KB Home (KBH)


Market Price (8/21/2026): $54.48 | Market Cap: $3.4 BilSector: Consumer Discretionary | Industry: Homebuilding

KB Home (KBH)


Market Price (8/21/2026): $54.48
Market Cap: $3.4 Bil
Sector: Consumer Discretionary
Industry: Homebuilding

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.7%, FCF Yield is 11%

Stock buyback support
Stock Buyback 3Y Total is 1.3 Bil

Low stock price volatility
Vol 12M is 39%

Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, Smart Buildings & Proptech, and Electrification of Everything. Themes include Green Building Materials, Show more.

Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -66%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -18%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%, Rev Chg QQuarterly Revenue Change % is -27%

Key risks
KBH key risks include [1] declining homebuilding margins driven by land acquisition costs and [2] overexposure to certain geographic markets due to its substantial land holdings.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.7%, FCF Yield is 11%
1 Stock buyback support
Stock Buyback 3Y Total is 1.3 Bil
2 Low stock price volatility
Vol 12M is 39%
3 Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, Smart Buildings & Proptech, and Electrification of Everything. Themes include Green Building Materials, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -66%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53%
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -18%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.0%, Rev Chg QQuarterly Revenue Change % is -27%
8 Key risks
KBH key risks include [1] declining homebuilding margins driven by land acquisition costs and [2] overexposure to certain geographic markets due to its substantial land holdings.

KBH in ETFs

Weight = KBH's share of each fund

VTI0.00%
ITOT0.01%
IWM0.11%
IJH0.10%
VYM0.01%
VB0.04%
AVUV0.22%
IWN0.22%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/18/2026

KB Home (KBH) stock has gained about 5% since 4/30/2026 because of the following key factors:

1. Strategic Shift to Built-to-Order Model Boosted Investor Confidence.

KB Home's pivot back to a predominantly Built-to-Order (BTO) operating model gained significant traction, with these homes representing 73% of net orders in fiscal Q2 2026, which ended May 31, 2026. This strategic focus is perceived to support stronger, more sustainable performance and improved gross margins in the long term, despite year-over-year declines in total revenues and net income for the six months ended May 31, 2026, which were down 25% to $2.19 billion and 72% to $60.8 million, respectively. The fiscal Q2 2026 results met or exceeded the mid-point of key guidance ranges and were better than Wall Street expectations on several fronts, providing a positive outlook for the second half of 2026.

2. Market Expansion and Community Growth Signaled Future Opportunities.

The company demonstrated a commitment to growth through its expansion into the Atlanta market, a "top five housing market," by acquiring 110 homesites on May 21, 2026, with plans to open its first community in early 2027. Additionally, KB Home continued to increase its community count, which reached 280 communities as of May 31, 2026, marking an 11% increase year-over-year. Numerous new community openings were announced across various states during the period, indicating active market penetration and a pipeline for future deliveries.

Show more
Updated on 8/18/2026

KB Home (KBH) stock has gained about 5% since 4/30/2026 because of the following key factors:

1. Strategic Shift to Built-to-Order Model Boosted Investor Confidence.

KB Home's pivot back to a predominantly Built-to-Order (BTO) operating model gained significant traction, with these homes representing 73% of net orders in fiscal Q2 2026, which ended May 31, 2026. This strategic focus is perceived to support stronger, more sustainable performance and improved gross margins in the long term, despite year-over-year declines in total revenues and net income for the six months ended May 31, 2026, which were down 25% to $2.19 billion and 72% to $60.8 million, respectively. The fiscal Q2 2026 results met or exceeded the mid-point of key guidance ranges and were better than Wall Street expectations on several fronts, providing a positive outlook for the second half of 2026.

2. Market Expansion and Community Growth Signaled Future Opportunities.

The company demonstrated a commitment to growth through its expansion into the Atlanta market, a "top five housing market," by acquiring 110 homesites on May 21, 2026, with plans to open its first community in early 2027. Additionally, KB Home continued to increase its community count, which reached 280 communities as of May 31, 2026, marking an 11% increase year-over-year. Numerous new community openings were announced across various states during the period, indicating active market penetration and a pipeline for future deliveries.

3. Shareholder Returns Program Enhanced Investor Appeal.

KB Home actively engaged in returning value to shareholders through its share repurchase program and dividend declarations. The company repurchased 2.2 million shares of common stock at a total cost of $125.0 million during the first half of fiscal 2026. As of May 31, 2026, approximately $775.0 million remained under its current common stock repurchase authorization. Furthermore, the board declared a quarterly cash dividend of $0.25 per share for fiscal Q3 2026, payable on August 20, 2026, reinforcing its commitment to shareholder returns.

4. Macroeconomic Environment Showed Signs of Stabilization.

Despite elevated mortgage rates, with the 30-year fixed rate averaging 6.67% as of August 13, 2026, the broader housing market began to show signs of recalibration and improvement. Home sales were up 6.1% year-over-year in July 2026 as buyers adapted to the prevailing interest rates. The inflation rate eased to 3.4% in July, down from 3.5% in June, and the Federal Reserve maintained a steady federal funds rate between 3.50%–3.75% in July 2026, reducing the odds of an immediate rate hike in September to 42%. These factors contributed to a more stable, albeit complex, operating environment for homebuilders.

