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KB Home (KBH) stock

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NYSE: KBH NYSE Homebuilding Next results ~December 17, 2026

C Fundamentals grade

KB Home is a US-listed company in the homebuilding industry. Its financial year ends in November.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$47

Cash-flow model

Base case. Range ~$36–$62 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 4% above our base value.

Price used: $48.95, November 3, 2026

KB Home valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds177 adding, 211 cuttingOf 59 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter KB Home files

Where KB Home stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $5.18bn, down 20.8% on a year earlier, a steeper fall than the 17.5% decline a quarter earlier. That puts it 14 of 14 for growth among the homebuilding companies we cover. Free-cash-flow margin fell to 0.6% from 5.3% a year earlier. The diluted share count is down 11.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. Our cash-flow model value is $49.28 a share, against a share price of $46.47. At that price, our model says the market is pricing in about 2.9% a year of cash-flow growth for five years, faster than the -2.0% a year revenue growth it has delivered.

Source: 10-Q filed October 8, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 17, 2026 (estimated)

KB Home's trailing-twelve-month revenue fell 20.8% year on year, with a free-cash-flow margin of 0.6%. Where it stands out: change in share count of -11.8% ranks 1 of 16 homebuilding companies we cover. Where it lags: revenue growth of -20.8% ranks 17 of 17 homebuilding companies we cover.

Our discounted-cash-flow model values the business at ~$47 per share in the base case (~$36–$62 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 91.8% while net income fell 56.1%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 11.8% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 20.8% over the last 12 months.
  • Insiders selling. 4 insiders sold $19M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Growth easing. The growth rate is 3.3 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 13% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -3.3pp ranks 15 of 17 homebuilding companies we cover (median -0.6pp).
  • Below peers: free-cash-flow margin. Free-cash-flow margin of 0.6% ranks 14 of 17 homebuilding companies we cover (median 7.7%).

Latest results: FY2026 Q3

Filed October 8, 2026
Earnings per share
$1.05 against an average estimate of $0.90: beat by 16.7%
Revenue
$1.30bn, down 20.0% on a year earlier
Share reaction
-1.5% in the first session after the results on September 22, 2026, against -0.7% for the S&P 500
Guidance given
deliveries 3000 to 3500 (2026 Fourth Quarter); housing revenues $1.45bn to $1.65bn (2026 Fourth Quarter)
Next report
December 17, 2026; average EPS estimate $1.21

KB Home's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.4%
  • 1 week+4.7%
  • 1 month+7.0%
  • This year-9.0%
  • 1 year-18.4%
  • 5 years+27.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.2B
Net margin
4.4%
EPS (TTM, diluted)
$3.59

Growth

Revenue growth
−20.8%
Change in growth rate
−3.3 pts
Share count change
−11.8%

Cash

Free cash flow (TTM)
$28.7M
FCF margin
0.6%
Stock pay % of revenue
0.6%

Earnings

Last results
September 22, 2026
Next results (est.)
December 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Announcement
  4. Announcement
  5. Dividend
  6. Announcement
  7. Announcement
  8. Announcement
  9. Results
  10. Guidance
  11. Announcement
  12. Announcement
  13. Insider trade
  14. Insider trade
  15. Insider trade
  16. Insider trade
  17. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

KB Home valuation models and calculator

What the price is pricing in

The share price implies about 3.9% a year of cash-flow growth for five years.That is faster than the -2.0% a year revenue growth KB Home has delivered.

