LGIHLGI Homes, Inc.

Operative Builders

Revenue: $1.7B; 23% YoY
Operating margin: 4.7%; 51% YoY
EBITDA: $84M; 61% YoY
Market cap: $1.0B
Employees: 1,056; $2M revenue each
Net debt / EBITDA: 19.1×; $1.6B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 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 cashYes
-193% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 25th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
19.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.1B	$2.3B	$2.4B	$2.2B	$1.7B	23%
Operating income	$548M	$390M	$233M	$212M	$80M	62%
Net income	$430M	$327M	$199M	$196M	$73M	63%
Operating cash flow	$22M	−$370M	−$57M	−$144M	−$140M	2.6%
Capex	—	$1M	$1M	$2M	$924K	53%
Stock-based comp	$14M	$9M	$9M	$10M	$6M	43%
Buybacks	$194M	$95M	$0	$31M	$24M	24%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 18
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.