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Stock Movement Drivers

Fundamental Drivers

The 3.7% change in KBH stock from 4/30/2026 to 8/20/2026 was primarily driven by a 32.6% change in the company's P/E Multiple.
(LTM values as of)43020268202026Change
Stock Price ($)52.5054.463.7%
Change Contribution By: 
Total Revenues ($ Mil)5,9215,504-7.0%
Net Income Margin (%)6.0%4.9%-17.0%
P/E Multiple9.312.432.6%
Shares Outstanding (Mil)63621.4%
Cumulative Contribution3.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/20/2026
ReturnCorrelation
KBH3.7% 
Market (SPY)6.1%27.2%
Sector (XLY)-1.4%42.6%

Fundamental Drivers

The -4.1% change in KBH stock from 1/31/2026 to 8/20/2026 was primarily driven by a -28.1% change in the company's Net Income Margin (%).
(LTM values as of)13120268202026Change
Stock Price ($)56.7754.46-4.1%
Change Contribution By: 
Total Revenues ($ Mil)6,2365,504-11.7%
Net Income Margin (%)6.9%4.9%-28.1%
P/E Multiple8.412.446.4%
Shares Outstanding (Mil)64623.2%
Cumulative Contribution-4.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/20/2026
ReturnCorrelation
KBH-4.1% 
Market (SPY)10.5%29.7%
Sector (XLY)-3.5%44.8%

Fundamental Drivers

The 0.7% change in KBH stock from 7/31/2025 to 8/20/2026 was primarily driven by a 84.8% change in the company's P/E Multiple.
(LTM values as of)73120258202026Change
Stock Price ($)54.0754.460.7%
Change Contribution By: 
Total Revenues ($ Mil)6,6745,504-17.5%
Net Income Margin (%)8.5%4.9%-41.6%
P/E Multiple6.712.484.8%
Shares Outstanding (Mil)706213.2%
Cumulative Contribution0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/20/2026
ReturnCorrelation
KBH0.7% 
Market (SPY)21.7%27.6%
Sector (XLY)6.0%43.9%

Fundamental Drivers

The 6.2% change in KBH stock from 7/31/2023 to 8/20/2026 was primarily driven by a 124.6% change in the company's P/E Multiple.
(LTM values as of)73120238202026Change
Stock Price ($)51.2854.466.2%
Change Contribution By: 
Total Revenues ($ Mil)6,9355,504-20.6%
Net Income Margin (%)11.0%4.9%-55.0%
P/E Multiple5.512.4124.6%
Shares Outstanding (Mil)826232.3%
Cumulative Contribution6.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/20/2026
ReturnCorrelation
KBH6.2% 
Market (SPY)72.5%36.1%
Sector (XLY)37.4%45.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
KBH Return35%-27%99%7%-13%1%84%
Peers Return52%-22%86%6%-3%1%130%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
KBH Win Rate58%50%58%50%50%62% 
Peers Win Rate75%40%63%62%43%57% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
KBH Max Drawdown-24%-48%-23%-27%-28%-32% 
Peers Max Drawdown-19%-41%-20%-26%-26%-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, NVR. See KBH Returns vs. Peers.
[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 8/20/2026 (YTD)

How Low Can It Go

EventKBHS&P 500
2025 US Tariff Shock
  % Loss-19.2%-18.8%
  % Gain to Breakeven23.8%23.1%
  Time to Breakeven119 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.5%-9.5%
  % Gain to Breakeven27.4%10.5%
  Time to Breakeven25 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-40.2%-24.5%
  % Gain to Breakeven67.3%32.4%
  Time to Breakeven314 days427 days
2020 COVID-19 Crash
  % Loss-72.3%-33.7%
  % Gain to Breakeven261.1%50.9%
  Time to Breakeven188 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.6%-19.2%
  % Gain to Breakeven32.7%23.8%
  Time to Breakeven96 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-13.8%-3.7%
  % Gain to Breakeven16.0%3.9%
  Time to Breakeven35 days6 days

Compare to DHI, LEN, PHM, TOL, NVR

In The Past

KB Home's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.8% 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.

