Green Brick Partners (GRBK)
Market Price (10/15/2026): $60.11 | Market Cap: $2.6 BilSector: Consumer Discretionary | Industry: Homebuilding
Green Brick Partners (GRBK)
Market Price (10/15/2026): $60.11Market Cap: $2.6 BilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings. Themes include Energy Efficient Building Materials, Renewable Integration in Buildings, and Green Building Certification. | Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -34% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.3%, Rev Chg QQuarterly Revenue Change % is -8.7% Key risksGRBK key risks include [1] a disproportionate exposure to adverse economic conditions due to its geographic concentration in a few specific high-growth markets. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings. Themes include Energy Efficient Building Materials, Renewable Integration in Buildings, and Green Building Certification. |
| Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -34% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.3%, Rev Chg QQuarterly Revenue Change % is -8.7% |
| Key risksGRBK key risks include [1] a disproportionate exposure to adverse economic conditions due to its geographic concentration in a few specific high-growth markets. |
Qualitative Assessment
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Green Brick Partners (GRBK) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds from Surging Interest Rates. Long-term interest rates reached multi-year highs in fiscal Q3 2026, with the 30-year fixed mortgage rate climbing above 7% again. The Federal Reserve raised its key interest rate by 0.25% in September 2026, reaching a target range of 3.75% to 4.00%. This rise in borrowing costs significantly impacts housing affordability and buyer demand.
2. Weakening Housing Market in Key Operating Regions. Green Brick Partners, which operates in Texas, Georgia, and Florida, faced challenges from a diverging housing market. Six of the ten weakest-performing markets in the Q3 2026 VeroFORECAST, projecting home price declines between 0.5% and 1.1%, were located in Texas (Corpus Christi, Tyler, Sherman-Denison, Austin, Houston, and San Antonio). This reflects an inventory surplus in these regions, shifting pricing power towards buyers and negatively impacting homebuilders.
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Green Brick Partners (GRBK) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds from Surging Interest Rates. Long-term interest rates reached multi-year highs in fiscal Q3 2026, with the 30-year fixed mortgage rate climbing above 7% again. The Federal Reserve raised its key interest rate by 0.25% in September 2026, reaching a target range of 3.75% to 4.00%. This rise in borrowing costs significantly impacts housing affordability and buyer demand.
2. Weakening Housing Market in Key Operating Regions. Green Brick Partners, which operates in Texas, Georgia, and Florida, faced challenges from a diverging housing market. Six of the ten weakest-performing markets in the Q3 2026 VeroFORECAST, projecting home price declines between 0.5% and 1.1%, were located in Texas (Corpus Christi, Tyler, Sherman-Denison, Austin, Houston, and San Antonio). This reflects an inventory surplus in these regions, shifting pricing power towards buyers and negatively impacting homebuilders.
3. Decline in Revenue and Homebuilding Gross Margins. For fiscal Q2 2026, which ended June 30, 2026, Green Brick Partners reported residential units revenue of $471.9 million, marking an 11.4% decrease year-over-year. Concurrently, the homebuilding gross margin for the same quarter was 29.8%, representing a 1.5 percentage point reduction compared to the prior year.
4. Increased Buyer Incentives to Sustain Sales Pace. Despite an 19% year-over-year increase in net new home orders to 1,079 units in fiscal Q2 2026, Green Brick Partners utilized elevated incentives on new orders, reaching 9% of the sales price, to maintain its sales pace amidst market challenges and affordability concerns.
