Hovnanian Enterprises (HOV)
Market Price (7/22/2026): $128.67 | Market Cap: $825.5 MilSector: Consumer Discretionary | Industry: Homebuilding
Hovnanian Enterprises (HOV)
Market Price (7/22/2026): $128.67Market Cap: $825.5 MilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Attractive yieldFCF Yield 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 -65%, 3Y Excs Rtn is -49% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7%, Rev Chg QQuarterly Revenue Change % is -2.7% Key risksHOV key risks include [1] high leverage and financing constraints due to its significant debt burden. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Attractive yieldFCF Yield 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 -65%, 3Y Excs Rtn is -49% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7%, Rev Chg QQuarterly Revenue Change % is -2.7% |
| Key risksHOV key risks include [1] high leverage and financing constraints due to its significant debt burden. |
Qualitative Assessment
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Hovnanian Enterprises (HOV) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Hovnanian Enterprises reported stronger-than-expected financial results for fiscal Q2 2026, which ended April 30, 2026. The company's adjusted EBITDA of $41 million surpassed expectations, and its adjusted gross margin of 14.3% exceeded the high end of its forecast. Additionally, Hovnanian reported a net loss per share of $0.46, significantly beating analyst estimates of a $2.06 loss per share.
2. Favorable macroeconomic trends in the U.S. housing market bolstered investor confidence during the period. Existing home sales in fiscal Q2 2026 (April 1 to June 30, 2026) reached approximately 4.17 million, marking the strongest quarterly performance since the housing market began stabilizing in 2025. The average days on market for homes declined to 53 days from 57 in the previous quarter, indicating an improving transaction timeline and sustained buyer interest.
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Hovnanian Enterprises (HOV) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Hovnanian Enterprises reported stronger-than-expected financial results for fiscal Q2 2026, which ended April 30, 2026. The company's adjusted EBITDA of $41 million surpassed expectations, and its adjusted gross margin of 14.3% exceeded the high end of its forecast. Additionally, Hovnanian reported a net loss per share of $0.46, significantly beating analyst estimates of a $2.06 loss per share.
2. Favorable macroeconomic trends in the U.S. housing market bolstered investor confidence during the period. Existing home sales in fiscal Q2 2026 (April 1 to June 30, 2026) reached approximately 4.17 million, marking the strongest quarterly performance since the housing market began stabilizing in 2025. The average days on market for homes declined to 53 days from 57 in the previous quarter, indicating an improving transaction timeline and sustained buyer interest.
3. The company demonstrated strong liquidity and a commitment to shareholder returns. Hovnanian Enterprises maintained $442.0 million in total liquidity as of April 30, 2026, significantly exceeding its target range of $170 million to $245 million. Furthermore, during fiscal Q2 2026, the company repurchased 90,507 shares of its common stock for $9.5 million, reflecting financial health and efforts to enhance shareholder value.
4. A strategic joint venture provided capital and expanded future growth opportunities. In April 2026 (fiscal Q2 2026), Hovnanian Enterprises closed a $200 million homebuilding joint venture with GTIS Partners, with GTIS committing $150 million and Hovnanian contributing $50 million. This venture is set to develop approximately 907 homes across seven communities in five states, supporting future community growth.
