Dream Finders Homes, Inc. (DFH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+192.6%

$30.20

vs $10.32 price

Levered DCF

-$1.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.11

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.34×	6.76×	11.73×	3.24×	15.31×	24.65×	61.62×	110.26×
P/B	1.01×	1.56×	3.08×	1.02×	3.38×	10.76×	34.31×	58.57×
P/S	0.37×	0.49×	0.88×	0.24×	0.94×	1.71×	1.98×	3.71×
EV / EBITDA	6.22×	7.04×	8.66×	3.83×	13.67×	23.91×	39.27×	75.67×
Gross margin	17.5%	18.6%	19.7%	18.6%	16.3%	15.1%	13.5%	13.0%
Operating margin	6.2%	9.7%	11.4%	10.4%	8.3%	7.1%	5.0%	4.7%
Net margin	5.0%	7.5%	7.9%	7.8%	6.4%	7.0%	3.2%	3.3%
Current ratio	2.92×	1.57×	1.93×	1.27×	1.16×	1.31×	1.36×	1.29×
Debt / equity	0.38×	0.94×	0.79×	1.26×	1.48×	1.86×	4.38×	5.8×
Interest coverage	0×	0×	427,978×	10,911.13×	236.86×	91.96×	222.07×	35.64×
Dividend yield	0.8%	0.6%	0.4%	1.7%	2.6%	0.9%	0.4%	0.6%
Payout ratio	6.2%	4.0%	4.5%	5.2%	38.1%	21.8%	26.8%	67.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.8%	24.1%	27.6%	33.3%	23.0%	43.9%	54.9%	52.3%
Return on invested capital	8.3%	12.1%	15.9%	14.1%	9.0%	14.1%	9.3%	8.6%
Return on assets	5.8%	10.1%	11.5%	11.1%	6.5%	10.8%	6.0%	4.6%
Free cash flow yield	-7.9%	-13.0%	11.2%	-4.1%	3.5%	4.8%	1.4%	-0.7%
Earnings yield	13.6%	15.4%	8.9%	32.7%	6.8%	4.1%	1.6%	0.9%
Enterprise value	$1.9B	$3.2B	$3.7B	$1.4B	$2.4B	$2.2B	$2.1B	$2.1B
Net debt / EBITDA	1.14×	2.26×	0.83×	1.68×	3.24×	3.12×	3.73×	6.18×
Cash conversion cycle (days)	198	161	161	171	222	175	141	210