.7% | Jun 2022 14% | Sep 2022 13% | Dec 2022 13% | Mar 2023 12% | Jun 2023 13% | Sep 2023 15% | Dec 2023 14% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 10% | Jun 2025 13% | Sep 2025 14% | Dec 2025 15% | Mar 2026 8.7% | Jun 2026 —
- MTH: Sep 2021 21% | Dec 2021 21% | Mar 2022 22% | Jun 2022 23% | Sep 2022 21% | Dec 2022 17% | Mar 2023 12% | Jun 2023 15% | Sep 2023 17% | Dec 2023 15% | Mar 2024 16% | Jun 2024 17% | Sep 2024 15% | Dec 2024 13% | Mar 2025 11% | Jun 2025 11% | Sep 2025 8.4% | Dec 2025 6.0% | Mar 2026 5.8% | Jun 2026 —
- SKY: Sep 2021 11% | Dec 2021 13% | Mar 2022 17% | Jun 2022 18% | Sep 2022 22% | Dec 2022 24% | Mar 2023 — | Jun 2023 14% | Sep 2023 13% | Dec 2023 10% | Mar 2024 1.4% | Jun 2024 8.8% | Sep 2024 11% | Dec 2024 11% | Mar 2025 7.1% | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.5% | Mar 2026 5.8% | Jun 2026 —
- CVCO: Sep 2021 10% | Dec 2021 12% | Mar 2022 13% | Jun 2022 14% | Sep 2022 13% | Dec 2022 16% | Mar 2023 — | Jun 2023 11% | Sep 2023 12% | Dec 2023 8.9% | Mar 2024 8.9% | Jun 2024 8.1% | Sep 2024 9.7% | Dec 2024 12% | Mar 2025 7.6% | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.4% | Mar 2026 9.4% | Jun 2026 —
- MHO: Sep 2021 14% | Dec 2021 14% | Mar 2022 14% | Jun 2022 18% | Sep 2022 17% | Dec 2022 14% | Mar 2023 14% | Jun 2023 15% | Sep 2023 17% | Dec 2023 13% | Mar 2024 17% | Jun 2024 17% | Sep 2024 16% | Dec 2024 14% | Mar 2025 14% | Jun 2025 13% | Sep 2025 12% | Dec 2025 6.5% | Mar 2026 9.3% | Jun 2026 —
- KBH: Sep 2021 12% | Dec 2021 13% | Mar 2022 12% | Jun 2022 16% | Sep 2022 18% | Dec 2022 15% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.4% | Jun 2025 8.8% | Sep 2025 8.4% | Dec 2025 7.3% | Mar 2026 3.4% | Jun 2026 2.9%
- GRBK: Sep 2021 17% | Dec 2021 16% | Mar 2022 19% | Jun 2022 24% | Sep 2022 22% | Dec 2022 16% | Mar 2023 17% | Jun 2023 21% | Sep 2023 22% | Dec 2023 22% | Mar 2024 22% | Jun 2024 24% | Sep 2024 22% | Dec 2024 25% | Mar 2025 22% | Jun 2025 20% | Sep 2025 20% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —
- DFH: Sep 2021 7.1% | Dec 2021 9.2% | Mar 2022 9.6% | Jun 2022 12% | Sep 2022 10% | Dec 2022 11% | Mar 2023 9.3% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 8.1% | Jun 2024 9.8% | Sep 2024 9.5% | Dec 2024 11% | Mar 2025 7.8% | Jun 2025 5.0% | Sep 2025 6.1% | Dec 2025 6.2% | Mar 2026 2.1% | Jun 2026 —
- LGIH: Sep 2021 18% | Dec 2021 18% | Mar 2022 18% | Jun 2022 22% | Sep 2022 17% | Dec 2022 8.4% | Mar 2023 5.3% | Jun 2023 10% | Sep 2023 13% | Dec 2023 9.8% | Mar 2024 4.8% | Jun 2024 11% | Sep 2024 12% | Dec 2024 8.2% | Mar 2025 0.0% | Jun 2025 8.2% | Sep 2025 5.4% | Dec 2025 3.9% | Mar 2026 -0.2% | Jun 2026 —
- BZH: Sep 2021 7.9% | Dec 2021 9.0% | Mar 2022 11% | Jun 2022 13% | Sep 2022 13% | Dec 2022 6.4% | Mar 2023 7.1% | Jun 2023 8.4% | Sep 2023 9.6% | Dec 2023 5.2% | Mar 2024 6.6% | Jun 2024 4.8% | Sep 2024 7.2% | Dec 2024 0.5% | Mar 2025 2.4% | Jun 2025 -0.7% | Sep 2025 3.1% | Dec 2025 -8.8% | Mar 2026 -4.6% | Jun 2026 —
- HOV: Sep 2021 11% | Dec 2021 12% | Mar 2022 7.3% | Jun 2022 14% | Sep 2022 14% | Dec 2022 11% | Mar 2023 5.2% | Jun 2023 8.0% | Sep 2023 6.5% | Dec 2023 15% | Mar 2024 4.7% | Jun 2024 8.6% | Sep 2024 0.5% | Dec 2024 11% | Mar 2025 -0.2% | Jun 2025 4.0% | Sep 2025 2.0% | Dec 2025 -1.1% | Mar 2026 -4.0% | Jun 2026 2.3%
- LEGH: Sep 2021 27% | Dec 2021 30% | Mar 2022 31% | Jun 2022 32% | Sep 2022 29% | Dec 2022 30% | Mar 2023 35% | Jun 2023 33% | Sep 2023 38% | Dec 2023 29% | Mar 2024 39% | Jun 2024 38% | Sep 2024 35% | Dec 2024 29% | Mar 2025 33% | Jun 2025 34% | Sep 2025 24% | Dec 2025 27% | Mar 2026 36% | Jun 2026 —

### 20-quarter Margin change history
- DHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 +0.1 pp | Dec 2022 −4.1 pp | Mar 2023 −8.3 pp | Jun 2023 −6.9 pp | Sep 2023 −2.8 pp | Dec 2023 −1.7 pp | Mar 2024 +0.8 pp | Jun 2024 −0.6 pp | Sep 2024 −2.5 pp | Dec 2024 −1.6 pp | Mar 2025 −3.0 pp | Jun 2025 −3.5 pp | Sep 2025 −4.3 pp | Dec 2025 −3.0 pp | Mar 2026 −2.3 pp | Jun 2026 —
- PHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.3 pp | Sep 2022 +3.5 pp | Dec 2022 +2.2 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 −0.8 pp | Dec 2023 −0.7 pp | Mar 2024 +1.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.7 pp | Dec 2024 +1.6 pp | Mar 2025 −3.3 pp | Jun 2025 −4.2 pp | Sep 2025 −2.7 pp | Dec 2025 −7.2 pp | Mar 2026 −4.3 pp | Jun 2026 —
- LEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 −2.7 pp | Mar 2023 −4.5 pp | Jun 2023 −7.4 pp | Sep 2023 −4.6 pp | Dec 2023 −0.8 pp | Mar 2024 +0.3 pp | Jun 2024 −0.9 pp | Sep 2024 −2.0 pp | Dec 2024 −3.9 pp | Mar 2025 −3.5 pp | Jun 2025 −6.4 pp | Sep 2025 −7.1 pp | Dec 2025 −6.2 pp | Mar 2026 −6.3 pp | Jun 2026 −2.4 pp
- NVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.2 pp | Sep 2022 +0.9 pp | Dec 2022 +1.5 pp | Mar 2023 −4.4 pp | Jun 2023 −1.9 pp | Sep 2023 +1.4 pp | Dec 2023 −1.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 −1.2 pp | Dec 2024 +0.3 pp | Mar 2025 −3.3 pp | Jun 2025 −3.1 pp | Sep 2025 −2.6 pp | Dec 2025 −2.8 pp | Mar 2026 −3.3 pp | Jun 2026 —
- TOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +4.1 pp | Mar 2023 +2.9 pp | Jun 2023 +4.6 pp | Sep 2023 +4.7 pp | Dec 2023 −0.1 pp | Mar 2024 +3.1 pp | Jun 2024 +5.0 pp | Sep 2024 −1.0 pp | Dec 2024 −0.2 pp | Mar 2025 −4.0 pp | Jun 2025 −5.6 pp | Sep 2025 −1.6 pp | Dec 2025 −1.8 pp | Mar 2026 −1.6 pp | Jun 2026 −2.7 pp
- TMHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.4 pp | Sep 2022 +8.1 pp | Dec 2022 +2.5 pp | Mar 2023 +0.7 pp | Jun 2023 −3.5 pp | Sep 2023 −6.8 pp | Dec 2023 −2.1 pp | Mar 2024 0.0 pp | Jun 2024 −1.5 pp | Sep 2024 +2.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.6 pp | Jun 2025 +0.2 pp | Sep 2025 −1.5 pp | Dec 2025 −2.5 pp | Mar 2026 −4.9 pp | Jun 2026 —
- IBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.6 pp | Sep 2022 +2.4 pp | Dec 2022 +3.7 pp | Mar 2023 +2.0 pp | Jun 2023 −0.3 pp | Sep 2023 +1.4 pp | Dec 2023 +0.9 pp | Mar 2024 +1.0 pp | Jun 2024 −0.4 pp | Sep 2024 −1.2 pp | Dec 2024 −0.4 pp | Mar 2025 −2.5 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +1.5 pp | Mar 2026 −1.5 pp | Jun 2026 —
- MTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 +0.2 pp | Dec 2022 −3.7 pp | Mar 2023 −9.9 pp | Jun 2023 −8.5 pp | Sep 2023 −4.0 pp | Dec 2023 −2.1 pp | Mar 2024 +3.3 pp | Jun 2024 +2.0 pp | Sep 2024 −1.6 pp | Dec 2024 −2.1 pp | Mar 2025 −4.5 pp | Jun 2025 −5.7 pp | Sep 2025 −6.7 pp | Dec 2025 −6.6 pp | Mar 2026 −5.2 pp | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.3 pp | Dec 2022 +10.6 pp | Mar 2023 — | Jun 2023 −4.2 pp | Sep 2023 −8.9 pp | Dec 2023 −13.6 pp | Mar 2024 — | Jun 2024 −5.2 pp | Sep 2024 −1.9 pp | Dec 2024 +1.3 pp | Mar 2025 +5.7 pp | Jun 2025 +2.4 pp | Sep 2025 +0.1 pp | Dec 2025 −1.8 pp | Mar 2026 −1.3 pp | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +3.3 pp | Mar 2023 — | Jun 2023 −2.4 pp | Sep 2023 −1.6 pp | Dec 2023 −6.8 pp | Mar 2024 — | Jun 2024 −3.3 pp | Sep 2024 −2.1 pp | Dec 2024 +3.4 pp | Mar 2025 −1.3 pp | Jun 2025 +2.7 pp | Sep 2025 +1.5 pp | Dec 2025 −2.9 pp | Mar 2026 +1.8 pp | Jun 2026 —
- MHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.9 pp | Sep 2022 +2.7 pp | Dec 2022 0.0 pp | Mar 2023 −0.8 pp | Jun 2023 −2.7 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 +3.1 pp | Jun 2024 +1.9 pp | Sep 2024 −0.6 pp | Dec 2024 +0.3 pp | Mar 2025 −2.2 pp | Jun 2025 −3.4 pp | Sep 2025 −3.9 pp | Dec 2025 −7.1 pp | Mar 2026 −5.1 pp | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 +1.6 pp | Mar 2023 −0.8 pp | Jun 2023 −3.8 pp | Sep 2023 −6.2 pp | Dec 2023 −3.4 pp | Mar 2024 −0.5 pp | Jun 2024 −0.4 pp | Sep 2024 −0.6 pp | Dec 2024 +0.4 pp | Mar 2025 −1.7 pp | Jun 2025 −2.6 pp | Sep 2025 −2.7 pp | Dec 2025 −4.4 pp | Mar 2026 −6.0 pp | Jun 2026 −5.9 pp
- GRBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.3 pp | Sep 2022 +5.3 pp | Dec 2022 −0.6 pp | Mar 2023 −1.4 pp | Jun 2023 −3.7 pp | Sep 2023 −0.1 pp | Dec 2023 +5.8 pp | Mar 2024 +4.4 pp | Jun 2024 +3.1 pp | Sep 2024 −0.3 pp | Dec 2024 +3.7 pp | Mar 2025 −0.3 pp | Jun 2025 −4.0 pp | Sep 2025 −2.2 pp | Dec 2025 −4.3 pp | Mar 2026 −3.6 pp | Jun 2026 —
- DFH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.0 pp | Sep 2022 +2.9 pp | Dec 2022 +1.8 pp | Mar 2023 −0.3 pp | Jun 2023 −0.1 pp | Sep 2023 +1.9 pp | Dec 2023 +1.4 pp | Mar 2024 −1.2 pp | Jun 2024 −1.7 pp | Sep 2024 −2.4 pp | Dec 2024 −1.8 pp | Mar 2025 −0.3 pp | Jun 2025 −4.8 pp | Sep 2025 −3.4 pp | Dec 2025 −4.4 pp | Mar 2026 −5.7 pp | Jun 2026 —
- LGIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.6 pp | Sep 2022 −1.1 pp | Dec 2022 −9.2 pp | Mar 2023 −12.2 pp | Jun 2023 −11.9 pp | Sep 2023 −4.0 pp | Dec 2023 +1.4 pp | Mar 2024 −0.5 pp | Jun 2024 +1.1 pp | Sep 2024 −1.0 pp | Dec 2024 −1.6 pp | Mar 2025 −4.8 pp | Jun 2025 −3.0 pp | Sep 2025 −6.9 pp | Dec 2025 −4.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- BZH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.3 pp | Sep 2022 +5.4 pp | Dec 2022 −2.6 pp | Mar 2023 −3.6 pp | Jun 2023 −4.4 pp | Sep 2023 −3.7 pp | Dec 2023 −1.2 pp | Mar 2024 −0.5 pp | Jun 2024 −3.6 pp | Sep 2024 −2.4 pp | Dec 2024 −4.7 pp | Mar 2025 −4.2 pp | Jun 2025 −5.5 pp | Sep 2025 −4.1 pp | Dec 2025 −9.3 pp | Mar 2026 −7.0 pp | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 −0.5 pp | Mar 2023 −2.1 pp | Jun 2023 −5.9 pp | Sep 2023 −7.9 pp | Dec 2023 +3.8 pp | Mar 2024 −0.5 pp | Jun 2024 +0.6 pp | Sep 2024 −6.0 pp | Dec 2024 −3.8 pp | Mar 2025 −4.9 pp | Jun 2025 −4.6 pp | Sep 2025 +1.5 pp | Dec 2025 −12.3 pp | Mar 2026 −3.8 pp | Jun 2026 −1.7 pp
- LEGH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 +2.3 pp | Dec 2022 −0.7 pp | Mar 2023 +4.2 pp | Jun 2023 +1.3 pp | Sep 2023 +8.7 pp | Dec 2023 −0.9 pp | Mar 2024 +4.0 pp | Jun 2024 +4.5 pp | Sep 2024 −3.5 pp | Dec 2024 −0.2 pp | Mar 2025 −6.2 pp | Jun 2025 −4.2 pp | Sep 2025 −10.6 pp | Dec 2025 −1.7 pp | Mar 2026 +3.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Lennar Corporation leads with $1,599 million of TTM profit, 24% above Toll Brothers, Inc.. Cavco Industries, Inc. shows 11.8% growth from a $190 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Lennar Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Lennar Corporation · $1,599 million | 24% versus #2 · Toll Brothers, Inc. | 1/8 recent comparable periods | 15/18 companies · 344 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Lennar Corporation (LEN): ₹1.6K Cr
2. Toll Brothers, Inc. (TOL): ₹1.3K Cr
3. Taylor Morrison Home Corporation (TMHC): ₹677 Cr
4. Meritage Homes Corporation (MTH): ₹385 Cr
5. M/I Homes, Inc. (MHO): ₹359 Cr

