Key Takeaways PHM beat Q4 EPS and revenue estimates, though both declined year over year amid margin pressure.Elevated incentives, cost inflation and land impairments drove a 280 bps drop in gross margin.Net new orders rose 4% as higher community count offset softer deliveries and cautious demand.PulteGroup (PHM) reported better-than-expected fourth-quarter 2025 results, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate, though both metrics declined year over year amid continued af ...

Meritage Homes (NYSE:MTH) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsAlan Ratner - Managing DirectorAlex Barron - FounderEmily Tadano - VP of Investor RelationsHilla Sferruzza - EVP and CFOJason Sabshon - Equity Research AssociateJohn Lovallo - UBSPhillippe Lord - CEOStephen Kim - Senior Managing DirectorSteve Hilton - Executive ChairmanConference Call ParticipantsMichael Rehaut - Executive Director and Senior AnalystRafe Jadrosich - Senior Equity Research AnalystTrevor Allinson ...

2025年第四季度及全年财务业绩摘要 - 2025年第四季度，公司实现净利润5.02亿美元，摊薄后每股收益2.56美元，而去年同期净利润为9.132亿美元，每股收益4.43美元 [1] - 2025年全年，公司交付房屋29,572套，实现房屋销售收入167亿美元，净利润22亿美元 [2] - 第四季度房屋销售收入为45亿美元，较去年同期下降5%，主要因交付量下降3%至7,821套，且平均售价下降1%至57.3万美元 [3] 季度业绩具体构成与影响因素 - 第四季度毛利率为24.7%，包含3500万美元的土地减值支出，影响毛利率80个基点，去年同期毛利率为27.5% [4] - 第四季度房屋建筑业务的销售、一般及行政费用为3.89亿美元，占房屋销售收入的8.7%，其中包含3400万美元的保险收益，去年同期该费用为1.96亿美元，包含2.55亿美元的保险收益 [5] - 第四季度其他费用为9900万美元，其中包含8100万美元与计划剥离部分制造资产相关的税前费用 [1][5] 运营指标与市场需求 - 第四季度新增净订单为6,428套，较2024年同期增长4%，订单价值为35亿美元，与去年同期持平 [6] - 第四季度平均社区数量为1,014个，同比增长6% [6] - 季度末未交付订单（积压订单）为8,495套，价值53亿美元 [6] - 管理层指出，尽管利率降低和更有利的定价动态改善了新房的可负担性，但消费者信心滞后继续拖累本季度的购房者需求 [3] 土地、现金与资本配置 - 2025年全年，公司在土地收购和开发上投资了52亿美元，年末持有现金20亿美元 [2] - 第四季度，公司以3亿美元回购了240万股普通股，全年共回购1,060万股（占流通股的5.2%），总金额12亿美元，每股均价112.76美元 [8] - 公司季度末的债务与资本比率为11.2% [8] 金融服务业务表现 - 金融服务业务第四季度实现税前利润3500万美元，低于去年同期的5100万美元 [7] - 利润下降主要受房屋建筑业务交付量和平均售价下降，以及抵押贷款捕获率从去年同期的86%降至84%的影响 [7] 区域运营数据摘要 - 从全年交付量看，佛罗里达州（7,442套）和东南部（5,598套）是主要贡献区域，而德克萨斯州（4,352套）和西部（5,505套）交付量同比有所下降 [18] - 第四季度新增净订单在佛罗里达州（1,705套）和东南部（1,322套）表现强劲，而西部（1,066套）订单量同比基本持平 [18] - 截至季度末，积压订单量同比减少，其中西部（1,420套）和东北部（507套）区域积压下降较为明显 [18]

For the quarter ended December 2025, Meritage Homes (MTH) reported revenue of $1.43 billion, down 11.5% over the same period last year. EPS came in at $1.67, compared to $4.72 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.51 billion, representing a surprise of -5.16%. The company delivered an EPS surprise of +8.06%, with the consensus EPS estimate being $1.55.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall St ...

Key Takeaways PulteGroup's Q4 revenues and closings likely fell as mortgage rates and affordability constrained demand.Margins of PHM are expected to compress as incentives rise and SG&A leverage weakens year over year.Strong execution history and focus on entry-level homes offer partial downside protection.PulteGroup Inc. (PHM) is scheduled to report its fourth-quarter 2025 results on Jan. 29, before the opening bell.In the last reported quarter, the company’s earnings per share (EPS) and total revenues be ...

