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Green Brick Partners Inc
NYSE:GRBK

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Green Brick Partners Inc
NYSE:GRBK
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Price: 65.74 USD -0.71%
Market Cap: 2.9B USD

Green Brick Partners Inc
Investor Relations

Green Brick Partners Inc. has carved a notable niche for itself as a dynamic force in the homebuilding industry. Originating from the entrepreneurial vision of its founders, Green Brick operates through its unique business model, functioning as both a land development and homebuilding company. This dual approach enables the firm to control its supply chain more effectively, streamlining the process from land acquisition to the final sale of homes. By engaging in both the procurement and development of residential land, Green Brick capitalizes on lucrative opportunities before they reach the broader market, thus securing prime locations for its homebuilding operations. Their strategic focus is mainly directed towards growth markets including Texas and Georgia, where residential demand continues to surge.

The financial engine of Green Brick Partners revs up through its network of subsidiary builders who specialize in crafting homes that cater to the varying preferences and budgets of buyers. This setup not only broadens their market reach but also allows for flexibility in responding to local market trends. By maintaining equity interests in these subsidiary building companies, Green Brick retains significant influence over construction operations and profits generated from property sales. Revenue flows in primarily from home sales, with a secondary stream from land and lot sales. This integrated business model provides a robust framework for profitability, allowing Green Brick to leverage its assets efficiently and adapt quickly to changing market dynamics, while providing value-driven offerings across its diverse housing portfolio.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 30, 2025
AI Summary
Q3 2025

Net Orders Record: Green Brick set a third quarter record for net orders, up 2.4% year-over-year to 898, despite ongoing affordability and consumer confidence challenges.

Profit Down: Net income fell 13% to $78 million and diluted EPS decreased 11% to $1.77 per share versus last year, reflecting higher incentives and lower average sales price.

Gross Margin Pressured: Homebuilding gross margin dropped to 31.1%, down 160 basis points year-over-year and 70 basis points sequentially, but remained above 30% for the tenth straight quarter.

Incentives Up: Discounts and sales incentives increased to 8.1% of revenue from 5% last year, and incentives for new orders hit 8.9%.

Sales Price Down: Average sales price fell 4.2% year-over-year to $524,000, attributed to both mix and pricing pressures.

Strong Balance Sheet: The company highlighted low net debt (9.8% of capital) and $457 million in total liquidity, citing ability to invest opportunistically.

Expansion Plans: Trophy brand growth in Texas continues, with first Houston community on track for spring 2026 and Austin expected to double volume next year.

Operational Efficiency: Direct construction costs per home fell $2,250 year-over-year and construction cycle times improved by 9 days.

Key Financials
Net Orders
898
Net Income
$78 million
Diluted EPS
$1.77
Gross Margin
31.1%
Average Sales Price
$524,000
Incentives as Percent of Revenue
8.1%
Net Debt to Total Capital
9.8%
Liquidity
$457 million
Cash Position
$142 million
Backlog Value
$466 million
Home Closings Revenue
$499 million
SG&A as Percent of Residential Unit Revenue
11.6%
Year-to-date Deliveries
2,905 homes
Year-to-date Average Sales Price
$531,000
Year-to-date Net Income
$235 million
Year-to-date Diluted EPS
$5.29
Homebuilding Gross Margin (Year-to-date)
30.9%
Active Selling Communities
103
Units Under Construction
2,200
Total Lots Owned and Controlled
41,200
Cancellation Rate (Q3)
6.7%
Earnings Call Recording
Other Earnings Calls

Management

Mr. David Michael Einhorn
Co-Founder & Chairman of the Board
No Bio Available
Mr. James R. Brickman
Co-Founder, CEO & Director
No Bio Available
Mr. Jed Dolson
President & COO
No Bio Available
Mr. Richard A. Costello
CFO, Treasurer & Secretary
No Bio Available
Mr. Keith Johnson
Senior Vice President of Accounting
No Bio Available
Ms. Heidi Haas
Director of Human Resources & Corporate Culture
No Bio Available
Mr. Warren S. Jolly
President of The Providence Group
No Bio Available
Mr. Trevor Brickman
President of Centre Living Homes
No Bio Available
Mr. Bill Handler
President of GHO Homes
No Bio Available
Mr. Steve Schermerhorn
President of CB JENI Lifestyle, Normandy & Southgate Homes
No Bio Available

Contacts

Address
TEXAS
Plano
2805 Dallas Pkwy Ste 400
Contacts