olivLaw · US equity research
Green Brick Partners, Inc. GRBK
Operative Builders · SIC 1531 · Vertical: Operative Builders (SIC 1531)
Green Brick Partners is a U.S. homebuilder and land developer active in Texas, Georgia and Florida, integrating its land, construction and financial services. In the second quarter of 2026 the company reported higher net new orders while margins narrowed under the pressure of incentives, and its home closing revenue was 471 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Green Brick Partners, Inc. (GRBK) stock was 66.51 USD (+7.81% on the day), with market capitalisation 2.8 bn USD, P/E 10.7 on diluted EPS of 6.24 USD over the last 12 months, dividend yield 0.10%, beta 0.82, 52-week range 60.12–80.59 USD. Latest reported quarter (Q3 2026): revenue of 448.2 m USD (−8.8% YoY), net income of 59.2 m USD (−24.0% YoY), diluted EPS 1.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.2
- strong (55–70)
- Bollinger (20, 2)
- 59.34 – 65.89
- above the upper band · %B 1.10 · band width 10.5%
- SMA 50 / 200
- 66.21 / 69.37
- mixed trend
- MACD (12, 26, 9)
- -0.63 / -1.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.6% | −1.1% | +2.7 pp | — |
| 3 months | −9.2% | −0.5% | −8.7 pp | — |
| 6 months | −0.5% | +4.4% | −4.9 pp | — |
| Year to date | +6.1% | +12.3% | −6.2 pp | — |
| 1 year | +4.9% | +13.5% | −8.6 pp | −12.9% |
| 3 years | +48.2% | +76.4% | −28.2 pp | +3.7% |
| 5 years | +156.6% | +63.7% | +92.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 555.5 m | 489.3 m | 540.9 m | 491.6 m | 518.2 m | 465.5 m | 493.8 m | 448.2 m |
| Cost of revenue | 335.8 m | 328.7 m | 367.0 m | 328.8 m | 374.7 m | 324.3 m | 336.3 m | 314.5 m |
| Gross profit | 194.0 m | 155.8 m | 167.5 m | 155.5 m | 162.0 m | 131.7 m | 145.3 m | 122.6 m |
| SG&A | 60.7 m | 52.6 m | 57.4 m | 55.2 m | 66.1 m | 52.6 m | 54.4 m | 51.8 m |
| Depreciation & amortisation | 1.3 m | 1.4 m | 1.1 m ≈ | 1.5 m ≈ | 1.2 m | 1.1 m | 1.1 m ≈ | 1.0 m ≈ |
| Pre-tax income | 138.1 m | 106.1 m | 112.3 m | 106.6 m | 113.1 m | 84.3 m | 99.5 m | 78.0 m |
| Income tax | 22.9 m | 22.2 m | 23.0 m | 23.2 m | 26.3 m | 18.4 m | 20.7 m | 16.6 m |
| Net income | 103.8 m | 75.1 m | 81.9 m | 77.9 m | 78.4 m | 60.9 m | 74.2 m | 59.2 m |
| Diluted EPS | 2.34 ≈ | 1.67 | 1.85 | 1.77 | 1.80 ≈ | 1.39 | 1.70 | 1.35 |
| Operating cash flow | 28.9 m | 68.7 m | 74.7 m ≈ | -10.2 m ≈ | 80.0 m | 56.3 m | -8.8 m ≈ | -52.5 m ≈ |
| Capex | 883.0 k | 713.0 k | 687.0 k ≈ | 1.8 m ≈ | 1.6 m | 1.2 m | 963.0 k ≈ | 1.2 m ≈ |
| Dividends paid | 719.0 k | 719.0 k | 719.0 k ≈ | 718.0 k ≈ | 719.0 k | 719.0 k | 719.0 k ≈ | 719.0 k ≈ |
| Share repurchases | 393.0 k | 16.9 m | 43.8 m ≈ | 0 ≈ | 23.0 m | 7.3 m | 9.4 m ≈ | 17.9 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 40-quarter history (min 3.5, median 8.6, max 35.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 623.6 m | 791.7 m | 976.0 m | 1.4 bn | 1.8 bn | 1.7 bn | 2.1 bn | 2.0 bn |
| Revenue YoY | +36.1% | +26.9% | +23.3% | +43.7% | +25.3% | −0.5% | +17.8% | −1.0% |
| Net income | 51.6 m | 58.7 m | 113.7 m | 190.2 m | 291.9 m | 284.6 m | 381.6 m | 313.2 m |
| Net income YoY | +244.8% | +13.6% | +93.8% | +67.3% | +53.5% | −2.5% | +34.1% | −17.9% |
| Diluted EPS | 1.02 | 1.16 | 2.24 | 3.72 | 6.02 | 6.14 | 8.45 | 7.07 |
| Diluted EPS YoY | +240.0% | +13.7% | +93.1% | +66.1% | +61.8% | +2.0% | +37.6% | −16.3% |
| net % | 8.3% | 7.4% | 11.6% | 13.6% | 16.6% | 16.3% | 18.5% | 15.4% |
| Free cash flow | -42.7 m | -24.6 m | 32.2 m | -94.4 m | 88.7 m | 205.5 m | 21.5 m | 208.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 154.6 m USD
- Financial debt
- 323.3 m USD
- Net debt
- 168.7 m USD
- Equity
- 1.9 bn USD
- Total assets
- 2.5 bn USD
- Debt / equity
- 0.17x
- Current ratio
- unavailable
- ROE