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Stock Movement Drivers
Fundamental Drivers
The -24.9% change in GRBK stock from 6/30/2026 to 10/14/2026 was primarily driven by a -23.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.04 | 60.12 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,000 | 1,953 | -2.4% |
| Net Income Margin (%) | 15.0% | 14.9% | -0.3% |
| P/E Multiple | 11.5 | 8.9 | -23.0% |
| Shares Outstanding (Mil) | 43 | 43 | 0.2% |
| Cumulative Contribution | -24.9% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRBK | -24.9% | |
| Market (SPY) | 3.1% | 40.4% |
| Sector (XLY) | -4.9% | 50.9% |
Fundamental Drivers
The -6.7% change in GRBK stock from 3/31/2026 to 10/14/2026 was primarily driven by a -3.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.45 | 60.12 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,023 | 1,953 | -3.5% |
| Net Income Margin (%) | 15.5% | 14.9% | -3.6% |
| P/E Multiple | 8.9 | 8.9 | -0.5% |
| Shares Outstanding (Mil) | 43 | 43 | 0.8% |
| Cumulative Contribution | -6.7% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRBK | -6.7% | |
| Market (SPY) | 18.6% | 39.8% |
| Sector (XLY) | 2.5% | 50.8% |
Fundamental Drivers
The -18.6% change in GRBK stock from 9/30/2025 to 10/14/2026 was primarily driven by a -11.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.86 | 60.12 | -18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,084 | 1,953 | -6.3% |
| Net Income Margin (%) | 16.8% | 14.9% | -11.2% |
| P/E Multiple | 9.2 | 8.9 | -3.8% |
| Shares Outstanding (Mil) | 44 | 43 | 1.6% |
| Cumulative Contribution | -18.6% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRBK | -18.6% | |
| Market (SPY) | 16.5% | 33.1% |
| Sector (XLY) | -6.4% | 44.6% |
Fundamental Drivers
The 44.8% change in GRBK stock from 9/30/2023 to 10/14/2026 was primarily driven by a 26.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.51 | 60.12 | 44.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,747 | 1,953 | 11.7% |
| Net Income Margin (%) | 15.4% | 14.9% | -2.9% |
| P/E Multiple | 7.0 | 8.9 | 26.7% |
| Shares Outstanding (Mil) | 45 | 43 | 5.3% |
| Cumulative Contribution | 44.8% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| GRBK | 44.8% | |
| Market (SPY) | 86.2% | 39.3% |
| Sector (XLY) | 41.7% | 47.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GRBK Return | 32% | -20% | 114% | 9% | 11% | -2% | 169% |
| Peers Return | 53% | -22% | 93% | 1% | -3% | -9% | 104% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| GRBK Win Rate | 42% | 42% | 58% | 75% | 50% | 50% | |
| Peers Win Rate | 75% | 43% | 65% | 57% | 45% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GRBK Max Drawdown | -26% | -42% | -35% | -33% | -20% | -24% | |
| Peers Max Drawdown | -22% | -43% | -22% | -28% | -27% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DHI, LEN, PHM, TOL, MTH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | GRBK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -32.0% | -9.5% |
| % Gain to Breakeven | 47.1% | 10.5% |
| Time to Breakeven | 126 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.8% | -24.5% |
| % Gain to Breakeven | 66.2% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.9% | -33.7% |
| % Gain to Breakeven | 112.5% | 50.9% |
| Time to Breakeven | 106 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.5% | -19.2% |
| % Gain to Breakeven | 48.2% | 23.8% |
| Time to Breakeven | 269 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -65.7% | -12.2% |
| % Gain to Breakeven | 191.6% | 13.9% |
| Time to Breakeven | 1637 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.6% | -6.8% |
| % Gain to Breakeven | 74.3% | 7.3% |
| Time to Breakeven | 280 days | 15 days |
In The Past
Green Brick Partners's stock fell -9.5% during the 2025 US Tariff Shock. Such a loss loss requires a 10.5% gain to breakeven.
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| Event | GRBK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -32.0% | -9.5% |
| % Gain to Breakeven | 47.1% | 10.5% |
| Time to Breakeven | 126 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.8% | -24.5% |
| % Gain to Breakeven | 66.2% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.9% | -33.7% |
| % Gain to Breakeven | 112.5% | 50.9% |
| Time to Breakeven | 106 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.5% | -19.2% |
| % Gain to Breakeven | 48.2% | 23.8% |
| Time to Breakeven | 269 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -65.7% | -12.2% |
| % Gain to Breakeven | 191.6% | 13.9% |
| Time to Breakeven | 1637 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.6% | -6.8% |
| % Gain to Breakeven | 74.3% | 7.3% |
| Time to Breakeven | 280 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -67.2% | -0.2% |
| % Gain to Breakeven | 204.8% | 0.2% |
| Time to Breakeven | 145 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -60.4% | -17.9% |
| % Gain to Breakeven | 152.8% | 21.8% |
| Time to Breakeven | 27 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -61.7% | -15.4% |
| % Gain to Breakeven | 160.9% | 18.2% |
| Time to Breakeven | 93 days | 125 days |
In The Past
Green Brick Partners's stock fell -9.5% during the 2025 US Tariff Shock. Such a loss loss requires a 10.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Green Brick Partners (GRBK)
Green Brick Partners (GRBK) is a U.S. based homebuilding and land development company. Its core operations span the entire lifecycle of residential property development, starting from land acquisition and development. The company handles entitlements, designs, constructs, and then markets and sells a variety of homes, also offering title and mortgage services to support its customers.