### Profit growth — fastest growers
1. Cavco Industries, Inc. (CVCO): 12%
2. Champion Homes, Inc. (SKY): 5.4%
3. Installed Building Products, Inc. (IBP): 3.7%
4. Toll Brothers, Inc. (TOL): -6.6%
5. Green Brick Partners, Inc. (GRBK): -21%

### 20-quarter Net profit history
- DHI: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹968 Cr | Mar 2023 ₹950 Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹956 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹852 Cr | Mar 2025 ₹819 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹917 Cr | Dec 2025 ₹601 Cr | Mar 2026 ₹658 Cr | Jun 2026 —
- PHM: Sep 2021 ₹476 Cr | Dec 2021 ₹663 Cr | Mar 2022 ₹455 Cr | Jun 2022 ₹652 Cr | Sep 2022 ₹628 Cr | Dec 2022 ₹882 Cr | Mar 2023 ₹532 Cr | Jun 2023 ₹720 Cr | Sep 2023 ₹639 Cr | Dec 2023 ₹711 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹809 Cr | Sep 2024 ₹698 Cr | Dec 2024 ₹913 Cr | Mar 2025 ₹523 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹586 Cr | Dec 2025 ₹502 Cr | Mar 2026 ₹347 Cr | Jun 2026 —
- LEN: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹498 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹858 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹712 Cr | Jun 2024 ₹944 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹515 Cr | Jun 2025 ₹471 Cr | Sep 2025 ₹586 Cr | Dec 2025 ₹486 Cr | Mar 2026 ₹227 Cr | Jun 2026 ₹300 Cr
- NVR: Sep 2021 ₹332 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹426 Cr | Jun 2022 ₹433 Cr | Sep 2022 ₹411 Cr | Dec 2022 ₹455 Cr | Mar 2023 ₹344 Cr | Jun 2023 ₹404 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹410 Cr | Mar 2024 ₹394 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹429 Cr | Dec 2024 ₹457 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹334 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹198 Cr | Jun 2026 —
- TOL: Sep 2021 ₹235 Cr | Dec 2021 ₹374 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹273 Cr | Dec 2022 ₹641 Cr | Mar 2023 ₹192 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹446 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹482 Cr | Sep 2024 ₹375 Cr | Dec 2024 ₹475 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹447 Cr | Mar 2026 ₹211 Cr | Jun 2026 ₹261 Cr
- TMHC: Sep 2021 ₹172 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹293 Cr | Sep 2022 ₹309 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹235 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹173 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- IBP: Sep 2021 ₹35 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- MTH: Sep 2021 ₹201 Cr | Dec 2021 ₹237 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹262 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹232 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- SKY: Sep 2021 ₹43 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹144 Cr | Mar 2023 — | Jun 2023 ₹58 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- CVCO: Sep 2021 ₹27 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹74 Cr | Mar 2023 — | Jun 2023 ₹47 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- MHO: Sep 2021 ₹91 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- KBH: Sep 2021 ₹150 Cr | Dec 2021 ₹174 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹255 Cr | Dec 2022 ₹216 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹157 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹27 Cr
- GRBK: Sep 2021 ₹51 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- DFH: Sep 2021 ₹24 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- LGIH: Sep 2021 ₹101 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹123 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- BZH: Sep 2021 ₹48 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- HOV: Sep 2021 ₹48 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹-1 Cr
- LEGH: Sep 2021 ₹13 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹11 Cr | Jun 2026 —

### 20-quarter Profit growth history
- DHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 22% | Dec 2022 -16% | Mar 2023 -34% | Jun 2023 -19% | Sep 2023 -7.4% | Dec 2023 -1.2% | Mar 2024 25% | Jun 2024 1.1% | Sep 2024 -15% | Dec 2024 -11% | Mar 2025 -31% | Jun 2025 -24% | Sep 2025 -29% | Dec 2025 -29% | Mar 2026 -20% | Jun 2026 —
- PHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 32% | Dec 2022 33% | Mar 2023 17% | Jun 2023 10% | Sep 2023 1.8% | Dec 2023 -19% | Mar 2024 25% | Jun 2024 12% | Sep 2024 9.2% | Dec 2024 28% | Mar 2025 -21% | Jun 2025 -25% | Sep 2025 -16% | Dec 2025 -45% | Mar 2026 -34% | Jun 2026 —
- LEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.5% | Dec 2022 11% | Mar 2023 18% | Jun 2023 -34% | Sep 2023 -25% | Dec 2023 2.8% | Mar 2024 21% | Jun 2024 10% | Sep 2024 5.1% | Dec 2024 -19% | Mar 2025 -28% | Jun 2025 -50% | Sep 2025 -49% | Dec 2025 -55% | Mar 2026 -56% | Jun 2026 -36%
- NVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 24% | Dec 2022 36% | Mar 2023 -19% | Jun 2023 -6.7% | Sep 2023 5.4% | Dec 2023 -9.9% | Mar 2024 15% | Jun 2024 -0.7% | Sep 2024 -0.9% | Dec 2024 11% | Mar 2025 -24% | Jun 2025 -17% | Sep 2025 -20% | Dec 2025 -20% | Mar 2026 -34% | Jun 2026 —
- TOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 71% | Mar 2023 26% | Jun 2023 45% | Sep 2023 52% | Dec 2023 -30% | Mar 2024 25% | Jun 2024 51% | Sep 2024 -9.6% | Dec 2024 6.5% | Mar 2025 -26% | Jun 2025 -27% | Sep 2025 -1.3% | Dec 2025 -5.9% | Mar 2026 19% | Jun 2026 -26%
- TMHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 134% | Sep 2022 80% | Dec 2022 -2.8% | Mar 2023 7.3% | Jun 2023 -20% | Sep 2023 -45% | Dec 2023 -37% | Mar 2024 0.0% | Jun 2024 -15% | Sep 2024 48% | Dec 2024 41% | Mar 2025 12% | Jun 2025 -2.0% | Sep 2025 -19% | Dec 2025 -27% | Mar 2026 -53% | Jun 2026 —
- IBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 74% | Dec 2022 89% | Mar 2023 44% | Jun 2023 3.3% | Sep 2023 11% | Dec 2023 23% | Mar 2024 14% | Jun 2024 4.8% | Sep 2024 1.5% | Dec 2024 3.1% | Mar 2025 -20% | Jun 2025 6.2% | Sep 2025 7.3% | Dec 2025 15% | Mar 2026 -22% | Jun 2026 —
- MTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 30% | Dec 2022 11% | Mar 2023 -40% | Jun 2023 -25% | Sep 2023 -15% | Dec 2023 -24% | Mar 2024 42% | Jun 2024 24% | Sep 2024 -12% | Dec 2024 -13% | Mar 2025 -34% | Jun 2025 -37% | Sep 2025 -49% | Dec 2025 -51% | Mar 2026 -55% | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 172% | Dec 2022 182% | Mar 2023 — | Jun 2023 -33% | Sep 2023 -56% | Dec 2023 -67% | Mar 2024 — | Jun 2024 -19% | Sep 2024 9.8% | Dec 2024 32% | Mar 2025 280% | Jun 2025 43% | Sep 2025 7.1% | Dec 2025 -11% | Mar 2026 -16% | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 122% | Dec 2022 95% | Mar 2023 — | Jun 2023 -11% | Sep 2023 -23% | Dec 2023 -51% | Mar 2024 — | Jun 2024 -28% | Sep 2024 -4.4% | Dec 2024 56% | Mar 2025 5.9% | Jun 2025 53% | Sep 2025 18% | Dec 2025 -21% | Mar 2026 17% | Jun 2026 —
- MHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 45% | Dec 2022 15% | Mar 2023 12% | Jun 2023 -14% | Sep 2023 5.3% | Dec 2023 -19% | Mar 2024 34% | Jun 2024 25% | Sep 2024 4.3% | Dec 2024 27% | Mar 2025 -20% | Jun 2025 -18% | Sep 2025 -27% | Dec 2025 -52% | Mar 2026 -39% | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 70% | Dec 2022 24% | Mar 2023 -6.0% | Jun 2023 -22% | Sep 2023 -41% | Dec 2023 -31% | Mar 2024 10% | Jun 2024 2.4% | Sep 2024 4.7% | Dec 2024 27% | Mar 2025 -21% | Jun 2025 -36% | Sep 2025 -30% | Dec 2025 -47% | Mar 2026 -70% | Jun 2026 -75%
- GRBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 59% | Dec 2022 -9.0% | Mar 2023 6.3% | Jun 2023 -25% | Sep 2023 -4.9% | Dec 2023 31% | Mar 2024 34% | Jun 2024 42% | Sep 2024 25% | Dec 2024 44% | Mar 2025 -7.7% | Jun 2025 -23% | Sep 2025 -14% | Dec 2025 -24% | Mar 2026 -21% | Jun 2026 —
- DFH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 106% | Sep 2022 200% | Dec 2022 48% | Mar 2023 13% | Jun 2023 9.1% | Sep 2023 11% | Dec 2023 17% | Mar 2024 7.7% | Jun 2024 15% | Sep 2024 -10% | Dec 2024 24% | Mar 2025 -1.8% | Jun 2025 -31% | Sep 2025 -35% | Dec 2025 -55% | Mar 2026 -75% | Jun 2026 —
- LGIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 -11% | Dec 2022 -69% | Mar 2023 -66% | Jun 2023 -57% | Sep 2023 -26% | Dec 2023 53% | Mar 2024 -37% | Jun 2024 11% | Sep 2024 4.5% | Dec 2024 -1.9% | Mar 2025 -76% | Jun 2025 -46% | Sep 2025 -71% | Dec 2025 -67% | Mar 2026 -50% | Jun 2026 —
- BZH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 81% | Dec 2022 -31% | Mar 2023 -22% | Jun 2023 -19% | Sep 2023 -36% | Dec 2023 -8.3% | Mar 2024 11% | Jun 2024 -39% | Sep 2024 -7.1% | Dec 2024 -86% | Mar 2025 -67% | Jun 2025 -100% | Sep 2025 -42% | Dec 2025 -1,200% | Mar 2026 -108% | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 73% | Dec 2022 7.7% | Mar 2023 -24% | Jun 2023 -45% | Sep 2023 -33% | Dec 2023 73% | Mar 2024 26% | Jun 2024 50% | Sep 2024 30% | Dec 2024 -3.1% | Mar 2025 17% | Jun 2025 -61% | Sep 2025 -77% | Dec 2025 -101% | Mar 2026 -25% | Jun 2026 -105%
- LEGH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 15% | Dec 2022 43% | Mar 2023 0.0% | Jun 2023 -12% | Sep 2023 6.7% | Dec 2023 -65% | Mar 2024 -6.3% | Jun 2024 6.7% | Sep 2024 0.0% | Dec 2024 114% | Mar 2025 -33% | Jun 2025 -6.3% | Sep 2025 -44% | Dec 2025 -47% | Mar 2026 10% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: D.R. Horton, Inc. reports $42 million of CAPEX; Legacy Housing Corporation has the highest covered intensity at 5.9%. Coverage is only 18 of 18 companies and 344 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: D.R. Horton, Inc. · $42 million | 40% versus #2 · PulteGroup, Inc. | 8/8 recent comparable periods | 18/18 companies · 344 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. D.R. Horton, Inc. (DHI): ₹42 Cr
2. PulteGroup, Inc. (PHM): ₹30 Cr
3. Toll Brothers, Inc. (TOL): ₹24 Cr
4. Lennar Corporation (LEN): ₹19 Cr
5. Installed Building Products, Inc. (IBP): ₹17 Cr

