DFH
Dream Finders Homes, Inc.Consumer Cyclical·Residential Construction
$15.46
$1.4B market cap
Revenue
$2.1B
Free Cash Flow
$81.2M
Rev Growth
+0.0%
FCF Margin
3.9%
P/FCF
17.6x
EV/FCF
35.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Dream Finders Homes, Inc. operates as a holding company for Dream Finders Holdings LLC that engages in homebuilding business in the United States. It designs, constructs, and sells single-family entry-level, and first-time and second time move-up homes in Charlotte, Raleigh, Jacksonville, Orlando, Denver, the Washington D.C. metropolitan area, Austin, Dallas, and Houston. The company also operates as a licensed home mortgage broker that underwrites, originates, and sells mortgages to Prime Lendi
2-Year Price History
$14.59-44.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 887.8 | 27.7 | 19.4 | 13.3 | -49.6 | -54.8 | -5.3 | 479.0 | 1,889 | 92.4 | 2.4% | -- | -- |
| Act | 2025-Q4 | 1,213 | 85.8 | 75.6 | 58.7 | 143.6 | 136.0 | -7.6 | 234.8 | 591.1 | 101.3 | 20.4% | -- | -- |
Valuation & Metrics
Market Stats
Price$15.46
Market Cap$1.4B
Enterprise Value$2.8B
P/S Ratio0.7x
P/FCF17.6x
EV/FCF35.0x
FCF Margin (TTM)3.9%
FCF Yield5.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$2.1B
Net Income$72.0M
Free Cash Flow$81.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin5.4%
Net Margin3.4%
FCF Margin3.9%
CapEx % of Revenue0.6%
SBC % of Revenue0.2%
ROIC11.4%
WC Change % Rev-5.3%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares5.1M
Days to Cover9.0
Change (vs Prior)+1.4%
Need at least 2 settlement dates for chart
Employees
Headcount1,686
Revenue / Employee$1,245,852
Gross Profit / Employee$168,647
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
18.8%(-14.7% YoY)
173 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
12.0%(-5.7% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.2% YoY)
8 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $65.1M | $29.14 | +$2.4M | +$3.6M | -0.2% | $5.69T |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $59.4M | $19.41 | −$2.2M | −$24.1M | -0.8% | $34.05B |
| COOKE & BIELER LP | $38.7M | $23.22 | +$4.1M | +$8.4M | -0.8% | $8.84B |
| JANUS HENDERSON GROUP PLC | $26.1M | $26.80 | +$1.3M | −$3.2M | +1.2% | $209.29B |
| STATE STREET CORPPassive | $23.5M | $22.99 | +$2.0M | +$3.9M | -0.2% | $2.89T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $20.4M | $13.92 | +$20.4M | +$20.4M | — | $1.91T |
| DIMENSIONAL FUND ADVISORS LPPassive | $20.2M | $26.15 | +$3.3M | +$8.4M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $17.3M | $13.92 | +$17.3M | +$17.3M | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $10.0M | $20.52 | +$344K | +$1.1M | +2.3% | $1.61T |
| Elgethun Capital Management | $7.0M | $19.76 | +$144K | +$4.5M | -0.2% | $604M |
| MARSHALL WACE, LLP | $7.0M | $19.83 | +$4.3M | +$7.0M | +0.6% | $92.71B |
| Invesco Ltd. | $6.9M | $23.50 | +$694K | −$360K | -0.2% | $652.04B |
| Arcus Capital Partners, LLC | $6.6M | $21.21 | −$5.5M | −$10.5M | -0.1% | $278M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5.8M | $18.40 | +$2.3M | +$2.1M | +0.7% | $645.81B |
| MORGAN STANLEY | $4.8M | $27.95 | +$1.2M | −$1.3M | -0.3% | $1.65T |
| ELEVATION POINT WEALTH PARTNERS, LLC | $4.8M | $13.92 | +$4.8M | +$4.8M | -0.1% | $4.17B |
| Vestmark Advisory Solutions, Inc. | $4.8M | $14.19 | +$4.7M | +$4.8M | +0.2% | $8.87B |
| AMERIPRISE FINANCIAL INC | $4.7M | $21.82 | +$2.7M | +$2.1M | -0.1% | $430.96B |
| DENALI ADVISORS LLC | $4.7M | $27.16 | +$1.1M | +$846K | -0.2% | $900M |
| WELLS FARGO & COMPANY/MN | $4.6M | $23.01 | −$637K | −$1.9M | -0.2% | $497.71B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.23%
avg per quarter
Holders (ex-self)
-0.23%
excl. this stock
Buyers (this Q)
+0.04%
73 buyers · $0.07B in
Sellers (this Q)
-0.32%
53 sellers · $0.05B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-0.8%
how holders react when this stock falls
On quiet Qs
+10.0%