GRBK's product portfolio includes townhomes, patio homes, single-family homes, and luxury homes, catering to a diverse range of homebuyers. The company strategically focuses its development activities in key growth markets, specifically the Dallas-Fort Worth metropolitan area, the Atlanta metropolitan area, and the Treasure Coast region of Florida. Green Brick Partners sells its homes through a combination of its own sales representatives and independent realtors.
AI Analysis | Feedback
Think of them as a D.R. Horton or Lennar, but with a concentrated focus on Sun Belt growth markets like Dallas-Fort Worth, Atlanta, and Florida.
They're essentially a regional homebuilder and land developer, similar to a PulteGroup, with operations primarily in Texas, Georgia, and Florida.
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- Residential Homes: Green Brick Partners designs, constructs, and sells various types of residential properties, including townhomes, patio homes, single-family homes, and luxury homes.
- Land Development: The company acquires, develops, and entitles land primarily for residential homebuilding.
- Title and Mortgage Services: Green Brick Partners provides title and mortgage services to assist homebuyers with their property transactions.
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Green Brick Partners (GRBK) primarily sells homes directly to individual consumers. Based on the types of homes it builds and sells, its customer categories include:
- First-time homebuyers and individuals seeking lower-maintenance living: This category encompasses buyers interested in townhomes and patio homes, which often appeal to those entering the housing market, downsizing, or preferring a more compact, managed lifestyle.
- Move-up buyers and families: This group typically seeks traditional single-family homes, often for more space, better schools, or desired community amenities, as their needs evolve.
- Luxury homebuyers: Green Brick Partners also serves affluent individuals and families looking for high-end, luxury homes with premium features, designs, and locations.
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James R. Brickman, Co-founder, Chief Executive Officer & Director
Mr. Brickman co-founded Green Brick Partners and was appointed CEO in October 2014. He was the founding manager and advisor of JBGL Capital LP (since 2008) and JBGL Builder Finance LLC (since 2010), entities that preceded Green Brick's land-driven business model. These ventures, formed with David Einhorn, focused on purchasing discounted land and lending to distressed builders after the 2008 financial crisis. With over 40 years of experience in real estate, Mr. Brickman previously served as Chairman and CEO of Princeton Homes Ltd. and Princeton Realty Corporation, where he managed land development, single-family home construction, and apartment management.
Jeffery Cox, Interim Chief Financial Officer & Principal Accounting Officer
Mr. Cox was appointed Interim Chief Financial Officer and Principal Accounting Officer in March 2025. He joined Green Brick Partners as Senior Vice President of Finance in June 2023. His prior experience in the homebuilding industry includes serving as Regional Vice President of Finance, West Coast, at Richmond American Homes from October 2020 to June 2023, and as Division Controller at Lennar from July 2016 to October 2020. Mr. Cox has also led Green Brick Partners' wholly-owned mortgage subsidiary and title company.
Jed Dolson, President & Chief Operating Officer
Mr. Dolson serves as the President and Chief Operating Officer for Green Brick Partners. Before his current roles, he was Chief Operating Officer and Executive Vice President for the company from 2020 to 2023. He also held the position of President of the Texas Region, overseeing several of Green Brick's subsidiary builders, and served as the Head of Land Acquisition and Development for the company from 2013 to 2017.
Neal Suit, Executive Vice President, General Counsel, & Chief Risk and Compliance Officer
Mr. Suit holds the titles of Executive Vice President, General Counsel, and Chief Risk and Compliance Officer at Green Brick Partners.
Bobby L. Samuel III, Executive Vice President of Land
Mr. Samuel was promoted to Executive Vice President of Land in March 2025. He joined Green Brick Partners in 2018 as the National Vice President of Land, where he oversees land acquisition and development activities. Prior to joining Green Brick, Mr. Samuel was the Vice President of Land for the Dallas-Fort Worth Division of a major public homebuilder.
