DFH
Dream Finders Homes, Inc.
DFH's fundamentals are weak and it looks expensive: trading at 12x earnings, above its usual 8.9x. Analysts expect earnings to fall sharply.
DFH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Weak |
DFH's revenue and profitability are currently stable, but its cash flow and balance sheet are under pressure.
DFH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.5x | $6.22 | -44% |
| Fair | 8.9x | $8.44 | -23% |
| Current | 12x | $11.01 | — |
| Expensive | 14x | $13.01 | +18% |
| Forward | 392x | $11.01 | — |
Historical ranges are pointers, not guarantees.
DFH's PE is in its expensive range at 12x. Analysts expect earnings to fall, which would put today's price at 392x next year's earnings.
DFH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect DFH's revenue to grow, but its earnings and profitability to decline.
DFH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.03 | -97% |
| Q3 2026 | $0.95 | -67% |
| Q2 2026 | $1.42 | -54% |
| Q1 2026 | $1.71 | -49% |
| Q4 2025 | $2.14 | -36% |
| Q3 2025 | $2.85 | -5% |
| Q2 2025 | $3.08 | +1% |
| Q1 2025 | $3.33 | +15% |
| Q4 2024 | $3.34 | +20% |
DFH's earnings per share have fallen from their peak: $0.95 over the past year, against $3.34 in late 2024.
DFH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $996M | +2.7% |
| Q2 2026 | $1.1B | -7.6% |
| Q1 2026 | $887.8M | -10% |
| Q4 2025 | $1.2B | -22% |
| Q3 2025 | $969.8M | -3.7% |
| Q2 2025 | $1.2B | +9% |
| Q1 2025 | $989.9M | +20% |
| Q4 2024 | $1.6B | +37% |
DFH's revenue has slid since its 2024 peak: $996M last quarter, up 2.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.3% | -4.9 points |
| Q2 2026 | 3.5% | -3 points |
| Q1 2026 | 2.1% | -5.1 points |
| Q4 2025 | 6.4% | -4.4 points |
| Q3 2025 | 6.3% | -2.9 points |
| Q2 2025 | 6.4% | -3.6 points |
| Q1 2025 | 7.2% | -1.4 points |
| Q4 2024 | 11% | -1.1 points |
DFH's operating margin was 1.3% last quarter, down 4.9 points from the same quarter a year ago, near the bottom of its range since 2019.
DFH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$158.5M | -$22.8M |
| Q2 2026 | -$107.2M | -$28.4M |
| Q1 2026 | -$54.8M | -$6.9M |
| Q4 2025 | $136M | -55% |
| Q3 2025 | -$135.7M | +$86.8M |
| Q2 2025 | -$78.8M | +$33.6M |
| Q1 2025 | -$47.9M | +$201.7M |
| Q4 2024 | $302.6M | +38% |
DFH has burned cash in most quarters: −$185M over the past year, against $40M the year before.
DFH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -714K shares |
| 1 year | -9.9% | -10M shares |
| 3 years | -11% | -11.4M shares |
| 5 years | -2.2% | -2.1M shares |
| Available history | -2% | -1.9M shares |
DFH has 91M diluted shares, down 9.9% from a year ago, with $48M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6M |
| Q2 2026 | $14.8M |
| Q1 2026 | $18.5M |
| Q4 2025 | $9M |
| Q3 2025 | $9.7M |
| Q2 2025 | $16.1M |
| Q1 2025 | $7M |
| Q4 2024 | $1.2M |
DFH spent $48M buying back its own shares over the past year, up 43% from the year before.
DFH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 10.4x | High |
| Q2 2026 | 7.6x | High |
| Q1 2026 | 5.8x | High |
| Q4 2025 | 4.6x | High |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 0.2x | Very low |
| Q1 2025 | -0.0x | Very low |
| Q4 2024 | 0.1x | Very low |
DFH's net debt is about 10 years of its operating earnings (EBITDA), up from 3.9 years a year ago.
DFH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.3 | Neutral |
| Stochastic | 41.9 | Neutral |
DFH's weekly RSI is 42 (neutral) and its Stochastic is 42 (neutral).
DFH PE vs Consumer Cyclical Sector
| Metric | DFH | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 18x | 36% below |
| PE % | 73 | 51 | 22 pts above |
DFH is trading at 12x earnings, a 36% discount to the Consumer Cyclical sector's median of 18x.
DFH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.5 | 5.3% above |
| 20 week MA | $12.9 | 15% below |
| 50 week MA | $15.2 | 27% below |
| 100 week MA | $19.5 | 44% below |
| 200 week MA | $23.1 | 52% below |
DFH has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 52% below its 200-week average.
DFH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $21.4 | $19.1 | -11% |
| 2022 | $19.1 | $9.50 | -50% |
| 2023 | $9.50 | $35.5 | +274% |
| 2024 | $35.5 | $23.2 | -35% |
| 2025 | $23.2 | $17.9 | -23% |
| 2026 YTD | $17.9 | $11.0 | -38% |
DFH's yearly returns have swung widely, from +274% in 2023 to −50% in 2022. It's down 38% so far in 2026.