- 17.7%
- ROA
- 13.1%
- FCF margin
- 10.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 976.0 m | 1.4 bn | 1.8 bn | 1.7 bn | 2.1 bn | 2.0 bn | SEC (XBRL)· 11 May 2026verified |
| Cost of revenue | 741.4 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 11 May 2026verified |
| Gross profit | 234.6 m | 362.1 m | 523.0 m | 548.2 m | 703.5 m | 640.8 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 112.1 m | 134.3 m | 163.9 m | 193.0 m | 226.6 m | 231.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 3.7 m | 2.7 m | 2.4 m | 3.5 m | 4.9 m | 5.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 142.8 m | 257.0 m | 396.5 m | 391.3 m | 511.9 m | 438.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 25.0 m | 52.6 m | 82.5 m | 84.6 m | 94.7 m | 94.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 113.7 m | 190.2 m | 291.9 m | 284.6 m | 381.6 m | 313.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 2.24 | 3.72 | 6.02 | 6.14 | 8.45 | 7.07 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 50.8 m | 51.1 m | 48.0 m | 45.9 m | 44.8 m | 43.9 m | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 19.5 m | 77.2 m | 76.6 m | 179.8 m | 141.5 m | 154.6 m | SEC (XBRL)· 11 May 2026verified |
| Property, plant & equipment, net | 3.6 m | 2.8 m | 2.9 m | 7.1 m | 6.6 m | 6.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 680.0 k | 680.0 k | 680.0 k | 680.0 k | 680.0 k | 680.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 622.0 k | 537.0 k | 452.0 k | 367.0 k | 282.0 k | 197.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 988.8 m | 1.4 bn | 1.7 bn | 1.9 bn | 2.2 bn | 2.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 220.5 m | 339.5 m | 371.9 m | 350.5 m | 339.9 m | 323.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 325.9 m | 511.3 m | 543.6 m | 548.7 m | 551.8 m | 601.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 649.4 m | 888.7 m | 1.1 bn | 1.3 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 35.1 m | -92.4 m | 90.7 m | 213.3 m | 25.9 m | 213.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 2.9 m | 2.0 m | 2.0 m | 7.8 m | 4.4 m | 4.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 32.2 m ≈ | -94.4 m ≈ | 88.7 m ≈ | 205.5 m ≈ | 21.5 m ≈ | 208.4 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -13.3 m | -2.0 m | -6.5 m | -13.3 m | 27.8 m | -43.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -25.9 m | 154.3 m | -84.5 m | -93.8 m | -93.5 m | -138.4 m | SEC (XBRL)· 11 May 2026verified |
| Dividends paid | 0 | 0 | 2.8 m | 2.9 m | 2.9 m | 2.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 0 | 101.5 m | 45.8 m | 48.4 m | 83.8 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 88.75 – 100.82 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E88.75 – 100.82 (Mid 94.02)12 companies used · median multiple 15.1x · quartiles 14.2x – 16.2xCCS, DFH, DHI, ECG, KBH, LGIH, MHO, MTH, NVR, PHM, SDHC, TOL
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.2% | 100 (vs peers) | 11% |
| FCF conversion · Quality | 25.7% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 5.1% | 42 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 5.5% | 37 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.7x | 100 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.5% | 31 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 2.1% | 31 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 4.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth40/100 · 2/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns58/100 · 2/2 factors with a value
- Valuation69/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Green Brick Partners, Inc. (GRBK). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.0 bn USD in 2025; YoY growth -1.0%; net margin 14.2%; ROE 14.3%.
