Dream Finders Homes, Inc. Financials

DFH

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 64/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Dream Finders Homes, Inc.'s revenue surged 18.8% year-over-year to $4.5B, reflecting rapid business expansion. This strong growth earns a score of 82/100.

Leverage

Dream Finders Homes, Inc. carries a low D/E ratio of 1.03, meaning only $1.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

While Dream Finders Homes, Inc. generated -$256.6M in operating cash flow, capex of $25.3M consumed most of it, leaving -$282.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

100

Dream Finders Homes, Inc. earns a strong 26.9% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 32.0% the prior year.

Piotroski F-Score Weak

1/9

Dream Finders Homes, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

-0.77x

For every $1 of reported earnings, Dream Finders Homes, Inc. generates $-0.77 in operating cash flow (-$256.6M OCF vs $335.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Dream Finders Homes, Inc. (DFH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$4.5B

YoY+18.8%

5Y CAGR+43.0%

Dream Finders Homes, Inc. generated $4.5B in revenue in fiscal year 2024. This represents an increase of 18.8% from the prior year.

EBITDA

N/A

Free Cash Flow

-$282.0M

YoY-176.3%

Dream Finders Homes, Inc. generated -$282.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 176.3% from the prior year.

Net Income

$335.3M

YoY+13.3%

5Y CAGR+53.6%

Dream Finders Homes, Inc. reported $335.3M in net income in fiscal year 2024. This represents an increase of 13.3% from the prior year.

EPS (Diluted)

$3.34

YoY+19.7%

Dream Finders Homes, Inc. earned $3.34 per diluted share (EPS) in fiscal year 2024. This represents an increase of 19.7% from the prior year.

Cash & Debt

$274.4M

YoY-44.5%

5Y CAGR+40.2%

Dream Finders Homes, Inc. held $274.4M in cash against $1.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

N/A

Net Margin

7.5%

YoY-0.4pp

5Y CAGR+2.3pp

Dream Finders Homes, Inc.'s net profit margin was 7.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity

26.9%

YoY-5.1pp

Dream Finders Homes, Inc.'s ROE was 26.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 5.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$7.8M

Dream Finders Homes, Inc. spent $7.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$25.3M

YoY+430.1%

5Y CAGR+54.4%

Dream Finders Homes, Inc. invested $25.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 430.1% from the prior year.

DFH Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.5B+18.8%	$3.7B+12.2%	$3.3B+73.7%	$1.9B+69.7%	$1.1B+52.3%	$744.3M
Cost of Revenue	N/A	$3.0B+10.6%	$2.7B+69.0%	$1.6B+67.2%	$962.9M+50.1%	$641.3M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$395.8M+30.6%	$303.1M+13.9%	$266.1M+72.3%	$154.4M+70.9%	$90.4M+42.1%	$63.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$32K-95.2%	$672K-22.8%	$871K+293.3%	$221K
Income Tax	$97.3M+0.8%	$96.5M+17.9%	$81.9M+198.2%	$27.5M	$0	$0
Net Income	$335.3M+13.3%	$295.9M+12.8%	$262.3M+116.5%	$121.1M+53.2%	$79.1M+101.8%	$39.2M
EPS (Diluted)	$3.34+19.7%	$2.79+13.9%	$2.45+92.9%	$1.27	$0.00	$0.00

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$969.8M-15.7%	$1.2B+16.2%	$989.9M-36.6%	$1.6B+47.9%	$1.1B+27.5%	$827.8M-27.3%	$1.1B+27.0%	$895.8M
Cost of Revenue	N/A	N/A	N/A	N/A	$852.8M+25.7%	$678.6M-24.8%	$902.3M+27.2%	$709.3M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$109.5M-18.7%	$134.7M+15.4%	$116.7M-0.3%	$117.1M+20.9%	$96.9M+20.9%	$80.1M-11.1%	$90.1M+14.7%	$78.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$13.7M-21.9%	$17.5M+8.5%	$16.2M-57.6%	$38.1M+63.9%	$23.2M+53.5%	$15.1M-50.3%	$30.5M+26.2%	$24.2M
Net Income	$47.0M-16.9%	$56.6M+3.1%	$54.9M-57.5%	$129.3M+59.7%	$80.9M+48.5%	$54.5M-46.5%	$102.0M+34.0%	$76.1M
EPS (Diluted)	$0.47-16.1%	$0.56+3.7%	$0.54-57.8%	$1.28+58.0%	$0.81+47.3%	$0.55-41.5%	$0.94+25.3%	$0.75

