Green Brick Partners, Inc. (GRBK) 10-Year Financial Performance & Capital Metrics

GRBK • • Industrial / General

Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersRegional & Market-Specific Builders

AboutGreen Brick Partners, Inc. operates as a homebuilding and land development company in the United States. It operates through Builder operations Central, Builder operations Southeast, and Land development segments. The company is involved in the land acquisition and development, entitlements, design, construction, title and mortgage services, marketing, and sale of townhomes, patio homes, single family homes, and luxury homes in residential neighborhoods, and master planned communities. As of December 31,2021, the company owns or controls approximately 28,600 home sites in Dallas-Forth Worth, Atlanta metropolitan areas, and the Treasure Coast, Florida market. The company sells its homes through sales representatives and independent realtors. Green Brick Partners, Inc. was incorporated in 2006 and is headquartered in Plano, Texas.Show more

Revenue $2.1B +18.1%
EBITDA $482M +34.3%
Net Income $382M +34.1%
EPS (Diluted) 8.45 +37.6%
Gross Margin 33.52% +8.7%
EBITDA Margin 22.96% +13.8%
Operating Margin 22.72% +13.7%
Net Margin 18.18% +13.5%
ROE 25% +8.3%
ROIC 20.85% +14.9%
Debt/Equity 0.20 -22.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 25.6%
✓Strong 5Y profit CAGR of 45.4%
✓Strong Piotroski F-Score: 7/9
✓Strong 5Y sales CAGR of 21.5%
✓Share count reduced 2.3% through buybacks
✓Healthy 5Y average net margin of 15.2%

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y23.9%

5Y21.53%

3Y14.37%

TTM6.62%

Profit (Net Income) CAGR

10Y22.53%

5Y45.43%

3Y26.12%

TTM-3.45%

EPS CAGR

10Y9.53%

5Y48.76%

3Y31.45%

TTM-1.3%

ROCE

10Y Avg16.57%

5Y Avg22.62%

3Y Avg24.8%

Latest25.59%

Peer Comparison

Regional & Market-Specific Builders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BZHBeazer Homes USA, Inc.	711.14M	24.10	15.86	1.77%	2.84%	5.56%	0.49%	0.85
TOLToll Brothers, Inc.	14.16B	149.04	9.93	8.52%	12.64%	16.95%	6.61%	0.39
GRBKGreen Brick Partners, Inc.	3.23B	74.19	8.78	18.07%	16.03%	18.02%	0.67%	0.20
TMHCTaylor Morrison Home Corporation	6.27B	64.15	7.76	10.11%	10.19%	13.77%	2.77%	0.37
TPHTri Pointe Homes, Inc.	3.05B	35.50	7.35	20.93%	9.05%	11.12%	22.05%	0.33
MHOM/I Homes, Inc.	3.63B	139.00	7.05	11.83%	10.56%	15%	4.71%	0.26
HOVHovnanian Enterprises, Inc.	648.42M	125.47	3.95	9.03%	5.06%	19.02%	0.89%	1.27
UHGUnited Homes Group, Inc.	34.51M	1.58	1.76	10.02%	-4.49%	-35.51%	44.66%	1.80