  • Priced in3.9%
  • Last 12 months-20.8%
  • 3 years a year-8.1%
  • 5 years a year-2.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($48.93, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$47
Price used
$48.93close November 3, 2026
Implied change
▼ 4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of KB Home's free cash flow after stock-based pay with after-tax interest added back ($155M, FY2026 Q3 TTM), growing 0.4% and 3.3% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$36–~$62 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of KB Home's free cash flow after stock-based pay ( $155M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value KB Home as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$47 ~$36–$62 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$57 ~$46–$74 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$140 ~$99–$220 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$140 ~$120–$170 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$87 ~$47–$140 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare KB Home with Homebuilding in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −19%
  • Revenue growth 5 points higher ▲ +25%
  • Last year's free-cash-flow margin change, if it persists ▼ −87%
  • Discount rate 1 point higher ▼ −11%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $39$52$69$91$121$159
8.5% $30$40$52$68$89$116
10% $25$32$42$54$70$91

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$12.39$14.04$27.93$18.87$31.17$32.16$37.04$29.61$49.88$80.28$63.47$50.66
Market value$1.3bn$1.4bn$2.7bn$1.9bn$2.9bn$3.0bn$3.5bn$2.6bn$4.2bn$6.2bn$4.4bn$3.2bn
+ Net debt (− = net cash)−$560m−$593m−$721m−$575m−$455m−$683m−$292m−$330m−$727m−$599m−$230m−$160m
Enterprise value$715m$759m$2.0bn$1.3bn$2.5bn$2.3bn$3.2bn$2.3bn$3.4bn$5.6bn$4.2bn$3.0bn
Multiples
Price / sales 0.4x0.4x0.6x0.4x0.6x0.7x0.6x0.4x0.6x0.9x0.7x0.6x
Price / earnings 15.1x12.8x15.2x11.2x10.9x10.2x6.1x3.2x7.0x9.4x10.3x14.1x
Price / free cash flow ———8.9x13.9x10.7x—19.1x4.0x19.1x15.3x111.9x
EV / EBITDA 5.0x4.9x7.1x3.8x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard KB Home's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 6.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 16.7%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.4%; its worst year was -7.8%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 5 of 7 years, at a median 4.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 33.0% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 17, 2026, after the close. Analysts expect revenue of $1.6bn and EPS of $1.21 (range $1.12 to $1.35) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.21 −48% $5.0bn −19%
Next $3.57 +11% $5.1bn +2%

Next year's EPS estimate has moved −22.5% in 90 days, across 16 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.90 $1.05 +16.7%
May 2026 $0.46 $0.43 −6.0%
Feb 2026 $0.54 $0.52 −4.6%
Nov 2025 $1.79 $1.55 −13.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 22, 2026
  • Housing gross profit margin 2026 Full Year 16% to 16.2% Non-GAAP Maintained
    “Housing gross profit margin in the range of 16.0% to 16.2%, assuming no inventory-related charges.” source
  • Housing gross profit margin 2026 Fourth Quarter 16% to 16.6% Non-GAAP
    “Housing gross profit margin in the range of 16.0% to 16.6%, assuming no inventory-related charges.” source
  • Deliveries 2026 Full Year 10,500 to 11,000 Maintained
    “Deliveries in the range of 10,500 to 11,000 homes.” source
  • Housing revenues 2026 Full Year $4.9bn to $5.1bn Maintained
    “Housing revenues in the range of $4.90 billion to $5.10 billion.” source
  • Selling, general and administrative expenses as a percentage of revenues 2026 Full Year 11.5% to 11.7%
    “Selling, general and administrative expenses as a percentage of revenues in the range of 11.5% to 11.7%.” source
  • Effective tax rate 2026 Full Year about 23%
    “Effective tax rate of approximately 23%.” source
Show 5 more items
  • Deliveries 2026 Fourth Quarter 3,000 to 3,500
    “Deliveries in the range of 3,000 to 3,500 homes.” source
  • Housing revenues 2026 Fourth Quarter $1.45bn to $1.65bn
    “Housing revenues in the range of $1.45 billion to $1.65 billion.” source
  • Selling, general and administrative expenses as a percentage of revenues 2026 Fourth Quarter 10.3% to 10.9%
    “Selling, general and administrative expenses as a percentage of revenues in the range of 10.3% to 10.9%.” source
  • Effective tax rate 2026 Fourth Quarter about 26%
    “Effective tax rate of approximately 26%.” source
  • Ending community count 2026 Fourth Quarter 270 to 275
    “Ending community count in the range of 270 to 275.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows KB Home's revenue by +0.4% next year and +3.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.2%, weight 69%) and the company's own record (+4.0%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy318%
Hold1059%
Sell424%