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Stock Movement Drivers
Fundamental Drivers
The 15.8% change in HOV stock from 3/31/2026 to 7/21/2026 was primarily driven by a 77.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 110.91 | 128.47 | 15.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,937 | 2,918 | -0.6% |
| Net Income Margin (%) | 1.9% | 1.3% | -35.0% |
| P/E Multiple | 12.7 | 22.6 | 77.3% |
| Shares Outstanding (Mil) | 6 | 6 | 1.2% |
| Cumulative Contribution | 15.8% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| HOV | 15.8% | |
| Market (SPY) | 15.1% | 31.3% |
| Sector (XLY) | 5.4% | 44.7% |
Fundamental Drivers
The 31.7% change in HOV stock from 12/31/2025 to 7/21/2026 was primarily driven by a 128.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.54 | 128.47 | 31.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,979 | 2,918 | -2.0% |
| Net Income Margin (%) | 2.1% | 1.3% | -41.6% |
| P/E Multiple | 9.9 | 22.6 | 128.4% |
| Shares Outstanding (Mil) | 6 | 6 | 0.8% |
| Cumulative Contribution | 31.7% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| HOV | 31.7% | |
| Market (SPY) | 10.0% | 32.6% |
| Sector (XLY) | -3.6% | 44.5% |
Fundamental Drivers
The 22.9% change in HOV stock from 6/30/2025 to 7/21/2026 was primarily driven by a 624.5% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 104.55 | 128.47 | 22.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,062 | 2,918 | -4.7% |
| Net Income Margin (%) | 7.0% | 1.3% | -82.2% |
| P/E Multiple | 3.1 | 22.6 | 624.5% |
| Shares Outstanding (Mil) | 6 | 6 | -0.1% |
| Cumulative Contribution | 22.9% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| HOV | 22.9% | |
| Market (SPY) | 22.1% | 32.1% |
| Sector (XLY) | 6.3% | 45.1% |
Fundamental Drivers
The 29.5% change in HOV stock from 6/30/2023 to 7/21/2026 was primarily driven by a 605.1% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 99.21 | 128.47 | 29.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,873 | 2,918 | 1.6% |
| Net Income Margin (%) | 6.7% | 1.3% | -81.2% |
| P/E Multiple | 3.2 | 22.6 | 605.1% |
| Shares Outstanding (Mil) | 6 | 6 | -3.9% |
| Cumulative Contribution | 29.5% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| HOV | 29.5% | |
| Market (SPY) | 74.8% | 38.0% |
| Sector (XLY) | 38.4% | 44.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HOV Return | 287% | -67% | 270% | -14% | -27% | 31% | 287% |
| Peers Return | 50% | -23% | 95% | 4% | -3% | -1% | 127% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| HOV Win Rate | 67% | 33% | 75% | 42% | 42% | 57% | |
| Peers Win Rate | 72% | 43% | 63% | 58% | 47% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| HOV Max Drawdown | -43% | -74% | -47% | -44% | -38% | -28% | |
| Peers Max Drawdown | -21% | -43% | -21% | -28% | -28% | -27% | |
| 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, KBH.
[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 7/21/2026 (YTD)
How Low Can It Go
| Event | HOV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.2% | -18.8% |
| % Gain to Breakeven | 45.3% | 23.1% |
| Time to Breakeven | 74 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.9% | -9.5% |
| % Gain to Breakeven | 51.4% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.3% | -24.5% |
| % Gain to Breakeven | 260.8% | 32.4% |
| Time to Breakeven | 316 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -81.9% | -33.7% |
| % Gain to Breakeven | 451.0% | 50.9% |
| Time to Breakeven | 152 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -58.8% | -19.2% |
| % Gain to Breakeven | 142.4% | 23.8% |
| Time to Breakeven | 696 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.7% | -12.2% |
| % Gain to Breakeven | 21.5% | 13.9% |
| Time to Breakeven | 17 days | 62 days |
In The Past
Hovnanian Enterprises's stock fell -31.2% during the 2025 US Tariff Shock. Such a loss loss requires a 45.3% gain to breakeven.
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| Event | HOV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.2% | -18.8% |
| % Gain to Breakeven | 45.3% | 23.1% |
| Time to Breakeven | 74 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.9% | -9.5% |
| % Gain to Breakeven | 51.4% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.3% | -24.5% |
| % Gain to Breakeven | 260.8% | 32.4% |
| Time to Breakeven | 316 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -81.9% | -33.7% |
| % Gain to Breakeven | 451.0% | 50.9% |
| Time to Breakeven | 152 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -58.8% | -19.2% |
| % Gain to Breakeven | 142.4% | 23.8% |
| Time to Breakeven | 696 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -69.0% | -6.8% |
| % Gain to Breakeven | 223.1% | 7.3% |
| Time to Breakeven | 1863 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -55.6% | -17.9% |
| % Gain to Breakeven | 125.2% | 21.8% |
| Time to Breakeven | 96 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -52.0% | -15.4% |
| % Gain to Breakeven | 108.4% | 18.2% |
| Time to Breakeven | 5062 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -91.7% | -53.4% |
| % Gain to Breakeven | 1110.3% | 114.4% |
| Time to Breakeven | 413 days | 1085 days |
In The Past
Hovnanian Enterprises's stock fell -31.2% during the 2025 US Tariff Shock. Such a loss loss requires a 45.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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About Hovnanian Enterprises (HOV)
Hovnanian Enterprises, Inc. (HOV) is a well-established residential homebuilder operating within the United States. The company's primary business revolves around the design, construction, marketing, and sale of new homes, serving various regions across the country.