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	291.14M	380.33M	454.37M	623.65M	791.66M	976.02M	1.4B	1.76B	1.78B	2.1B
Revenue Growth %	0.18%	0.31%	0.19%	0.37%	0.27%	0.23%	0.44%	0.25%	0.01%	0.18%
Cost of Goods Sold+	223.65M	293.95M	355.92M	493.32M	622.48M	741.42M	1.04B	1.23B	1.23B	1.4B
COGS % of Revenue	0.77%	0.77%	0.78%	0.79%	0.79%	0.76%	0.74%	0.7%	0.69%	0.66%
Gross Profit+	67.49M	86.38M	98.45M	130.33M	169.18M	234.6M	362.06M	523.02M	548.18M	703.52M
Gross Margin %	0.23%	0.23%	0.22%	0.21%	0.21%	0.24%	0.26%	0.3%	0.31%	0.34%
Gross Profit Growth %	0.08%	0.28%	0.14%	0.32%	0.3%	0.39%	0.54%	0.44%	0.05%	0.28%
Operating Expenses+	32.51M	35.82M	36.96M	54.23M	94.88M	108.53M	131.57M	163.94M	192.98M	226.57M
OpEx % of Revenue	0.11%	0.09%	0.08%	0.09%	0.12%	0.11%	0.09%	0.09%	0.11%	0.11%
Selling, General & Admin	34.35M	38.63M	39.02M	80.04M	94.88M	108.53M	131.57M	163.94M	192.98M	226.57M
SG&A % of Revenue	0.12%	0.1%	0.09%	0.13%	0.12%	0.11%	0.09%	0.09%	0.11%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-1.84M	-2.81M	-2.05M	2.6M	0	0	0	0	0	0
Operating Income+	33.14M	47.75M	59.44M	71.81M	74.31M	126.07M	230.49M	359.08M	355.2M	476.95M
Operating Margin %	0.11%	0.13%	0.13%	0.12%	0.09%	0.13%	0.16%	0.2%	0.2%	0.23%
Operating Income Growth %	-0.07%	0.44%	0.24%	0.21%	0.03%	0.7%	0.83%	0.56%	-0.01%	0.34%
EBITDA+	34.01M	48.03M	59.76M	74.75M	77.39M	129.74M	233.23M	361.45M	358.75M	481.83M
EBITDA Margin %	0.12%	0.13%	0.13%	0.12%	0.1%	0.13%	0.17%	0.21%	0.2%	0.23%
EBITDA Growth %	-0.07%	0.41%	0.24%	0.25%	0.04%	0.68%	0.8%	0.55%	-0.01%	0.34%
D&A (Non-Cash Add-back)	865K	286K	325K	2.94M	3.08M	3.67M	2.74M	2.37M	3.54M	4.88M
EBIT	35M	50.55M	60.02M	74.16M	71.41M	122.47M	227.79M	359.08M	355.2M	476.95M
Net Interest Income+	-268K	0	0	0	0	0	0	0	0	0
Interest Income	13K	0	0	0	0	0	0	0	0	0
Interest Expense	281K	0	0	0	0	0	0	0	0	0
Other Income/Expense	2.44M	2.81M	4.8M	9.86M	10.02M	16.74M	26.5M	37.38M	36.11M	34.92M
Pretax Income+	34.72M	50.55M	64.24M	81.67M	84.33M	142.81M	256.99M	396.46M	391.31M	511.88M
Pretax Margin %	0.12%	0.13%	0.14%	0.13%	0.11%	0.15%	0.18%	0.23%	0.22%	0.24%
Income Tax+	9.17M	15.38M	39.03M	17.14M	20.03M	25.02M	52.6M	82.47M	84.64M	94.72M
Effective Tax Rate %	0.44%	0.47%	0.23%	0.63%	0.7%	0.8%	0.74%	0.74%	0.73%	0.75%
Net Income+	15.32M	23.76M	14.97M	51.62M	58.66M	113.69M	190.21M	291.9M	284.63M	381.58M
Net Margin %	0.05%	0.06%	0.03%	0.08%	0.07%	0.12%	0.14%	0.17%	0.16%	0.18%
Net Income Growth %	-0.69%	0.55%	-0.37%	2.45%	0.14%	0.94%	0.67%	0.53%	-0.02%	0.34%
Net Income (Continuing)	25.55M	35.17M	25.21M	64.53M	64.3M	117.8M	204.38M	314M	306.68M	417.15M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	12.32M	16.91M	16.69M	17.28M	26.84M	22.71M	36.01M	50.15M	53.44M	72.75M
EPS (Diluted)+	0.38	0.49	0.30	1.02	1.16	2.24	3.72	6.02	6.14	8.45
EPS Growth %	-0.89%	0.29%	-0.39%	2.4%	0.14%	0.93%	0.66%	0.62%	0.02%	0.38%
EPS (Basic)	0.38	0.49	0.30	1.02	1.16	2.25	3.75	6.07	6.20	8.51
Diluted Shares Outstanding	40.1M	48.89M	49.68M	50.75M	50.64M	50.8M	51.06M	47.99M	45.92M	44.84M