EventKBHS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.5%-9.5%
  % Gain to Breakeven27.4%10.5%
  Time to Breakeven25 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-40.2%-24.5%
  % Gain to Breakeven67.3%32.4%
  Time to Breakeven314 days427 days
2020 COVID-19 Crash
  % Loss-72.3%-33.7%
  % Gain to Breakeven261.1%50.9%
  Time to Breakeven188 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.6%-19.2%
  % Gain to Breakeven32.7%23.8%
  Time to Breakeven96 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-40.4%-12.2%
  % Gain to Breakeven67.9%13.9%
  Time to Breakeven148 days62 days
2014-2016 Oil Price Collapse
  % Loss-45.4%-6.8%
  % Gain to Breakeven83.2%7.3%
  Time to Breakeven382 days15 days
2013 Taper Tantrum
  % Loss-28.1%-0.2%
  % Gain to Breakeven39.1%0.2%
  Time to Breakeven1299 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-43.6%-17.9%
  % Gain to Breakeven77.4%21.8%
  Time to Breakeven148 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-45.2%-15.4%
  % Gain to Breakeven82.4%18.2%
  Time to Breakeven919 days125 days
2008-2009 Global Financial Crisis
  % Loss-64.2%-53.4%
  % Gain to Breakeven179.2%114.4%
  Time to Breakeven1579 days1085 days
Summer 2007 Credit Crunch
  % Loss-26.9%-8.6%
  % Gain to Breakeven36.7%9.5%
  Time to Breakeven3732 days47 days

Compare to DHI, LEN, PHM, TOL, NVR

In The Past

KB Home's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.8% 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 KB Home (KBH)

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KB Home (KBH) is a leading homebuilding company operating across the United States. Its core business revolves around the construction and sale of new residential homes, establishing it as a significant presence in the American housing market.

The company offers a diverse portfolio of housing options, including attached and detached single-family homes, townhomes, and condominiums. In addition to home construction, KB Home provides complementary financial services such as insurance products and title services to its customers. Geographically, it maintains extensive operations in key states, including Arizona, California, Colorado, Florida, Nevada, North Carolina, Texas, and Washington, spread across its West Coast, Southwest, Central, and Southeast segments.

KB Home targets a broad spectrum of buyers within the residential market. Its primary customer segments include first-time homebuyers, those seeking to upgrade their homes (first move-up and second move-up buyers), and active adult homebuyers, allowing it to address various housing needs across different demographics.

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AI Analysis | Feedback

Here are a few brief analogies for KB Home:

  • It's like General Motors, but they build and sell new homes across the U.S.

  • Think of it as the Ford Motor Company for residential properties, constructing and selling houses for various homebuyers nationwide.

AI Analysis | Feedback

  • New Home Sales: KB Home builds and sells a variety of attached and detached single-family homes, townhomes, and condominiums.
  • Financial Services: The company provides supplementary financial services related to homeownership.
    • Insurance Products: Offering various insurance products to support homebuyers.
    • Title Services: Providing title services for real estate transactions.

AI Analysis | Feedback

Major Customers of KB Home (KBH)

KB Home primarily sells homes directly to individual homebuyers. Based on the company's description, its customer categories include:

  • First-time homebuyers
  • Move-up homebuyers (including both first and second move-up buyers)
  • Active adult homebuyers

AI Analysis | Feedback

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AI Analysis | Feedback

Robert McGibney, President and Chief Executive Officer

Robert McGibney was appointed President and Chief Executive Officer of KB Home, effective March 1, 2026. He joined KB Home in 2000 and has held various leadership positions within the company, including Division President, Regional General Manager, Regional President, Chief Operating Officer, and Executive Vice President. In 2024, he was elevated to President with overall responsibility for the company's operations.

Robert R. Dillard, Executive Vice President and Chief Financial Officer

Robert R. Dillard was appointed Executive Vice President and Chief Financial Officer of KB Home, effective March 31, 2025. Before joining KB Home, Mr. Dillard served as Chief Financial Officer at Sonoco Products Company. He also held leadership roles as President of Domtar Personal Care Europe, a division of Domtar Corporation, and President of Stanley Hydraulics, a division of Stanley Black & Decker.

Jeffrey T. Mezger, Chairman

Jeffrey T. Mezger joined KB Home in 1993. He served as Chief Operating Officer and Executive Vice President from 1999 to 2006, and as Chief Executive Officer from November 2006 until March 1, 2026, when he transitioned to Chairman. Prior to his tenure at KB Home, he was president of U.S. Home's Central California division for a decade. Mr. Mezger is also a founder of Leading Builders of America.

Albert Z. Praw, Executive Vice President, Real Estate and Business Development

Albert Z. Praw serves as Executive Vice President of Real Estate and Business Development at KB Home, having joined the company in 1989 as Senior Vice President and General Counsel. He founded Landstone Communities, LLC, where he served as Chief Executive Officer from 2006 to 2011. Earlier in his career, Mr. Praw was a partner in the law firm of Sidley & Austin.

Brian J. Woram, Executive Vice President and General Counsel

Brian J. Woram joined KB Home in 2010 as Executive Vice President and General Counsel. Prior to this, he served as Senior Vice President and General Counsel at H&R Block. He also spent 14 years at Centex Corporation, where he held various legal leadership roles, including Senior Vice President, Chief Legal Officer, and Chief Compliance Officer.

