KBHKB HOME
Operative Builders
- Revenue
- $6.2B
- 10% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.9B
- Employees
- 2,384
- $3M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.4
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes78% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes182% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$3M · 67th pctBottom quartile of its SIC industry
- Quiet on AIYes0.4 per 10K words · 18th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$19M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.9B | $6.4B | $6.9B | $6.2B | 10% |
| Net income | $565M | $817M | $590M | $655M | $429M | 35% |
| Operating cash flow | −$37M | $183M | $1.1B | $363M | $336M | 7.5% |
| Capex | $39M | $45M | $35M | $39M | $48M | 23% |
| Stock-based comp | $29M | $29M | $35M | $34M | $46M | 34% |
| Buybacks | $188M | $150M | $411M | $354M | $541M | 53% |
| Dividends | $54M | $52M | $57M | $72M | $69M | 4.2% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $19M · 10
- Net
- −$19M
Pay vs performance
No pay-versus-performance disclosure yet.