### CAPEX intensity — highest reinvestment intensity
1. Legacy Housing Corporation (LEGH): 5.9%
2. Installed Building Products, Inc. (IBP): 2.6%
3. Beazer Homes USA, Inc. (BZH): 2.0%
4. Cavco Industries, Inc. (CVCO): 1.5%
5. Champion Homes, Inc. (SKY): 1.4%

### 20-quarter CAPEX history
- DHI: Sep 2021 ₹48 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹37 Cr | Jun 2026 ₹42 Cr
- PHM: Sep 2021 ₹21 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹25 Cr | Jun 2026 ₹30 Cr
- LEN: Sep 2021 ₹16 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹19 Cr
- NVR: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- TOL: Sep 2021 ₹16 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹24 Cr
- TMHC: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- IBP: Sep 2021 ₹8 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- MTH: Sep 2021 ₹7 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- SKY: Sep 2021 ₹9 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹16 Cr | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- CVCO: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹8 Cr | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- MHO: Sep 2021 ₹2 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- KBH: Sep 2021 ₹10 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹10 Cr
- GRBK: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- DFH: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- LGIH: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- BZH: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- HOV: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹3 Cr
- LEGH: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DHI: Sep 2021 0.6% | Dec 2021 0.4% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.7% | Mar 2023 0.4% | Jun 2023 0.3% | Sep 2023 0.4% | Dec 2023 0.6% | Mar 2024 0.3% | Jun 2024 0.6% | Sep 2024 0.3% | Dec 2024 0.2% | Mar 2025 0.4% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.4% | Mar 2026 0.5% | Jun 2026 —
- PHM: Sep 2021 0.6% | Dec 2021 0.5% | Mar 2022 1.0% | Jun 2022 0.8% | Sep 2022 0.7% | Dec 2022 0.5% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 0.5% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 0.7% | Mar 2026 0.7% | Jun 2026 —
- LEN: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.1% | Jun 2022 0.1% | Sep 2022 0.2% | Dec 2022 0.3% | Mar 2023 0.1% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 0.4% | Mar 2024 1.0% | Jun 2024 0.4% | Sep 2024 0.2% | Dec 2024 0.4% | Mar 2025 0.7% | Jun 2025 0.2% | Sep 2025 0.4% | Dec 2025 0.9% | Mar 2026 0.5% | Jun 2026 0.2%
- NVR: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.1% | Dec 2022 0.2% | Mar 2023 0.1% | Jun 2023 0.4% | Sep 2023 0.3% | Dec 2023 0.2% | Mar 2024 0.4% | Jun 2024 0.2% | Sep 2024 0.3% | Dec 2024 0.2% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 0.1% | Mar 2026 0.3% | Jun 2026 —
- TOL: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 0.7% | Dec 2022 0.4% | Mar 2023 1.1% | Jun 2023 0.8% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.7% | Jun 2024 0.6% | Sep 2024 1.0% | Dec 2024 0.5% | Mar 2025 0.9% | Jun 2025 0.6% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 0.9% | Jun 2026 0.9%
- TMHC: Sep 2021 0.3% | Dec 2021 0.2% | Mar 2022 0.3% | Jun 2022 0.4% | Sep 2022 0.5% | Dec 2022 0.3% | Mar 2023 0.8% | Jun 2023 0.3% | Sep 2023 1.6% | Dec 2023 0.7% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.5% | Jun 2025 0.4% | Sep 2025 0.6% | Dec 2025 0.5% | Mar 2026 0.7% | Jun 2026 —
- IBP: Sep 2021 1.6% | Dec 2021 1.7% | Mar 2022 1.7% | Jun 2022 2.1% | Sep 2022 1.5% | Dec 2022 1.5% | Mar 2023 2.3% | Jun 2023 1.9% | Sep 2023 2.7% | Dec 2023 2.1% | Mar 2024 3.2% | Jun 2024 2.8% | Sep 2024 3.2% | Dec 2024 2.9% | Mar 2025 2.9% | Jun 2025 2.1% | Sep 2025 2.4% | Dec 2025 2.1% | Mar 2026 2.6% | Jun 2026 —
- MTH: Sep 2021 0.6% | Dec 2021 0.5% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.7% | Jun 2023 0.8% | Sep 2023 0.6% | Dec 2023 0.4% | Mar 2024 0.4% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.6% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 —
- SKY: Sep 2021 1.8% | Dec 2021 1.1% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 1.2% | Dec 2022 2.0% | Mar 2023 — | Jun 2023 2.8% | Sep 2023 2.2% | Dec 2023 3.2% | Mar 2024 2.2% | Jun 2024 1.8% | Sep 2024 2.3% | Dec 2024 2.0% | Mar 2025 2.2% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 1.1% | Mar 2026 1.4% | Jun 2026 —
- CVCO: Sep 2021 0.9% | Dec 2021 0.6% | Mar 2022 0.9% | Jun 2022 2.0% | Sep 2022 4.3% | Dec 2022 1.4% | Mar 2023 — | Jun 2023 0.6% | Sep 2023 0.8% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.2% | Jun 2025 1.6% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 1.5% | Jun 2026 —
- MHO: Sep 2021 0.2% | Dec 2021 2.2% | Mar 2022 0.1% | Jun 2022 0.1% | Sep 2022 0.1% | Dec 2022 0.4% | Mar 2023 0.2% | Jun 2023 0.0% | Sep 2023 0.2% | Dec 2023 0.1% | Mar 2024 0.0% | Jun 2024 0.5% | Sep 2024 0.1% | Dec 2024 0.2% | Mar 2025 0.1% | Jun 2025 0.3% | Sep 2025 0.1% | Dec 2025 0.3% | Mar 2026 0.0% | Jun 2026 —
- KBH: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.8% | Mar 2026 1.2% | Jun 2026 0.9%
- GRBK: Sep 2021 0.0% | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.2% | Sep 2022 0.0% | Dec 2022 0.2% | Mar 2023 0.4% | Jun 2023 0.2% | Sep 2023 0.5% | Dec 2023 0.7% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.2% | Jun 2026 —
- DFH: Sep 2021 0.0% | Dec 2021 0.1% | Mar 2022 0.2% | Jun 2022 0.1% | Sep 2022 0.3% | Dec 2022 0.1% | Mar 2023 0.1% | Jun 2023 0.2% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 1.8% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.9% | Sep 2025 0.5% | Dec 2025 0.7% | Mar 2026 0.6% | Jun 2026 —
- LGIH: Sep 2021 0.1% | Dec 2021 0.0% | Mar 2022 0.2% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.2% | Dec 2023 0.2% | Mar 2024 0.3% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.2% | Mar 2025 0.3% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.3% | Jun 2026 —
- BZH: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 0.6% | Jun 2022 0.9% | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 1.6% | Mar 2024 1.1% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 1.1% | Mar 2025 1.4% | Jun 2025 1.5% | Sep 2025 0.9% | Dec 2025 1.7% | Mar 2026 2.0% | Jun 2026 —
- HOV: Sep 2021 0.1% | Dec 2021 0.2% | Mar 2022 0.4% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.5% | Mar 2023 0.8% | Jun 2023 0.6% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.8% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.4% | Mar 2025 0.6% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 0.6% | Mar 2026 1.4% | Jun 2026 0.4%
- LEGH: Sep 2021 3.6% | Dec 2021 1.9% | Mar 2022 1.7% | Jun 2022 1.6% | Sep 2022 3.5% | Dec 2022 1.3% | Mar 2023 1.9% | Jun 2023 1.9% | Sep 2023 6.0% | Dec 2023 8.8% | Mar 2024 2.3% | Jun 2024 4.8% | Sep 2024 11% | Dec 2024 3.7% | Mar 2025 2.8% | Jun 2025 4.0% | Sep 2025 5.0% | Dec 2025 7.9% | Mar 2026 5.9% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Champion Homes, Inc. has the clearest covered balance-sheet capacity with $529 million net cash and gross debt of $109 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Legacy Housing Corporation · $2 million | 93.5% versus #2 · Cavco Industries, Inc. | 6/8 recent comparable periods | 18/18 companies · 347 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Legacy Housing Corporation (LEGH): ₹2 Cr
2. Cavco Industries, Inc. (CVCO): ₹31 Cr
3. Champion Homes, Inc. (SKY): ₹109 Cr
4. Green Brick Partners, Inc. (GRBK): ₹282 Cr
5. Hovnanian Enterprises, Inc. (HOV): ₹935 Cr