D.R. Horton (DHI) reported $6.89 billion in revenue for the quarter ended December 2025, representing a year-over-year decline of 9.5%. EPS of $2.03 for the same period compares to $2.61 a year ago.The reported revenue represents a surprise of +2.91% over the Zacks Consensus Estimate of $6.69 billion. With the consensus EPS estimate being $1.95, the company has not delivered EPS surprise.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations ...

公司近期业绩与市场表现 - 公司股价在过去一年上涨8.5%，年初至今上涨9% [2] - 公司公布2025财年第一季度业绩，营收68.9亿美元，每股收益2.03美元，超出分析师预期的66亿美元营收和2.03美元每股收益 [2] - 业绩公布后，Evercore ISI将目标价从167美元小幅上调至169美元，维持“与大盘持平”评级 [2] - 业绩公布后，UBS将目标价从191美元上调至193美元，维持“买入”评级，并提高了估值倍数 [2] 公司业务模式与市场地位 - 公司是美国按销量计算最大的住宅建筑商，战略重点聚焦于入门级和首次购房者市场 [3] - 公司的投资逻辑在于其利用无与伦比的规模和生产导向型模式来提供经济适用房的能力，这在面临可负担性挑战的市场中是一个引人注目的价值主张 [3] - 公司在众多高增长的阳光地带市场拥有广泛业务，巩固了其领导地位 [3] - 公司运营效率高，现金流强劲，通过股票回购向股东返还大量资本，同时坚持“轻土地”策略以降低资产负债表风险 [3] 季度运营亮点与成本控制 - 公司季度业绩表现超预期，包括强于预期的房屋交付量和新订单量（与预期的下降相比保持持平） [3] - 公司毛利率保持韧性，超出之前的指引 [3] - 公司建筑成本同比下降2% [3] - 管理层上调了股票回购指引，显示出对未来现金流的信心 [3] 行业宏观背景与催化剂 - 市场讨论将公司与利率环境联系起来，认为如果利率下降，作为大型住宅建筑商的公司将受益 [2] - 有金融公司指出，公司正与特朗普政府就住房政策进行接触 [2]

核心观点 - 公司D R Horton第一财季净销售订单低于华尔街预期 主要原因是持续的可负担性压力抑制了买家需求[1] - 尽管面临行业逆风 公司通过销售激励措施应对市场 其税前利润率及每股收益仍略超预期[3][4] 财务表现 - 第一财季净销售订单同比增长3%至18,300套 但低于分析师预期的18,653套[2] - 每股收益为2.03美元 超过预期 但较去年同期下降22%[4] - 税前利润率为11.6% 略高于预期的11.5%[4] 市场与行业状况 - 不断上涨的住房成本和居高不下的抵押贷款利率是可负担性问题的核心 已成为美国购房者的主要担忧[2] - 整个行业的建筑商都推出了销售激励措施以吸引对价格敏感的买家 这一策略对行业盈利能力构成压力[3] 公司策略与展望 - 管理层预计销售激励措施在整个2026财年都将保持在高位[3] - 促销活动的范围将取决于春季需求趋势、抵押贷款利率变化以及更广泛的市场状况[3]

We came across a bearish thesis on LGI Homes, Inc. on Hunterbrook’s Substack. In this article, we will summarize the bears’ thesis on LGIH. LGI Homes, Inc.'s share was trading at $53.79 as of January 13th. LGIH’s trailing and forward P/E were 11.90 and 11.92  respectively according to Yahoo Finance. Opendoor (OPEN) Ends Losses as Investment Firm Acquires 5.9% Stake Africa Studio/Shutterstock.com Hunterbrook Media’s investigation into LGI Homes ($LGIH) reveals a deeply concerning pattern of predatory sal ...

Key Takeaways DHI's Q1 EPS and revenues beat estimates, though both declined year over year amid softer housing demand.Net sales orders and backlog rose year over year, signaling resilient buyer interest despite headwinds.Strong liquidity, low leverage and buybacks position DHI to navigate affordability-driven market volatility.D.R. Horton, Inc. (DHI) reported better-than-expected first-quarter fiscal 2026 (ended Dec. 31, 2025) results, with earnings and total revenues beating the Zacks Consensus Estimate.  ...