GRBKGreen Brick Partners, Inc.

Operative Builders

Revenue: $2.0B; 1.0% YoY
Operating margin: —
EBITDA: —
Market cap: $2.6B
Employees: 620; $3M revenue each
Net debt / EBITDA: —; $223M net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
62% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 37th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$533K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.8B	$1.7B	$2.1B	$2.0B	1.0%
Net income	$204M	$314M	$307M	$417M	$344M	18%
Operating cash flow	−$92M	$91M	$213M	$26M	$213M	723%
Capex	$2M	$2M	$8M	$4M	$5M	9.9%
Stock-based comp	$3M	$3M	$7M	$8M	$12M	47%
Buybacks	$0	$101M	$46M	$48M	$84M	73%
Dividends	$0	$3M	$3M	$3M	$3M	0.0%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 18, 2014	DEFM14A	Greenlight Capital, Inc.	$0.00	0%
Jul 16, 2014	PREM14A	JBGL Builder Finance LLC	$0.00	—

13D filers

Filed	Filer	Form	Stake	Intent
Oct 30, 2026	DME Capital Management, LP	SCHEDULE 13D/A	20.4%	Passive
Nov 15, 2024	DME Capital Management, LP	SC 13D/A	21.3%	Passive
Jul 15, 2024	DME Capital Management, LP	SC 13D/A	21.1%	Passive
Jan 4, 2024	DME Capital Management, LP	SC 13D/A	25.0%	Passive
Dec 12, 2023	GREENLIGHT CAPITAL INC	SC 13D/A	1.8%	Passive
Dec 5, 2023	GREENLIGHT CAPITAL INC	SC 13D/A	27.0%	Passive
Sep 11, 2023	GREENLIGHT CAPITAL INC	SC 13D/A	1.8%	Passive
Sep 8, 2023	GREENLIGHT CAPITAL INC	SC 13D/A	1.8%	Passive
Aug 4, 2023	GREENLIGHT CAPITAL INC	SC 13D/A	31.0%	Passive
Jun 30, 2023	GREENLIGHT CAPITAL INC	SC 13D/A	1.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $533K · 3
Net: −$533K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$13M	207	189
FY2024	$8M	$8M	492	243
FY2023	$8M	$8M	452	220
FY2022	$6M	$6M	211	137
FY2021	$5M	$5M	264	192