📈 Price History

Ratio Health

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📊 Peer Medians

About

Green Brick Partners, Inc., the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a 50% interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title, GRBK Mortgage, and Green Brick Insurance. Green Brick is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. Green Brick Partners Inc. is incorporated in 2006 in Delaware and based in Plano, Texas.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q2 2025

Confident Specific

Management leads with record closings and orders and industry-leading gross margins despite 'persistent affordability challenges' and 'high interest rates', providing specific figures like 1,042 closings, 908 orders, 30.4% gross margin, and 7.7% incentives. They acknowledge margin pressure but emphasize adaptability and strategic positioning.

Q3 2025

Confident Specific

Management expressed confidence in record third-quarter net orders (898, up 2.4% YoY) and industry-leading gross margins (31.1%) despite persistent affordability challenges. They highlighted specific operational metrics like a cancellation rate of 6.7% and a net debt to total capital ratio of 9.8%.

Q4 2025

Mixed

The call acknowledged persistent affordability challenges and eroding consumer confidence, yet management repeatedly highlighted record fourth-quarter orders and deliveries, and industry-leading margins. Specific language like 'we remain optimistic about our long-term prospects' and 'we are well positioned to weather challenging market conditions' shows a balanced tone.

Q1 2026 latest

Cautious

Management repeatedly highlighted persistent affordability challenges, macroeconomic uncertainty, and consumer volatility while expressing cautious hope for market stabilization. Language like 'I am hopeful that the market is starting to find a more stable footing' and 'we continue to navigate a challenging environment' underscores a guarded but resilient tone.

Guidance Reliability Pending · <3Q data

Investor Lens

Green Brick's Q1 demonstrates resilience: 28.9% gross margins, low net leverage (5.5%), and strong Trophy brand momentum provide a cushion against industry headwinds. The disciplined land strategy and self-development model remain key differentiators, supporting the investment thesis. However, persistent affordability concerns, interest rate sensitivity, and a cautious tone around consumer sentiment suggest near-term volatility. The thesis is largely unchanged but strengthened by the company's flexibility to adjust pricing while maintaining peer-leading returns. Key metrics for next quarter: community count growth, margin trajectory, and mortgage company capture rate as it scales.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Green Brick Partners Q1 net income $61M, homebuilding gross margins 28.9%, 908 homes delivered

Revenue & Profitability

Total revenues were $465 million, with home closings revenue of $448 million. Net income attributable to Green Brick was $61 million, down 18.8% year-over-year, and diluted EPS was $1.39, down 16.8%. Homebuilding gross margin was 28.9%, and SG&A as a percentage of residential unit revenue was 11.7%. Operating cash flow was $56 million for the quarter.

Outlook

Management views the market as challenging but stabilizing, with spring selling season showing normal trends. They expect 2026 to be a foundational year for future growth. Key headwinds include interest rate sensitivity, affordability challenges, and immigration policy uncertainty. Jed Dolson noted April sales were similar to March.

Growth Drivers

Key growth drivers include the Trophy Signature Homes brand expansion in DFW, Austin, and the first community in Houston. The mortgage subsidiary is scaling, with rollout to Atlanta expected in late 2026. Community count is expected to increase in the second half of the year. Approximately 75% of lots owned or controlled are allocated to Trophy.

Balance Sheet & CapEx

For 2026, management expects land and lot acquisitions of approximately $400 million and land development outflows of approximately $420 million, excluding reimbursements. In Q1, they invested $89 million in land and lot acquisitions and $78 million in land development.

Margins

Homebuilding gross margins decreased 320 basis points year-over-year to 28.9%, with incentives rising to 10.1% of home closing revenue. SG&A increased 80 basis points to 11.7%. Management highlights that their industry-leading margins provide flexibility to adjust pricing. They noted a high correlation between interest rates and margins.

Key Risks

Key risks include persistent affordability challenges, interest rate volatility, immigration policy uncertainty affecting middle-income buyers, and potential cost inflation from rising oil prices. Weather disruptions (e.g., January inclement weather) also pose short-term risks.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 saw strong order growth and robust margins despite economic headwinds, with Trophy Signature Homes driving volume and a focus on affordable housing. Net income declined year-over-year, but returns and liquidity remain industry-leading, and land strategy supports future growth.

Q1 2026 Q1 2026 2026-04-30

Q1 net income was $61M on $465M revenue, with strong margins and disciplined land strategy despite affordability and market headwinds. Entry-level and luxury homes outperformed, while mid-range faced challenges. Robust liquidity and expansion in Texas support long-term growth.

Q4 2025 Q4 2025 2026-02-26

Record Q4 deliveries and net orders were achieved despite affordability headwinds, with margins pressured by increased incentives. Liquidity and balance sheet strength remain high, and expansion in key Texas markets is expected to drive future growth.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 saw record net orders and resilient margins despite affordability headwinds, with net income down 13% year-over-year. Expansion in Texas and mortgage operations are set to drive future growth, supported by a strong balance sheet and robust liquidity.

Q2 2025 Q2 2025 2025-07-31

Record home closings and net new orders were achieved despite high interest rates and affordability challenges, but net income and margins declined year-over-year due to increased incentives and lower average sales prices. Strong liquidity, disciplined capital allocation, and expansion into new markets position the company for future growth.

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