### Net debt — lowest net debt
1. Champion Homes, Inc. (SKY): ₹-529 Cr
2. Cavco Industries, Inc. (CVCO): ₹-222 Cr
3. NVR, Inc. (NVR): ₹-94 Cr
4. Legacy Housing Corporation (LEGH): ₹-12 Cr
5. M/I Homes, Inc. (MHO): ₹-4 Cr

### 20-quarter Gross debt history
- DHI: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹7.1K Cr
- PHM: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.3K Cr
- LEN: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹6.2K Cr
- NVR: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- TOL: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- TMHC: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- IBP: Sep 2021 ₹632 Cr | Dec 2021 ₹937 Cr | Mar 2022 ₹934 Cr | Jun 2022 ₹939 Cr | Sep 2022 ₹938 Cr | Dec 2022 ₹946 Cr | Mar 2023 ₹945 Cr | Jun 2023 ₹949 Cr | Sep 2023 ₹953 Cr | Dec 2023 ₹955 Cr | Mar 2024 ₹964 Cr | Jun 2024 ₹971 Cr | Sep 2024 ₹967 Cr | Dec 2024 ₹978 Cr | Mar 2025 ₹977 Cr | Jun 2025 ₹983 Cr | Sep 2025 ₹985 Cr | Dec 2025 ₹992 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MTH: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SKY: Sep 2021 ₹68 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹51 Cr | Mar 2023 — | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- CVCO: Sep 2021 ₹25 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹12 Cr | Mar 2023 — | Jun 2023 ₹22 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- MHO: Sep 2021 ₹976 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹965 Cr | Jun 2022 ₹974 Cr | Sep 2022 ₹970 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹963 Cr | Sep 2023 ₹975 Cr | Dec 2023 ₹936 Cr | Mar 2024 ₹995 Cr | Jun 2024 ₹993 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹994 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹989 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- KBH: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.0K Cr
- GRBK: Sep 2021 ₹364 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹374 Cr | Jun 2022 ₹389 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹351 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹355 Cr | Mar 2024 ₹317 Cr | Jun 2024 ₹318 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹345 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹329 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- DFH: Sep 2021 ₹457 Cr | Dec 2021 ₹783 Cr | Mar 2022 ₹799 Cr | Jun 2022 ₹902 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹991 Cr | Mar 2023 ₹940 Cr | Jun 2023 ₹898 Cr | Sep 2023 ₹872 Cr | Dec 2023 ₹845 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- LGIH: Sep 2021 ₹666 Cr | Dec 2021 ₹805 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- BZH: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹995 Cr | Dec 2022 ₹995 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹999 Cr | Sep 2023 ₹997 Cr | Dec 2023 ₹993 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- HOV: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹987 Cr | Mar 2025 ₹981 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹930 Cr | Mar 2026 ₹930 Cr | Jun 2026 ₹935 Cr
- LEGH: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Net debt history
- DHI: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 ₹5.0K Cr
- PHM: Sep 2021 ₹968 Cr | Dec 2021 ₹876 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹620 Cr | Sep 2023 ₹559 Cr | Dec 2023 ₹655 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹781 Cr | Sep 2024 ₹750 Cr | Dec 2024 ₹532 Cr | Mar 2025 ₹817 Cr | Jun 2025 ₹887 Cr | Sep 2025 ₹576 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹469 Cr | Jun 2026 ₹962 Cr
- LEN: Sep 2021 ₹4.2K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹702 Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-473 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹-55 Cr | Dec 2024 ₹-578 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹4.4K Cr
- NVR: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-982 Cr | Mar 2022 ₹-568 Cr | Jun 2022 ₹-497 Cr | Sep 2022 ₹-762 Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹-1.8K Cr | Jun 2023 ₹-1.7K Cr | Sep 2023 ₹-1.9K Cr | Dec 2023 ₹-2.1K Cr | Mar 2024 ₹-1.9K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-737 Cr | Sep 2025 ₹-941 Cr | Dec 2025 ₹-863 Cr | Mar 2026 ₹-632 Cr | Jun 2026 ₹-94 Cr
- TOL: Sep 2021 ₹2.5K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.5K Cr
- TMHC: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- IBP: Sep 2021 ₹441 Cr | Dec 2021 ₹604 Cr | Mar 2022 ₹667 Cr | Jun 2022 ₹774 Cr | Sep 2022 ₹710 Cr | Dec 2022 ₹716 Cr | Mar 2023 ₹726 Cr | Jun 2023 ₹694 Cr | Sep 2023 ₹613 Cr | Dec 2023 ₹568 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹591 Cr | Sep 2024 ₹561 Cr | Dec 2024 ₹650 Cr | Mar 2025 ₹678 Cr | Jun 2025 ₹678 Cr | Sep 2025 ₹652 Cr | Dec 2025 ₹670 Cr | Mar 2026 ₹707 Cr | Jun 2026 —
- MTH: Sep 2021 ₹599 Cr | Dec 2021 ₹542 Cr | Mar 2022 ₹645 Cr | Jun 2022 ₹887 Cr | Sep 2022 ₹857 Cr | Dec 2022 ₹289 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-44 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹482 Cr | Dec 2024 ₹684 Cr | Mar 2025 ₹823 Cr | Jun 2025 ₹898 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SKY: Sep 2021 ₹-220 Cr | Dec 2021 ₹-267 Cr | Mar 2022 ₹-335 Cr | Jun 2022 ₹-387 Cr | Sep 2022 ₹-414 Cr | Dec 2022 ₹-626 Cr | Mar 2023 — | Jun 2023 ₹-735 Cr | Sep 2023 ₹-786 Cr | Dec 2023 ₹-393 Cr | Mar 2024 ₹-379 Cr | Jun 2024 ₹-431 Cr | Sep 2024 ₹-459 Cr | Dec 2024 ₹-469 Cr | Mar 2025 ₹-479 Cr | Jun 2025 ₹-477 Cr | Sep 2025 ₹-496 Cr | Dec 2025 ₹-541 Cr | Mar 2026 ₹-529 Cr | Jun 2026 —
- CVCO: Sep 2021 ₹-325 Cr | Dec 2021 ₹-210 Cr | Mar 2022 ₹-264 Cr | Jun 2022 ₹-251 Cr | Sep 2022 ₹-241 Cr | Dec 2022 ₹-338 Cr | Mar 2023 — | Jun 2023 ₹-264 Cr | Sep 2023 ₹-344 Cr | Dec 2023 ₹-337 Cr | Mar 2024 ₹-336 Cr | Jun 2024 ₹-346 Cr | Sep 2024 ₹-357 Cr | Dec 2024 ₹-348 Cr | Mar 2025 ₹-344 Cr | Jun 2025 ₹-332 Cr | Sep 2025 ₹-362 Cr | Dec 2025 ₹-208 Cr | Mar 2026 ₹-222 Cr | Jun 2026 —
- MHO: Sep 2021 ₹539 Cr | Dec 2021 ₹522 Cr | Mar 2022 ₹546 Cr | Jun 2022 ₹591 Cr | Sep 2022 ₹719 Cr | Dec 2022 ₹475 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹-110 Cr | Jun 2024 ₹-72 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- KBH: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹963 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.8K Cr
- GRBK: Sep 2021 ₹342 Cr | Dec 2021 ₹263 Cr | Mar 2022 ₹308 Cr | Jun 2022 ₹322 Cr | Sep 2022 ₹349 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹226 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- DFH: Sep 2021 ₹371 Cr | Dec 2021 ₹556 Cr | Mar 2022 ₹699 Cr | Jun 2022 ₹818 Cr | Sep 2022 ₹877 Cr | Dec 2022 ₹626 Cr | Mar 2023 ₹673 Cr | Jun 2023 ₹605 Cr | Sep 2023 ₹542 Cr | Dec 2023 ₹351 Cr | Mar 2024 ₹786 Cr | Jun 2024 ₹930 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- LGIH: Sep 2021 ₹619 Cr | Dec 2021 ₹754 Cr | Mar 2022 ₹951 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- BZH: Sep 2021 ₹821 Cr | Dec 2021 ₹911 Cr | Mar 2022 ₹899 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹780 Cr | Dec 2022 ₹874 Cr | Mar 2023 ₹761 Cr | Jun 2023 ₹723 Cr | Sep 2023 ₹651 Cr | Dec 2023 ₹889 Cr | Mar 2024 ₹908 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹841 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹842 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- HOV: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹937 Cr | Sep 2023 ₹840 Cr | Dec 2023 ₹700 Cr | Mar 2024 ₹843 Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹882 Cr | Dec 2024 ₹769 Cr | Mar 2025 ₹878 Cr | Jun 2025 ₹859 Cr | Sep 2025 ₹756 Cr | Dec 2025 ₹645 Cr | Mar 2026 ₹580 Cr | Jun 2026 ₹614 Cr
- LEGH: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: NVR, Inc. leads ROCE at 7%, 0.2 percentage points above Lennar Corporation. Cavco Industries, Inc. has the strongest latest improvement at +1.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: NVR, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: NVR, Inc. · 7% | 2.9% versus #2 · Lennar Corporation | 1/8 recent comparable periods | 18/18 companies · 342 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. NVR, Inc. (NVR): 7.0%
2. Lennar Corporation (LEN): 6.8%
3. D.R. Horton, Inc. (DHI): 4.7%
4. Cavco Industries, Inc. (CVCO): 4.6%
5. PulteGroup, Inc. (PHM): 4.0%

### ROCE change — fastest improvers
1. Cavco Industries, Inc. (CVCO): +1.1 pp
2. Legacy Housing Corporation (LEGH): 0.0 pp
3. LGI Homes, Inc. (LGIH): 0.0 pp
4. D.R. Horton, Inc. (DHI): −0.4 pp
5. Champion Homes, Inc. (SKY): −0.4 pp