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The key risks for Green Brick Partners (GRBK) are primarily tied to the cyclical nature of the homebuilding industry and its operational dependencies:
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Housing Market Downturns and Interest Rate Fluctuations: As a homebuilding and land development company, Green Brick Partners is highly susceptible to adverse changes in macroeconomic conditions, including economic downturns, rising interest rates, and reduced mortgage availability. These factors can significantly dampen housing demand, leading to decreased home sales, pricing pressures, and negatively impacting the company's revenues, margins, and overall financial results.
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Operational Risks, including Material and Labor Shortages and Cost Increases: Green Brick Partners faces risks associated with the availability and cost of raw materials, labor, utilities, and natural resources. Shortages or significant price fluctuations in these essential inputs can cause project delays, increase construction costs, and ultimately reduce profitability.
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Intense Competition and Regional Market Concentration: The homebuilding industry is characterized by fierce competition and relatively low barriers to entry, which can lead to pricing pressures and higher costs for land acquisition. Furthermore, Green Brick Partners' business is concentrated in specific metropolitan areas, including Dallas-Fort Worth, Atlanta, and the Treasure Coast of Florida. This regional concentration makes the company vulnerable to localized economic downturns or shifts in market conditions within these particular areas.
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Green Brick Partners (NYSE: GRBK) operates as a homebuilding and land development company, primarily focusing on townhomes, patio homes, single-family homes, and luxury homes. The company's key addressable markets are the Dallas-Fort Worth (DFW) metropolitan area in Texas, the Atlanta metropolitan area in Georgia, and the Treasure Coast region of Florida.
Dallas-Fort Worth Metropolitan Area, U.S.
The Dallas-Fort Worth metroplex is a significant market for new home construction. In 2024, DFW led major U.S. metro areas with 71,788 authorized new residential units, encompassing single-family homes, apartments, and condos. New home starts showed a year-over-year increase across most price segments in 2024, particularly for homes in the $300,000-$399,000 and $500,000-$749,000 ranges. While new home starts in new developments for Dallas-area builders were 9,153 in the third quarter of 2025, a 20% decrease from the third quarter of 2024, the annualized start rate for the 12-month period was 43,260 starts. Similarly, new development home sales in the third quarter of 2025 saw 11,045 units sold, a 6% drop from the previous year, with annualized closings falling 3.6% to 45,733 units. Multifamily construction starts in DFW decreased by nearly 50% in 2024, with approximately 18,400 units breaking ground. The projected completions for 2025 are just over 21,000 units, which is half the volume of 2024.
Atlanta Metropolitan Area, U.S.
The Atlanta metropolitan area also represents a substantial market for Green Brick Partners. In 2024, 22,943 new residential construction permits were issued in Metro Atlanta, indicating a 12% increase year-over-year. However, this trend reversed in 2025, with 19,529 new residential construction permits recorded, marking a 12% decline from the previous year. The total number of single-family homes sold in metro Atlanta in 2024 was slightly over 65,000. As of the fourth quarter of 2023, the metro area had more than 30,000 apartment units under construction, with an anticipated 14,800 new multifamily units expected in 2024.
Treasure Coast, Florida, U.S.
The Treasure Coast region of Florida, encompassing Martin, St. Lucie, and Indian River Counties, has experienced significant population and housing growth. As of the latest available data in 2024, the median price for a new home in the Treasure Coast was $478,708, with a median price per square foot of $241. The new home inventory for the Treasure Coast in 2024 included 1,590 single-family homes, 158 townhouses, 12 condos, and 14 multi-family units, totaling 1,785 overall units. Quality new construction homes in Port St. Lucie and Fort Pierce ranged from $380,000 to $580,000, while in desirable areas of Stuart and Vero Beach, prices ranged from $550,000 to $850,000. On a broader state level, Florida produced 138,717 single-family homes in 2023. Statewide, new residential construction permits in Florida totaled 79,044 through the third quarter of 2025, reflecting a 6% year-over-year decrease.
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- Expansion of Trophy Signature Homes: Green Brick Partners is strategically focused on expanding its Trophy Signature Homes brand, particularly targeting new markets like Houston, with its first community expected to open in the spring of 2026. This brand, known for more affordable products and quicker inventory turns, is also aiming to increase its market share in existing high-growth areas such as Dallas-Fort Worth and Austin.
- Strategic Land Acquisition and Development in High-Growth Infill Markets: The company's disciplined approach to acquiring and developing land in desirable infill and infill-adjacent locations within its core high-growth markets (Dallas-Fort Worth, Atlanta, and Florida's Treasure Coast, and now Houston) provides a substantial pipeline of homesites for future development. This strategy supports sustained homebuilding activity and helps maintain robust gross margins through wholesale land acquisition.
