Dream Finders Homes, Inc. Financials
Dream Finders Homes, Inc. (DFH) reported $4.3B in revenue for fiscal year 2025, down 2.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Profits stayed positive while cash generation flipped negative, showing growth increasingly required debt-funded balance-sheet expansion.
Between FY2023 and FY2025, cumulative net income was about$558M , yet cumulative operating cash flow was about-$357M . That gap, alongside long-term debt rising to$1.6B and cash falling to$235M , shows earnings were being absorbed by balance-sheet expansion rather than turning into liquidity.
The sharper issue in FY2025 was not just slightly lower sales; SG&A absorbed a larger share of revenue, climbing from about
The balance sheet still built equity—retained earnings reached
Financial Health Signals
Dream Finders Homes, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Dream Finders Homes, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Dream Finders Homes, Inc. used $0.46 of operating cash (-$100.6M OCF vs $217.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Dream Finders Homes, Inc. generated $4.3B in revenue in fiscal year 2025. This represents a decrease of 2.9% from the prior year.
Dream Finders Homes, Inc. reported $217.4M in net income in fiscal year 2025. This represents a decrease of 36.2% from the prior year.
Dream Finders Homes, Inc. earned $2.14 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 35.9% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Dream Finders Homes, Inc. recorded an outflow of $126.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 55.2% from the prior year.
Dream Finders Homes, Inc. held $234.8M in cash against $1.6B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Dream Finders Homes, Inc.'s net profit margin was 5.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.6 percentage points from the prior year.
Dream Finders Homes, Inc.'s ROE was 15.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Dream Finders Homes, Inc. spent $41.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 432.8% from the prior year.
Dream Finders Homes, Inc. invested $25.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.8% from the prior year.
Not reported for fiscal year 2025.
DFH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1B | $4.3B-2.9% | $4.4B+18.7% | $3.7B+12.2% | $3.3B+73.7% | $1.9B+69.7% | $1.1B+52.3% | $744.3M |
| Cost of Revenue | N/A | N/A | N/A | $3.0B+10.6% | $2.7B+69.0% | $1.6B+67.2% | $962.9M+50.1% | $641.3M |
| SG&A Expenses | $473.2M | $485.2M+22.8% | $395.1M+30.5% | $302.8M+13.8% | $266.1M+72.3% | $154.4M+70.9% | $90.4M+42.1% | $63.6M |
| Interest Expense | N/A | N/A | N/A | N/A | $32K-95.2% | $672K-22.8% | $871K+293.3% | $221K |
| Income Tax | $47.3M | $66.7M-31.4% | $97.3M+0.8% | $96.5M+17.9% | $81.9M+198.2% | $27.5M | $0 | $0 |
| Net Income | $146.9M | $217.4M-36.2% | $340.6M+10.6% | $307.9M+12.3% | $274.3M+103.8% | $134.6M+70.2% | $79.1M+101.8% | $39.2M |
| EPS (Diluted) | — | $2.14-35.9% | $3.34+19.7% | $2.79+13.9% | $2.45+92.9% | $1.27 | $0.00 | $0.00 |
Not reported in any period shown, so not listed: Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DFH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $3.7B+12.0% | $3.3B+29.9% | $2.6B+8.1% | $2.4B+25.2% | $1.9B+158.2% | $733.7M | N/A |
| Cash & Equivalents | $234.8M-14.4% | $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 | N/A | $1.1B+120.2% | $484.4M | N/A |
| Accounts Receivable | $39.1M+14.6% | $34.1M+10.5% | $30.9M-29.0% | $43.5M+29.9% | $33.5M+99.7% | $16.8M | N/A |
| Goodwill | $377.4M+25.7% | $300.3M+74.4% | $172.2M0.0% | $172.2M+0.2% | $171.9M+501.9% | $28.6M | N/A |
| Total Liabilities | $2.1B+11.3% | $1.9B+29.3% | $1.5B-6.0% | $1.6B+17.4% | $1.3B+156.5% | $521.7M | N/A |
| Long-Term Debt | $1.6B+24.9% | $1.3B | N/A | N/A | $3.3M-88.9% | $29.7M | N/A |
| Total Equity | $1.4B+14.4% | $1.2B+34.6% | $924.6M+43.4% | $644.6M+60.7% | $401.2M+89.2% | $212.0M | N/A |
| Retained Earnings | $1.2B+21.0% | $970.3M+49.6% | $648.4M+77.2% | $366.0M+209.7% | $118.2M | $0 | N/A |
Not reported in any period shown, so not listed: Current Assets, Current Liabilities.