### 20-quarter ROCE history
- DHI: Sep 2021 13% | Dec 2021 10% | Mar 2022 12% | Jun 2022 13% | Sep 2022 12% | Dec 2022 6.7% | Mar 2023 6.3% | Jun 2023 8.5% | Sep 2023 9.0% | Dec 2023 5.3% | Mar 2024 6.4% | Jun 2024 7.3% | Sep 2024 6.5% | Dec 2024 4.2% | Mar 2025 4.1% | Jun 2025 5.1% | Sep 2025 4.5% | Dec 2025 2.9% | Mar 2026 3.3% | Jun 2026 4.7%
- PHM: Sep 2021 6.6% | Dec 2021 8.4% | Mar 2022 6.3% | Jun 2022 8.7% | Sep 2022 8.0% | Dec 2022 10% | Mar 2023 6.4% | Jun 2023 8.3% | Sep 2023 7.0% | Dec 2023 7.6% | Mar 2024 6.4% | Jun 2024 7.9% | Sep 2024 6.7% | Dec 2024 8.3% | Mar 2025 4.7% | Jun 2025 5.6% | Sep 2025 5.2% | Dec 2025 5.0% | Mar 2026 2.9% | Jun 2026 4.0%
- LEN: Sep 2021 15% | Dec 2021 16% | Mar 2022 18% | Jun 2022 19% | Sep 2022 20% | Dec 2022 19% | Mar 2023 19% | Jun 2023 17% | Sep 2023 16% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 13% | Mar 2025 15% | Jun 2025 13% | Sep 2025 11% | Dec 2025 9.5% | Mar 2026 7.6% | Jun 2026 6.8%
- NVR: Sep 2021 9.8% | Dec 2021 9.5% | Mar 2022 13% | Jun 2022 14% | Sep 2022 13% | Dec 2022 13% | Mar 2023 9.6% | Jun 2023 10% | Sep 2023 12% | Dec 2023 9.9% | Mar 2024 9.3% | Jun 2024 11% | Sep 2024 10% | Dec 2024 11% | Mar 2025 7.9% | Jun 2025 9.1% | Sep 2025 8.8% | Dec 2025 9.4% | Mar 2026 5.4% | Jun 2026 7.0%
- TOL: Sep 2021 — | Dec 2021 5.7% | Mar 2022 2.4% | Jun 2022 3.8% | Sep 2022 4.8% | Dec 2022 8.8% | Mar 2023 2.9% | Jun 2023 5.5% | Sep 2023 6.5% | Dec 2023 6.8% | Mar 2024 3.7% | Jun 2024 7.4% | Sep 2024 5.7% | Dec 2024 6.9% | Mar 2025 2.4% | Jun 2025 4.9% | Sep 2025 5.2% | Dec 2025 5.8% | Mar 2026 2.2% | Jun 2026 3.5%
- TMHC: Sep 2021 3.3% | Dec 2021 5.4% | Mar 2022 3.4% | Jun 2022 5.4% | Sep 2022 5.8% | Dec 2022 6.1% | Mar 2023 3.4% | Jun 2023 4.3% | Sep 2023 3.1% | Dec 2023 4.2% | Mar 2024 3.3% | Jun 2024 3.7% | Sep 2024 4.4% | Dec 2024 4.7% | Mar 2025 3.7% | Jun 2025 3.6% | Sep 2025 3.6% | Dec 2025 3.2% | Mar 2026 1.7% | Jun 2026 —
- IBP: Sep 2021 5.5% | Dec 2021 4.2% | Mar 2022 4.9% | Jun 2022 7.8% | Sep 2022 7.7% | Dec 2022 6.2% | Mar 2023 5.5% | Jun 2023 6.5% | Sep 2023 6.8% | Dec 2023 6.3% | Mar 2024 5.6% | Jun 2024 5.9% | Sep 2024 6.2% | Dec 2024 5.9% | Mar 2025 4.2% | Jun 2025 6.1% | Sep 2025 6.3% | Dec 2025 6.4% | Mar 2026 3.3% | Jun 2026 —
- MTH: Sep 2021 7.2% | Dec 2021 8.2% | Mar 2022 7.3% | Jun 2022 7.9% | Sep 2022 7.5% | Dec 2022 7.3% | Mar 2023 3.3% | Jun 2023 4.7% | Sep 2023 5.3% | Dec 2023 4.6% | Mar 2024 4.2% | Jun 2024 4.9% | Sep 2024 4.1% | Dec 2024 3.4% | Mar 2025 2.4% | Jun 2025 2.7% | Sep 2025 1.8% | Dec 2025 1.3% | Mar 2026 0.0% | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 10% | Mar 2022 13% | Jun 2022 15% | Sep 2022 19% | Dec 2022 20% | Mar 2023 — | Jun 2023 6.3% | Sep 2023 5.0% | Dec 2023 4.0% | Mar 2024 0.5% | Jun 2024 3.8% | Sep 2024 4.4% | Dec 2024 4.6% | Mar 2025 2.6% | Jun 2025 4.8% | Sep 2025 4.5% | Dec 2025 3.7% | Mar 2026 2.2% | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 6.2% | Mar 2022 7.2% | Jun 2022 8.9% | Sep 2022 9.8% | Dec 2022 11% | Mar 2023 — | Jun 2023 5.8% | Sep 2023 5.8% | Dec 2023 3.9% | Mar 2024 3.6% | Jun 2024 3.6% | Sep 2024 4.6% | Dec 2024 5.9% | Mar 2025 3.5% | Jun 2025 5.5% | Sep 2025 5.6% | Dec 2025 4.9% | Mar 2026 4.6% | Jun 2026 —
- MHO: Sep 2021 5.5% | Dec 2021 6.0% | Mar 2022 5.0% | Jun 2022 7.1% | Sep 2022 6.1% | Dec 2022 5.7% | Mar 2023 4.6% | Jun 2023 4.9% | Sep 2023 5.4% | Dec 2023 3.9% | Mar 2024 5.0% | Jun 2024 5.3% | Sep 2024 5.0% | Dec 2024 4.4% | Mar 2025 3.7% | Jun 2025 4.0% | Sep 2025 3.4% | Dec 2025 1.8% | Mar 2026 2.1% | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 7.7% | Mar 2022 5.9% | Jun 2022 8.7% | Sep 2022 10% | Dec 2022 8.5% | Mar 2023 4.7% | Jun 2023 5.9% | Sep 2023 5.1% | Dec 2023 5.0% | Mar 2024 4.3% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 3.4% | Dec 2025 3.1% | Mar 2026 0.9% | Jun 2026 0.8%
- GRBK: Sep 2021 6.4% | Dec 2021 7.3% | Mar 2022 6.6% | Jun 2022 11% | Sep 2022 7.3% | Dec 2022 5.0% | Mar 2023 5.6% | Jun 2023 6.4% | Sep 2023 6.0% | Dec 2023 5.7% | Mar 2024 6.0% | Jun 2024 7.8% | Sep 2024 6.4% | Dec 2024 7.1% | Mar 2025 5.5% | Jun 2025 5.5% | Sep 2025 4.8% | Dec 2025 4.9% | Mar 2026 3.9% | Jun 2026 —
- DFH: Sep 2021 7.0% | Dec 2021 17% | Mar 2022 12% | Jun 2022 16% | Sep 2022 11% | Dec 2022 15% | Mar 2023 8.2% | Jun 2023 12% | Sep 2023 9.4% | Dec 2023 12% | Mar 2024 5.2% | Jun 2024 7.9% | Sep 2024 6.2% | Dec 2024 10% | Mar 2025 4.5% | Jun 2025 3.4% | Sep 2025 3.1% | Dec 2025 3.8% | Mar 2026 0.9% | Jun 2026 —
- LGIH: Sep 2021 12% | Dec 2021 11% | Mar 2022 7.2% | Jun 2022 11% | Sep 2022 6.4% | Dec 2022 2.7% | Mar 2023 1.7% | Jun 2023 4.0% | Sep 2023 4.8% | Dec 2023 3.4% | Mar 2024 1.1% | Jun 2024 3.7% | Sep 2024 4.2% | Dec 2024 2.3% | Mar 2025 0.0% | Jun 2025 2.0% | Sep 2025 1.1% | Dec 2025 0.9% | Mar 2026 0.0% | Jun 2026 —
- BZH: Sep 2021 2.5% | Dec 2021 2.3% | Mar 2022 3.0% | Jun 2022 3.6% | Sep 2022 5.9% | Dec 2022 1.5% | Mar 2023 2.0% | Jun 2023 2.4% | Sep 2023 3.1% | Dec 2023 1.0% | Mar 2024 1.7% | Jun 2024 1.3% | Sep 2024 2.7% | Dec 2024 0.1% | Mar 2025 0.6% | Jun 2025 -0.2% | Sep 2025 1.1% | Dec 2025 -1.4% | Mar 2026 -0.8% | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 6.4% | Mar 2022 4.5% | Jun 2022 5.6% | Sep 2022 6.3% | Dec 2022 12% | Mar 2023 1.5% | Jun 2023 3.2% | Sep 2023 2.4% | Dec 2023 14% | Mar 2024 1.6% | Jun 2024 3.4% | Sep 2024 0.2% | Dec 2024 5.7% | Mar 2025 -0.1% | Jun 2025 1.5% | Sep 2025 0.9% | Dec 2025 -0.5% | Mar 2026 -1.3% | Jun 2026 0.8%
- LEGH: Sep 2021 5.0% | Dec 2021 5.1% | Mar 2022 5.5% | Jun 2022 5.8% | Sep 2022 4.9% | Dec 2022 6.2% | Mar 2023 4.9% | Jun 2023 4.4% | Sep 2023 4.6% | Dec 2023 2.2% | Mar 2024 3.8% | Jun 2024 3.5% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 2.4% | Jun 2025 3.4% | Sep 2025 1.9% | Dec 2025 2.0% | Mar 2026 2.4% | Jun 2026 —