The company offers a diverse portfolio of housing products to meet different market demands. These include traditional single-family detached homes, attached townhomes and condominiums, and urban infill developments. Hovnanian also specializes in building active lifestyle communities, which often feature amenities such as clubhouses, swimming pools, tennis courts, and other recreational spaces. Additionally, to support its homebuyers, Hovnanian provides essential ancillary services like mortgage loans and title insurance.
Hovnanian Enterprises targets a wide array of customers, addressing various segments of the housing market. Its client base includes first-time homebuyers, first-time and second-time move-up buyers looking for larger or upgraded residences, luxury buyers seeking premium homes, active lifestyle individuals, and empty nesters searching for tailored living solutions.
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Think of Hovnanian as the Ford or General Motors of new home construction, offering a diverse lineup of residential styles for various buyers, from first-timers to luxury seekers.
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- Residential Homes: Hovnanian Enterprises designs, constructs, markets, and sells a variety of residential homes including single-family detached homes, attached townhomes, and condominiums for diverse buyer segments.
- Mortgage Loans: The company provides mortgage loans to assist customers with financing their home purchases.
- Title Insurance Services: Hovnanian Enterprises offers title insurance services to ensure clear and marketable title for its homebuyers.
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Hovnanian Enterprises (HOV) primarily sells residential homes directly to individual consumers. Based on the company's description, it serves the following categories of customers:
- First-time Buyers: Individuals purchasing their initial home.
- Move-Up Buyers: Individuals buying their second or subsequent home, including both first-time and second-time move-up buyers.
- Specialty Lifestyle Buyers: This category encompasses customers seeking specific living arrangements such as luxury homes, active lifestyle communities (often with amenities), and empty nesters looking for homes suited to their changing needs.
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Ara K. Hovnanian, Chief Executive Officer and Chairman of the Board
Ara K. Hovnanian is the son of the company's founder, Kevork S. Hovnanian. He joined Hovnanian Enterprises in 1979, became president in 1988, and assumed the role of Chief Executive Officer in 1997, a position he has held since. He also serves as the Chairman of the Board. Under his leadership, the company has expanded its portfolio and market reach. Ara K. Hovnanian directly holds approximately 16.71% of the company's shares.
Brad G. O'Connor, Chief Financial Officer
Brad G. O'Connor was appointed Chief Financial Officer of Hovnanian Enterprises, Inc. effective November 1, 2023. Prior to this role, he held positions within the company as Senior Vice President, Chief Accounting Officer, and Treasurer. Before joining Hovnanian Enterprises, he was a Senior Manager in the Audit Practice at PricewaterhouseCoopers LLP from 1992 to 2001 and served as Controller at Global Life Sciences Solutions USA LLC from 2001 to 2004. Mr. O'Connor earned an MBA from Columbia University and an undergraduate degree from The Pennsylvania State University. As CFO, he is responsible for overseeing Enterprise Risk Management.
Alexander A. Hovnanian, President
Alexander A. Hovnanian, the grandson of the founder Kevork S. Hovnanian and son of Ara K. Hovnanian, joined the company in 2008. He was appointed President, effective November 1, 2025.
Michael P. Wyatt, Chief Operating Officer
Michael P. Wyatt was appointed Chief Operating Officer, effective November 1, 2025.
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The key risks to Hovnanian Enterprises (HOV) are primarily concentrated in the cyclical nature of the homebuilding industry, its financial structure, and macroeconomic factors:
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Macroeconomic and Industry Sensitivity: Hovnanian Enterprises is highly susceptible to fluctuations in interest rates, which directly impact buyer affordability and demand for new homes. Persistent macroeconomic risks, including inflation, can lead to increased costs for raw materials and labor, further pressuring the company's operations. A significant downturn in the homebuilding industry due to broader economic conditions could severely affect its business.
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Profitability and Margin Compression: The company faces an immediate financial risk from significant drops in profitability and margin compression. This is primarily driven by the need for aggressive buyer incentives to maintain sales volume in a challenging market, coupled with higher land-related costs. This "pace over price" strategy has resulted in a notable decline in homebuilding gross margins.