- Increased Community Count: Green Brick Partners' extensive land inventory and ongoing development plans are anticipated to lead to an increased number of active selling communities. A higher community count directly translates to a greater capacity for home deliveries, thereby driving revenue growth.
- Growth of Financial Services: The expansion of Green Brick Mortgage and Green Brick Insurance, the company's wholly-owned financial services subsidiaries, across its markets is expected to contribute to overall revenue. The company aims for a significant mortgage capture rate, enhancing its integrated service offerings.
- Adaptive Pricing and Incentives to Drive Sales Volume: In a dynamic market, Green Brick Partners utilizes adaptive pricing strategies and incentives, such as mortgage rate buydowns and closing cost assistance, to maintain sales velocity and stimulate demand. This flexibility, supported by the company's industry-leading gross margins, enables it to secure sales and, consequently, revenue in varying market conditions.
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Green Brick Partners (symbol: GRBK) has made the following capital allocation decisions over the last 3-5 years:
Share Repurchases
- In December 2025, Green Brick Partners' board of directors authorized a new share repurchase program of up to $150 million, which will commence upon the completion of its existing $100 million authorization.
- For the full year 2025, the company repurchased approximately 1.4 million shares of common stock for a total of approximately $83 million.
- In the fourth quarter of 2025, Green Brick Partners repurchased 359,000 shares of its common stock for approximately $23 million.
Share Issuance
- The company's executives, including the CFO and CEO, received equity awards such as Restricted Stock Units that vested and converted into common stock, with some shares withheld for taxes, as part of their compensation plans.
Capital Expenditures
- Green Brick Partners' capital expenditure strategy is heavily focused on land acquisition and development, which is integral to its vertically integrated homebuilding business model.
- Year-to-date through the third quarter of 2025, the company invested $231 million in land acquisition and $233 million in land development, excluding reimbursements.
- The company anticipated its land development spending for the full year 2025 to be approximately $300 million, excluding reimbursements, marking a 50% increase from 2024.
Peer Outperformance in Homebuilding
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -17.3% | 83.1% | 86.7% | CVSA 263% · PRDO 237% · LRN 146% |
| Homebuilding ← | 18 | -4.7% | 32.5% | 46.0% | GRBK 183% · PHM 145% · TOL 140% |
| Specialty Stores | 7 | 9.7% | 37.8% | 17.7% | ASO 40% · DKS 29% · FIVE 18% |
| Hotels, Resorts & Cruise Lines | 21 | 9.7% | 36.6% | 13.7% | RCL 236% · MAR 151% · LIND 142% |
| Home Furnishings | 3 | -4.3% | 47.1% | 1.4% | SGI 50% · MHK -34% |
| Home Improvement Retail | 5 | -20.3% | 2.4% | -2.0% | HD -1% · LOW -2% · FND -62% |
| Footwear | 9 | 69.5% | 49.8% | -11.3% | DECK 45% · SHOO 19% · CROX -11% |
| Automotive Retail | 18 | -15.4% | 3.5% | -11.4% | MUSA 229% · PAG 119% · ORLY 111% |
| Specialized Consumer Services | 10 | -12.0% | 15.0% | -14.3% | HRB 110% · FTDR 86% · SCI 38% |
| Distributors | 4 | -8.8% | -26.5% | -15.4% | ARMK 116% · GPC 22% · LKQ -52% |
| Restaurants | 36 | -8.9% | -8.2% | -18.5% | EAT 321% · CAKE 188% · TXRH 100% |
| Apparel Retail | 26 | 0.5% | 17.4% | -39.9% | ANF 303% · TJX 140% · ROST 124% |
| Leisure Facilities | 12 | 6.5% | -8.0% | -40.7% | OSW 130% · LTH 128% · PLNT -40% |
| Household Appliances | 18 | 3.3% | 1.7% | -40.7% | |