−10% to +10% baseline
On rallies (+10%+)
-24.7%
how they react when this stock rises
Holders' portfolio flow this Q
+1.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.6%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.0%
Holder mid (any stock)
-1.0%
Holder rally (any stock)
-5.3%
Biggest decreases this quarter
FENIMORE ASSET MANAGEMENT INCexited−$11.7MArcus Capital Partners, LLC−$5.5Mα-0.1KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC−$2.2Mα-0.8GOLDMAN SACHS GROUP INC−$2.1Mα-0.2Davidson Kahn Capital Management, LLCexited−$1.9MEpoch Investment Partners, Inc.exited−$1.4MFIRST MANHATTAN COexited−$1.4MWELLS FARGO & COMPANY/MN−$637Kα-0.2Giverny Capital Inc.exited−$551KVARCOV Co.exited−$494K
New buyers this quarter
Top-5 holders · 50.2%
BlackRock, Inc.--
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC--
COOKE & BIELER LP--
JANUS HENDERSON GROUP PLC--
STATE STREET CORP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC4.3MArcus Capital Partners, LLC475KCOOKE & BIELER LP2.8MJANUS HENDERSON GROUP PLC1.9MMAGNOLIA GROUP, LLC—AXS Investments LLC—Hood River Capital Management LLC—FEDERATED HERMES, INC.—BANK OF AMERICA CORP /DE/146KTIMUCUAN ASSET MANAGEMENT INC/FL—
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
3
1
Buy: 1Hold: 3Sell: 1Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$20.84M
34 txns · 2 insiders · 878,759 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | SELL | Lovett William Radford II | 10 percent owner | 32,146 | $12.89 | $414K | $46.93M |
| 2026-05-19 | SELL | Lovett William Radford II | 10 percent owner | 117,854 | $12.65 | $1.49M | $46.46M |
| 2026-01-22 | SELL | Lovett William Radford II | 10 percent owner | 30,217 | $19.60 | $592K | $74.30M |
| 2026-01-21 | SELL | Lovett William Radford II | 10 percent owner | 41,525 | $19.44 | $807K | $74.28M |
| 2025-10-27 | SELL | Lovett William Radford II | 10 percent owner | 25,000 | $23.25 | $581K | $89.81M |
| 2025-10-24 | SELL | Lovett William Radford II | 10 percent owner | 25,000 | $23.55 | $589K | $91.55M |
| 2025-10-20 | SELL | Lovett William Radford II | 10 percent owner | 8,258 | $23.17 | $191K | $90.66M |
| 2025-10-16 | SELL | Lovett William Radford II | 10 percent owner | 20,000 | $23.52 | $470K | $92.22M |
| 2025-10-15 | SELL | Lovett William Radford II | 10 percent owner | 25,000 | $24.24 | $606K | $95.53M |
| 2025-10-14 | SELL | Lovett William Radford II | 10 percent owner | 50,000 | $23.92 | $1.20M | $94.88M |
| 2025-10-13 | SELL | Lovett William Radford II | 10 percent owner | 25,000 | $23.02 | $576K | $92.45M |
| 2025-10-02 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 6,794 | $25.93 | $176K | $49.05M |
| 2025-10-01 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 7,443 | $26.04 | $194K | $49.44M |
| 2025-09-16 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 11,143 | $28.27 | $315K | $53.88M |
| 2025-09-15 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 10,720 | $28.54 | $306K | $54.71M |
| 2025-09-05 | SELL | Lovett William Radford II | 10 percent owner | 80,000 | $30.40 | $2.43M | $122.86M |
| 2025-09-04 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 11,567 | $28.86 | $334K | $55.64M |
| 2025-09-04 | SELL | Lovett William Radford II | 10 percent owner | 20,000 | $28.97 | $579K | $119.38M |
| 2025-09-03 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 7,559 | $27.77 | $210K | $53.85M |
| 2025-08-27 | SELL | Zalupski Patrick O. | director, 10 percent owner, officer: President and CEO | 5,259 | $28.09 | $148K | $54.69M |
Order Flow (FINRA, ~3w lag)
18.1%retail-2.0pp
22.1%dark-1.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Dream Finders Homes: High-Growth Facade Masking Aggressive Interest Burdens and Insider Enrichment
Overall Risk
7/10
Fraud
4/10
Dilution
5/10
Insolvency
6/10
Earnings Overstated
7/10
Hidden Liabilities
8/10
Legal
6/10
Audit Warnings
2/10
Hidden Upside
4/10
Contextually Acceptable
5/10