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High Leverage and Liquidity Concerns: Hovnanian Enterprises carries a substantial amount of debt and total liabilities, which poses a significant risk to its financial health. While the company has adopted a "land-light" strategy to reduce capital exposure and associated liquidity risk during housing downturns, its overall debt load remains a concern and could potentially restrict its operational flexibility.
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Hovnanian Enterprises (symbol: HOV) operates within the residential housing and related financial services markets in the United States.
The addressable markets for its main products and services in the U.S. are as follows:
- Residential Housing Market (Overall): The U.S. housing market was valued at a record $55.1 trillion in June 2025. Another estimate placed the U.S. Housing Market at approximately USD 52.14 trillion in 2025, with projections to reach USD 72.88 trillion by 2032. The U.S. residential real estate market size is estimated at USD 3.81 trillion in 2026 and is expected to grow to USD 4.21 trillion by 2031.
- Single-Family Detached Homes: This segment is anticipated to be a leading part of the U.S. housing market, holding an estimated share of 64.2% in 2025. The market size for single-family housing construction was approximately $804.08 billion in 2025 and is projected to reach $1.09 trillion by 2030. In December 2025, new single-family houses were sold at a seasonally-adjusted annual rate of 745,000.
- Attached Townhomes and Condominiums: The U.S. apartment and condominium construction market was valued at USD 91.1 billion in 2024, with an expected increase to USD 124.2 billion by 2032. The overall Condominiums and Apartments Market size was estimated at USD 1144.42 billion in 2024 and is projected to grow to USD 1499.97 billion by 2035. This segment represented 81.50% of the U.S. residential real estate market share in 2025.
- Active Lifestyle Homes (Active Adult Community): The U.S. active adults (55+) community market size was estimated at USD 635.5 billion in 2024 and is projected to reach USD 906.6 billion by 2033. In 2022, the U.S. Active Adult market was valued at $587.7 billion and is projected to grow at a compound annual growth rate (CAGR) of 4.02% by 2030.
- Mortgage Loans: The U.S. home mortgage market size was approximately USD 180.91 billion in 2023 and is predicted to grow to about USD 501.67 billion by 2032. Total single-family mortgage origination volume is expected to increase to $2.2 trillion in 2026, up from $2.0 trillion in 2025.
- Title Insurance Services: The title insurance industry in the U.S. conducted over $16.5 billion in business in 2023. In the second quarter of 2025, the industry generated $4.5 billion in title insurance premiums in the U.S. The North American title insurance market, estimated at $2 billion in 2023, is projected to reach $2.8 billion by 2032.
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Hovnanian Enterprises (HOV) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Growth in Community Count and Controlled Lots: The company plans to increase its number of active communities, providing a larger base for home sales. Hovnanian ended Q2 FY2025 with 148 open-for-sale communities, a 12% year-over-year increase, and anticipates further community count growth in fiscal 2025. This expansion is supported by a substantial controlled land pipeline of 42,440 lots, representing a 7.7-year supply.
- Increased Home Deliveries and Average Sales Price: Hovnanian projects revenue growth driven by a higher volume of home deliveries and an increase in the average sales price of its homes. The company's "pace-over-price" strategy, which prioritizes sales volume, contributes to increased deliveries, thereby supporting revenue despite potential impacts on gross margins.
- Expansion through Joint Ventures and International Operations: Hovnanian's acquisition of a controlling interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA), effective January 1, 2026, is expected to contribute to consolidated revenues, marking an expansion into international markets.
- Strategic Shift Towards Higher-Margin, To-Be-Built Homes: While currently utilizing incentives and quick move-in (QMI) homes to maintain sales pace, management expects improved profitability and revenue contribution in the latter half of 2026 from an increasing number of higher-margin, "to-be-built" homes. This strategic shift, along with operational innovations, is expected to help drive overall revenue to $3.32 billion by FY2027.
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Share Repurchases
- Hovnanian Enterprises repurchased 188,800 shares of its Class A common stock with an aggregate market value of $26.5 million in fiscal 2024.
- During the second quarter of fiscal 2025, the company repurchased 126,448 shares of common stock for $12.2 million.
- As of April 11, 2025, the Board of Directors authorized up to $30.6 million for repurchases of Class A common stock, which includes any remaining funds from prior authorizations.
Share Issuance
- Between October 31, 2024, and October 31, 2025, the number of Class A common shares outstanding increased by 87,928, from 6,415,794 to 6,503,722.
- Between October 31, 2024, and October 31, 2025, Class B common shares outstanding increased by 55,387, from 757,023 to 812,410.