Monthly trend

  1. Oct 2026210417
  2. Sep 202629315
  3. Aug 202629315
  4. Jul 202629315

Counts of recommendations published by analysts covering KB Home, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
26.2%
of tradable shares
Days to cover
5.58
at average volume
Short interest, 1 month
+26%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
4.4%
of shares
Employees
2,118
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −17.4%

$61.34 on October 31, 2025 to $50.66

ThenNowEffect
Revenue (last 12 months) $6.5bn $5.2bn −20.8%
Net margin 7.9% 4.4% −44.5%
P/E multiple 8.5x 14.1x +65.8%
Share count 72m 63m +13.4%

Biggest factor: net margin.

Last 3 years +3.8%

$48.81 on November 3, 2023 to $50.66

ThenNowEffect
Revenue (last 12 months) $6.7bn $5.2bn −22.4%
Net margin 9.8% 4.4% −55.3%
P/E multiple 6.3x 14.1x +122.8%
Share count 85m 63m +34.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KBH+35%−28%+99%+7%−13%−9%
Industry peers (median)+54%−29%+88%−3%−11%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KBH58%50%58%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KBH−25%−48%−23%−27%−28%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 72% from February 20, 2020 to March 18, 2020. Getting back needed a 262% gain, reached on September 22, 2020, 188 days after the low.

Price behaviour

52-week range
$41.63 – $65.75
From 52-week high
−22.9%
vs 50-day average
+5.7%
vs 200-day average
−4.9%
Volatility (1 year)
40%
Beta vs S&P 500
0.76

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.1%
After a week
5 up, 7 down
typical move ±4.6%
After a month
6 up, 6 down
typical move ±7.5%
Results releasedNext dayS&P 500 next day5 days21 days
September 22, 2026 −1.5% −0.7% −0.9% −10.1%
June 23, 2026 +17.1% −1.5% +19.2% +5.9%
March 24, 2026 −2.0% +0.2% −2.7% +5.5%
December 18, 2025 −8.8% +1.7% −8.9% −2.0%
September 24, 2025 −0.7% −0.8% +3.6% +1.0%
June 23, 2025 +2.6% +2.1% +2.4% +13.4%
March 24, 2025 −2.0% +2.0% −2.7% −10.5%
January 13, 2025 +6.3% +0.3% +6.1% +1.6%
September 24, 2024 −6.2% +0.1% −3.4% −12.3%
June 18, 2024 +0.7% 0.0% −1.0% +15.1%
March 20, 2024 +0.6% +1.3% +1.9% −10.6%
January 10, 2024 −0.2% +0.5% −2.3% −2.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How KB Home’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.26× the last 60 days’ realised volatility .
  • Puts are priced 4 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

KBH KB Home Grade C $49.16

Own 100 shares, sell the $55.00 call expiring December 18, 2026 (45 days) for $1.00 a share — $100 per contract.

Bid $1.00, ask $1.15, quoted Tue 3 Nov, 14:31 New York time with KBH at $49.16. Option prices move with the shares: check the live chain at your broker before trading.

  • If KBH ends below $55.00: you keep your shares and the $100 — 2.0% extra on the position, 16.5% a year at that pace.
  • If it ends above $55.00: your shares are sold at $55.00, a total return of 13.9% including the premium — at or above our value of ~$47.
$684 $0 −$963 Our value $47.00 Break-even $48.16 Price $49.16
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$100
Annualised
16.5%
Break-even
$48.16
Max gain
$684
Chance of selling
~27%

Results are expected around December 17, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $45.00 put and sell the $55.00 call, both expiring December 18, 2026 (45 days).