AI Analysis | Feedback

Here are the key risks to KB Home's business:
  1. Macroeconomic and Housing Market Volatility: KB Home's operations are highly susceptible to fluctuations in the broader economic and financial markets, including high mortgage rates, affordability challenges, and shifts in consumer confidence. These factors directly impact demand for new homes, leading to reduced net orders and backlog, and can significantly affect the company's revenues and overall profitability. Economic uncertainties, such as military conflicts, government shutdowns, and political instability, further contribute to a challenging market environment for homebuyers.
  2. Margin Pressure and Profitability Erosion: The company faces ongoing pressure on its gross profit margins due to the necessity of implementing price reductions and offering buyer concessions to stimulate demand in a sluggish housing market. This, combined with potentially higher relative land costs and increased construction expenses, makes it challenging to maintain profitability, leading to a decrease in operating income margins.
  3. Declining Net Orders and Backlog: A direct consequence of the challenging housing market conditions is a notable decline in net orders and an increase in cancellation rates. This leads to a shrinking cumulative backlog value, indicating a reduced pipeline of future home deliveries and revenues, which could impact the company's long-term growth trajectory.

AI Analysis | Feedback

The advancement and scaling of industrialized, off-site home construction methods, including advanced modular, prefabricated, and 3D-printed homes, pose an emerging threat. These innovative construction techniques offer the potential for significantly faster build times, reduced labor costs, enhanced quality control, and greater sustainability compared to traditional on-site construction methods predominantly used by KB Home. As these technologies mature and become more cost-effective and widely adopted by new entrants and existing competitors, they could fundamentally disrupt the traditional homebuilding model, putting pressure on pricing, market share, and delivery efficiency for companies relying primarily on conventional construction.

AI Analysis | Feedback

KB Home operates in the homebuilding industry within the United States, constructing various types of homes for different buyer segments. The addressable markets for their main products and services in the U.S. can be identified as follows:

U.S. Homebuilding and Residential Construction Market

  • The overall U.S. residential construction market was estimated at approximately USD 1,913.71 billion in 2024 and is projected to grow to USD 1,993.55 billion in 2025.
  • More specifically, the market size for home builders in the U.S. was approximately $170.0 billion in 2025 and is estimated at $169.8 billion in 2026.

New Single-Family Home Construction

  • In 2024, a total of 1,009,315 new single-family units started construction nationwide in the U.S. This represents a 7% increase compared to 2023.
  • Single-family starts in the U.S. totaled 1.01 million in 2024, an increase of 6.5% from the previous year.

Active Adult (55+) Homebuyer Market

  • The U.S. active adult (55+) community market size was estimated at USD 661.0 billion in 2025. This market is projected to reach approximately USD 906.6 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.02% from 2025 to 2033.

First-Time Homebuyers

  • The estimated number of first-time homebuyers in the U.S. was approximately 1.1 million in 2024.
  • The share of first-time homebuyers in the U.S. market dropped to a record low of 21% between July 2024 and June 2025.

First Move-Up and Second Move-Up Homebuyers

While specific market size figures for "first move-up" and "second move-up" homebuyers were not explicitly quantified in monetary terms or unit volumes, these segments are encompassed within the broader U.S. homebuilding and residential construction market and the new single-family home construction figures. Repeat buyers, which include move-up buyers, typically have a median age of 62 and often leverage significant housing equity for larger down payments or all-cash offers.

AI Analysis | Feedback

KB Home (KBH) is expected to drive future revenue growth over the next two to three years through several strategic initiatives aimed at expanding its market presence, enhancing its product offerings, and improving operational efficiency.

Here are 3-5 expected drivers of future revenue growth for KB Home:

  • Expansion in existing markets and new community openings: KB Home's business strategy prioritizes deepening its footprint in existing markets while selectively entering new ones to solidify its market leadership in key regions. The company consistently opens new communities, timing these launches with peak selling seasons to maximize buyer interest and demand. This expansion is particularly concentrated in the Sun Belt region, which has experienced substantial population growth.
  • Strategic investment in land acquisition and development: Significant capital is allocated to land acquisition and development to fuel future community growth. For instance, in 2024, KB Home invested over $2.8 billion in land acquisition and development, with plans to increase this figure in 2025 to support an expanding community count. As of the second quarter of 2025, the company controlled 74,837 lots, providing approximately three years of supply and securing most lots for deliveries through 2027, ensuring a strong pipeline for future home construction.
  • Increased focus on the "Built-to-Order" (BTO) model: KB Home is strategically shifting to increase its Built-to-Order deliveries to 70% or more of total volume, up from 57% in the fourth quarter of 2025. This approach is anticipated to drive higher margins as BTO homes are sold before construction begins, reducing inventory carrying costs, and buyers often select higher-margin upgrades and options.
  • Improved operational efficiency, particularly reduced build times: The company has made significant strides in improving its build times, reducing them by approximately 20% year-over-year to 140 days, with some divisions now averaging under 100 days. Faster build times enable quicker home deliveries and, consequently, a more rapid recognition of revenue.

AI Analysis | Feedback

Share Repurchases

  • KB Home authorized a new $1 billion share repurchase program in October 2025, replacing a prior authorization.
  • Since initiating its repurchase program in 2021, KB Home has repurchased over $1.5 billion of its shares, representing more than 34% of its outstanding shares.
  • For the fiscal year ended November 30, 2025, the company repurchased approximately 9.4 million shares at a cost of $538.5 million. As of November 30, 2025, $900 million remained under the repurchase authorization.

