It's like a Ford or General Motors, but they build homes and entire residential communities instead of cars.

Think of them as a large-scale residential home builder, similar to a Lennar or D.R. Horton, constructing new houses and developing communities across multiple states.

• Single-Family Homes: Construction and sale of detached residential houses primarily for first-time, move-up, and active adult buyers.
• Townhomes & Condominiums: Development and sale of attached multi-story housing units within planned communities.
• Land Development: Acquisition and entitlement of land parcels for the construction of residential communities.
• Financial Services: Provision of mortgage financing and title insurance services to homebuyers, often through joint ventures.

Hovnanian Enterprises (symbol: HOV) is a homebuilder and primarily sells residential properties directly to individual customers.

The company serves various categories of individual homebuyers, which can generally be described as:

• First-time homebuyers: Individuals or families purchasing their first home, often seeking entry-level housing options.
• Move-up homebuyers: Individuals or families who have previously owned a home and are looking to purchase a larger, more amenity-rich, or better-located home.
• Active adult / Empty nesters: Often older individuals or couples whose children have left home, seeking smaller, lower-maintenance homes, sometimes in age-restricted or lifestyle-oriented communities.

Ara K. Hovnanian, Chairman of the Board, President, and Chief Executive Officer

Ara K. Hovnanian joined Hovnanian Enterprises in 1979. He was appointed Executive Vice President in 1983, President in 1988, and Chief Executive Officer in July 1997. In November 2009, he became Chairman of the Board, succeeding his father, Kevork S. Hovnanian, the company's founder. His father, Kevork S. Hovnanian, founded Hovnanian Enterprises in 1959 with his three brothers. Ara K. Hovnanian helped grow the company to $6 billion in revenues. He holds undergraduate degrees in accounting, finance, and real estate, and an MBA from Wharton. He began working for the family business in high school and college summers, performing construction labor and selling homes. He directly owns a significant percentage of the company's shares.

Brad G. O'Connor, Chief Financial Officer

Brad G. O'Connor was appointed Chief Financial Officer in November 2023. He joined Hovnanian Enterprises in May 2004 as Vice President, Associate Corporate Controller, and was promoted to Corporate Controller in December 2007. He also served as Vice President, Chief Accounting Officer from May 2011 until October 2023, and was promoted to Senior Vice President and Treasurer in April 2020. Before joining Hovnanian, Mr. O'Connor was a Controller for Amersham Biosciences, a global biotech company, and a Senior Manager in the audit practice at PricewaterhouseCoopers LLP.

Alexander A. Hovnanian, Executive Vice President - National Homebuilding Operations

Alexander A. Hovnanian has served as Executive Vice President - National Homebuilding Operations since 2020. He is the son of Ara K. Hovnanian.

Michael P. Wyatt, Group President

Michael P. Wyatt holds the title of Group President. He has been President - East Group operations since 2020.

Hovnanian Enterprises (symbol: HOV) operates primarily in the homebuilding sector, constructing and selling various residential properties including single-family detached homes, attached townhomes, condominiums, urban infill, and active lifestyle homes. The company's operations are exclusively within the United States, spanning numerous states.

The addressable market for Hovnanian Enterprises' main products and services is the U.S. residential construction market, particularly new-build activity. This market is valued at approximately USD 1.35 trillion in 2025. Projections indicate this market is set to grow to USD 1.69 trillion by 2030, reflecting a compound annual growth rate (CAGR) of 4.59% during the forecast period. New-build activity constituted 69.80% of the U.S. residential construction market share in 2024.

Hovnanian also provides financial services, such as mortgage loans and title services, to its homebuyers.

Hovnanian Enterprises (HOV) is expected to drive future revenue growth over the next two to three years through several strategic initiatives and favorable market conditions:

1. Increased Community Count: Hovnanian plans to expand its number of open-for-sale communities. The company aims to grow its community count in the fourth quarter of fiscal 2025 and further into fiscal year 2026, which directly contributes to a larger pipeline of homes for sale and higher potential revenues.

2. Continued Emphasis on Quick Move-In (QMI) Homes: The company maintains a strategic focus on Quick Move-In homes to align with market demands for rapid delivery. QMI sales constituted a significant 79% of total sales in the third quarter of fiscal 2025, highlighting their importance in meeting buyer needs and driving sales pace.

3. Strategic Land Acquisition and Management: Hovnanian employs a "land-light" strategy, with 86% of its total controlled lots held under option as of July 31, 2025. This approach allows the company to secure new land with promising margins and internal rates of return, while minimizing direct land ownership risks. Approximately 3,500 lots were put under option or acquired in 30 consolidated communities during the third quarter of fiscal 2025, ensuring a steady supply for future construction.

4. Resilient Long-Term Housing Demand: The company benefits from a strong underlying long-term demand for housing in the U.S., driven by population growth and an existing undersupply of homes. Analysts project significant average annual net household growth in the coming years, creating a favorable environment for homebuilders.

5. Targeted Market Presence: Hovnanian operates across a diverse geographical footprint, with active developments in high-growth Sun Belt regions alongside established Mid-Atlantic and Northeast corridors. This diversified market presence helps balance exposure to various economic cycles and capitalize on regional demand trends.

Share Repurchases

• During the second quarter of fiscal 2025, Hovnanian Enterprises repurchased 126,448 shares of common stock for $12.2 million.
• The company repurchased 877,657 shares of its common stock over the three and a half years leading up to the second quarter of fiscal 2025.

Share Issuance

• No significant public common stock issuance for capital raising purposes with a stated dollar amount was reported in the last 3-5 years.
• The number of Class A common shares issued increased from 6,415,794 at October 31, 2024, to 6,479,719 at July 31, 2025.

Inbound Investments

• No specific information available regarding large inbound investments made in Hovnanian Enterprises by third-parties within the last 3-5 years.

Outbound Investments

• Hovnanian Enterprises has invested in approximately 70 homebuilding communities through multiple joint ventures.
• During the second quarter of fiscal 2025, approximately 3,000 lots were put under option or acquired in 46 consolidated communities.
• The company's Middle East subsidiary signed a strategic Memorandum of Understanding in May 2025, indicating potential international investment or partnership activities.

Capital Expenditures

• Hovnanian Enterprises' primary capital expenditure focus is on land and land development.
• The company actively invests in land acquisition, having acquired or put under option approximately 3,000 lots in 46 consolidated communities during the second quarter of fiscal 2025.
• Total controlled consolidated lots increased by 15.2% to 42,440 as of April 30, 2025, compared to the second quarter of the previous fiscal year, reflecting ongoing investment in inventory.