  • Net cost of $0.45 a share ($45.00 per contract of 100 shares).
  • Worst case at expiry: -9.4%, if the shares fall below $45.00 (-8.5% from today).
  • Best case at expiry: +11.0%, if the shares rise above $55.00 (+11.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $47.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

KB Home in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) KB Home
$5B $5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.4B Revenue (TTM), FY24 Q1: $6.5B Revenue (TTM), FY24 Q2: $6.4B Revenue (TTM), FY24 Q3: $6.6B Revenue (TTM), FY24 Q4: $6.9B Revenue (TTM), FY25 Q1: $6.9B Revenue (TTM), FY25 Q2: $6.7B Revenue (TTM), FY25 Q3: $6.5B Revenue (TTM), FY25 Q4: $6.2B Revenue (TTM), FY26 Q1: $5.9B Revenue (TTM), FY26 Q2: $5.5B Revenue (TTM), FY26 Q3: $5.2B $5.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.4B
FY24 Q1 $6.5B
FY24 Q2 $6.4B
FY24 Q3 $6.6B
FY24 Q4 $6.9B
FY25 Q1 $6.9B
FY25 Q2 $6.7B
FY25 Q3 $6.5B
FY25 Q4 $6.2B
FY26 Q1 $5.9B
FY26 Q2 $5.5B
FY26 Q3 $5.2B
Revenue growth, TTM YoY KB Home
-30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -7.1% Revenue growth, TTM YoY, FY24 Q1: -5.7% Revenue growth, TTM YoY, FY24 Q2: -7.2% Revenue growth, TTM YoY, FY24 Q3: -1.1% Revenue growth, TTM YoY, FY24 Q4: 8.1% Revenue growth, TTM YoY, FY25 Q1: 5.5% Revenue growth, TTM YoY, FY25 Q2: 3.7% Revenue growth, TTM YoY, FY25 Q3: -0.9% Revenue growth, TTM YoY, FY25 Q4: -10.0% Revenue growth, TTM YoY, FY26 Q1: -13.6% Revenue growth, TTM YoY, FY26 Q2: -17.5% Revenue growth, TTM YoY, FY26 Q3: -20.8% -20.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -7.1%
FY24 Q1 -5.7%
FY24 Q2 -7.2%
FY24 Q3 -1.1%
FY24 Q4 8.1%
FY25 Q1 5.5%
FY25 Q2 3.7%
FY25 Q3 -0.9%
FY25 Q4 -10.0%
FY26 Q1 -13.6%
FY26 Q2 -17.5%
FY26 Q3 -20.8%
Operating margin (TTM) KB Home
4% 5% 6% 7% 8% FY16 Q1 FY16 Q4 FY17 Q3 FY18 Q4 Operating margin (TTM), FY16 Q1: 4.6% Operating margin (TTM), FY16 Q2: 4.6% Operating margin (TTM), FY16 Q3: 4.9% Operating margin (TTM), FY16 Q4: 4.2% Operating margin (TTM), FY17 Q1: 4.2% Operating margin (TTM), FY17 Q2: 4.6% Operating margin (TTM), FY17 Q3: 5.0% Operating margin (TTM), FY17 Q4: 6.5% Operating margin (TTM), FY18 Q1: 6.8% Operating margin (TTM), FY18 Q2: 7.2% Operating margin (TTM), FY18 Q3: 7.7% Operating margin (TTM), FY18 Q4: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY16 Q1 4.6%
FY16 Q2 4.6%
FY16 Q3 4.9%
FY16 Q4 4.2%
FY17 Q1 4.2%
FY17 Q2 4.6%
FY17 Q3 5.0%
FY17 Q4 6.5%
FY18 Q1 6.8%
FY18 Q2 7.2%
FY18 Q3 7.7%
FY18 Q4 7.6%
FCF margin (TTM) KB Home
-5% 0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.3% FCF margin (TTM), FY24 Q1: 15.1% FCF margin (TTM), FY24 Q2: 8.2% FCF margin (TTM), FY24 Q3: 4.1% FCF margin (TTM), FY24 Q4: 4.7% FCF margin (TTM), FY25 Q1: -0.6% FCF margin (TTM), FY25 Q2: 1.0% FCF margin (TTM), FY25 Q3: 5.3% FCF margin (TTM), FY25 Q4: 4.6% FCF margin (TTM), FY26 Q1: 8.3% FCF margin (TTM), FY26 Q2: 6.5% FCF margin (TTM), FY26 Q3: 0.6% 0.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.3%