### 20-quarter ROCE change history
- DHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −3.6 pp | Mar 2023 −6.0 pp | Jun 2023 −4.8 pp | Sep 2023 −2.7 pp | Dec 2023 −1.4 pp | Mar 2024 +0.1 pp | Jun 2024 −1.2 pp | Sep 2024 −2.5 pp | Dec 2024 −1.1 pp | Mar 2025 −2.3 pp | Jun 2025 −2.2 pp | Sep 2025 −2.0 pp | Dec 2025 −1.3 pp | Mar 2026 −0.8 pp | Jun 2026 −0.4 pp
- PHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +2.0 pp | Mar 2023 +0.1 pp | Jun 2023 −0.4 pp | Sep 2023 −1.0 pp | Dec 2023 −2.8 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 −0.3 pp | Dec 2024 +0.7 pp | Mar 2025 −1.7 pp | Jun 2025 −2.3 pp | Sep 2025 −1.5 pp | Dec 2025 −3.3 pp | Mar 2026 −1.8 pp | Jun 2026 −1.6 pp
- LEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 +2.5 pp | Mar 2023 +1.5 pp | Jun 2023 −2.0 pp | Sep 2023 −4.5 pp | Dec 2023 −4.1 pp | Mar 2024 −3.8 pp | Jun 2024 −1.5 pp | Sep 2024 −0.7 pp | Dec 2024 −1.8 pp | Mar 2025 −0.2 pp | Jun 2025 −2.3 pp | Sep 2025 −4.2 pp | Dec 2025 −3.5 pp | Mar 2026 −7.6 pp | Jun 2026 −6.6 pp
- NVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 +3.3 pp | Mar 2023 −3.3 pp | Jun 2023 −3.2 pp | Sep 2023 −0.7 pp | Dec 2023 −2.9 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 −1.4 pp | Dec 2024 +1.0 pp | Mar 2025 −1.4 pp | Jun 2025 −1.4 pp | Sep 2025 −1.6 pp | Dec 2025 −1.5 pp | Mar 2026 −2.5 pp | Jun 2026 −2.1 pp
- TOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.1 pp | Mar 2023 +0.5 pp | Jun 2023 +1.7 pp | Sep 2023 +1.7 pp | Dec 2023 −2.0 pp | Mar 2024 +0.8 pp | Jun 2024 +1.9 pp | Sep 2024 −0.8 pp | Dec 2024 +0.1 pp | Mar 2025 −1.3 pp | Jun 2025 −2.5 pp | Sep 2025 −0.5 pp | Dec 2025 −1.1 pp | Mar 2026 −0.2 pp | Jun 2026 −1.4 pp
- TMHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +0.7 pp | Mar 2023 0.0 pp | Jun 2023 −1.1 pp | Sep 2023 −2.7 pp | Dec 2023 −1.9 pp | Mar 2024 −0.1 pp | Jun 2024 −0.6 pp | Sep 2024 +1.3 pp | Dec 2024 +0.5 pp | Mar 2025 +0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −0.8 pp | Dec 2025 −1.5 pp | Mar 2026 −2.0 pp | Jun 2026 —
- IBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +2.0 pp | Mar 2023 +0.6 pp | Jun 2023 −1.3 pp | Sep 2023 −0.9 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −0.4 pp | Mar 2025 −1.4 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.5 pp | Mar 2026 −0.9 pp | Jun 2026 —
- MTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.9 pp | Mar 2023 −4.0 pp | Jun 2023 −3.2 pp | Sep 2023 −2.2 pp | Dec 2023 −2.7 pp | Mar 2024 +0.9 pp | Jun 2024 +0.2 pp | Sep 2024 −1.2 pp | Dec 2024 −1.2 pp | Mar 2025 −1.8 pp | Jun 2025 −2.2 pp | Sep 2025 −2.3 pp | Dec 2025 −2.1 pp | Mar 2026 −2.4 pp | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +10.4 pp | Mar 2023 — | Jun 2023 −8.8 pp | Sep 2023 −13.5 pp | Dec 2023 −16.4 pp | Mar 2024 — | Jun 2024 −2.5 pp | Sep 2024 −0.6 pp | Dec 2024 +0.6 pp | Mar 2025 +2.1 pp | Jun 2025 +1.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.9 pp | Mar 2026 −0.4 pp | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.3 pp | Mar 2023 — | Jun 2023 −3.1 pp | Sep 2023 −4.0 pp | Dec 2023 −6.6 pp | Mar 2024 — | Jun 2024 −2.2 pp | Sep 2024 −1.2 pp | Dec 2024 +2.0 pp | Mar 2025 −0.1 pp | Jun 2025 +1.9 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.1 pp | Jun 2026 —
- MHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −0.3 pp | Mar 2023 −0.4 pp | Jun 2023 −2.2 pp | Sep 2023 −0.7 pp | Dec 2023 −1.8 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 −0.4 pp | Dec 2024 +0.5 pp | Mar 2025 −1.3 pp | Jun 2025 −1.3 pp | Sep 2025 −1.6 pp | Dec 2025 −2.6 pp | Mar 2026 −1.6 pp | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 −1.2 pp | Jun 2023 −2.8 pp | Sep 2023 −5.3 pp | Dec 2023 −3.5 pp | Mar 2024 −0.4 pp | Jun 2024 −0.9 pp | Sep 2024 −0.1 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.6 pp | Sep 2025 −1.6 pp | Dec 2025 −2.9 pp | Mar 2026 −2.4 pp | Jun 2026 −2.6 pp
- GRBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −2.3 pp | Mar 2023 −1.0 pp | Jun 2023 −4.5 pp | Sep 2023 −1.3 pp | Dec 2023 +0.7 pp | Mar 2024 +0.4 pp | Jun 2024 +1.4 pp | Sep 2024 +0.4 pp | Dec 2024 +1.4 pp | Mar 2025 −0.5 pp | Jun 2025 −2.3 pp | Sep 2025 −1.6 pp | Dec 2025 −2.2 pp | Mar 2026 −1.6 pp | Jun 2026 —
- DFH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 −1.9 pp | Mar 2023 −3.5 pp | Jun 2023 −3.9 pp | Sep 2023 −1.8 pp | Dec 2023 −3.2 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.2 pp | Dec 2024 −1.5 pp | Mar 2025 −0.7 pp | Jun 2025 −4.5 pp | Sep 2025 −3.1 pp | Dec 2025 −6.2 pp | Mar 2026 −3.6 pp | Jun 2026 —
- LGIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.3 pp | Dec 2022 −8.4 pp | Mar 2023 −5.5 pp | Jun 2023 −7.4 pp | Sep 2023 −1.6 pp | Dec 2023 +0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.3 pp | Sep 2024 −0.6 pp | Dec 2024 −1.1 pp | Mar 2025 −1.1 pp | Jun 2025 −1.7 pp | Sep 2025 −3.1 pp | Dec 2025 −1.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- BZH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 −0.8 pp | Mar 2023 −1.0 pp | Jun 2023 −1.2 pp | Sep 2023 −2.8 pp | Dec 2023 −0.5 pp | Mar 2024 −0.3 pp | Jun 2024 −1.1 pp | Sep 2024 −0.4 pp | Dec 2024 −0.9 pp | Mar 2025 −1.1 pp | Jun 2025 −1.5 pp | Sep 2025 −1.6 pp | Dec 2025 −1.5 pp | Mar 2026 −1.4 pp | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.1 pp | Mar 2023 −3.0 pp | Jun 2023 −2.4 pp | Sep 2023 −3.9 pp | Dec 2023 +2.7 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 −2.2 pp | Dec 2024 −8.5 pp | Mar 2025 −1.7 pp | Jun 2025 −1.9 pp | Sep 2025 +0.7 pp | Dec 2025 −6.2 pp | Mar 2026 −1.2 pp | Jun 2026 −0.7 pp
- LEGH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +1.1 pp | Mar 2023 −0.6 pp | Jun 2023 −1.4 pp | Sep 2023 −0.3 pp | Dec 2023 −4.0 pp | Mar 2024 −1.1 pp | Jun 2024 −0.9 pp | Sep 2024 −1.3 pp | Dec 2024 +1.0 pp | Mar 2025 −1.4 pp | Jun 2025 −0.1 pp | Sep 2025 −1.4 pp | Dec 2025 −1.2 pp | Mar 2026 0.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Hovnanian Enterprises, Inc. has the lowest comparable Guarded PEG at 0.23×, 17.9% below Meritage Homes Corporation. Only 13 of 18 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Hovnanian Enterprises, Inc. · 0.23× | 17.9% versus #2 · Meritage Homes Corporation | 0/8 recent comparable periods | 13/18 companies · 85 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Hovnanian Enterprises, Inc. (HOV): 0.2
2. Meritage Homes Corporation (MTH): 0.3
3. Dream Finders Homes, Inc. (DFH): 0.5
4. KB Home (KBH): 0.6
5. M/I Homes, Inc. (MHO): 0.7

### P/E — lowest P/E
1. Dream Finders Homes, Inc. (DFH): 8.1
2. Taylor Morrison Home Corporation (TMHC): 8.7
3. M/I Homes, Inc. (MHO): 9.2
4. Green Brick Partners, Inc. (GRBK): 9.5
5. Toll Brothers, Inc. (TOL): 10.8

### 20-quarter Guarded PEG history
- DHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PHM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.3 | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 1.1 | Sep 2023 2.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TMHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 1.9 | Mar 2024 5.1 | Jun 2024 4.0 | Sep 2024 — | Dec 2024 3.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.9 | Mar 2026 4.1 | Jun 2026 —
- MTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.7 | Mar 2026 2.8 | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.7 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 2.0 | Mar 2026 1.3 | Jun 2026 —
- MHO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 0.3 | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRBK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 1.9 | Sep 2023 — | Dec 2023 — | Mar 2024 1.5 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.3 | Jun 2025 1.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DFH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 0.5 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.4 | Sep 2024 0.7 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BZH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEGH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 1.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- DHI: Sep 2021 7.4 | Dec 2021 8.7 | Mar 2022 5.3 | Jun 2022 4.3 | Sep 2022 4.1 | Dec 2022 5.5 | Mar 2023 6.6 | Jun 2023 8.7 | Sep 2023 7.8 | Dec 2023 10.9 | Mar 2024 11.2 | Jun 2024 9.5 | Sep 2024 13.3 | Dec 2024 9.9 | Mar 2025 9.6 | Jun 2025 10.3 | Sep 2025 14.7 | Dec 2025 13.1 | Mar 2026 12.9 | Jun 2026 15.5
- PHM: Sep 2021 7.1 | Dec 2021 7.7 | Mar 2022 5.1 | Jun 2022 4.4 | Sep 2022 3.8 | Dec 2022 4.1 | Mar 2023 5.0 | Jun 2023 6.4 | Sep 2023 6.0 | Dec 2023 8.8 | Mar 2024 9.7 | Jun 2024 8.4 | Sep 2024 10.6 | Dec 2024 7.4 | Mar 2025 7.3 | Jun 2025 7.9 | Sep 2025 10.2 | Dec 2025 10.5 | Mar 2026 11.4 | Jun 2026 14.0
- LEN: Sep 2021 8.1 | Dec 2021 7.3 | Mar 2022 6.8 | Jun 2022 5.3 | Sep 2022 5.0 | Dec 2022 5.5 | Mar 2023 5.9 | Jun 2023 7.3 | Sep 2023 8.8 | Dec 2023 9.2 | Mar 2024 10.9 | Jun 2024 10.8 | Sep 2024 11.9 | Dec 2024 12.1 | Mar 2025 8.5 | Jun 2025 8.6 | Sep 2025 12.9 | Dec 2025 15.6 | Mar 2026 15.9 | Jun 2026 13.8
- NVR: Sep 2021 15.5 | Dec 2021 18.4 | Mar 2022 11.9 | Jun 2022 9.6 | Sep 2022 8.9 | Dec 2022 9.4 | Mar 2023 11.7 | Jun 2023 13.6 | Sep 2023 12.6 | Dec 2023 15.1 | Mar 2024 16.9 | Jun 2024 15.7 | Sep 2024 20.1 | Dec 2024 16.1 | Mar 2025 14.9 | Jun 2025 15.6 | Sep 2025 17.6 | Dec 2025 16.7 | Mar 2026 16.1 | Jun 2026 17.7
- TOL: Sep 2021 — | Dec 2021 9.1 | Mar 2022 8.3 | Jun 2022 5.8 | Sep 2022 5.8 | Dec 2022 4.0 | Mar 2023 5.2 | Jun 2023 5.1 | Sep 2023 5.8 | Dec 2023 5.7 | Mar 2024 7.7 | Jun 2024 8.1 | Sep 2024 9.8 | Dec 2024 9.8 | Mar 2025 9.4 | Jun 2025 7.5 | Sep 2025 8.7 | Dec 2025 10.0 | Mar 2026 10.3 | Jun 2026 10.8
- TMHC: Sep 2021 6.9 | Dec 2021 6.8 | Mar 2022 4.6 | Jun 2022 3.2 | Sep 2022 2.7 | Dec 2022 3.4 | Mar 2023 4.1 | Jun 2023 5.4 | Sep 2023 5.4 | Dec 2023 7.6 | Mar 2024 8.9 | Jun 2024 8.2 | Sep 2024 9.3 | Dec 2024 7.4 | Mar 2025 7.0 | Jun 2025 7.1 | Sep 2025 8.0 | Dec 2025 7.6 | Mar 2026 8.7 | Jun 2026 —
- IBP: Sep 2021 27.1 | Dec 2021 34.8 | Mar 2022 18.5 | Jun 2022 15.5 | Sep 2022 12.8 | Dec 2022 11.1 | Mar 2023 13.6 | Jun 2023 16.6 | Sep 2023 14.3 | Dec 2023 21.2 | Mar 2024 29.3 | Jun 2024 23.0 | Sep 2024 27.4 | Dec 2024 19.3 | Mar 2025 19.6 | Jun 2025 20.1 | Sep 2025 26.6 | Dec 2025 26.7 | Mar 2026 28.3 | Jun 2026 —
- MTH: Sep 2021 5.7 | Dec 2021 6.3 | Mar 2022 3.7 | Jun 2022 3.0 | Sep 2022 2.7 | Dec 2022 3.5 | Mar 2023 4.8 | Jun 2023 6.3 | Sep 2023 5.7 | Dec 2023 8.7 | Mar 2024 6.5 | Jun 2024 5.8 | Sep 2024 7.5 | Dec 2024 7.2 | Mar 2025 7.2 | Jun 2025 7.6 | Sep 2025 9.7 | Dec 2025 10.4 | Mar 2026 11.4 | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 23.3 | Mar 2022 23.2 | Jun 2022 12.8 | Sep 2022 8.9 | Dec 2022 7.3 | Mar 2023 — | Jun 2023 10.8 | Sep 2023 11.2 | Dec 2023 21.3 | Mar 2024 33.6 | Jun 2024 27.8 | Sep 2024 36.4 | Dec 2024 31.1 | Mar 2025 27.5 | Jun 2025 16.6 | Sep 2025 19.3 | Dec 2025 22.8 | Mar 2026 19.8 | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 20.5 | Mar 2022 17.4 | Jun 2022 11.4 | Sep 2022 8.1 | Dec 2022 7.0 | Mar 2023 — | Jun 2023 11.8 | Sep 2023 11.5 | Dec 2023 17.6 | Mar 2024 21.7 | Jun 2024 20.2 | Sep 2024 24.4 | Dec 2024 21.8 | Mar 2025 24.8 | Jun 2025 18.7 | Sep 2025 23.5 | Dec 2025 26.1 | Mar 2026 19.4 | Jun 2026 —
- MHO: Sep 2021 4.8 | Dec 2021 4.7 | Mar 2022 3.3 | Jun 2022 2.7 | Sep 2022 2.2 | Dec 2022 2.7 | Mar 2023 3.6 | Jun 2023 5.1 | Sep 2023 4.9 | Dec 2023 8.5 | Mar 2024 7.8 | Jun 2024 6.7 | Sep 2024 9.2 | Dec 2024 6.8 | Mar 2025 6.0 | Jun 2025 6.2 | Sep 2025 8.5 | Dec 2025 8.7 | Mar 2026 9.2 | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 6.7 | Mar 2022 6.0 | Jun 2022 4.7 | Sep 2022 3.4 | Dec 2022 3.5 | Mar 2023 3.9 | Jun 2023 5.0 | Sep 2023 6.6 | Dec 2023 7.4 | Mar 2024 9.0 | Jun 2024 9.3 | Sep 2024 10.7 | Dec 2024 9.8 | Mar 2025 7.4 | Jun 2025 6.8 | Sep 2025 8.9 | Dec 2025 10.5 | Mar 2026 12.3 | Jun 2026 11.9
- GRBK: Sep 2021 6.7 | Dec 2021 8.2 | Mar 2022 4.5 | Jun 2022 3.6 | Sep 2022 3.5 | Dec 2022 4.0 | Mar 2023 5.7 | Jun 2023 9.9 | Sep 2023 7.2 | Dec 2023 8.5 | Mar 2024 9.1 | Jun 2024 7.9 | Sep 2024 10.9 | Dec 2024 6.7 | Mar 2025 7.0 | Jun 2025 8.1 | Sep 2025 9.7 | Dec 2025 8.9 | Mar 2026 9.5 | Jun 2026 —
- DFH: Sep 2021 0.1 | Dec 2021 15.3 | Mar 2022 11.3 | Jun 2022 5.9 | Sep 2022 4.7 | Dec 2022 3.5 | Mar 2023 5.4 | Jun 2023 9.8 | Sep 2023 8.5 | Dec 2023 12.7 | Mar 2024 14.8 | Jun 2024 8.3 | Sep 2024 11.8 | Dec 2024 7.0 | Mar 2025 6.8 | Jun 2025 8.1 | Sep 2025 9.1 | Dec 2025 8.0 | Mar 2026 8.1 | Jun 2026 —
- LGIH: Sep 2021 7.9 | Dec 2021 9.0 | Mar 2022 5.9 | Jun 2022 5.1 | Sep 2022 4.8 | Dec 2022 6.7 | Mar 2023 8.4 | Jun 2023 12.6 | Sep 2023 10.3 | Dec 2023 15.8 | Mar 2024 14.6 | Jun 2024 10.9 | Sep 2024 14.2 | Dec 2024 10.8 | Mar 2025 8.6 | Jun 2025 7.8 | Sep 2025 11.4 | Dec 2025 13.8 | Mar 2026 13.0 | Jun 2026 —
- BZH: Sep 2021 4.3 | Dec 2021 4.9 | Mar 2022 2.8 | Jun 2022 2.0 | Sep 2022 1.4 | Dec 2022 1.9 | Mar 2023 2.4 | Jun 2023 4.6 | Sep 2023 4.8 | Dec 2023 6.7 | Mar 2024 6.3 | Jun 2024 5.9 | Sep 2024 7.5 | Dec 2024 7.0 | Mar 2025 6.6 | Jun 2025 10.2 | Sep 2025 16.2 | Dec 2025 67.6 | Mar 2026 — | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 2.0 | Jun 2023 3.0 | Sep 2023 5.0 | Dec 2023 2.6 | Mar 2024 6.1 | Jun 2024 4.9 | Sep 2024 6.5 | Dec 2024 5.5 | Mar 2025 4.0 | Jun 2025 3.4 | Sep 2025 5.8 | Dec 2025 16.2 | Mar 2026 17.3 | Jun 2026 30.9
- LEGH: Sep 2021 9.3 | Dec 2021 12.9 | Mar 2022 9.5 | Jun 2022 5.4 | Sep 2022 6.9 | Dec 2022 6.9 | Mar 2023 8.3 | Jun 2023 8.8 | Sep 2023 7.2 | Dec 2023 11.6 | Mar 2024 10.2 | Jun 2024 10.6 | Sep 2024 12.6 | Dec 2024 10.0 | Mar 2025 11.1 | Jun 2025 10.2 | Sep 2025 14.2 | Dec 2025 11.2 | Mar 2026 11.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Green Brick Partners, Inc. leads ev/ebitda at 2.07×; LGI Homes, Inc. leads p/bv at 0.44×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Green Brick Partners, Inc. · 2.07× | 65.6% versus #2 · M/I Homes, Inc. | 0/8 recent comparable periods | 18/18 companies · 341 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Green Brick Partners, Inc. (GRBK): 2.1
2. M/I Homes, Inc. (MHO): 6.0
3. Taylor Morrison Home Corporation (TMHC): 7.0
4. Toll Brothers, Inc. (TOL): 8.8
5. Legacy Housing Corporation (LEGH): 9.2

