KB Home KBH

Consumer DiscretionaryHomebuilding & Construction SuppliesUnited States of America

Last close 48.93 USD on Nov 3, 2026, −12.1% year to date

Quant rating

Quant rating D Rank 291 of 344 in Consumer Discretionary

Growth D 281 of 344
Valuation D 253 of 344
Quality C 214 of 344
Revisions D 283 of 344
Momentum D 245 of 344

Wall Street consensus Hold (3.20)Average target 51.59 USD +5.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.0B
Enterprise value: 4.9B
52-week range: 40.93 – 67.55
3-year range: 40.93 – 89.63
Dividend yield: 1.97%
Beta (5 years): 1.36
Shares outstanding: 60.8M
Next earnings: Dec 16, 2026

About the company

KB Home is a homebuilding company, which builds a variety of new homes, including attached and detached single-family residential homes, townhomes and condominiums, designed primarily for first-time and first move-up, as well as second move-up and active adult, homebuyers. It offers homes in development communities, at urban in-fill locations and as part of mixed-use projects. Its segments include homebuilding and financial services. The homebuilding segments is engaged in the acquisition and development of land primarily for residential purposes. The financial services reporting segment offers property and casualty insurance and, in certain instances, earthquakes, flood and personal property insurance to its homebuyers in the same markets as its homebuilding segments and provides title services in the majority of its markets. It offers mortgage banking services, including residential consumer mortgage loan originations, to its homebuyers indirectly through KBHS Home Loans, LLC.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,236	6,930	6,411	6,904	5,725	–
Revenue growth	−10.0%	8.1%	−7.1%	20.6%	36.9%	8.3%
EPS (basic, normalized)	6.54	8.45	7.03	9.09	6.01	–
EPS growth	−22.6%	20.2%	−22.7%	51.2%	–	–
Gross margin	18.9%	21.3%	21.5%	24.5%	21.9%	21.6%
Net margin	6.8%	9.4%	9.1%	11.8%	9.8%	9.4%
ROE	10.8%	16.6%	15.8%	24.5%	19.9%	17.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	159
Current ratio	–
Long-term debt (mil)	2,109
Net debt (mil)	1,950
Total equity (mil)	3,802
Net debt / equity	0.51x
Net debt / EBITDA	3.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,236	−10.0%	0.8x	574	−38.3%	8.6x	6.54	−22.6%	7.5x
2026	5,040	−19.2%	1.0x	402	−30.0%	12.3x	3.24	−50.4%	15.1x
2027	5,109	+1.4%	1.0x	435	+8.3%	11.3x	3.62	+11.7%	13.5x
2028	5,402	+5.7%	0.9x	479	+10.1%	10.3x	4.59	+26.6%	10.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,040	0.0%	−1.5%	−1.2%	3.24	−0.2%	−2.7%	−2.2%
2027	5,109	−0.4%	−7.7%	−8.3%	3.62	−1.5%	−18.1%	−20.9%
2028	5,402	−0.9%	−7.4%	−8.2%	4.59	−1.6%	−15.6%	−25.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	1,710	1,753	2,000	1,392	1,530	1,620	1,694	1,077	1,112	1,297
Sales mean (mil)	1,651	1,728	1,987	1,499	1,506	1,588	1,658	1,098	1,098	1,294
Surprise	+3.6%	+1.4%	+0.6%	−7.2%	+1.6%	+2.0%	+2.2%	−1.9%	+1.3%	+0.2%
EPS reported	2.15	2.04	2.52	1.49	1.50	1.61	1.92	0.56	0.43	1.05
EPS mean	1.80	2.06	2.45	1.58	1.46	1.50	1.80	0.55	0.45	0.89
Surprise	+19.4%	−0.7%	+3.0%	−5.8%	+2.6%	+7.5%	+6.9%	+1.3%	−4.9%	+17.5%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KBH KB Home	3.0B	3.40x	6.8%	0.78x	15.1x	13.5x	12.3x	11.3x
FERG Ferguson Enterprises Inc.	46.8B	1.38x	6.1%	7.55x	21.2x	19.1x	14.4x	13.5x
DHI D.R. Horton, Inc.	39.4B	1.23x	10.5%	1.71x	14.9x	13.1x	11.9x	10.9x
PHM PulteGroup, Inc.	23.4B	0.25x	12.8%	1.79x	13.6x	13.4x	9.6x	9.7x
LEN Lennar Corporation	20.5B	1.48x	6.0%	0.95x	17.4x	16.6x	12.5x	12.5x
NVR NVR, Inc.	15.9B	−0.13x	12.8%	4.64x	17.9x	17.4x	12.3x	12.6x
Mean		1.27x	9.2%	2.90x	16.7x	15.5x	12.2x	11.8x
Median		1.31x	8.7%	1.75x	16.3x	15.1x	12.3x	11.9x