Basic Shares Outstanding	40.07M	48.88M	49.6M	50.65M	50.53M	50.57M	50.7M	47.65M	45.45M	44.51M
Dividend Payout Ratio	-	-	0.73%	0.21%	-	-	-	0.01%	0.01%	0.01%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	386.59M	470.49M	559.59M	732.35M	810.66M	883.49M	1.3B	1.52B	1.74B	2.11B
Cash & Short-Term Investments	19.91M	35.16M	36.68M	38.31M	33.27M	19.48M	77.17M	76.59M	179.76M	141.54M
Cash Only	19.91M	35.16M	36.68M	38.31M	33.27M	19.48M	77.17M	76.59M	179.76M	141.54M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.31M	2.45M	1.6M	4.84M	4.72M	5.22M	6.87M	5.29M	10.63M	13.86M
Days Sales Outstanding	4.15	2.35	1.29	2.83	2.18	1.95	1.79	1.1	2.18	2.41
Inventory	344.13M	410.3M	495.65M	668.96M	753.57M	844.63M	1.2B	1.42B	1.53B	1.94B
Days Inventory Outstanding	561.62	509.46	508.3	494.96	441.87	415.81	422.14	420.55	455.16	506.85
Other Current Assets	1.39M	4.45M	3.6M	3.44M	19.1M	14.16M	16.39M	16.68M	19.7M	18.15M
Total Non-Current Assets+	87.28M	70.49M	52.64M	51.67M	64.88M	105.35M	117.7M	134.44M	161.4M	138.71M
Property, Plant & Equipment	802K	892K	804K	4.69M	7.77M	6.13M	7.41M	6.38M	14.31M	13.79M
Fixed Asset Turnover	363.02x	426.38x	565.14x	132.97x	101.87x	159.14x	189.37x	275.65x	124.24x	152.17x
Goodwill	0	0	0	680K	680K	680K	680K	680K	680K	680K
Intangible Assets	0	0	0	856K	707K	622K	537K	452K	367K	282K
Long-Term Investments	0	18.14M	16.88M	20.27M	30.29M	46.44M	55.62M	74.22M	84.65M	60.58M
Other Non-Current Assets	5.82M	2M	3.75M	8.68M	25.43M	36.1M	37.72M	36.26M	44.2M	49.39M
Total Assets+	473.88M	540.98M	612.23M	784.03M	875.54M	988.85M	1.42B	1.66B	1.9B	2.25B
Asset Turnover	0.61x	0.70x	0.74x	0.80x	0.90x	0.99x	0.99x	1.06x	0.93x	0.93x
Asset Growth %	0.18%	0.14%	0.13%	0.28%	0.12%	0.13%	0.44%	0.16%	0.15%	0.18%
Total Current Liabilities+	54.52M	64.5M	72.19M	87.27M	78.65M	209.75M	170.91M	189.59M	195.15M	229.53M
Accounts Payable	13.53M	15.11M	22.35M	26.09M	30.04M	24.52M	45.68M	51.8M	54.32M	59.75M
Days Payables Outstanding	22.08	18.77	22.92	19.3	17.62	12.07	16.02	15.31	16.13	15.63
Short-Term Debt	0	0	9.93M	200.39M	0	106.69M	-738K	17.39M	0	22.64M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	0	1000K
Other Current Liabilities	-12.66M	-28.38M	0	-200.39M	27.79M	0	32.42M	60.66M	125.87M	68.72M
Current Ratio	7.09x	7.29x	7.75x	8.39x	10.31x	4.21x	7.63x	8.02x	8.93x	9.20x
Quick Ratio	0.78x	0.93x	0.89x	0.73x	0.73x	0.19x	0.59x	0.52x	1.08x	0.76x
Cash Conversion Cycle	543.69	493.05	486.66	478.49	426.43	405.7	407.9	406.33	441.21	493.63
Total Non-Current Liabilities+	47.5M	75M	107M	211.12M	246.88M	116.14M	340.4M	354.03M	357.09M	322.3M
Long-Term Debt	57.66M	85.95M	107M	200.39M	238.05M	113.18M	335.66M	350.45M	346.86M	313.96M
Capital Lease Obligations	0	0	0	0	3.56M	2.59M	4.75M	3.58M	7.9M	8.34M
Deferred Tax Liabilities	151K	157K	54K	66K	0	0	0	0	0	0
Other Non-Current Liabilities	17.19M	9.35M	-1.23M	10.74M	5.27M	-37.76M	0	0	2.33M	0
Total Liabilities	102.02M	139.5M	179.19M	298.39M	325.53M	325.89M	511.31M	543.62M	548.68M	551.83M