| Computer & Electronics Retail | 3 | 15.4% | 46.5% | -40.8% | BBY 0% · GME -41% |
| Leisure Products | 14 | -17.8% | -16.9% | -44.8% | GOLF 84% · HAS 33% · MAT -12% |
| Automotive Parts & Equipment | 39 | -7.6% | -20.0% | -46.5% | MOD 1343% · GTX 258% · BWA 57% |
| Broadline Retail | 14 | -5.4% | 25.5% | -48.5% | EBAY 70% · AMZN 57% · OLLI 39% |
| Casinos & Gaming | 20 | -7.9% | -23.6% | -49.4% | MCRI 95% · RRR 15% · BYD 10% |
| Apparel, Accessories & Luxury Goods | 29 | 2.1% | 18.9% | -49.5% | RL 254% · TPR 241% · KTB 67% |
| Consumer Electronics | 11 | -22.5% | -25.3% | -76.5% | GRMN 98% · SONO -44% |
| Other Specialty Retail | 17 | -31.9% | -37.6% | -78.3% | ULTA 46% · TSCO -5% · BBWI -68% |
| Automobile Manufacturers | 8 | -73.1% | -54.8% | -79.0% | GM 52% · TSLA 39% · F 6% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.19 |
| Mkt Cap | 14.8 |
| Rev LTM | 13,583 |
| Op Inc LTM | 1,644 |
| FCF LTM | 947 |
| FCF 3Y Avg | 1,131 |
| CFO LTM | 1,065 |
| CFO 3Y Avg | 1,249 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.8% |
| Rev Chg 3Y Avg | -0.8% |
| Rev Chg Q | -9.1% |
| QoQ Delta Rev Chg LTM | -2.4% |
| Op Inc Chg LTM | -24.8% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | 12.6% |
| Op Mgn 3Y Avg | 15.2% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 9.0% |
| CFO/Rev 3Y Avg | 6.5% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | 6.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.8 |
| P/S | 1.1 |
| P/Op Inc | 9.0 |
| P/EBIT | 8.6 |
| P/E | 11.2 |
| P/CFO | 12.0 |
| Total Yield | 10.4% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Builder operations Central | 1,580 | 1,455 | 1,245 | 1,181 | 940 |
| Builder operations Southeast | 512 | 578 | 497 | 530 | 398 |
| Land development | 7 | 29 | 8 | 46 | 65 |
| Total | 2,098 | 2,061 | 1,749 | 1,758 | 1,403 |
| $ Mil | 2025 | 2023 |
|---|---|---|
| Land development | 1,063 | 827 |
| Builder operations Central | 688 | 743 |
| Builder operations Southeast | 294 | 319 |
| Corporate, other and unallocated | 54 | 49 |
| Total | 2,100 | 1,938 |
Price Behavior
| Market Price | $60.12 | |
| Market Cap ($ Bil) | 2.6 | |
| First Trading Date | 06/14/2007 | |
| Distance from 52W High | -25.4% | |
| 50 Days | 200 Days | |
| DMA Price | $68.80 | $69.78 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -12.6% | -13.8% |
| 3M | 1YR | |
| Volatility | 26.5% | 33.1% |
| Downside Capture | 225.18 | 100.55 |
| Upside Capture | 75.39 | 79.64 |
| Correlation (S&P 500) | 41.3% | 34.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.49 | 1.13 | 1.00 | 1.02 | 0.87 | 0.91 |
| Up Beta | 0.83 | 0.28 | -0.46 | 1.17 | 1.09 | 0.85 |
| Down Beta | 2.89 | 1.75 | 1.49 | 0.91 | 0.95 | 0.65 |
| Up Capture | 98% | 104% | 86% | 82% | 52% | 115% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 22 | 33 | 65 | 120 | 374 |
| Down Capture | 235% | 185% | 197% | 118% | 93% | 103% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 20 | 31 | 61 | 131 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRBK | |
|---|---|---|---|---|
| GRBK | -4.3% | 33.1% | -0.10 | - |
| Sector ETF (XLY) | -4.1% | 19.1% | -0.35 | 45.8% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 34.2% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 15.1% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -34.4% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 49.6% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 4.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRBK | |
|---|---|---|---|---|
| GRBK | 25.1% | 42.5% | 0.65 | - |
| Sector ETF (XLY) | 5.1% | 24.1% | 0.17 | 51.0% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 48.9% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 10.6% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 0.1% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 54.4% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 22.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GRBK | |