- In December 2025, company officers and directors acquired Class A and Class B common stock through long-term incentive plan (LTIP) awards, following the satisfaction of financial performance criteria.
Outbound Investments
- Hovnanian Enterprises continually makes investments in and advances to unconsolidated joint ventures.
- The company's subsidiary, K. Hovnanian M.E. Investments, signed a Memorandum of Understanding with the Saudi Arabia Tourism Development Fund and Emaar, The Economic City to develop tourism and lifestyle residential projects in King Abdullah Economic City.
- The company's focus includes increasing its land position, which has grown by almost 50% since the second quarter of fiscal 2023.
Capital Expenditures
- Capital expenditures were $20 million in fiscal 2025, $16 million in fiscal 2024, and $17 million in fiscal 2023.
- Spending on land and land development, a significant component of capital expenditures, totaled $859.4 million in fiscal 2025 and $995.4 million in fiscal 2024.
- The primary focus of capital expenditures includes strategic land acquisitions and putting lots under option or acquiring them in consolidated communities. The company is also investing in process and technology improvements for future efficiency.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.37 |
| Mkt Cap | 17.0 |
| Rev LTM | 13,937 |
| Op Inc LTM | 1,944 |
| FCF LTM | 787 |
| FCF 3Y Avg | 1,335 |
| CFO LTM | 860 |
| CFO 3Y Avg | 1,430 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.8% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | -10.0% |
| QoQ Delta Rev Chg LTM | -2.3% |
| Op Inc Chg LTM | -38.9% |
| Op Inc Chg 3Y Avg | -21.6% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 13.2% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 10.5% |
| CFO/Rev 3Y Avg | 8.0% |
| FCF/Rev LTM | 9.9% |
| FCF/Rev 3Y Avg | 7.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 2,879 | 2,923 | 2,685 | 2,860 | 2,701 |
| Financial services | 95 | 74 | 60 | 62 | 82 |
| Corporate and unallocated | 8 | 11 | 1 | 0 | |
| Total | 2,974 | 3,005 | 2,756 | 2,922 | 2,783 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 1,860 | 1,850 | 1,504 | 1,664 | 1,392 |
| Financial services | 151 | 204 | 169 | 156 | 203 |
| Corporate and unallocated | 552 | 820 | 742 | 726 | |
| Total | 2,011 | 2,606 | 2,493 | 2,562 | 2,321 |
Price Behavior
| Market Price | $128.47 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | -17.7% | |
| 50 Days | 200 Days | |
| DMA Price | $119.24 | $117.12 |
| DMA Trend | down | up |
| Distance from DMA | 7.7% | 9.7% |
| 3M | 1YR | |
| Volatility | 69.9% | 64.9% |
| Downside Capture | 212.34 | 142.25 |
| Upside Capture | 180.58 | 132.84 |
| Correlation (SPY) | 26.0% | 31.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.96 | 1.45 | 1.53 | 1.46 | 1.66 | 1.61 |
| Up Beta | 0.79 | 0.73 | 1.89 | 2.05 | 2.74 | 1.56 |
| Down Beta | 2.97 | 1.50 | 0.83 | 1.46 | 1.41 | 1.00 |
| Up Capture | 205% | 252% | 176% | 172% | 159% | 983% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 18 | 30 | 57 | 122 | 365 |
| Down Capture | -105% | 105% | 143% | 92% | 121% | 112% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 23 | 33 | 68 | 129 | 385 |
[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 HOV | |
|---|---|---|---|---|
| HOV | 20.0% | 64.8% | 0.54 | - |
| Sector ETF (XLY) | 4.0% | 18.7% | 0.08 | 44.5% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 31.6% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | 9.7% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | -20.6% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 40.8% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 12.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HOV | |