FY24 Q1 15.1%
FY24 Q2 8.2%
FY24 Q3 4.1%
FY24 Q4 4.7%
FY25 Q1 -0.6%
FY25 Q2 1.0%
FY25 Q3 5.3%
FY25 Q4 4.6%
FY26 Q1 8.3%
FY26 Q2 6.5%
FY26 Q3 0.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Nov 2010 2011 Nov 2011 2012 Nov 2012 2013 Nov 2013 2014 Nov 2014 2015 Nov 2015 2016 Nov 2016 2017 Nov 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Nov 2021 2022 Nov 2022 2023 Nov 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 1,825 1,590 1,316 1,560 2,097 2,401 3,032 3,595 4,369 4,547 4,553 4,183 5,725 6,904 6,411 6,930 6,236 5,181
EBITDA −231 −13 −101 −19 94 118 142 156 286 348 — — — — — — — —
Operating income −237 −16 −103 −20 92 116 139 152 283 346 — — — — — — — —
Net income −102 −69 −179 −59 40 918 85 106 181 170 269 296 565 817 590 655 429 228
Diluted EPS −$1.33 −$0.90 −$2.32 −$0.76 $0.46 $9.25 $0.85 $1.12 $1.85 $1.71 $2.85 $3.13 $6.01 $9.09 $7.03 $8.45 $6.15 $3.59
Growth (year on year)
Revenue −39.9% −12.9% −17.2% +18.6% +34.4% +14.5% +26.3% +18.6% +21.5% +4.1% +0.1% −8.1% +36.9% +20.6% −7.1% +8.1% −10.0% −20.8%
EBITDA — — — — — +26.0% +20.0% +9.9% +83.4% +21.7% — — — — — — — —
Operating income — — — — — +25.9% +19.5% +9.9% +86.0% +22.0% — — — — — — — —
Net income — — — — — — −90.8% +24.8% +71.0% −5.7% +57.8% +10.2% +90.6% +44.6% −27.7% +11.0% −34.5% −56.1%
Diluted EPS — — — — — — −90.8% +31.8% +65.2% −7.6% +66.7% +9.8% +92.0% +51.2% −22.7% +20.2% −27.2% −50.2%
Margins
EBITDA margin −12.7% −0.8% −7.7% −1.2% 4.5% 4.9% 4.7% 4.3% 6.6% 7.7% — — — — — — — —
Operating margin −13.0% −1.0% −7.8% −1.3% 4.4% 4.8% 4.6% 4.2% 6.5% 7.6% — — — — — — — —
Net margin −5.6% −4.4% −13.6% −3.8% 1.9% 38.2% 2.8% 2.9% 4.1% 3.7% 5.9% 7.1% 9.9% 11.8% 9.2% 9.5% 6.9% 4.4%
Free-cash-flow margin — — — — — — — — — 4.7% 4.6% 6.7% −1.3% 2.0% 16.3% 4.7% 4.6% 0.6%
Cash flow
Cash from operations 350 −134 −348 35 −443 −631 181 189 513 222 251 311 −37 183 1,083 363 336 75
Capital spending — — — — — — — — — 7 40 29 39 45 35 39 48 46
Free cash flow — — — — — — — — — 214 211 282 −77 138 1,047 323 287 29
Stock-based pay 4 8 8 7 6 9 17 17 15 16 18 22 29 29 35 34 46 32
Free cash flow after stock pay — — — — — — — — — 198 192 260 −106 109 1,013 289 241 −4
Balance sheet
Cash 1,178 908 418 526 533 359 560 593 721 575 455 683 292 330 727 599 230 160
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −1,178 −908 −418 −526 −533 −359 −560 −593 −721 −575 −455 −683 −292 −330 −727 −599 −230 −160
Diluted shares — 77m 77m 77m 92m 99m 103m 96m 98m 101m 94m 94m 94m 89m 83m 77m 69m 63m
Returned to shareholders
Dividends 19 19 19 11 8 9 9 9 9 9 20 38 54 52 57 72 69 64
Buybacks 1 0 0 2 8 1 1 86 0 35 0 0 188 150 411 354 541 283
Total returned 20 20 19 12 17 10 10 95 9 44 20 38 242 202 468 425 610 346