|---|---|---|---|---|
| GRBK | 22.7% | 43.6% | 0.62 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 49.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 47.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 8.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 10.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 47.5% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -2.0% | 2.4% | 1.8% |
| 2/25/2026 | 4.4% | -3.5% | -15.3% |
| 10/29/2025 | 2.5% | -2.1% | 4.1% |
| 7/30/2025 | -2.9% | 2.5% | 9.6% |
| 4/30/2025 | -1.1% | 0.7% | -0.9% |
| 2/26/2025 | 5.8% | 4.6% | 2.9% |
| 10/30/2024 | -9.4% | -5.8% | -6.2% |
| 7/31/2024 | -0.4% | -8.3% | 6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 13 | 12 | 10 |
| Median Positive | 4.7% | 3.1% | 6.7% |
| Median Negative | -4.6% | -6.2% | -10.0% |
| Max Positive | 23.1% | 42.9% | 37.6% |
| Max Negative | -10.9% | -16.4% | -16.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -2.0% | 2.4% | 1.8% |
| 2/25/2026 | 4.4% | -3.5% | -15.3% |
| 10/29/2025 | 2.5% | -2.1% | 4.1% |
| 7/30/2025 | -2.9% | 2.5% | 9.6% |
| 4/30/2025 | -1.1% | 0.7% | -0.9% |
| 2/26/2025 | 5.8% | 4.6% | 2.9% |
| 10/30/2024 | -9.4% | -5.8% | -6.2% |
| 7/31/2024 | -0.4% | -8.3% | 6.4% |
| 5/1/2024 | -0.0% | 1.2% | -0.8% |
| 2/29/2024 | -6.6% | -10.0% | 3.1% |
| 8/2/2023 | -7.1% | -4.7% | -10.9% |
| 5/3/2023 | 23.1% | 42.9% | 37.6% |
| 2/27/2023 | 2.0% | 5.8% | 12.4% |
| 11/2/2022 | -6.1% | -8.2% | 10.2% |
| 8/3/2022 | 13.6% | 11.4% | -9.0% |
| 5/3/2022 | 10.6% | 3.7% | 19.1% |
| 3/1/2022 | 2.7% | -6.7% | -13.4% |
| 11/2/2021 | -4.6% | -0.5% | 4.4% |
| 8/3/2021 | -5.5% | -1.4% | -0.7% |
| 5/4/2021 | -10.9% | -16.4% | -16.7% |
| 1/22/2021 | -2.4% | -14.1% | -14.1% |
| 8/4/2020 | 4.7% | 2.1% | 7.0% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 13 | 12 | 10 |
| Median Positive | 4.7% | 3.1% | 6.7% |
| Median Negative | -4.6% | -6.2% | -10.0% |
| Max Positive | 23.1% | 42.9% | 37.6% |
| Max Negative | -10.9% | -16.4% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/06/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 6/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Press, Richard S | Direct | Sell | 6112026 | 70.59 | 5,000 | 352,930 | 5,482,697 | Form | |
| 2 | Press, Richard S | Direct | Sell | 3042026 | 72.02 | 2,500 | 180,050 | 5,954,181 | Form | |
| 3 | Press, Richard S | Direct | Sell | 8202025 | 70.21 | 3,000 | 210,630 | 5,827,992 | Form | |
| 4 | Press, Richard S | Direct | Sell | 8202025 | 69.75 | 3,000 | 209,250 | 5,999,058 | Form | |
| 5 | Dolson, Jed | President and COO | Direct | Sell | 8142025 | 68.76 | 15,000 | 1,031,400 | 17,781,680 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Press, Richard S | Direct | Sell | 6112026 | 70.59 | 5,000 | 352,930 | 5,482,697 | Form | |
| 2 | Press, Richard S | Direct | Sell | 3042026 | 72.02 | 2,500 | 180,050 | 5,954,181 | Form | |
| 3 | Press, Richard S | Direct | Sell | 8202025 | 70.21 | 3,000 | 210,630 | 5,827,992 | Form | |
| 4 | Press, Richard S | Direct | Sell | 8202025 | 69.75 | 3,000 | 209,250 | 5,999,058 | Form | |
| 5 | Dolson, Jed | President and COO | Direct | Sell | 8142025 | 68.76 | 15,000 | 1,031,400 | 17,781,680 | Form |
| 6 | Dolson, Jed | President and COO | Direct | Sell | 8142025 | 66.76 | 20,000 | 1,335,200 | 18,265,870 | Form |
Investor Activity (13F)
Updated Oct 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Homebuilding Resources |
| Builder Online |
| Professional Builder |
| HousingWire |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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