The estimated value range is 88.75–100.82 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 94.02 USD, the price of 66.51 USD leaves a potential of 41.4% (value / price − 1) and a margin of safety of 29.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.2%
- P/E (TTM): 10.7x
- Payout ratio (FCF): 4.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 25.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Operative Builders (SIC 1531) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHID.R. Horton, Inc. | 43.9 bn | 14.9 | 12.8% | 9.2% | −6.9% | −1% / +23% |
| PHMPultegroup, Inc. | 25.0 bn | 14.5 | 13.9% | 11.2% | −3.5% | +7% / +54% |
| NVRNVR, Inc. | 16.9 bn | 17.6 | 28.3% | 11.2% | −1.9% | −15% / +4% |
| TOLToll Brothers, Inc. | 14.6 bn | 12.7 | 14.4% | 11.1% | +1.1% | +13% / +85% |
| MTHMeritage Homes Corporation | 4.7 bn | 16.5 | 5.8% | — | unavailable | +0% / +4% |
| ECGEverus Construction Group, Inc. | 4.1 bn | 16.0 | 39.5% | 6.0% | +31.5% | −13% / unavailable |
| MHOM/i Homes, Inc. | 3.5 bn | 13.1 | 8.7% | 6.6% | −1.9% | +0% / +31% |
| KBHKb Home | 3.2 bn | 14.9 | 5.9% | 4.4% | −10.0% | −17% / +2% |
| GRBKGreen Brick Partners, Inc. | 2.8 bn | 10.7 | 14.3% | 14.2% | −1.0% | +5% / +48% |
| CCSCentury Communities, Inc. | 1.6 bn | 15.2 | 4.2% | 2.9% | −6.4% | −12% / −21% |
| LGIHLgi Homes, Inc. | 1.1 bn | 16.0 | 3.4% | 4.2% | −22.6% | −6% / −59% |
| BZHBeazer Homes USA Inc | 893.2 m | — | -0.7% | -0.4% | +1.8% | +49% / +38% |
| HOVHovnanian Enterprises Inc | 79.6 m | 81.2 | 2.2% | 0.6% | −0.9% | −16% / +22% |
| LRELead Real Estate Co., Ltd | — | — | 12.2% | 3.5% | −3.5% | −14% / −84% |
| LGPSLogprostyle Inc. | — | — | 19.7% | 3.4% | +7.6% | −43% / unavailable |
| DFHDream Finders Homes, Inc. | — | 13.3 | 7.6% | 2.6% | −2.9% | −35% / −47% |
| SDHCSmith Douglas Homes Corp. | — | 18.0 | 6.0% | 0.5% | −0.4% | −50% / unavailable |
1- and 3-year price returns: for GRBK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 40.74 Total return -39% · Per year -39% | 72.00 Total return 8% · Per year 8% | 108.43 Total return 63% · Per year 63% |
| 3 years | 40.01 Total return -40% · Per year -16% | 79.52 Total return 20% · Per year 6% | 131.41 Total return 98% · Per year 25% |
| 5 years | 39.29 Total return -41% · Per year -10% | 87.81 Total return 32% · Per year 6% | 159.26 Total return 139% · Per year 19% |
- Exit P/E± 19.88
- Net margin± 13.92
- Annual revenue growth± 11.36
- Annual dilution± 1.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Green Brick Partners is a U.S. homebuilder and land developer active in Texas, Georgia and Florida, integrating its land, construction and financial services. In the second quarter of 2026 the company reported higher net new orders while margins narrowed under the pressure of incentives, and its home closing revenue was 471 million USD 3.
SWOT
Strengths
- The company holds a solid position of self-developed lots and a conservative capital structure with high liquidity.
- Its integrated model, from land to mortgage and insurance, gives it control over the customer experience.
- A low cancellation rate points to stable demand and an efficient sales process.
Weaknesses
- Gross margins have declined steadily because incentives and discounts are needed to sustain sales pace.
- The average sales price has fallen, and the shift toward the Trophy brand lowers the average value per home.
- Activity is geographically concentrated in a few states, which raises exposure to local economic conditions.
Opportunities
- Expanding the Trophy brand into new markets could open additional volume for first-time buyers.
- Growth in financial services could add recurring revenue and support margins over the longer term.
- If financing costs fall, mortgage demand could rise and support home sales.
Threats
- If mortgage rates stay high, buyers could delay purchases or cancel contracts.
- Tariffs and labour shortages could raise construction costs and delay deliveries.
- A regional economic downturn could reduce demand in the company's key markets.
Risks
- Industry cyclicalityhigh
Housing demand depends on employment, consumer confidence and interest rates, and a deterioration in these could sharply affect the business 1.
- Margin pressurehigh
Incentives and closing costs have reduced margins, and if the market stays competitive these pressures could continue 2.
- Tariffs and material costsmedium
Tariffs on lumber and steel could raise costs, and the company may not always be able to pass them on to buyers 1.