DFH Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.3B+29.9%	$2.6B+8.1%	$2.4B+25.2%	$1.9B+158.2%	$733.7M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$274.4M-44.5%	$494.1M+35.6%	$364.5M+60.4%	$227.2M+420.5%	$43.7M-13.7%	$50.6M
Inventory	N/A	N/A	N/A	$1.1B+120.2%	$484.4M	N/A
Accounts Receivable	$34.1M+10.5%	$30.9M-29.0%	$43.5M+29.9%	$33.5M+99.7%	$16.8M	N/A
Goodwill	$300.3M+74.4%	$172.2M0.0%	$172.2M+0.2%	$171.9M+501.9%	$28.6M	N/A
Total Liabilities	$1.9B+29.3%	$1.5B-6.0%	$1.6B+17.4%	$1.3B+156.5%	$521.7M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.3B	N/A	N/A	$3.3M-88.9%	$29.7M	N/A
Total Equity	$1.2B+34.6%	$924.6M+43.4%	$644.6M+60.7%	$401.2M+89.2%	$212.0M	N/A
Retained Earnings	$970.3M+49.6%	$648.4M+77.2%	$366.0M+209.7%	$118.2M	$0	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$3.8B+5.1%	$3.7B+4.6%	$3.5B+4.8%	$3.3B+11.5%	$3.0B+9.9%	$2.7B+6.0%	$2.6B+7.5%	$2.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$251.0M+19.4%	$210.3M-29.3%	$297.5M+8.4%	$274.4M-0.2%	$274.8M+14.8%	$239.4M-51.5%	$494.1M+49.7%	$330.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$53.0M+21.0%	$43.9M+41.7%	$31.0M-9.3%	$34.1M+3.4%	$33.0M+17.0%	$28.2M-8.6%	$30.9M-7.3%	$33.3M
Goodwill	$375.1M-0.7%	$377.8M+9.2%	$346.0M+15.2%	$300.3M0.0%	$300.3M-1.6%	$305.1M+77.2%	$172.2M0.0%	$172.2M
Total Liabilities	$2.3B+6.8%	$2.1B+5.9%	$2.0B+5.7%	$1.9B+8.2%	$1.8B+12.6%	$1.6B+6.1%	$1.5B+5.6%	$1.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.8B	N/A	N/A	$1.3B	N/A	N/A	N/A	N/A
Total Equity	$1.4B+2.9%	$1.3B+3.3%	$1.3B+3.8%	$1.2B+18.8%	$1.0B+8.1%	$968.7M+4.8%	$924.6M+10.4%	$837.6M
Retained Earnings	$1.1B+4.1%	$1.1B+5.2%	$1.0B+5.3%	$970.3M+24.9%	$777.1M+11.1%	$699.5M+7.9%	$648.4M+17.9%	$549.8M

DFH Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$256.6M-168.6%	$374.2M+1454.8%	-$27.6M-142.5%	$65.0M-33.0%	$96.9M+218.5%	$30.4M
Capital Expenditures	$25.3M+430.1%	$4.8M-13.8%	$5.5M+99.9%	$2.8M-5.1%	$2.9M+1.1%	$2.9M
Free Cash Flow	-$282.0M-176.3%	$369.5M+1213.9%	-$33.2M-153.3%	$62.2M-33.8%	$94.0M+241.3%	$27.5M
Investing Cash Flow	-$221.7M-4843.6%	-$4.5M+18.8%	-$5.5M+98.9%	-$523.0M-3915.1%	-$13.0M+26.9%	-$17.8M
Financing Cash Flow	$269.7M+224.6%	-$216.4M-247.3%	$147.0M-77.3%	$646.0M+1081.3%	-$65.8M-352.4%	$26.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$7.8M	$0	$0	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$131.0M-91.2%	-$68.5M-53.2%	-$44.7M-114.6%	$306.5M+377.1%	-$110.6M+55.3%	-$247.5M-212.8%	$219.5M+152.3%	$87.0M
Capital Expenditures	$4.7M-53.9%	$10.3M+225.7%	$3.2M-18.9%	$3.9M+114.6%	$1.8M-12.3%	$2.1M+137.0%	$875K-3.1%	$903K
Free Cash Flow	-$135.7M-72.3%	-$78.8M-64.6%	-$47.9M-115.8%	$302.6M+369.1%	-$112.4M+55.0%	-$249.6M-214.2%	$218.6M+154.0%	$86.1M
Investing Cash Flow	-$4.7M+94.3%	-$81.7M+29.4%	-$115.6M-378.9%	-$24.1M-552.5%	-$3.7M+98.0%	-$186.0M-38733.2%	-$479K+54.6%	-$1.1M
Financing Cash Flow	$167.4M+176.9%	$60.5M-64.1%	$168.6M+196.1%	-$175.3M-222.5%	$143.1M-6.4%	$152.9M+551.9%	-$33.8M+29.8%	-$48.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$9.7M-39.8%	$16.1M+130.6%	$7.0M+501.8%	$1.2M-37.3%	$1.8M	$0	$0	$0

