At a glance
Dream Finders Homes Inc is worth $881.8M, about 5 times its fiscal 2025 earnings. Revenue fell 2.9% to $4.32B in fiscal 2025, with 5.0% kept as profit; over 5 years it has grown 30.7% a year. It pays no dividend; it spent $49.5M buying back its shares over FY2021–FY2025. The stock returned −56.8% over the past year with dividends reinvested and −9.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The business in plain English
Dream Finders Homes builds and sells single-family homes, mostly in fast-growing markets across the Southeast, Mid-Atlantic, Texas, Colorado and Arizona. It focuses on first-time and move-up buyers. It also builds “active adult” communities for older buyers and sells groups of homes to investors who rent them out. Brands include Dream Finders Homes, DF Luxury, Reverie, Craft Homes and Coventry Homes. Since starting in Jacksonville, Florida, in 2009, it closed more than 46,500 homes through December 31, 2025.
Selling homes produces most of its revenue, which totaled about $4.32 billion in the year ended December 31, 2025. The Midwest segment (Texas, Denver and Phoenix) supplied 39.2%, the Southeast (Florida, Georgia and the Hilton Head area) 32.2%, and the Mid-Atlantic (the Washington, D.C. area, the Carolinas and Nashville) 24.6%. Financial services added 4.1%, mainly mortgages from Jet HomeLoans and title insurance.
The company calls its approach “asset-light.” Rather than buying and developing raw land, it pays deposits, typically about 10% of the land price, for the option to purchase finished lots later at set prices. Often a “land bank” partner funds the development and sells it the lots over time. As of December 31, 2025, it controlled 63,121 lots this way. This ties up less cash, but option fees add cost and it forfeits deposits if it walks away.
Price history
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DFH -56.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Midwest | $1.69B | 39.2% |
| Southeast | $1.39B | 32.2% |
| Mid-Atlantic | $1.06B | 24.6% |
| Financial Services | $177.5M | 4.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.06B, down 7.6% from a year earlier, and net income was $27.7M (-51.0%).
- For fiscal 2025, revenue was $4.32B (-2.9% year over year; +30.7% a year from FY2020 to FY2025) with a 5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +30.7% good |
|---|---|
| Free cash flow margin | -2.9% weak |
| Return on equity (FY2025) | 15.2% good |
| Return on assets (FY2025) | 5.8% watch |
| Net cash (cash minus debt) | $-1.61B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.13B | $79.1M | $94.0M |
| FY2021 | $1.92B | $121.1M | $62.2M |
| FY2022 | $3.34B | $262.3M | $-33.2M |
| FY2023 | $3.75B | $295.9M | $369.5M |
| FY2024 | $4.45B | $335.3M | $-282.0M |
| FY2025 | $4.32B | $217.2M | $-126.4M |
Valuation snapshot
| Market value | $881.8M |
|---|---|
| P/E ratio | 4.5 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DFH price data to Oct 28, 2026 | -43.2% | -56.8% | -20.2% | -9.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -43.2% |
| 2025 | -26.5% |
| 2024 | -34.5% |
| 2023 | +310.3% |
| 2022 | -55.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 43.7% over that stretch · deepest drop along the way 57.4%, back to its old high 8.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (23 read): 8 open-market purchases ($1.4M) and 13 sales ($10.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 19, 2026 | William Radford II Lovett 10% owner | sell | $1.5M |
| Jun 18, 2026 | William Radford II Lovett 10% owner | sell | $1.3M |
| Jun 12, 2026 | William Radford II Lovett 10% owner | sell | $1.2M |
| Aug 11, 2026 | Richard Beckwitt Director | buy | $977K |
| Jun 24, 2026 | William Radford II Lovett 10% owner | sell | $904K |
Who owns it
Large shareholders (13G filings)
| Zalupski Patrick O. | 65.3% | Mar 31, 2026 |
| BlackRock, Inc. | 13.4% | Sep 30, 2026 |
| Lovett William Radford II | 9.7% | Jun 30, 2026 |
| Kayne Anderson Rudnick Investment Management, LLC | 9.1% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.1% | Jun 30, 2026 |
| Cooke & Bieler L.P. | 4.6% | Sep 30, 2026 |
ETFs with the most weight in DFH
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.65% |
| HOMZ Hoya Capital Housing ETF | 0.61% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 0.39% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.32% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.25% |
| BFOR ALPS Barron's 400 ETF | 0.24% |
| EES WisdomTree U.S. SmallCap Fund | 0.23% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.18% |
What could go wrong
- Concentrated control and insider conflicts. Patrick Zalupski reported owning 65.3% as of March 31, 2026, so DFH is a “controlled company” exempt from some NYSE governance rules. Executives’ stakes in DF Capital funds, a land bank partner, create possible conflicts.