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 0 checks passed · August 31, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From KB Home's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$283M
Dividends (TTM)
$63.5M
Returned to shareholders
1209%
of free cash flow
Buybacks, last 3 fiscal years
$1.3B
Diluted share count
−11.8%
year over year
Total shareholder yield
11.1%
dividends 2.0% + buybacks 9.0% of market value
Dividend payout ratio
28%
of net income paid out

Competitors: side by side with peers

Closest by revenue in homebuilding
Last 12 months unless stated KBH MHO DFH CCS IBP NVR Median
Revenue, last 12 months $5.2bn $4.2bn $4.1bn $3.8bn $3.0bn $9.5bn $3.8bn
Revenue growth, last 12 months −20.8% −6.0% −12.2% −8.2% 0.3% −9.9% −7.1%
Revenue growth, 3-year average −8.1% −0.6% 4.7% 1.3% 2.4% −1.6% −0.6%
Revenue growth, latest quarter −20.0% −4.9% −7.6% −11.8% 2.3% −10.5% −6.2%
Gross margin 19.1% 20.7% 19.8% 17.7% 33.6% — 21.1%
Operating margin 7.6% 8.2% — 7.2% 12.4% — 9.1%
Operating margin, 3-year average 6.1% 12.4% — 7.9% 12.8% — 12.0%
Net margin 4.4% 6.6% 3.5% 2.9% 8.5% 12.0% 7.2%
Cash from operations / revenue 1.4% 3.6% −3.3% −1.5% 12.1% 11.2% 7.8%
Free-cash-flow margin 0.6% 3.3% −3.9% −2.3% 9.8% 11.0% 7.7%
Free-cash-flow margin, 3-year average 3.3% 3.9% −2.1% −0.8% 9.8% 12.5% 5.8%
Stock pay / revenue 0.6% 0.4% 0.5% 0.4% 0.7% 0.7% 0.5%
Change in share count −11.8% −4.8% −4.6% −6.4% −2.9% −7.9% −4.8%

Median of all 17 companies we cover in homebuilding. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 homebuilding companies
Measure Company Peer median Rank
Revenue growth Growth -20.8% -7.1% 17 of 17
Change in growth rate Growth -3.3pp -0.6pp 15 of 17
Net margin Profitability 4.4% 7.2% 11 of 17
Free-cash-flow margin Cash generation 0.6% 7.7% 14 of 17
Stock pay as % of revenue Cash generation 0.6% 0.5% 13 of 17
Change in share count Balance sheet -11.8% -4.8% 1 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 30, 2025
Products and services
Line of business Revenue Share YoY
Home Building $6.2B 100.0% ▼ 10.0%
Housing $6.2B 100.0% ▼ 10.0%
Financial Service $24.3M 0.4% ▼ 12.7%
Land $1.3M 0.0% ▼ 62.3%

From KB Home's 10-K filed January 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4B
Institutions reporting
377
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
62 / 69

