Hovnanian Enterprises Inc. (HOV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	-$0.56	-$0.7	-25.0%	—	$705.7M	—
Q2 26	-$2.04	-$0.46	+77.5%	—	$667.6M	—
Q4 25	$0.63	$0.81	+28.6%	—	$817.9M	—
Q3 25	$3.51	$3.65	+4.0%	—	$800.6M	—
Q2 25	$2.45	$2.74	+11.8%	—	$686.5M	—
Q1 25	$2.71	$3.71	+36.9%	—	$673.6M	—
Q4 23	—	$4.47	—	—	—	—
Q3 23	—	$2.26	—	—	—	—
Q2 23	—	$7.24	—	—	—	—
Q1 23	—	$10.8	—	—	—	—
Q4 22	—	$8.39	—	—	—	—
Q3 22	—	$3.07	—	—	—	—
Q2 22	—	$7.41	—	—	—	—
Q1 22	—	$6.72	—	—	—	—
Q4 21	—	$69.7	—	—	—	—
Q3 21	—	$5.54	—	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.95	—	—	$3B	—
FY24	—	$34.4	—	—	$3B	—
FY23	—	$28.8	—	—	$2.8B	—
FY22	—	$30.3	—	—	$2.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.8B	$2.5B	$2B	$2B	$2.3B	$2.8B	$2.9B	$2.8B	$3B	$3B
YoY change	+28.1%	-10.9%	-18.8%	+1.29%	+16.2%	+18.7%	+5.01%	-5.69%	+9.03%	-0.88%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.8B	2.5B	2B	2B	2.3B	2.8B	2.9B	2.8B	3B	3B
Cost of revenue	2.4B	2.1B	1.7B	1.7B	2B	2.2B	2.3B	2.2B	2.4B	2.6B
Gross profit	358.9M	351.2M	325.4M	298.6M	372.2M	540.8M	643.4M	580.1M	590.2M	420.7M
Gross margin	13%	14.3%	16.3%	14.8%	15.9%	19.4%	22%	21%	19.6%	14.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	253.1M	255.7M	228.8M	233.1M	241.8M	276.6M	296.2M	304.8M	342.2M	349.8M
Operating expenses	258M	257.2M	230.4M	234.7M	242.9M	278.3M	296.2M	304.8M	342.2M	349.8M
Operating income	100.9M	94M	94.9M	63.9M	130.4M	264.2M	347.3M	275.4M	248M	70.8M
Operating margin	3.67%	3.83%	4.77%	3.17%	5.56%	9.49%	11.9%	9.99%	8.25%	2.38%
Non-operating income, net	-7.5M	-41.9M	16.5M	-13.5M	28.8M	3.4M	19.8M	34.7M	99.8M	50.7M
Pretax income	2.4M	-45.2M	8.1M	-39.7M	55.4M	189.9M	319.8M	256M	317.1M	86.1M
Income tax	5.3M	286.9M	3.6M	2.4M	4.5M	-418M	94.3M	50.1M	75.1M	22.2M
Net income	-2.8M	-332.2M	4.5M	-42.1M	50.9M	607.8M	225.5M	205.9M	242M	63.9M
Net margin	-0.1%	-13.5%	0.23%	-2.09%	2.17%	21.8%	7.72%	7.47%	8.05%	2.14%
EBITDA	100.2M	91.2M	122.1M	97M	151.2M	276.6M	379.3M	344.5M	354.2M	168.5M
EPS	-0.5	-56.3	0.75	-7.06	7.48	87.5	30.3	28.8	34.4	7.95
Diluted EPS	-0.5	-56.3	0.75	-7.06	7.03	85.9	29	26.9	31.8	7.43

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	887M	594.2M	708.4M	722.7M	979.6M	673.6M	686.5M	800.6M	817.9M	632M	667.6M	705.7M
Cost of revenue	674M	480.9M	565.3M	585.1M	783.4M	567.1M	579.2M	693.9M	717.7M	541.8M	569.1M	613.1M
Gross profit	213M	113.3M	143.1M	137.6M	196.2M	106.5M	107.3M	106.7M	100.2M	90.1M	98.5M	92.6M
Gross margin	24%	19.1%	20.2%	19%	20%	15.8%	15.6%	13.3%	12.2%	14.3%	14.8%	13.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	80.8M	86.1M	79M	89.5M	87.7M	86.9M	80.6M	90.8M	91.5M	84M	84M	86.9M
Operating expenses	80.8M	86.1M	79M	89.5M	87.7M	86.9M	80.6M	90.8M	91.5M	84M	84M	86.9M
Operating income	132.2M	27.2M	64.1M	48.1M	108.6M	19.6M	26.7M	15.9M	8.6M	6.1M	14.5M	5.7M