Technical analysis

1M+7.0%
3M−12.7%
1Y−18.4%
3Y+0.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, KB Home, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,236	6,930	6,411	6,904	5,725	4,183
Cost of revenue	5,059	5,451	5,030	5,213	4,469	3,380
Gross profit	1,178	1,479	1,380	1,690	1,256	803
Selling, general & administrative expenses	652	693	638	635	579	468
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.0	−12.5	0	3.6	5.1	6.7
Other operating expenses	0	0	0	0	0	0
Operating income	524	798	743	1,051	671	328
Net interest income (expense)	29.9	52.8	28.7	20.6	24.2	36.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	554	851	771	1,072	695	364
Provision for taxes	125	196	181	255	131	67.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	429	655	590	817	565	296
Extraordinary items	–	–	–	–	–	–
Net income	429	655	590	817	565	296
EBIT, normalized	566	799	754	1,090	688	363
EBITDA, normalized	603	836	790	1,122	717	392
Basic EPS, normalized	6.54	8.45	7.03	9.09	6.01	–

Balance sheet in millions of USD, fiscal years

Balance sheet, KB Home, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	230	598	727	330	292	683
Receivables	351	378	367	323	304	273
Total inventory	5,671	5,528	5,134	5,543	4,803	3,897
Prepaid expenses	15.0	17.8	15.9	15.6	6.3	13.9
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	119	109	113	115	104	102
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	101	104	78.5	73.5	52.4	57.8
Note receivable	44.7	43.6	37.2	31.1	26.3	23.5
Other long-term assets	6,416	6,679	6,420	6,433	5,653	5,174
Total assets	6,680	6,936	6,648	6,652	5,836	5,356
Liabilities
Accounts payable	351	385	388	413	372	273
Payable/accrued	3.2	2.7	1.6	3.1	2.7	2.6
Accrued expenses	659	705	652	613	635	604
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,693	1,692	1,690	1,839	1,685	1,747
Minority interest	–	–	–	–	–	–
Other liabilities	1,086	1,184	1,148	1,153	1,131	943
Total liabilities	2,779	2,876	2,838	2,991	2,816	2,691
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	74.5	74.4	101	101	101	99.9
Additional paid-in capital	864	862	846	836	849	824
Retained earnings (accumulated deficit)	3,630	3,269	3,677	3,144	2,379	1,869
Treasury stock	−663	−142	−810	−414	−290	−105
Other equity	−3.5	−3.7	−3.7	−5.6	−19.1	−22.3
Total equity	3,901	4,061	3,810	3,661	3,019	2,666
Total liabilities & shareholders' equity	6,680	6,936	6,648	6,652	5,836	5,356

Cash flow statement in millions of USD, fiscal years

Cash flow statement, KB Home, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	429	655	590	817	565	296
Depreciation, depletion & amortization	37.3	37.3	36.4	32.3	28.6	28.4
Deferred taxes	13.8	17.1	41.4	16.5	53.8	50.3
Non-cash items	93.6	23.6	57.6	63.8	44.1	54.7
Changes in working capital	−238	−370	357	−746	−729	−119
Cash from operations	336	363	1,083	183	−37.3	311
Investing activities
Capital expenditures	−48.4	−39.3	−35.5	−45.2	−39.4	−28.8
Other investing cash flows	−13.4	−10.8	−22.6	−26.5	1.3	2.3
Cash from investing	−61.8	−50.1	−58.1	−71.8	−38.1	−26.6
Financing activities
Financing cash flow items	−575	−379	−14.2	−27.0	−17.1	−9.5
Cash dividends paid	−68.6	−71.6	−56.8	−52.5	−54.1	−38.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1.0	9.5	−556	5.8	−244	−8.9
Cash from financing	−643	−441	−627	−73.6	−315	−56.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−369	−128	397	38.1	−390	228
Free cash flow	287	323	1,047	138	−76.7	282

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.