- Dependence on subcontractorsmedium
Delays could arise if subcontractors are unavailable or do not perform their work properly 1.
- Dependence on managementlow
Losing key managers or struggling to attract talent could affect land acquisition and project execution 1.
Investment thesis
What would need to be true (bull case)
- The company holds a sizeable lot position for a long period and a capital structure that gives it flexibility to invest at favourable moments.
- If demand in Texas stays robust and sales keep growing, higher volume could offset pressure on prices.
- A growing financial services arm could add a steadier revenue stream that supports results over the longer term.
What would break the thesis
- Gross margins have declined year over year, and if incentives remain necessary, profitability could stay compressed.
- The average sales price has fallen, and a growing share of the Trophy brand could keep pressure on revenue per home.
- Activity is concentrated in a few markets, so a regional downturn could affect most results at once.
What to watch
- Trend in residential gross margin and the level of incentivesQ3 2026
- Pace of net new orders and the cancellation rate in TexasQ3 2026
- Company guidance for the second half of 2026 and Houston deliveries2026
- Financial services revenue trend and the mortgage capture ratenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Green Brick Partners, Inc. is a diversified homebuilding and land development company that acquires land, develops it and builds homes through seven builder brands in three major markets 1. Its core areas are Dallas-Fort Worth, Austin, Houston, Atlanta and the Treasure Coast area of Florida, and it handles every stage from entitlements to marketing and sales 1. The company also offers mortgage, title and insurance services through GRBK Mortgage, Green Brick Title and Green Brick Insurance 1.
As of 31 December 2025 the company owned or had under contract approximately 48,828 lots, of which 75.8% were owned, a position that lets it control the pace of deliveries 1. Its model is built on acquiring land in infill and infill-adjacent areas and self-developing it, giving it control over entitlements and community quality 1. In 2025 it delivered 3,943 homes and recorded home closing revenue of 2,091.3 million USD 1.
The capital structure remains conservative: the homebuilding debt to total capital ratio was 11.2% at 30 June 2026, with total liquidity of 462 million USD 3. The company states a target debt-to-capital ratio of about 20%, which is currently below that level 1. This financial discipline is a central element of its declared strategy.
Segments
Residential homebuilding
The main segment sells homes through brands such as Trophy Signature Homes, CB JENI, Normandy Homes, Southgate, Centre Living, TPG and GRBK GHO, with price ranges from the mid 200,000 USD level to over 1.8 million USD 1. Home sales made up nearly all of revenue in 2025, and residential units revenue fell to 920.5 million USD in the first half of 2026 3.
Market context
The company's markets are among the faster-growing in the U.S., and Texas, Florida and Georgia ranked first, second and fifth for single-family building permits according to NAHB 1. Affordability pressure and economic uncertainty continue to weigh on buyers, and average sales prices fell in 2026 3. If demand in Texas stays firm, the company could sustain sales pace, but margins depend on the level of incentives 3.
Trends
- Population growth in the Sunbelttailwind
Migration to southern U.S. states supports long-term housing demand in the areas where the company operates 1.
- Incentive pressure on marginsheadwind
High incentives and discounts reduced average prices and gross margins in 2025 and the first half of 2026 2.
- Material costs and tariffsheadwind
Tariffs on imports, including those on Canadian softwood lumber, could raise construction costs, and the company may not be able to pass them fully to customers 1.
- Demand for affordable homesmixed
The entry-level Trophy brand has grown its share of orders, which supports volume but lowers the average price 2.
Competitive position
The U.S. homebuilding market is competitive, especially for good land, where the company competes with other builders and land investors 1. The company argues that its acquisition discipline and self-development model give it an edge, but competition for land can push prices up 1.
The company says its cancellation rate is among the lowest of its public peers, which indicates comparatively sound execution 3. Differentiation, however, depends on its ability to hold margins as price competition increases 1.
- Other listed U.S. homebuilders
Publicly listed residential builders in the same markets are referenced in the source as the benchmark for cancellation rates, without being named.
- Local private builders
Builders competing for land and lots in Dallas-Fort Worth, Austin, Houston and Atlanta form part of the competitive market described in the source.
- Institutional land investors
Large-capital investment funds compete with the company for land suitable for home construction.
- Other land developers
Developers that sell finished lots are both competitors and possible suppliers to the company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report26 Oct 2026Departure or appointment of officers
- Current report27 Aug 2026Departure or appointment of officers
- Current report30 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report01 Jul 2026Shareholder vote
- Current report11 Jun 2026Departure or appointment of officers
- Proxy statement22 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Green Brick Partners, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Green Brick Partners, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Green Brick Partners, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.