DFH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$138.4M | -$100.6M+60.8% | -$256.6M-168.6% | $374.2M+1454.8% | -$27.6M-142.5% | $65.0M-33.0% | $96.9M+218.5% | $30.4M |
| Capital Expenditures | $23.3M | $25.8M+1.8% | $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 | -$161.8M | -$126.4M+55.2% | -$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 | -$45.1M | -$225.8M-1.9% | -$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 | $178.9M | $271.0M+0.5% | $269.7M+224.6% | -$216.4M-247.3% | $147.0M-77.3% | $646.0M+1081.3% | -$65.8M-352.4% | $26.1M |
| Share Buybacks | $52.0M | $41.7M+432.8% | $7.8M | $0 | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DFH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Net Margin | 5.0%-2.6pp | 7.6%-0.6pp | 8.2%0.0pp | 8.2%+1.2pp | 7.0%0.0pp | 7.0%+1.7pp | 5.3% |
| Return on Equity | 15.3%-12.1pp | 27.4%-5.9pp | 33.3%-9.2pp | 42.5%+9.0pp | 33.6%-3.7pp | 37.3% | N/A |
| Return on Assets | 5.8%-4.4pp | 10.2%-1.8pp | 12.0%+0.5pp | 11.6%+4.5pp | 7.1%-3.7pp | 10.8% | N/A |
| Debt-to-Equity | 1.13+0.1x | 1.03-0.6x | 1.60-0.8x | 2.44+2.4x | 0.01-0.1x | 0.14 | N/A |
| FCF Margin | -2.9%+3.4pp | -6.3%-16.2pp | 9.9%+10.8pp | -1.0%-4.2pp | 3.2%-5.1pp | 8.3%+4.6pp | 3.7% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
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Frequently Asked Questions
What is Dream Finders Homes, Inc.'s annual revenue?
Dream Finders Homes, Inc. (DFH) reported $4.3B in total revenue for fiscal year 2025. This represents a -2.9% 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 declined by 2.9% year-over-year, from $4.4B to $4.3B in fiscal year 2025.
Is Dream Finders Homes, Inc. profitable?
Yes, Dream Finders Homes, Inc. (DFH) reported a net income of $217.4M in fiscal year 2025, with a net profit margin of 5.0%.
How much debt does Dream Finders Homes, Inc. have?
As of fiscal year 2025, Dream Finders Homes, Inc. (DFH) had $234.8M in cash and equivalents against $1.6B 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 5.0% in fiscal year 2025, 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 15.3% for fiscal year 2025, 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) recorded an outflow of $126.4M in free cash flow during fiscal year 2025. This represents a 55.2% 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) recorded an outflow of $100.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Dream Finders Homes, Inc.'s total assets?
Dream Finders Homes, Inc. (DFH) had $3.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Dream Finders Homes, Inc.'s capital expenditures?
Dream Finders Homes, Inc. (DFH) invested $25.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Dream Finders Homes, Inc.'s debt-to-equity ratio?
Dream Finders Homes, Inc. (DFH) had a debt-to-equity ratio of 1.13 as of fiscal year 2025, 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 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dream Finders Homes, Inc.'s cash runway?
Based on fiscal year 2025 data, Dream Finders Homes, Inc. (DFH) had $234.8M in cash against an annual operating cash burn of $100.6M. This gives an estimated cash runway of approximately 28 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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?
For every $1 of reported earnings, Dream Finders Homes, Inc. (DFH) used $0.46 of operating cash (-$100.6M OCF vs $217.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.