### P/BV — lowest P/BV
1. LGI Homes, Inc. (LGIH): 0.4
2. Beazer Homes USA, Inc. (BZH): 0.5
3. KB Home (KBH): 0.8
4. Hovnanian Enterprises, Inc. (HOV): 0.8
5. Meritage Homes Corporation (MTH): 0.8

### 20-quarter EV/EBITDA history
- DHI: Sep 2021 6.0 | Dec 2021 7.1 | Mar 2022 4.6 | Jun 2022 3.8 | Sep 2022 3.5 | Dec 2022 4.6 | Mar 2023 5.5 | Jun 2023 7.0 | Sep 2023 6.1 | Dec 2023 8.6 | Mar 2024 9.0 | Jun 2024 7.8 | Sep 2024 10.6 | Dec 2024 8.0 | Mar 2025 8.0 | Jun 2025 8.8 | Sep 2025 11.8 | Dec 2025 10.8 | Mar 2026 11.0 | Jun 2026 13.1
- PHM: Sep 2021 5.5 | Dec 2021 5.7 | Mar 2022 4.1 | Jun 2022 3.7 | Sep 2022 3.4 | Dec 2022 3.4 | Mar 2023 3.9 | Jun 2023 4.8 | Sep 2023 4.5 | Dec 2023 6.5 | Mar 2024 7.3 | Jun 2024 6.4 | Sep 2024 8.0 | Dec 2024 5.7 | Mar 2025 5.6 | Jun 2025 6.1 | Sep 2025 7.5 | Dec 2025 7.3 | Mar 2026 8.0 | Jun 2026 10.1
- LEN: Sep 2021 8.1 | Dec 2021 6.9 | Mar 2022 5.6 | Jun 2022 4.5 | Sep 2022 4.0 | Dec 2022 4.3 | Mar 2023 4.4 | Jun 2023 5.3 | Sep 2023 6.3 | Dec 2023 6.5 | Mar 2024 7.4 | Jun 2024 7.6 | Sep 2024 8.7 | Dec 2024 9.2 | Mar 2025 6.4 | Jun 2025 6.8 | Sep 2025 10.4 | Dec 2025 12.4 | Mar 2026 12.6 | Jun 2026 11.5
- NVR: Sep 2021 9.7 | Dec 2021 11.7 | Mar 2022 7.4 | Jun 2022 6.1 | Sep 2022 5.6 | Dec 2022 5.8 | Mar 2023 7.5 | Jun 2023 9.2 | Sep 2023 8.4 | Dec 2023 10.3 | Mar 2024 11.9 | Jun 2024 10.6 | Sep 2024 13.8 | Dec 2024 10.7 | Mar 2025 9.6 | Jun 2025 10.2 | Sep 2025 11.5 | Dec 2025 10.9 | Mar 2026 10.0 | Jun 2026 12.1
- TOL: Sep 2021 — | Dec 2021 8.3 | Mar 2022 8.2 | Jun 2022 6.4 | Sep 2022 6.3 | Dec 2022 4.2 | Mar 2023 5.5 | Jun 2023 5.0 | Sep 2023 5.4 | Dec 2023 4.9 | Mar 2024 6.5 | Jun 2024 6.7 | Sep 2024 7.9 | Dec 2024 7.6 | Mar 2025 7.7 | Jun 2025 6.4 | Sep 2025 7.2 | Dec 2025 7.9 | Mar 2026 8.4 | Jun 2026 8.8
- TMHC: Sep 2021 8.5 | Dec 2021 7.4 | Mar 2022 5.7 | Jun 2022 4.2 | Sep 2022 3.5 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 4.6 | Sep 2023 4.9 | Dec 2023 6.3 | Mar 2024 7.3 | Jun 2024 7.2 | Sep 2024 7.7 | Dec 2024 6.4 | Mar 2025 6.0 | Jun 2025 6.3 | Sep 2025 6.6 | Dec 2025 6.1 | Mar 2026 7.0 | Jun 2026 —
- IBP: Sep 2021 12.8 | Dec 2021 16.5 | Mar 2022 9.8 | Jun 2022 8.7 | Sep 2022 7.4 | Dec 2022 7.3 | Mar 2023 8.4 | Jun 2023 9.9 | Sep 2023 8.7 | Dec 2023 11.6 | Mar 2024 15.6 | Jun 2024 12.4 | Sep 2024 14.5 | Dec 2024 10.7 | Mar 2025 10.7 | Jun 2025 11.0 | Sep 2025 14.2 | Dec 2025 14.4 | Mar 2026 15.1 | Jun 2026 —
- MTH: Sep 2021 4.9 | Dec 2021 5.2 | Mar 2022 3.2 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 2.8 | Mar 2023 3.8 | Jun 2023 4.9 | Sep 2023 4.3 | Dec 2023 6.9 | Mar 2024 6.5 | Jun 2024 5.9 | Sep 2024 7.7 | Dec 2024 6.3 | Mar 2025 6.5 | Jun 2025 7.1 | Sep 2025 9.1 | Dec 2025 9.8 | Mar 2026 210.4 | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 14.8 | Mar 2022 14.9 | Jun 2022 7.5 | Sep 2022 5.5 | Dec 2022 4.3 | Mar 2023 — | Jun 2023 6.5 | Sep 2023 6.6 | Dec 2023 14.5 | Mar 2024 21.6 | Jun 2024 16.6 | Sep 2024 21.9 | Dec 2024 18.9 | Mar 2025 17.6 | Jun 2025 10.1 | Sep 2025 11.7 | Dec 2025 13.7 | Mar 2026 11.8 | Jun 2026 —
- CVCO: Sep 2021 — | Dec 2021 14.9 | Mar 2022 15.8 | Jun 2022 9.2 | Sep 2022 6.0 | Dec 2022 4.8 | Mar 2023 — | Jun 2023 7.9 | Sep 2023 7.6 | Dec 2023 11.9 | Mar 2024 15.1 | Jun 2024 13.9 | Sep 2024 17.2 | Dec 2024 15.5 | Mar 2025 18.0 | Jun 2025 13.3 | Sep 2025 16.9 | Dec 2025 18.8 | Mar 2026 13.5 | Jun 2026 —
- MHO: Sep 2021 4.4 | Dec 2021 4.3 | Mar 2022 3.3 | Jun 2022 2.9 | Sep 2022 2.7 | Dec 2022 2.6 | Mar 2023 3.0 | Jun 2023 4.0 | Sep 2023 3.7 | Dec 2023 6.4 | Mar 2024 5.7 | Jun 2024 4.8 | Sep 2024 6.8 | Dec 2024 4.9 | Mar 2025 4.4 | Jun 2025 4.4 | Sep 2025 6.1 | Dec 2025 6.3 | Mar 2026 6.0 | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 7.3 | Mar 2022 6.7 | Jun 2022 5.6 | Sep 2022 4.2 | Dec 2022 4.0 | Mar 2023 4.1 | Jun 2023 4.5 | Sep 2023 5.8 | Dec 2023 6.3 | Mar 2024 7.7 | Jun 2024 8.2 | Sep 2024 9.6 | Dec 2024 8.6 | Mar 2025 7.4 | Jun 2025 6.9 | Sep 2025 8.5 | Dec 2025 9.8 | Mar 2026 12.0 | Jun 2026 12.8
- GRBK: Sep 2021 7.4 | Dec 2021 8.2 | Mar 2022 5.0 | Jun 2022 4.2 | Sep 2022 3.9 | Dec 2022 4.2 | Mar 2023 5.1 | Jun 2023 8.5 | Sep 2023 6.3 | Dec 2023 7.3 | Mar 2024 7.8 | Jun 2024 6.9 | Sep 2024 9.2 | Dec 2024 5.9 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 7.9 | Dec 2025 7.1 | Mar 2026 2.1 | Jun 2026 —
- DFH: Sep 2021 17.0 | Dec 2021 15.0 | Mar 2022 11.7 | Jun 2022 7.3 | Sep 2022 6.2 | Dec 2022 4.4 | Mar 2023 5.5 | Jun 2023 7.7 | Sep 2023 6.5 | Dec 2023 8.6 | Mar 2024 11.3 | Jun 2024 8.1 | Sep 2024 11.4 | Dec 2024 7.5 | Mar 2025 7.6 | Jun 2025 9.3 | Sep 2025 10.6 | Dec 2025 10.5 | Mar 2026 12.1 | Jun 2026 —
- LGIH: Sep 2021 7.1 | Dec 2021 8.1 | Mar 2022 6.3 | Jun 2022 5.9 | Sep 2022 6.2 | Dec 2022 8.3 | Mar 2023 11.4 | Jun 2023 18.3 | Sep 2023 16.1 | Dec 2023 18.4 | Mar 2024 17.8 | Jun 2024 15.4 | Sep 2024 18.6 | Dec 2024 16.4 | Mar 2025 15.9 | Jun 2025 17.0 | Sep 2025 26.0 | Dec 2025 32.5 | Mar 2026 32.5 | Jun 2026 —
- BZH: Sep 2021 8.5 | Dec 2021 8.9 | Mar 2022 6.8 | Jun 2022 6.3 | Sep 2022 3.8 | Dec 2022 4.7 | Mar 2023 4.9 | Jun 2023 6.8 | Sep 2023 7.6 | Dec 2023 10.8 | Mar 2024 10.9 | Jun 2024 11.7 | Sep 2024 12.1 | Dec 2024 13.2 | Mar 2025 13.6 | Jun 2025 19.7 | Sep 2025 28.2 | Dec 2025 74.8 | Mar 2026 — | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 6.5 | Mar 2022 7.5 | Jun 2022 5.1 | Sep 2022 4.4 | Dec 2022 0.7 | Mar 2023 4.5 | Jun 2023 5.0 | Sep 2023 7.0 | Dec 2023 4.7 | Mar 2024 7.5 | Jun 2024 6.8 | Sep 2024 9.9 | Dec 2024 9.4 | Mar 2025 9.9 | Jun 2025 10.5 | Sep 2025 9.8 | Dec 2025 31.6 | Mar 2026 57.3 | Jun 2026 112.0
- LEGH: Sep 2021 7.7 | Dec 2021 10.7 | Mar 2022 8.0 | Jun 2022 4.5 | Sep 2022 5.6 | Dec 2022 5.7 | Mar 2023 6.9 | Jun 2023 7.4 | Sep 2023 6.2 | Dec 2023 9.7 | Mar 2024 8.5 | Jun 2024 9.2 | Sep 2024 11.5 | Dec 2024 9.1 | Mar 2025 10.1 | Jun 2025 9.2 | Sep 2025 11.6 | Dec 2025 9.1 | Mar 2026 9.2 | Jun 2026 —