Total Debt+	57.66M	85.95M	116.93M	200.39M	241.61M	222.46M	339.66M	371.42M	354.76M	344.95M
Net Debt	37.75M	50.79M	80.24M	162.07M	208.34M	202.98M	262.5M	294.84M	175M	203.41M
Debt / Equity	0.16x	0.21x	0.27x	0.41x	0.44x	0.34x	0.37x	0.33x	0.26x	0.20x
Debt / EBITDA	1.70x	1.79x	1.96x	2.68x	3.12x	1.71x	1.46x	1.03x	0.99x	0.72x
Net Debt / EBITDA	1.11x	1.06x	1.34x	2.17x	2.69x	1.56x	1.13x	0.82x	0.49x	0.42x
Interest Coverage	117.94x	-	-	-	-	-	-	-	-	-
Total Equity+	371.86M	401.49M	433.04M	485.63M	550.01M	662.95M	910.56M	1.11B	1.35B	1.7B
Equity Growth %	1.05%	0.08%	0.08%	0.12%	0.13%	0.21%	0.37%	0.22%	0.22%	0.25%
Book Value per Share	9.27	8.21	8.72	9.57	10.86	13.05	17.83	23.17	29.49	37.87
Total Shareholders' Equity	359.53M	384.57M	416.35M	468.35M	523.17M	640.24M	874.55M	1.06B	1.3B	1.63B
Common Stock	488K	490K	506K	507K	509K	511K	512K	460K	450K	445K
Retained Earnings	87.18M	110.93M	125.9M	177.53M	235.03M	349.66M	539.87M	754.34M	997.04M	1.33B
Treasury Stock	0	0	0	-981K	-3.17M	-3.17M	-3.17M	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	12.32M	16.91M	16.69M	17.28M	26.84M	22.71M	36.01M	50.15M	53.44M	72.75M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-47.57M	-7.05M	-18.81M	-39.48M	-22.06M	35.13M	-92.38M	90.68M	213.34M	25.91M
Operating CF Margin %	-0.16%	-0.02%	-0.04%	-0.06%	-0.03%	0.04%	-0.07%	0.05%	0.12%	0.01%
Operating CF Growth %	-19.1%	0.85%	-1.67%	-1.1%	0.44%	2.59%	-3.63%	1.98%	1.35%	-0.88%
Net Income	25.55M	35.17M	25.21M	64.53M	64.3M	117.8M	204.38M	314M	284.63M	417.15M
Depreciation & Amortization	865K	286K	325K	2.94M	3.08M	3.67M	2.74M	2.37M	3.54M	4.88M
Stock-Based Compensation	474K	1.28M	2.57M	1.77M	2.19M	2.1M	3.08M	3.48M	6.75M	8.4M
Deferred Taxes	8.35M	13.15M	36.3M	14.71M	1.24M	-114K	-365K	-707K	1.14M	0
Other Non-Cash Items	73.34M	85.11M	-1.77M	-943K	-1.15M	-9.07M	-9.16M	-13.55M	17.44M	-6.45M
Working Capital Changes	-82.81M	-56.95M	-81.44M	-122.5M	-91.72M	-79.24M	-293.06M	-214.9M	-100.16M	-398.07M
Change in Receivables	-2.57M	866K	843K	-3.03M	-3.68M	-504K	-1.65M	1.58M	-5.34M	-3.23M
Change in Inventory	-58.73M	-74.28M	-95.42M	-129.29M	-83.97M	-90.34M	-358.27M	-217.6M	-109.24M	-403.31M
Change in Payables	-21K	1.58M	7.24M	-483K	3.95M	-5.52M	21.16M	6.12M	2.52M	5.43M
Cash from Investing+	2.46M	-458K	-435K	-30.83M	-7.87M	-13.33M	-2.03M	-6.48M	-13.35M	27.84M
Capital Expenditures	-307K	-458K	-149K	-3.21M	-2.57M	-2.9M	-2.02M	-2.01M	-7.8M	-4.37M
CapEx % of Revenue	0%	0%	0%	0.01%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.77M	-458K	-286K	-755K	-5.3M	0	0	-4.46M	-5.55M	-21.04M
Cash from Financing+	43.75M	21.46M	19.93M	71.77M	25.86M	-25.85M	154.33M	-84.48M	-93.8M	-93.51M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-10.9M	-10.75M	0	0	0	-2.81M	-2.88M	-2.88M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.64M	-7.15M	-148K	-1.28M	-10.95M	-7.47M	-10.45M	-12.62M	-23.51M	-101.95M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-47.88M	-7.51M	-18.96M	-42.69M	-24.63M	32.23M	-94.41M	88.66M	205.54M	21.55M