Share Issuance

  • KB Home has significantly reduced its outstanding share count through repurchases, with a 31.2% decrease over a five-year view.
  • The number of shares outstanding decreased by 10.01% in one year.
  • In Q4 2025, the company had 63 million shares outstanding, a 2.5% decrease from the prior quarter.

Capital Expenditures

  • Investments in land and land development, a primary focus for the homebuilder, totaled $2.61 billion for the year ended November 30, 2025, an 8% decrease from $2.84 billion in 2024. These investments are intended to support future community count growth.
  • In the first quarter of fiscal year 2025, KB Home invested $920 million in land acquisition and development, representing a 57% year-over-year increase.
  • Capital expenditures (for property, plant, and equipment) were $48.4 million in the last 12 months as of March 12, 2026, absorbing a large portion of operating cash flow.

Better Bets vs. KB Home (KBH)

Peer Outperformance in Homebuilding

KBH has trailed 59% of its 17 Homebuilding peers over 5Y. Homebuilding ranks 2nd of 23 industries in Consumer Discretionary by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Homebuilding constituents that KBH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
29%
of 17 industry peers · -9.5% return
3Y
41%
of 17 industry peers · 17.6% return
5Y
41%
of 17 industry peers · 40.8% return
No Homebuilding peer with a comparable growth profile has beaten KBH by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Homebuilding is KBH's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -14.8%105.2%68.8% LINC 330% · CVSA 256% · UTI 254%
Homebuilding ← 18 -0.5%29.9%53.4% GRBK 182% · TOL 157% · PHM 154%
Hotels, Resorts & Cruise Lines 22 21.0%55.3%18.4% RCL 278% · MAR 184% · HLT 174%
Automotive Retail 18 -11.8%3.1%16.0% MUSA 273% · PAG 187% · ORLY 120%
Home Improvement Retail 5 -14.5%2.5%9.4% HD 15% · LOW 15% · HVT 9%
Specialty Stores 7 2.5%22.4%7.0% DKS 91% · ASO 28% · SIG 23%
Casinos & Gaming 20 -7.5%-24.0%3.6% BRAG 963% · MCRI 118% · RSI 112%
Specialized Consumer Services 10 -8.8%18.3%-3.2% HRB 146% · FTDR 97% · SCI 42%
Distributors 4 -5.4%-23.9%-8.7% ARMK 163% · GPC 24% · LKQ -41%
Restaurants 34 -6.5%-8.6%-8.9% EAT 363% · CAKE 183% · RAVE 167%
Home Furnishings 4 1.7%27.7%-13.2% SGI 59% · LZB 7% · MHK -34%
Footwear 9 67.2%42.8%-13.3% WEYS 152% · SHOO 27% · DECK 23%
Leisure Products 13 -0.7%-20.5%-30.7% GOLF 86% · HAS 19% · MCFT 4%
Automotive Parts & Equipment 38 -7.0%-5.2%-32.8% MOD 1392% · GTX 293% · STRT 100%
Apparel, Accessories & Luxury Goods 27 4.7%-5.1%-36.0% TPR 264% · RL 254% · ELA 236%
Household Appliances 17 10.1%37.5%-38.1% KEQU 173% · FLXS 147% · HBB 126%
Leisure Facilities 12 -10.1%-9.1%-40.8% OSW 184% · JAKK 115% · ESCA 10%
Apparel Retail 25 1.0%1.9%-42.1% DXLG 192% · ANF 176% · TJX 104%
Broadline Retail 15 6.9%10.5%-49.2% DDS 284% · AMZN 63% · EBAY 56%
Computer & Electronics Retail 3 -16.4%-2.4%-54.7% BBY -4% · GME -55% · UPBD -61%
Automobile Manufacturers 8 -68.7%-67.6%-68.7% GM 84% · TSLA 52% · F 52%
Consumer Electronics 11 -21.9%-28.3%-74.5% AXIL 2037% · GRMN 90% · TBCH -55%
Other Specialty Retail 18 -28.4%-44.9%-77.6% BBW 209% · TLF 107% · WINA 92%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

KBHDHILENPHMTOLNVRMedian
NameKB Home D.R. Hor.Lennar PulteGro.Toll Bro.NVR  
Mkt Price54.46147.3385.42127.67145.126,300.00136.40
Mkt Cap3.441.620.924.213.817.018.9
Rev LTM5,50433,35033,17516,40711,0459,54713,726
Op Inc LTM3283,8102,2702,5551,6171,4221,944
FCF LTM3603,202-901,5121,2151,0461,131
FCF 3Y Avg3172,6951,9681,3771,0501,2531,315
CFO LTM4083,353721,6261,3121,0671,189
CFO 3Y Avg3602,8452,1291,4921,1281,2791,385