### 20-quarter P/BV history
- DHI: Sep 2021 2.0 | Dec 2021 2.5 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 1.6 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 2.2 | Mar 2024 2.3 | Jun 2024 1.9 | Sep 2024 2.4 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 2.1 | Dec 2025 1.7 | Mar 2026 1.7 | Jun 2026 1.9
- PHM: Sep 2021 — | Dec 2021 1.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.7 | Mar 2026 — | Jun 2026 —
- LEN: Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.3 | Jun 2026 1.0
- NVR: Sep 2021 5.6 | Dec 2021 6.8 | Mar 2022 5.4 | Jun 2022 4.4 | Sep 2022 4.2 | Dec 2022 4.2 | Mar 2023 4.7 | Jun 2023 5.0 | Sep 2023 4.6 | Dec 2023 5.1 | Mar 2024 5.9 | Jun 2024 5.7 | Sep 2024 7.0 | Dec 2024 5.9 | Mar 2025 5.4 | Jun 2025 5.5 | Sep 2025 5.8 | Dec 2025 5.4 | Mar 2026 5.0 | Jun 2026 5.4
- TOL: Sep 2021 — | Dec 2021 1.4 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 1.6
- TMHC: Sep 2021 0.9 | Dec 2021 1.1 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- IBP: Sep 2021 8.1 | Dec 2021 10.0 | Mar 2022 6.3 | Jun 2022 6.0 | Sep 2022 5.1 | Dec 2022 4.9 | Mar 2023 6.4 | Jun 2023 7.1 | Sep 2023 5.7 | Dec 2023 7.7 | Mar 2024 10.8 | Jun 2024 8.5 | Sep 2024 9.7 | Dec 2024 6.9 | Mar 2025 7.2 | Jun 2025 7.4 | Sep 2025 9.9 | Dec 2025 9.9 | Mar 2026 10.7 | Jun 2026 —
- MTH: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 1.5 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- SKY: Sep 2021 — | Dec 2021 5.2 | Mar 2022 6.1 | Jun 2022 3.8 | Sep 2022 3.0 | Dec 2022 2.8 | Mar 2023 — | Jun 2023 3.5 | Sep 2023 2.9 | Dec 2023 3.0 | Mar 2024 3.5 | Jun 2024 2.7 | Sep 2024 3.6 | Dec 2024 3.3 | Mar 2025 3.5 | Jun 2025 2.3 | Sep 2025 2.6 | Dec 2025 3.0 | Mar 2026 2.6 | Jun 2026 —
- MHO: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 1.6 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- KBH: Sep 2021 — | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 0.8
- GRBK: Sep 2021 1.4 | Dec 2021 1.8 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.4 | Jun 2023 2.2 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 2.0 | Jun 2024 1.8 | Sep 2024 2.4 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 1.8 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 —
- DFH: Sep 2021 5.0 | Dec 2021 4.8 | Mar 2022 3.8 | Jun 2022 2.1 | Sep 2022 1.8 | Dec 2022 1.3 | Mar 2023 1.8 | Jun 2023 3.1 | Sep 2023 2.5 | Dec 2023 3.6 | Mar 2024 4.2 | Jun 2024 2.3 | Sep 2024 3.0 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 —
- LGIH: Sep 2021 2.6 | Dec 2021 2.7 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.6 | Jun 2023 1.8 | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 1.5 | Jun 2024 1.1 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 —
- BZH: Sep 2021 0.7 | Dec 2021 1.0 | Mar 2022 0.6 | Jun 2022 0.4 | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.9 | Sep 2023 0.7 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 —
- HOV: Sep 2021 — | Dec 2021 3.0 | Mar 2022 3.1 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 640.5 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.4 | Dec 2023 0.7 | Mar 2024 1.7 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 0.8
- LEGH: Sep 2021 1.5 | Dec 2021 2.1 | Mar 2022 1.6 | Jun 2022 0.9 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —

## Market action

Beazer Homes USA, Inc. has the strongest one-year price move in Residential Construction at +53.9%. It also leads on Mansfield relative strength against the S&P 500 at +28.8%. 7 of 18 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Beazer Homes USA, Inc. (BZH): 54%
2. Cavco Industries, Inc. (CVCO): 39%
3. Champion Homes, Inc. (SKY): 29%
4. Toll Brothers, Inc. (TOL): 27%
5. M/I Homes, Inc. (MHO): 24%

### Strongest relative strength versus NIFTY 500
1. Beazer Homes USA, Inc. (BZH): 29%
2. LGI Homes, Inc. (LGIH): 12%
3. Legacy Housing Corporation (LEGH): 8.6%
4. Taylor Morrison Home Corporation (TMHC): 5.4%
5. Hovnanian Enterprises, Inc. (HOV): 3.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- D.R. Horton, Inc. (DHI) — market value ₹42.3K Cr; latest fundamentals Jun 2026
- PulteGroup, Inc. (PHM) — market value ₹25.3K Cr; latest fundamentals Jun 2026
- Lennar Corporation (LEN) — market value ₹21.1K Cr; latest fundamentals Jun 2026
- NVR, Inc. (NVR) — market value ₹17.3K Cr; latest fundamentals Jun 2026
- Toll Brothers, Inc. (TOL) — market value ₹14.5K Cr; latest fundamentals Jun 2026
- Taylor Morrison Home Corporation (TMHC) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- Installed Building Products, Inc. (IBP) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- Meritage Homes Corporation (MTH) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Champion Homes, Inc. (SKY) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- Cavco Industries, Inc. (CVCO) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- M/I Homes, Inc. (MHO) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- KB Home (KBH) — market value ₹3.5K Cr; latest fundamentals Jun 2026
- Green Brick Partners, Inc. (GRBK) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Dream Finders Homes, Inc. (DFH) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- LGI Homes, Inc. (LGIH) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Beazer Homes USA, Inc. (BZH) — market value ₹883 Cr; latest fundamentals Mar 2026
- Hovnanian Enterprises, Inc. (HOV) — market value ₹800 Cr; latest fundamentals Jun 2026
- Legacy Housing Corporation (LEGH) — market value ₹639 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Residential Construction company is the biggest?

Lennar Corporation is the largest, with trailing-twelve-month revenue of $32,737 million, ahead of Toll Brothers, Inc. at $11,045 million. That covers 15 of 18 companies with comparable reporting through Jun 2026.

### Which Residential Construction company is growing fastest?

Cavco Industries, Inc. has the fastest revenue growth at 11.4% year on year, across 15 of 18 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Residential Construction company has the best profit margins?

Legacy Housing Corporation has the highest operating margin at 36.1%, from 18 of 18 comparable companies. Legacy Housing Corporation shows the biggest recent improvement, at +3.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Residential Construction company makes the most profit?

Lennar Corporation earns the most, at $1,599 million of trailing-twelve-month net profit, from 15 of 18 comparable companies. Cavco Industries, Inc. has the fastest profit growth at 11.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Residential Construction company earns the highest return on capital?

NVR, Inc. leads on return on capital employed at 7%, across 18 of 18 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Residential Construction stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hovnanian Enterprises, Inc. screens cheapest at 0.23×. Only 13 of 18 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Residential Construction company has the strongest balance sheet?

Legacy Housing Corporation carries the lowest comparable gross debt at $2 million, from 18 of 18 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Residential Construction company is investing most in new capacity?

D.R. Horton, Inc. reports the largest capital spending at $42 million, across 18 of 18 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Residential Construction sector beating the market?

Residential Construction has underperformed S&P 500 by 5.2% over the last 52 weeks and 10.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 18 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Residential Construction stock has the strongest price momentum?

Beazer Homes USA, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Residential Construction company scores highest for research priority?

Legacy Housing Corporation scores 65.7 out of 100 with 82% evidence confidence, from 20.9 points on growth and earnings, 16.1 on capital efficiency, 9.8 on valuation and 18.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Residential Construction companies does this comparison cover, and over what period?

It compares 18 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Residential Construction sector?

The 18 Residential Construction companies on this page carry $163,419 million of combined market value. D.R. Horton, Inc. is the largest at $42,280 million, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Residential Construction sector's P/E ratio?

The median price-to-earnings ratio across the 18 Residential Construction companies on this page is 13.8×, measured on the 18 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Residential Construction sector performing?

7 of the 18 covered Residential Construction companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Residential Construction stocks are listed in the US?

This comparison covers 18 listed Residential Construction companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/residential-construction