Operating margin	14.9%	4.58%	9.04%	6.66%	11.1%	2.9%	3.89%	1.99%	1.06%	0.97%	2.17%	0.81%
Non-operating income, net	131K	15.8M	14.3M	55.4M	14.4M	29.8M	8.9M	15.1M	-3.1M	34.7M	-1.7M	2.9M
Pretax income	121.4M	32.6M	69.4M	97.3M	117.9M	39.9M	26.5M	23.8M	-4.1M	28.7M	339K	-2.8M
Income tax	24.1M	8.7M	18.6M	24.4M	23.5M	11.7M	6.8M	7.2M	-3.4M	7.8M	934K	-560K
Net income	97.3M	23.9M	50.8M	72.9M	94.3M	28.2M	19.7M	16.6M	-667K	20.9M	-595K	-2.2M
Net margin	11%	4.02%	7.18%	10.1%	9.63%	4.18%	2.87%	2.08%	-0.08%	3.3%	-0.09%	-0.31%
EBITDA	155.5M	43.2M	80.4M	105.6M	125M	51.7M	38.3M	34.1M	44.4M	44.1M	16.4M	12.3M
EPS	14	3.11	7.12	10.6	13.8	3.88	2.64	2.14	-0.51	2.8	-0.46	-0.7
Diluted EPS	13.1	2.91	6.66	9.75	12.8	3.58	2.43	1.99	-0.51	2.62	-0.46	-0.7

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	230M	357.4M	216.8M	149.7M	196.6M	529.7M	259.6M	432.9M	1.1B	775.4M	664.9M
Enterprise value	1.6B	1.7B	1.6B	1.7B	1.5B	1.7B	1.2B	1.1B	1.9B	1.4B	1.7B
Shares outstanding	5.9M	5.9M	5.9M	6M	6.2M	6.3M	6.4M	6.2M	6.5M	6.4M	6.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	48	—	3.86	0.87	1.15	2.1	4.71	12.1	110.7
P/S	0.08	0.15	0.11	0.07	0.08	0.19	0.09	0.16	0.38	0.26	0.24
P/B	-1.79	-0.78	-0.48	-0.31	-0.45	3.02	0.68	0.74	1.43	0.93	1
EV/EBITDA	16.3	18.7	13.1	17.5	10.1	5.99	3.23	3.31	5.41	8.5	22.1
EV/Sales	0.59	0.69	0.8	0.84	0.65	0.6	0.42	0.41	0.64	0.48	0.58
Earnings yield	—	—	2.08%	—	25.9%	114.7%	86.9%	47.6%	21.2%	8.24%	0.9%
FCF yield	164.8%	82.6%	-33.2%	-169.1%	147.3%	38.6%	29.6%	96.2%	0.51%	21.4%	-14.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.83

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13%	14.3%	16.3%	14.8%	15.9%	19.4%	22%	21%	19.6%	14.1%	13.1%
Operating margin	3.67%	3.83%	4.77%	3.17%	5.56%	9.49%	11.9%	9.99%	8.25%	2.38%	0.81%
Net margin	-0.1%	-13.5%	0.23%	-2.09%	2.17%	21.8%	7.72%	7.47%	8.05%	2.14%	0.64%
ROE	2.19%	72.2%	-1%	8.6%	-11.7%	346.6%	58.9%	35.4%	30.2%	7.69%	2.1%
ROA	-0.12%	-17.5%	0.27%	-2.24%	2.79%	26.2%	8.8%	8.26%	9.29%	2.42%	1.34%
ROIC	0%	10.6%	5.67%	6.01%	13.5%	20.3%	18.2%	17.2%	12%	3.53%	1.82%
Return on tangible assets	-0.12%	-17.5%	0.27%	-2.24%	2.79%	26.2%	8.8%	8.26%	9.29%	2.42%	0.62%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	7.5	8.83	7.68	7.03	6.26	3.06	3.45	3.67	3.82	3.92	4.17
Quick ratio	2.72	3.15	1.56	1.11	1.41	0.68	0.69	0.95	0.5	0.63	0.42
Debt / equity	-13.7	-3.93	-3.46	-3.44	-3.64	7.83	3.37	1.96	1.23	1.12	1.31
Debt / assets	0.74	0.95	0.94	0.89	0.87	0.59	0.5	0.46	0.38	0.35	0.33
Net debt / EBITDA	14.1	14.8	11.3	16	8.76	4.08	2.54	2.06	2.19	3.9	5.85
Interest coverage	1.03	0.54	1.08	0.56	1.53	3.44	7.75	5.73	11.3	3.43	1.49
Effective tax rate	100%	0%	44.5%	0%	8.08%	0%	29.5%	19.6%	23.7%	25.8%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	466.6	415	335.2	338	378.7	442.6	454	442.4	463.8	461.9	437.9