Growth & Margins

KBHDHILENPHMTOLNVRMedian
NameKB Home D.R. Hor.Lennar PulteGro.Toll Bro.NVR  
Rev Chg LTM-17.5%-3.5%-7.2%-7.3%3.6%-9.9%-7.3%
Rev Chg 3Y Avg-7.0%-1.0%-0.7%-0.5%1.7%-1.4%-0.8%
Rev Chg Q-27.3%0.0%-13.3%-9.6%-7.6%-10.5%-10.0%
QoQ Delta Rev Chg LTM-7.0%0.0%-3.0%-2.5%-1.8%-2.8%-2.6%
Op Inc Chg LTM-52.7%-22.1%-51.1%-27.5%-9.0%-23.7%-25.6%
Op Inc Chg 3Y Avg-27.8%-14.4%-27.5%-9.9%-0.9%-9.3%-12.2%
Op Mgn LTM6.0%11.4%6.8%15.6%14.6%14.9%13.0%
Op Mgn 3Y Avg9.2%14.1%11.9%19.0%16.8%17.2%15.5%
QoQ Delta Op Mgn LTM-1.3%-0.3%-1.2%-0.8%-0.6%-0.8%-0.8%
CFO/Rev LTM7.4%10.1%0.2%9.9%11.9%11.2%10.0%
CFO/Rev 3Y Avg5.9%8.2%6.0%8.8%10.5%12.7%8.5%
FCF/Rev LTM6.5%9.6%-0.3%9.2%11.0%11.0%9.4%
FCF/Rev 3Y Avg5.2%7.8%5.6%8.1%9.8%12.5%7.9%

Valuation

KBHDHILENPHMTOLNVRMedian
NameKB Home D.R. Hor.Lennar PulteGro.Toll Bro.NVR  
Mkt Cap3.441.620.924.213.817.018.9
P/S0.61.20.61.51.31.81.2
P/Op Inc10.210.99.29.58.511.99.9
P/EBIT10.210.99.29.78.511.210.0
P/E12.413.611.712.710.714.912.5
P/CFO8.212.4288.614.910.515.913.6
Total Yield10.0%8.6%11.0%8.7%10.0%6.7%9.3%
Dividend Yield1.9%1.2%2.5%0.8%0.7%0.0%1.0%
FCF Yield 3Y Avg7.0%6.2%5.2%5.9%8.0%5.9%6.1%
D/E0.60.20.30.10.20.10.2
Net D/E0.50.10.10.00.1-0.00.1

Returns

KBHDHILENPHMTOLNVRMedian
NameKB Home D.R. Hor.Lennar PulteGro.Toll Bro.NVR  
1M Rtn-0.8%3.0%4.4%2.7%-1.4%-0.4%1.2%
3M Rtn13.9%2.5%-3.3%10.0%8.1%4.2%6.1%
6M Rtn-15.2%-9.5%-25.6%-8.2%-9.1%-16.3%-12.3%
12M Rtn-9.5%-8.7%-33.1%1.7%11.2%-21.6%-9.1%
3Y Rtn17.6%31.1%-22.6%67.6%98.1%4.8%24.3%
1M Excs Rtn-5.0%1.8%2.1%-1.2%-4.5%-2.7%-1.9%
3M Excs Rtn13.4%1.4%-4.4%7.2%3.8%2.4%3.1%
6M Excs Rtn-26.5%-20.9%-37.0%-19.5%-20.4%-27.6%-23.7%
12M Excs Rtn-31.6%-30.5%-54.3%-20.5%-8.6%-42.8%-31.0%
3Y Excs Rtn-66.0%-52.3%-101.0%-17.1%10.5%-70.4%-59.2%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Homebuilding6,2126,9026,3816,8805,705
Financial Services2428302320
Total6,2366,9306,4116,9045,725


Operating Income by Segment
$ Mil20252024202320222021
Homebuilding507764719  
Financial Services1822241815
Total5257867431815


Assets by Segment
$ Mil20252024202320222021
Homebuilding6,6206,8696,5916,5925,792
Financial Services6067576044
Total6,6806,9366,6486,6525,836


Price Behavior

Price Behavior
Market Price$54.46 
Market Cap ($ Bil)3.4 
First Trading Date11/05/1987 
Distance from 52W High-18.5% 
   50 Days200 Days
DMA Price$56.48$56.32
DMA Trenddownup
Distance from DMA-3.6%-3.3%
 3M1YR
Volatility49.0%39.4%
Downside Capture51.4588.90
Upside Capture105.3458.28
Correlation (SPY)20.7%28.3%
KBH Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.540.540.800.800.780.86
Up Beta-2.00-0.360.431.191.390.88
Down Beta0.781.791.501.070.640.58
Up Capture21%78%70%45%46%77%
Bmk +ve Days11223567138427
Stock +ve Days10213159118371
Down Capture215%-0%67%74%76%102%
Bmk -ve Days11212859114326
Stock -ve Days12223267134380