DFH Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	7.5%-0.4pp	7.9%+0.0pp	7.8%+1.6pp	6.3%-0.7pp	7.0%+1.7pp	5.3%
Return on Equity	26.9%-5.1pp	32.0%-8.7pp	40.7%+10.5pp	30.2%-7.1pp	37.3%	N/A
Return on Assets	10.1%-1.5pp	11.6%+0.5pp	11.1%+4.7pp	6.4%-4.4pp	10.8%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.03-0.6	1.60-0.8	2.44+2.4	0.01-0.1	0.14	N/A
FCF Margin	-6.3%-16.2pp	9.9%+10.8pp	-1.0%-4.2pp	3.2%-5.1pp	8.3%+4.6pp	3.7%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	4.9%-0.1pp	4.9%-0.6pp	5.5%-2.7pp	8.3%+0.6pp	7.7%+1.1pp	6.6%-2.4pp	9.0%+0.5pp	8.5%
Return on Equity	3.4%-0.8pp	4.2%-0.0pp	4.3%-6.1pp	10.4%+2.7pp	7.7%+2.1pp	5.6%-5.4pp	11.0%+1.9pp	9.1%
Return on Assets	1.2%-0.3pp	1.6%-0.0pp	1.6%-2.3pp	3.9%+1.2pp	2.7%+0.7pp	2.0%-2.0pp	4.0%+0.8pp	3.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.29-0.3	1.60+0.0	1.56+0.5	1.03-0.7	1.68+0.1	1.62+0.0	1.60-0.1	1.67
FCF Margin	-14.0%-7.2pp	-6.9%-2.0pp	-4.8%-24.2pp	19.4%+30.0pp	-10.7%+19.5pp	-30.1%-49.4pp	19.2%+9.6pp	9.6%

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Frequently Asked Questions

What is Dream Finders Homes, Inc.'s annual revenue?

Dream Finders Homes, Inc. (DFH) reported $4.5B in total revenue for fiscal year 2024. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Dream Finders Homes, Inc.'s revenue growing?

Dream Finders Homes, Inc. (DFH) revenue grew by 18.8% year-over-year, from $3.7B to $4.5B in fiscal year 2024.

Is Dream Finders Homes, Inc. profitable?

Yes, Dream Finders Homes, Inc. (DFH) reported a net income of $335.3M in fiscal year 2024, with a net profit margin of 7.5%.

What is Dream Finders Homes, Inc.'s earnings per share (EPS)?

Dream Finders Homes, Inc. (DFH) reported diluted earnings per share of $3.34 for fiscal year 2024. This represents a 19.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Dream Finders Homes, Inc. have?

As of fiscal year 2024, Dream Finders Homes, Inc. (DFH) had $274.4M in cash and equivalents against $1.3B in long-term debt.

What is Dream Finders Homes, Inc.'s net profit margin?

Dream Finders Homes, Inc. (DFH) had a net profit margin of 7.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Dream Finders Homes, Inc.'s return on equity (ROE)?

Dream Finders Homes, Inc. (DFH) has a return on equity of 26.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Dream Finders Homes, Inc.'s free cash flow?

Dream Finders Homes, Inc. (DFH) generated -$282.0M in free cash flow during fiscal year 2024. This represents a -176.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Dream Finders Homes, Inc.'s operating cash flow?

Dream Finders Homes, Inc. (DFH) generated -$256.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Dream Finders Homes, Inc.'s total assets?

Dream Finders Homes, Inc. (DFH) had $3.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Dream Finders Homes, Inc.'s capital expenditures?

Dream Finders Homes, Inc. (DFH) invested $25.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Dream Finders Homes, Inc. buy back shares?

Yes, Dream Finders Homes, Inc. (DFH) spent $7.8M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Dream Finders Homes, Inc.'s debt-to-equity ratio?

Dream Finders Homes, Inc. (DFH) had a debt-to-equity ratio of 1.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Dream Finders Homes, Inc.'s return on assets (ROA)?

Dream Finders Homes, Inc. (DFH) had a return on assets of 10.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Dream Finders Homes, Inc.'s cash runway?

Based on fiscal year 2024 data, Dream Finders Homes, Inc. (DFH) had $274.4M in cash against an annual operating cash burn of $256.6M. This gives an estimated cash runway of approximately 13 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Dream Finders Homes, Inc.'s Piotroski F-Score?

Dream Finders Homes, Inc. (DFH) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Dream Finders Homes, Inc.'s earnings high quality?

Dream Finders Homes, Inc. (DFH) has an earnings quality ratio of -0.77x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Dream Finders Homes, Inc.?

Dream Finders Homes, Inc. (DFH) scores 64 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.