EPS (basic)	-0.5	-56.3	0.75	-7.06	7.48	87.5	30.3	28.8	34.4	7.95	7.95
EPS (diluted)	-0.5	-56.3	0.75	-7.06	7.03	85.9	29	26.9	31.8	7.43	1.04
Book value per share	-21.8	-77.9	-76.3	-82.1	-70.5	27.9	59.5	93.4	123.5	128.8	114.7
FCF per share	64.3	49.9	-12.1	-42.4	46.8	32.5	11.9	66.8	0.89	25.8	30.8
Cash per share	58.8	78.5	31.6	21.9	42.4	39.1	50.7	69.7	32.4	42.3	41.8
Capex per share	1.23	1.05	5.57	0.67	0.53	0.94	1.95	2.71	2.54	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.26%	0.25%	1.66%	0.2%	0.14%	0.21%	0.43%	0.61%	0.55%	—	—
Capex / operating cash flow	2.33%	2.28%	-66.8%	-1.19%	1.18%	2.93%	13.3%	3.71%	15.7%	—	—
Payout ratio	—	—	—	0%	0%	0.13%	5.08%	5.18%	4.41%	16.7%	0%
Dividend yield	—	—	—	0%	0%	0.15%	4.41%	2.47%	0.94%	1.38%	1.38%

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$887M	$594.2M	$708.4M	$722.7M	$979.6M	$673.6M	$686.5M	$800.6M	$817.9M	$632M	$667.6M	$705.7M
YoY change	+0.03%	+15.3%	+0.67%	+11.2%	+10.4%	+13.4%	-3.09%	+10.8%	-16.5%	-6.19%	-2.74%	-11.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	346.8M	463.7M	187.9M	131M	262.5M	246M	326.2M	434.1M	210M	272.8M
Receivables	49.7M	58.1M	35.2M	44.9M	33.7M	39.9M	37.8M	28M	29.4M	26.5M
Inventory	1.3B	1B	1.1B	1.3B	1.2B	1.3B	1.5B	1.3B	1.6B	1.6B
Total current assets	2B	1.6B	1.4B	1.5B	1.5B	1.6B	1.9B	1.8B	1.9B	1.9B
Property, plant & equipment	-25.3M	-25.8M	172K	-580K	-4.6M	-6.2M	-5.9M	10.1M	21.4M	28M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.4B	1.9B	1.7B	1.9B	1.8B	2.3B	2.6B	2.5B	2.6B	2.6B
Accounts payable	160.9M	128.8M	127.8M	141.7M	148.5M	426.4M	440M	415.5M	433.3M	438.7M
Short-term debt	52M	52M	—	—	—	—	—	—	—	—
Total current liabilities	268.3M	177.7M	176.1M	218.1M	246.9M	526.7M	549.6M	495.7M	494.9M	497.2M
Long-term debt	1.7B	1.8B	1.6B	1.7B	1.6B	1.4B	1.3B	1.1B	986.9M	930.2M
Total liabilities	2.5B	2.4B	2.1B	2.4B	2.3B	2.1B	2.2B	1.9B	1.8B	1.8B
Shareholders' equity	-128.5M	-460.4M	-453.5M	-489.8M	-436.1M	175.4M	383.1M	581.8M	800.3M	830.9M
Total debt	1.8B	1.8B	1.6B	1.7B	1.6B	1.4B	1.3B	1.1B	986.9M	930.2M
Net debt	1.4B	1.3B	1.4B	1.6B	1.3B	1.1B	965.2M	708.9M	776.9M	657.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	434.1M	183.1M	182M	122M	210M	94.3M	74M	146.6M	272.8M	339.9M	310.9M	249.1M
Receivables	28M	24.2M	25M	48.1M	29.4M	74.2M	24.7M	29.2M	26.5M	40.2M	47.4M	49.6M
Inventory	1.3B	1.5B	1.4B	1.7B	1.6B	1.7B	1.7B	1.7B	1.6B	1.6B	1.7B	1.8B
Total current assets	1.8B	1.7B	1.6B	1.8B	1.9B	1.8B	1.9B	1.9B	1.9B	2B	2.1B	2.1B
Property, plant & equipment	10.1M	—	—	—	21.4M	—	—	—	28M	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	63.4M	63.4M	63.4M
Total assets	2.5B	2.3B	2.3B	2.5B	2.6B	2.5B	2.6B	2.6B	2.6B	2.7B	2.8B	2.9B