[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 KBH
KBH-12.5%39.5%-0.25-
Sector ETF (XLY)2.1%19.6%-0.0145.6%
Equity (SPY)20.3%12.9%1.1628.8%
Gold (GLD)36.2%28.7%1.076.8%
Commodities (DBC)44.1%20.2%1.69-33.8%
Real Estate (VNQ)13.3%13.8%0.6641.6%
Bitcoin (BTCUSD)-38.8%43.2%-1.01-0.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KBH
KBH6.3%39.0%0.25-
Sector ETF (XLY)5.9%24.1%0.2052.6%
Equity (SPY)12.8%17.2%0.5747.9%
Gold (GLD)20.4%18.6%0.899.5%
Commodities (DBC)10.2%19.6%0.40-1.8%
Real Estate (VNQ)2.4%18.9%0.0254.4%
Bitcoin (BTCUSD)9.3%52.7%0.3620.8%

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 KBH
KBH14.9%45.1%0.47-
Sector ETF (XLY)12.3%22.2%0.5153.4%
Equity (SPY)15.2%17.9%0.7250.1%
Gold (GLD)12.4%16.2%0.6311.0%
Commodities (DBC)8.1%18.1%0.3712.4%
Real Estate (VNQ)4.9%20.7%0.2055.0%
Bitcoin (BTCUSD)61.0%66.1%1.0114.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity7.6 Mil
Short Interest: % Change Since 71520262.2%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest7.4 days
Basic Shares Quantity61.8 Mil
Short % of Basic Shares12.2%

Earnings Returns History

Updated 7/26/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/23/202616.7%18.7%5.5%
3/24/2026-1.5%-2.2%6.0%
12/18/2025-8.5%-8.7%-1.8%
9/24/2025-0.6%3.7%1.0%
6/23/2025-0.5%-0.7%6.1%
3/24/2025-5.2%-5.9%-13.5%
1/13/20254.8%4.6%0.2%
9/24/2024-5.4%-2.5%-11.5%
...
SUMMARY STATS   
# Positive9812
# Negative151612
Median Positive4.8%7.3%6.1%
Median Negative-4.3%-3.2%-7.2%
Max Positive16.7%18.7%31.4%
Max Negative-8.5%-8.7%-13.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/23/202616.7%18.7%5.5%
3/24/2026-1.5%-2.2%6.0%
12/18/2025-8.5%-8.7%-1.8%
9/24/2025-0.6%3.7%1.0%
6/23/2025-0.5%-0.7%6.1%
3/24/2025-5.2%-5.9%-13.5%
1/13/20254.8%4.6%0.2%
9/24/2024-5.4%-2.5%-11.5%
6/18/20242.9%1.1%17.6%
3/20/2024-1.8%-0.5%-12.7%
1/10/2024-1.2%-3.3%-3.3%
9/20/2023-4.3%-4.8%-11.5%
6/21/2023-0.9%-0.7%1.2%
3/22/20237.5%9.3%13.3%
1/11/2023-2.9%-3.2%4.4%
9/21/2022-5.1%-3.7%-5.5%
6/22/20228.6%7.3%23.6%
3/23/2022-4.6%-5.9%-10.2%
1/12/202216.5%-2.0%-8.6%
9/22/20210.5%-1.7%-0.1%
6/23/2021-6.7%-6.1%-4.4%
3/24/20212.3%7.2%10.2%
1/12/20212.5%18.6%31.4%
9/22/2020-7.5%-6.9%-5.7%
SUMMARY STATS   
# Positive9812
# Negative151612
Median Positive4.8%7.3%6.1%
Median Negative-4.3%-3.2%-7.2%
Max Positive16.7%18.7%31.4%
Max Negative-8.5%-8.7%-13.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
05/31/202607/09/202610-Q
02/28/202604/09/202610-Q
11/30/202501/23/202610-K
08/31/202510/09/202510-Q
05/31/202507/10/202510-Q
02/28/202504/09/202510-Q
11/30/202401/24/202510-K
08/31/202410/10/202410-Q
05/31/202407/05/202410-Q
02/29/202404/05/202410-Q
11/30/202301/19/202410-K
08/31/202310/06/202310-Q
05/31/202307/07/202310-Q
02/28/202304/07/202310-Q
11/30/202201/20/202310-K
08/31/202210/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
05/31/202607/09/202610-Q
02/28/202604/09/202610-Q
11/30/202501/23/202610-K
08/31/202510/09/202510-Q
05/31/202507/10/202510-Q
02/28/202504/09/202510-Q
11/30/202401/24/202510-K
08/31/202410/10/202410-Q
05/31/202407/05/202410-Q
02/29/202404/05/202410-Q
11/30/202301/19/202410-K
08/31/202310/06/202310-Q
05/31/202307/07/202310-Q
02/28/202304/07/202310-Q
11/30/202201/20/202310-K
08/31/202210/07/202210-Q
05/31/202207/08/202210-Q
02/28/202204/08/202210-Q
11/30/202101/21/202210-K
08/31/202110/08/202110-Q
05/31/202107/09/202110-Q
02/28/202104/09/202110-Q
11/30/202001/22/202110-K
08/31/202010/08/202010-Q
05/31/202007/09/202010-Q
02/29/202004/01/202010-Q
11/30/201901/24/202010-K
08/31/201910/04/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q2 2026 Earnings Reported 6/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Deliveries2,6002,7002,80014.9% Higher NewGuidance: 2,350 for Q2 2026
Q3 2026 Housing Revenues1.20 Bil1.27 Bil1.35 Bil15.9% Higher NewGuidance: 1.10 Bil for Q2 2026
Q3 2026 Housing Gross Profit Margin16.0%16.3%16.6% 1.0%Higher NewGuidance: 15.3% for Q2 2026
Q3 2026 Selling, General and Administrative Expenses as a Percentage of Revenues0.110.120.12 -1.1%Lower NewGuidance: 0.13 for Q2 2026
Q3 2026 Effective Tax Rate19.0%20.0%21.0% 1.0%Higher NewGuidance: 19.0% for Q2 2026
Q3 2026 Ending Community Count2702752801.8% Higher NewGuidance: 270 for Q2 2026
2026 Deliveries10,50010,75011,0000 AffirmedGuidance: 10,750 for 2026
2026 Housing Revenues4.90 Bil5.10 Bil5.30 Bil-1.0% LoweredGuidance: 5.15 Bil for 2026
2026 Housing Gross Profit Margin16.1%16.3%16.5%   
2026 Selling, General and Administrative Expenses as a Percentage of Revenues0.110.120.12   
2026 Effective Tax Rate22.0%23.0%24.0% -1.0%LoweredGuidance: 24.0% for 2026