FCF Margin %	-0.16%	-0.02%	-0.04%	-0.07%	-0.03%	0.03%	-0.07%	0.05%	0.12%	0.01%
FCF Growth %	-39.3%	0.84%	-1.52%	-1.25%	0.42%	2.31%	-3.93%	1.94%	1.32%	-0.9%
FCF per Share	-1.19	-0.15	-0.38	-0.84	-0.49	0.63	-1.85	1.85	4.48	0.48
FCF Conversion (FCF/Net Income)	-3.10x	-0.30x	-1.26x	-0.76x	-0.38x	0.31x	-0.49x	0.31x	0.75x	0.07x
Interest Paid	2.76M	0	0	0	0	0	0	0	0	0
Taxes Paid	1.34M	1.5M	2.94M	4.61M	14.31M	20.54M	47.29M	85.44M	90.53M	83.61M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.54%	6.14%	3.59%	11.24%	11.33%	18.75%	24.18%	28.86%	23.08%	25%
Return on Invested Capital (ROIC)	6.66%	8.31%	9.23%	9.28%	7.93%	11.64%	16.96%	20.88%	18.15%	20.85%
Gross Margin	23.18%	22.71%	21.67%	20.9%	21.37%	24.04%	25.81%	29.75%	30.84%	33.52%
Net Margin	5.26%	6.25%	3.29%	8.28%	7.41%	11.65%	13.56%	16.61%	16.01%	18.18%
Debt / Equity	0.16x	0.21x	0.27x	0.41x	0.44x	0.34x	0.37x	0.33x	0.26x	0.20x
Interest Coverage	117.94x	-	-	-	-	-	-	-	-	-
FCF Conversion	-3.10x	-0.30x	-1.26x	-0.76x	-0.38x	0.31x	-0.49x	0.31x	0.75x	0.07x
Revenue Growth	18.3%	30.63%	19.47%	37.25%	26.94%	23.29%	43.73%	25.3%	1.13%	18.07%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Residential Real Estate	-	-	-	578.89M	759.83M	930.18M	1.31B	1.7B	1.77B	2.07B
Residential Real Estate Growth	-	-	-	-	31.26%	22.42%	40.80%	30.10%	3.83%	17.01%
Real Estate, Other	-	-	-	-	185K	-	-	-	8.46M	28.81M
Real Estate, Other Growth	-	-	-	-	-	-	-	-	-	240.71%
GEORGIA	132.29M	163.94M	214.76M	-	-	-	-	-	-	-
GEORGIA Growth	-	23.93%	31.00%	-	-	-	-	-	-	-
Corporate and Other	-	-	-	-	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Central	-	-	-	281.87M	396.9M	644.98M	938.05M	1.18B	1.27B	1.49B
Central Growth	-	-	-	-	40.81%	62.50%	45.44%	25.94%	7.55%	17.23%
Southeast	-	-	-	297.02M	362.93M	285.2M	371.63M	522.56M	498.66M	580.66M
Southeast Growth	-	-	-	-	22.19%	-21.42%	30.31%	40.61%	-4.57%	16.45%
TEXAS	121.98M	201.47M	220.89M	-	-	-	-	-	-	-
TEXAS Growth	-	65.17%	9.64%	-	-	-	-	-	-	-
GEORGIA	132.29M	163.94M	214.76M	-	-	-	-	-	-	-
GEORGIA Growth	-	23.93%	31.00%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Green Brick Partners, Inc. (GRBK) has a price-to-earnings (P/E) ratio of 8.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Green Brick Partners, Inc. (GRBK) reported $2.11B in revenue for fiscal year 2024. This represents a 224% increase from $653.1M in 2011.

Green Brick Partners, Inc. (GRBK) grew revenue by 18.1% over the past year. This is strong growth.

Yes, Green Brick Partners, Inc. (GRBK) is profitable, generating $338.7M in net income for fiscal year 2024 (18.2% net margin).

Dividend & Returns

Green Brick Partners, Inc. (GRBK) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Green Brick Partners, Inc. (GRBK) has a return on equity (ROE) of 25.0%. This is excellent, indicating efficient use of shareholder capital.

Green Brick Partners, Inc. (GRBK) generated $158.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...