Top buyers and sellers, Q2 2026: 177 institutions bought and 211 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+819K shares) and the biggest seller Freestone Grove Partners LP (−624K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $618M 9.9M 15.6% ▲ 5.3%
FMR LLC $325M 5.2M 8.2% ▲ 2.2%
State Street Corp $222M 3.5M 5.6% ▲ 6.4%
Vanguard Portfolio Management LLC $202M 3.2M 5.1% ▲ 11.0%
Capital World Investors $189M 3.0M 4.8% ▲ 2.3%
Vanguard Capital Management LLC $170M 2.7M 4.3% ▲ 8.2%
Dimensional Fund Advisors LP $144M 2.3M 3.6% ▼ 0.5%
Two Sigma Investments, LP $117M 1.9M 3.0% ▲ 7.5%
Geode Capital Management, LLC $109M 1.7M 2.7% ▲ 4.1%
Donald Smith & Co., Inc. $109M 1.7M 2.7% ▲ 45.7%
Invesco Ltd. $91.6M 1.5M 2.3% ▲ 14.7%
UBS Group AG $84M 1.3M 2.1% ▲ 44.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not KB Home's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $19.1M 10 trades by 4 insiders · 0% under pre-set plans
Net ▼ $19.1M net selling
Insider Date Trade Shares Price Value
Collins Arthur Reginald Director August 6, 2026 Sell 4,000 $56.96 $227,840
Praw Albert Z EVP, Real Estate & Bus. Dev. August 5, 2026 Sell 22,015 $58.70 $1.3M
Mezger Jeffrey T Executive Chairman July 15, 2026 Sell 21,010 $56.24 $1.2M
Mezger Jeffrey T Executive Chairman July 15, 2026 Sell 30,008 $56.70 $1.7M
Mezger Jeffrey T Executive Chairman July 14, 2026 Sell 39,204 $55.45 $2.2M
Mezger Jeffrey T Executive Chairman July 14, 2026 Sell 89,858 $54.87 $4.9M
Mcgibney Robert V. President and CEO July 13, 2026 Sell 20,621 $55.31 $1.1M
Mezger Jeffrey T Executive Chairman July 13, 2026 Sell 12,825 $55.81 $715,763
Mezger Jeffrey T Executive Chairman July 13, 2026 Sell 82,047 $54.95 $4.5M
Praw Albert Z EVP, Real Estate & Bus. Dev. November 4, 2025 Sell 20,284 $60.08 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in KB Home disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 9, 2025, filed August 13, 2025
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded October 27, 2022, filed November 14, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 17, 2026 estimated from the company's past filing pattern, not announced

  • September 22, 2026
  • June 23, 2026
  • March 24, 2026
  • December 18, 2025
  • September 24, 2025
  • June 23, 2025

Recent SEC filings

Data status

When each part of this page on KB Home was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

KB Home in brief

What does KB Home do?
KB Home is a US-listed company in the homebuilding industry. Its financial year ends in November.
What is KB Home's stock ticker?
KB Home trades under the ticker KBH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is KB Home's revenue, and how fast is it growing?
Over its most recent trailing twelve months, KB Home reported revenue of $5.2B, 20.8% lower than a year earlier, according to its SEC filings.
What is KB Home's free cash flow?
KB Home's free-cash-flow margin is 0.6% of revenue over the trailing twelve months, ranking 14 of the 17 homebuilding companies we cover.
What is KB Home's fair value (intrinsic value) per share?
Our discounted-cash-flow model of KB Home's free cash flow after stock-based pay gives ~$47 per share in the base case, and ~$36–$62 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are KB Home's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is KB Home buying back stock, and does it pay a dividend?
KB Home spent $283M on share repurchases over the trailing twelve months, and its diluted share count fell 11.8% over the year.
What is KB Home's market cap?
On November 2, 2026, KB Home's market capitalisation was about $3.2B, with a price-to-earnings ratio of 14.1 and net debt of -$160M. Market figures come from third-party market data and may be delayed.
Does KB Home pay a dividend?
Yes: KB Home paid $63.5M in dividends over the trailing twelve months, a dividend yield of 2.03% and a payout ratio of 27.9%.
Who are KB Home's competitors?
In our Homebuilding peer group, the companies closest to KB Home are M/i Homes, Inc., Dream Finders Homes, Inc., Century Communities, Inc., Installed Building Products, Inc. and NVR, Inc. The side-by-side comparison below sets their revenue, margins and growth against KB Home's.
Are insiders buying or selling KB Home stock?
Over the last 12 months, KB Home's directors and officers reported 0 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is KB Home's next earnings date?
Around December 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — KB Home announces its own schedule.