|---|---|---|---|---|
| HOV | 8.1% | 65.1% | 0.39 | - |
| Sector ETF (XLY) | 5.7% | 23.9% | 0.20 | 51.1% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 47.1% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 6.6% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 3.0% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 46.8% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 21.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HOV | |
|---|---|---|---|---|
| HOV | 11.9% | 75.8% | 0.49 | - |
| Sector ETF (XLY) | 12.1% | 22.1% | 0.50 | 47.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.6% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 5.7% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 13.3% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 42.8% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/21/2026 | 17.8% | 13.7% | 28.1% |
| 2/25/2026 | 2.6% | -2.3% | -8.6% |
| 12/4/2025 | -22.5% | -24.9% | -25.1% |
| 8/21/2025 | -11.5% | -6.2% | -3.4% |
| 5/20/2025 | -12.5% | -11.3% | -16.7% |
| 2/24/2025 | -12.4% | -16.3% | -6.8% |
| 12/5/2024 | -6.7% | -13.8% | -33.1% |
| 8/22/2024 | 14.8% | 3.7% | 3.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 13 | 15 | 16 |
| Median Positive | 11.4% | 13.8% | 4.8% |
| Median Negative | -11.5% | -12.3% | -13.5% |
| Max Positive | 27.5% | 52.2% | 49.6% |
| Max Negative | -22.5% | -28.8% | -33.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/21/2026 | 17.8% | 13.7% | 28.1% |
| 2/25/2026 | 2.6% | -2.3% | -8.6% |
| 12/4/2025 | -22.5% | -24.9% | -25.1% |
| 8/21/2025 | -11.5% | -6.2% | -3.4% |
| 5/20/2025 | -12.5% | -11.3% | -16.7% |
| 2/24/2025 | -12.4% | -16.3% | -6.8% |
| 12/5/2024 | -6.7% | -13.8% | -33.1% |
| 8/22/2024 | 14.8% | 3.7% | 3.5% |
| 5/22/2024 | -12.2% | -16.8% | -16.0% |
| 2/22/2024 | -8.3% | -12.3% | -6.9% |
| 12/5/2023 | 8.9% | 41.6% | 49.6% |
| 8/30/2023 | 15.4% | 23.0% | 3.0% |
| 5/31/2023 | -10.5% | -3.4% | 1.2% |
| 2/28/2023 | 0.4% | -2.1% | -3.3% |
| 12/8/2022 | -11.5% | -7.7% | -8.1% |
| 9/1/2022 | 4.2% | 3.4% | -11.0% |
| 6/1/2022 | 11.0% | 16.3% | -16.4% |
| 3/1/2022 | -2.0% | -20.8% | -31.9% |
| 12/9/2021 | 14.3% | 11.5% | 4.5% |
| 9/9/2021 | 6.9% | 9.9% | -10.9% |
| 6/3/2021 | -13.6% | -28.8% | -23.4% |
| 3/2/2021 | 11.8% | 13.9% | 34.3% |
| 12/9/2020 | -5.4% | -9.4% | -16.7% |
| 9/3/2020 | -2.5% | -13.7% | 4.8% |
| 6/4/2020 | 27.5% | 52.2% | 26.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 13 | 15 | 16 |
| Median Positive | 11.4% | 13.8% | 4.8% |
| Median Negative | -11.5% | -12.3% | -13.5% |
| Max Positive | 27.5% | 52.2% | 49.6% |
| Max Negative | -22.5% | -28.8% | -33.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/02/2026 | 10-Q |
| 01/31/2026 | 03/02/2026 | 10-Q |
| 10/31/2025 | 12/22/2025 | 10-K |
| 07/31/2025 | 08/29/2025 | 10-Q |
| 04/30/2025 | 05/30/2025 | 10-Q |
| 01/31/2025 | 02/28/2025 | 10-Q |
| 10/31/2024 | 12/18/2024 | 10-K |
| 07/31/2024 | 08/30/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/01/2024 | 10-Q |
| 10/31/2023 | 12/18/2023 | 10-K |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/05/2023 | 10-Q |
| 01/31/2023 | 03/06/2023 | 10-Q |
| 10/31/2022 | 12/19/2022 | 10-K |
| 07/31/2022 | 09/06/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/02/2026 | 10-Q |
| 01/31/2026 | 03/02/2026 | 10-Q |
| 10/31/2025 | 12/22/2025 | 10-K |
| 07/31/2025 | 08/29/2025 | 10-Q |
| 04/30/2025 | 05/30/2025 | 10-Q |
| 01/31/2025 | 02/28/2025 | 10-Q |
| 10/31/2024 | 12/18/2024 | 10-K |
| 07/31/2024 | 08/30/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/01/2024 | 10-Q |