Prior: Q1 2026 Earnings Reported 3/24/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Deliveries2,2502,3502,450-2.1% LoweredGuidance: 2,400 for Q1 2026
Q2 2026 Housing Revenues1.05 Bil1.10 Bil1.15 Bil0 AffirmedGuidance: 1.10 Bil for Q1 2026
Q2 2026 Housing Gross Profit Margin15.0%15.3%15.6% -0.4%LoweredGuidance: 15.7% for Q1 2026
Q2 2026 SG&A Expenses as a percentage of revenues0.120.130.13 0.2%RaisedGuidance: 0.12 for Q1 2026
Q2 2026 Effective Tax Rate 19.0%  0AffirmedGuidance: 19.0% for Q1 2026
Q2 2026 Ending Community Count265270275   
Q2 2026 Common Stock Repurchases50.00 Mil75.00 Mil100.00 Mil0 AffirmedGuidance: 75.00 Mil for Q1 2026
2026 Deliveries10,00010,75011,500-8.5% LoweredGuidance: 11,750 for 2026
2026 Housing Revenues4.80 Bil5.15 Bil5.50 Bil-8.0% LoweredGuidance: 5.60 Bil for 2026
2026 Effective Tax Rate23.0%24.0%25.0% -1.0%LoweredGuidance: 25.0% for 2026

Q4 2025 Earnings Reported 12/18/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Deliveries2,3002,4002,500   
Q1 2026 Housing Revenues1.05 Bil1.10 Bil1.15 Bil   
Q1 2026 Housing Gross Profit Margin15.4%15.7%16.0%   
Q1 2026 Selling, General and Administrative Expenses as a percentage of revenues0.120.120.13   
Q1 2026 Effective Tax Rate 19.0%    
Q1 2026 Common Stock Repurchases50.00 Mil75.00 Mil100.00 Mil   
2026 Deliveries11,00011,75012,500   
2026 Housing Revenues5.10 Bil5.60 Bil6.10 Bil-8.9% Lower NewActual: 6.15 Bil for 2025
2026 Effective Tax Rate24.0%25.0%26.0% 2.0%Higher NewActual: 23.0% for 2025

Insider Activity

Updated 8/7/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Collins, Arthur Reginald DirectSell807202656.964,000227,840521,583Form
2Praw, Albert ZEVP, Real Estate & Bus. Dev.DirectSell807202658.7022,0151,292,2806,108,439Form
3Mezger, Jeffrey TExecutive ChairmanDirectSell715202656.5151,0182,883,056107,044,233Form
4Mezger, Jeffrey TExecutive ChairmanDirectSell715202655.05129,0627,104,370104,270,348Form
5McGibney, Robert VPresident and CEODirectSell715202655.3120,6211,140,54810,437,274Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Collins, Arthur Reginald DirectSell807202656.964,000227,840521,583Form
2Praw, Albert ZEVP, Real Estate & Bus. Dev.DirectSell807202658.7022,0151,292,2806,108,439Form
3Mezger, Jeffrey TExecutive ChairmanDirectSell715202656.5151,0182,883,056107,044,233Form
4Mezger, Jeffrey TExecutive ChairmanDirectSell715202655.05129,0627,104,370104,270,348Form
5McGibney, Robert VPresident and CEODirectSell715202655.3120,6211,140,54810,437,274Form
6Mezger, Jeffrey TExecutive ChairmanDirectSell715202655.0794,8725,224,246104,308,376Form
7Praw, Albert ZEVP, Real Estate & Bus. Dev.DirectSell1106202560.0820,2841,218,6636,252,045Form
Core Cache Last Updated: 8/20/2026