Hovnanian Enterprises, Inc.
khov.comWhat Do They Do?
Builds and sells detached and attached homes in planned communities to first-time, move-up and luxury buyers. Also provides mortgage and title services to its homebuyers.
10-K for FY2025, filed Dec 22, 2025Hovnanian Enterprises, Inc. (“HEI”) conducts all of its homebuilding and financial services operations through its subsidiaries (references…View ↗
Excluding unconsolidated joint ventures, we are currently offering homes for sale in 140 communities in 27 markets in 13 states throughout…View ↗
Our operations span all significant aspects of the home-buying process – from design, construction, and sale, to mortgage origination and…View ↗
How Do They Make Money?
Homebuyers pay for homes when they take title and possession. The financial services unit originates mortgages for homebuilding customers and sells nearly all of them to investors within a short period.
10-K for FY2025, filed Dec 22, 2025Income Recognition from Home and Land Sales - We are primarily engaged in the development, construction, marketing and sale of residential…View ↗
Income Recognition from Mortgage Loans - Our financial services segment originates mortgages, primarily for our homebuilding customers. We…View ↗
Substantially all of the mortgage loans originated are sold within a short period of time in the secondary mortgage market on a servicing…View ↗
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10-K for FY2025, filed Dec 22, 2025
FY2025 revenue by product or service ↗
$3B
-
10-K for FY2025, filed Dec 22, 2025
$3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Home Building
Sold outright
10-K for FY2025, filed Dec 22, 2025 |
97%
FY2022: 98%
|
Home Building, FY2025
$2.9B Sources
|
Sold outright |
|
Financial Services
|
3.2%
FY2022: 2.1%
|
Financial Services, FY2025
$95M Sources
|
Who Are Their Customers?
It sells homes to first-time, move-up, luxury and active-lifestyle buyers and empty nesters, principally through on-site sales offices. Its mortgage and title services are for homebuilding customers.
10-K for FY2025, filed Dec 22, 2025Excluding unconsolidated joint ventures, we are currently offering homes for sale in 140 communities in 27 markets in 13 states throughout…View ↗
Marketing and Sales - Our homes in residential communities are sold principally through on-site sales offices. In order to respond to our…View ↗
Operations of the homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Aug 28, 2026
−$2.2MView ↗
- ▼ Now a loss
- vs $16.6M in Q3 FY2025
10-Q for Q3 FY2026, filed Aug 28, 2026
Open tableView ↗
Flat. Revenue was $3B in FY2025, about the same as the $2.8B of FY2021.
Build-for-rent sales
The older report said the company was beginning to explore build-for-rent opportunities; the latest says it has executed agreements and that the channel has added deliveries alongside its for-sale business.
10-K for FY2022, filed Dec 19, 2022 10-K for FY2025, filed Dec 22, 2025We are currently focused on maintaining adequate liquidity and identifying investment opportunities that make economic sense in light of…View ↗
As a result of the sharp increase in interest rates that began in fiscal 2022, we have shifted our focus to increasing the availability of…View ↗
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