- Lot deposits and write-downs at risk. DFH controls lots through option contracts backed by $545 million in deposits as of December 31, 2025. If demand weakens and it walks away, it forfeits deposits; falling land values can force profit-cutting write-downs.
- Heavy debt and interest costs. As of June 30, 2026, total debt was about $1.82 billion against $203 million in cash and investments. Interest payments can limit cash for growth, and loan rules, called covenants, restrict some company decisions.
- Acquisitions may not deliver expected benefits. DFH has grown through many deals, including Liberty Communities, Alliant Title and Green River Builders in 2025. Integrating them can prove costly, and the expected gains may never materialize.
- Exposure to a few regional markets. All homebuilding is in the Southeast, Mid-Atlantic, Texas, Colorado and Arizona, including much of Florida. A regional slump or severe weather could hurt more than at builders spread across more markets.
- Mortgage rates and the housing cycle. Higher rates, inflation or job losses can cut demand and raise cancellations. Net income fell 35.2% in fiscal 2025, and net income for the quarter ended June 30, 2026, fell 51% from a year earlier.
Recent events
- Quarterly results released
- Other company announcement
- Acquisition or sale of assets completed; Unregistered sale of shares; Investor presentation or announcement; Other company announcement
- New debt or financial obligation
- Major agreement signed; Unregistered sale of shares; Change to shareholder rights; Bylaws or fiscal year changed
- Executive or board change; Shareholder vote results
- Investor presentation or announcement
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Dream Finders Homes does not pay a dividend. Its 10-K says it has not declared or paid cash dividends on its Class A shares and cannot assure it ever will. For an income investor, that means no regular cash payments; any return depends on the share price rising. It repurchased $7.8 million of stock in fiscal 2024 and $41.7 million in fiscal 2025, though free cash flow (cash left after running and investing in the business) was negative by about $126 million that year.
The shares have swung sharply. Listed in January 2021, they missed the 2008 and 2020 crashes. In the 2022 bear market, they fell 57.4% from a March 17, 2022 peak to a September 26, 2022 low, then regained that peak by June 14, 2023. As of October 28, 2026, they were down 56.8% over one year, and their largest fall within three years reached 83%. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Dream Finders Homes make money?
Mostly by building and selling new single-family homes. Revenue was about $4.32 billion in fiscal 2025, which ended December 31, 2025. The Midwest segment (Texas, Denver and Phoenix) supplied 39.2%, the Southeast (Florida, Georgia and the Hilton Head area) 32.2%, and the Mid-Atlantic (the Washington, D.C. area, the Carolinas and Nashville) 24.6%. The other 4.1% came from financial services: Jet HomeLoans mortgages plus title insurance through DF Title and Alliant Title. It also sells groups of homes to rental investors.
Does Dream Finders Homes pay a dividend?
No. Dream Finders Homes has not declared or paid cash dividends on its Class A common stock, and its 10-K says it cannot assure that it will. Its redeemable preferred stock also ranks ahead of common shares for any dividends. Instead, the company returns some cash through share buybacks: $7.8 million in fiscal 2024 and $41.7 million in fiscal 2025. Investors who rely on portfolio income may find dividend-focused funds worth comparing.
What is Dream Finders Homes' asset-light strategy?
It means controlling land through options instead of owning most of it. Dream Finders signs contracts giving it the right, but not the duty, to purchase finished lots at set prices from developers and from land bank partners that pay to develop the land. Deposits typically average 10% of the land price. As of December 31, 2025, it controlled 63,121 lots this way, backed by $545 million in deposits. This ties up less cash, but option fees add cost, and walking away forfeits deposits.
Who controls Dream Finders Homes?
Patrick Zalupski does. He reported owning 65.3% of the company as of March 31, 2026, and holds all of its Class B common stock. That makes Dream Finders a “controlled company” under New York Stock Exchange rules, so it can use exemptions from some governance requirements. Other large holders included BlackRock at 13.4% as of September 30, 2026, and William Radford Lovett II at 9.7% as of June 30, 2026. Lovett sold shares several times in May and June 2026.
How has Dream Finders Homes stock performed?
Poorly in recent years, with large swings. As of October 28, 2026, the shares had lost 56.8% over one year and about 40% cumulatively over five years. Calendar-year results ranged from a 310% gain in 2023 to a 55% loss in 2022, and the stock was down 43% in 2026 through October 28. Profits also shrank, with net income down 35.2% in fiscal 2025. At that date, the stock traded at about 4.5 times fiscal 2025 earnings, a low multiple that often signals investor doubts about future profits.