| 10/31/2023 | 12/18/2023 | 10-K |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/05/2023 | 10-Q |
| 01/31/2023 | 03/06/2023 | 10-Q |
| 10/31/2022 | 12/19/2022 | 10-K |
| 07/31/2022 | 09/06/2022 | 10-Q |
| 04/30/2022 | 06/06/2022 | 10-Q |
| 01/31/2022 | 03/07/2022 | 10-Q |
| 10/31/2021 | 01/04/2022 | 10-K |
| 07/31/2021 | 09/09/2021 | 10-Q |
| 04/30/2021 | 06/04/2021 | 10-Q |
| 01/31/2021 | 03/05/2021 | 10-Q |
| 10/31/2020 | 12/22/2020 | 10-K |
| 07/31/2020 | 09/04/2020 | 10-Q |
| 04/30/2020 | 06/05/2020 | 10-Q |
| 01/31/2020 | 03/06/2020 | 10-Q |
| 10/31/2019 | 12/19/2019 | 10-K |
| 07/31/2019 | 09/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q2 2026 Earnings Reported 5/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Revenues | 650.00 Mil | 700.00 Mil | 750.00 Mil | 3.7% | Higher New | Guidance: 675.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted Homebuilding Gross Margin | 14.0% | 14.5% | 15.0% | 1.0% | Higher New | Guidance: 13.5% for Q2 2026 | |
| Q3 2026 Adjusted Income Before Income Taxes | 0 | 5.00 Mil | 10.00 Mil | 0 | Same New | Guidance: 5.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | 30.00 Mil | 35.00 Mil | 40.00 Mil | 0 | Same New | Guidance: 35.00 Mil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenues | 625.00 Mil | 675.00 Mil | 725.00 Mil | 12.5% | Higher New | Guidance: 600.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted Homebuilding Gross Margin | 13.0% | 13.5% | 14.0% | 0 | Same New | Guidance: 13.5% for Q1 2026 | |
| Q2 2026 Adjusted Income Before Income Taxes | 0 | 5.00 Mil | 10.00 Mil | -66.7% | Lower New | Guidance: 15.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | 30.00 Mil | 35.00 Mil | 40.00 Mil | -12.5% | Lower New | Guidance: 40.00 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 12/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total Revenues | 550.00 Mil | 600.00 Mil | 650.00 Mil | ||||
| Q1 2026 Adjusted Homebuilding Gross Margin | 13.0% | 13.5% | 14.0% | ||||
| Q1 2026 Adjusted Income Before Income Taxes | 10.00 Mil | 15.00 Mil | 20.00 Mil | ||||
| Q1 2026 Adjusted EBITDA | 35.00 Mil | 40.00 Mil | 45.00 Mil | ||||
Insider Activity
Updated 7/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sorsby, J Larry | Direct | Sell | 6262026 | 142.57 | 1,032 | 147,143 | 26,719,888 | Form | |
| 2 | Hovnanian, Ara K | Chairman of the Board & CEO | Direct | Sell | 6242026 | 125.78 | 12,880 | Form | ||
| 3 | Hovnanian, Ara K | Chairman of Bd., Pres. & CEO | Held as trustee of trusts for Nadia K. Rodriguez's family | Sell | 8292025 | 138.31 | 609 | 84,230 | 8,699,090 | Form |
| 4 | Sellers, Robin Stone | Direct | Sell | 7092025 | 113.26 | 750 | 84,943 | 1,996,730 | Form | |
| 5 | Sellers, Robin Stone | Direct | Sell | 7092025 | 109.99 | 750 | 82,491 | 2,021,572 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sorsby, J Larry | Direct | Sell | 6262026 | 142.57 | 1,032 | 147,143 | 26,719,888 | Form | |
| 2 | Hovnanian, Ara K | Chairman of the Board & CEO | Direct | Sell | 6242026 | 125.78 | 12,880 | Form | ||
| 3 | Hovnanian, Ara K | Chairman of Bd., Pres. & CEO | Held as trustee of trusts for Nadia K. Rodriguez's family | Sell | 8292025 | 138.31 | 609 | 84,230 | 8,699,090 | Form |
| 4 | Sellers, Robin Stone | Direct | Sell | 7092025 | 113.26 | 750 | 84,943 | 1,996,730 | Form | |
| 5 | Sellers, Robin Stone | Direct | Sell | 7092025 | 109.99 | 750 | 82,491 | 2,021,572 | Form | |
| 6 | Kangas, Edward A | Direct | Sell | 7012025 | 107.12 | 5,500 | 589,166 | 571,812 | Form |
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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