Accounts payable	415.5M	360.2M	379.4M	419.8M	433.3M	360.4M	418.7M	425.7M	438.7M	420.4M	457.1M	466.5M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	495.7M	456.1M	443.2M	501.4M	494.9M	441.9M	476.7M	489.5M	497.2M	628.6M	676.2M	734.9M
Long-term debt	1.1B	1B	1B	1B	986.9M	981.3M	942.4M	915.4M	930.2M	929.9M	934.6M	934.9M
Total liabilities	1.9B	1.7B	1.7B	1.8B	1.8B	1.7B	1.7B	1.8B	1.8B	1.9B	2B	2B
Shareholders' equity	581.8M	607.1M	647M	703.4M	800.3M	811.4M	820.4M	835.4M	830.9M	837.6M	827.6M	821M
Total debt	1.1B	1B	1B	1B	986.9M	981.3M	942.4M	915.4M	930.2M	929.9M	934.6M	934.9M
Net debt	708.9M	851.1M	836.5M	892.1M	776.9M	887.1M	868.4M	768.9M	657.4M	589.9M	623.7M	685.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-2.8M	-332.2M	4.5M	-42.1M	50.9M	607.8M	225.5M	205.9M	242M	63.9M
Depreciation & amortization	3.6M	4.2M	3.2M	4.2M	5.3M	5.3M	5.5M	8.8M	7.7M	13.9M
Stock-based compensation	2.9M	557K	3.7M	721K	2.8M	7.7M	10.3M	14.2M	25.3M	16.7M
Change in working capital	322.6M	267.8M	-71.5M	-268.7M	154.4M	-372.8M	-187.3M	242.5M	-150.3M	74.6M
Operating cash flow	311.2M	272.5M	-49.6M	-333.1M	277.1M	201.9M	94.4M	454.1M	105M	188.3M
Capital expenditure	-7.2M	-6.2M	33.1M	-4M	-3.3M	-5.9M	-12.5M	-16.9M	-16.4M	—
Investing cash flow	-54.2M	-40.5M	6.8M	-17.2M	-23.2M	-22.5M	-12.5M	-94.7M	-50.9M	-50.2M
Dividends paid	—	—	—	0	0	-818K	-11.5M	-10.7M	-10.7M	-10.7M
Share repurchases	—	—	—	—	0	0	-12.2M	-4.8M	-26.5M	-30.2M
Financing cash flow	-245.7M	-147.8M	-281.4M	206.7M	-345.9M	-217.3M	-57.1M	-261.7M	-187.9M	-107.4M
Net change in cash	11.3M	84.2M	-324.2M	-143.6M	-92M	-37.9M	24.7M	97.7M	-133.8M	30.6M
Free cash flow	379M	295.1M	-72M	-253.1M	289.4M	204.3M	76.9M	416.5M	5.8M	166.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	97.3M	23.9M	50.8M	72.9M	94.3M	28.2M	19.7M	16.6M	-667K	20.9M	-595K	-2.2M
Depreciation & amortization	1.6M	1.6M	2M	2.1M	2.1M	2.3M	3M	3.2M	5.3M	3.3M	3.5M	3.7M
Stock-based compensation	4.7M	4.1M	6.9M	9.2M	5.1M	3.6M	4.2M	6.2M	2.5M	1.6M	1.8M	5.5M
Change in working capital	84M	-135.7M	41M	-72.1M	16.5M	-93M	13.9M	46.2M	116.6M	118.8M	-47.8M	-30.5M
Operating cash flow	138M	-74.7M	103.1M	-40.4M	117M	-49.5M	38.4M	52.8M	169.1M	140.9M	-67.1M	-24M
Capital expenditure	-4.1M	-5.4M	-3.5M	-3.6M	-4M	-2.8M	-5.7M	—	—	—	—	—
Investing cash flow	-3.4M	-5.4M	-36M	-3.3M	-6.2M	-28.9M	-8.5M	-20.7M	-644K	-20.4M	-3M	-3.2M
Dividends paid	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M	-2.7M
Share repurchases	0	0	-15.1M	-11.4M	11K	-18.1M	-12.3M	94K	58K	-9M	-9.5M	78K
Financing cash flow	-50.1M	-173.3M	-63.2M	48.3M	-47.4M	-41.6M	-39.4M	50.5M	-39.9M	-52.6M	41.8M	-28.3M
Net change in cash	84.5M	-253.3M	3.9M	4.6M	63.3M	-120M	-9.5M	82.6M	128.6M	67.9M	-28.2M	-55.6M
Free cash flow	138.1M	-94.4M	84.7M	-95.8M	111.4M	-59.6M	16M	45.8M	164M	132.1M	-70.5M	-27.9M

Hovnanian Enterprises Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement