Cash flow remains volatile due to heavy inventory investment, as evidenced by the $115.1M working capital outflow in 2024Q2 and a fluctuating operating cash flow to net income ratio that reached -0.13 in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 200.76M | 213.24M | 25.91M | 213.34M | 90.68M | -92.38M | 35.13M | -22.06M | -39.48M | -18.81M | -7.05M | -47.57M | 2.63M | 13.22M | 1.45M | 23.57M | 12.87M | -9.38M | -91.06M | -5.61M | -3.22M |
| Operating CF Margin % | - | 10.45% | 1.23% | 12% | 5.16% | -6.59% | 3.6% | -2.79% | -6.33% | -4.14% | -1.85% | -16.34% | 1.07% | 4.43% | 0.31% | 3.61% | 2.84% | -2.26% | -50.63% | - | - |
| Operating CF Growth % | 3449.62% | 722.95% | -87.85% | 135.28% | 198.15% | -362.93% | 259.25% | 44.11% | -109.84% | -166.65% | 85.17% | -1910.16% | -80.12% | 809.84% | -93.83% | 83.16% | 237.16% | 89.7% | -1524.09% | -73.89% | - |
| Net Income | 299.11M | 313.23M | 417.15M | 284.63M | 314M | 204.38M | 117.8M | 64.3M | 64.53M | 25.21M | 35.17M | 25.55M | 61.06M | -45.65M | -46.32M | -10.36M | -25.22M | -19.7M | -40.87M | -2.42M | -2.33M |
| Depreciation & Amortization | 4.79M | 5.11M | 4.88M | 3.54M | 2.37M | 2.74M | 3.67M | 3.08M | 2.94M | 325K | 286K | 865K | 735K | 25.34M | 28.3M | 29.71M | 28.72M | 28.14M | 9.79M | 79K | 5.28K |
| Stock-Based Compensation | 8.26M | 12.32M | 8.4M | 6.75M | 3.48M | 3.08M | 2.1M | 2.19M | 1.77M | 2.57M | 1.28M | 474K | 40K | 1.59M | 1.49M | 1.49M | 1.44M | 413K | 682K | 515K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1.14M | -707K | -365K | -114K | 1.24M | 14.71M | 36.3M | 13.15M | 8.35M | -25.34M | 22.43M | -1.49M | 0 | 267K | -413K | 1.1M | -5.5M | 0 |
| Other Non-Cash Items | 46.26M | 41.95M | -6.45M | 17.44M | -13.55M | -9.16M | -9.07M | -1.15M | -943K | -1.77M | 85.11M | 73.34M | 40K | 1.59M | 1.49M | 0 | 1.44M | 413K | -43.26M | 1.37M | -680.79K |
| Working Capital Changes | -153.68M | -159.36M | -398.07M | -100.16M | -214.9M | -293.06M | -79.24M | -91.72M | -122.5M | -81.44M | -56.95M | -82.81M | -33.87M | 7.92M | 17.98M | 2.72M | 6.23M | -18.23M | -18.51M | 347K | -215.37K |
| Change in Receivables | -18.22M | -26.12M | -3.23M | -5.34M | 1.58M | -1.65M | -504K | -3.68M | -3.03M | 843K | 866K | -2.57M | -303K | 1.48M | 4.33M | 14.21M | -4.06M | -7.08M | -16.67M | 0 | 0 |
| Change in Inventory | -168.24M | -160.27M | -403.31M | -109.24M | -217.6M | -358.27M | -90.34M | -83.97M | -129.29M | -95.42M | -74.28M | -58.73M | -37.61M | 1.76M | 12.74M | -2.5M | -2.8M | -5.96M | -14.93M | 0 | 0 |
| Change in Payables | 14.91M | 34.77M | 5.43M | 2.52M | 6.12M | 21.16M | -5.52M | 3.95M | -483K | 7.24M | 1.58M | -21K | 4.9M | -8.47M | 2.28M | -7.05M | 8.69M | -3.32M | 845K | 0 | 0 |
| Cash from Investing | -36.28M | -43.55M | 27.84M | -13.35M | -6.48M | -2.03M | -13.33M | -7.87M | -30.83M | -435K | -458K | 2.46M | 11.76M | -9.51M | -843K | -2.84M | -4.58M | -9.97M | -41.76M | -190.69M | -60.15M |
| Capital Expenditures | -5.31M | -4.8M | -4.37M | -7.8M | -2.01M | -2.02M | -2.9M | -2.57M | -3.21M | -149K | -458K | -307K | -1.38M | -11.25M | -843K | -2.84M | -4.58M | -14.31M | -40.67M | -188.53M | -58.65M |
| CapEx % of Revenue | 0.26% | 0.24% | 0.21% | 0.44% | 0.11% | 0.14% | 0.3% | 0.32% | 0.51% | 0.03% | 0.12% | 0.11% | 0.56% | 3.77% | 0.18% | 0.44% | 1.01% | 3.44% | 22.61% | - | - |
| Acquisitions | 11.25M | 0 | 0 | 0 | -4.46M | -8K | -10.43M | -5.3M | -27.62M | -286K | 2.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -29.68M | 0 | -21.04M | -5.55M | -4.46M | 0 | 0 | -5.3M | -755K | -286K | -458K | 2.77M | 7.56M | 1.74M | 3.01M | 0 | -4.66M | 300K | 771K | -2.15M | 0 |
| Cash from Financing | -122.31M | -138.4M | -93.51M | -93.8M | -84.48M | 154.33M | -25.85M | 25.86M | 71.77M | 19.93M | 21.46M | 43.75M | -9.8M | -159K | -6.43M | -13.01M | -6.97M | 13.16M | 89.14M | 225.04M | 90.62M |
| Debt Issued (Net) | 10.51M | -17.54M | -10.61M | -21.64M | 32.41M | 117.08M | -18.38M | 39M | 84.77M | 30.17M | 28.29M | -118.55M | -17.59M | -159K | -6.43M | -57.28M | -5.12M | 11.54M | 93.69M | 119.96M | 0 |
| Equity Issued (Net) | -74.14M | -83.77M | 21.92M | -45.78M | -101.46M | 47.7M | 0 | -2.19M | -981K | 0 | 0 | 169.94M | 0 | 0 | 0 | 46M | 0 | 0 | -2.28M | 103.58M | 26.95M |
| Dividends Paid | -2.88M | -2.88M | -2.88M | -2.88M | -2.81M | 0 | 0 | 0 | -10.75M | -10.9M | 0 | 0 | -13.12M | -19.48M | -1.03M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -74.14M | -83.77M | -48.43M | -45.78M | -101.46M | 0 | 0 | -2.19M | -981K | -586K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.28M | 0 | 0 |
| Other Financing | -55.8M | -34.21M | -101.95M | -23.51M | -12.62M | -10.45M | -7.47M | -10.95M | -1.28M | -148K | -7.15M | -7.64M | 20.91M | 19.48M | 1.03M | -1.73M | -1.86M | 1.61M | -2.28M | 1.5M | 63.66M |
| Net Change in Cash | 42.18M | 31.29M | -39.76M | 106.19M | -284K | 59.92M | -4.05M | -4.07M | 1.47M | 687K | 13.95M | -1.36M | 4.58M | 3.55M | -5.82M | 7.71M | 1.32M | -6.19M | -43.69M | 28.75M | 90.62M |
| Free Cash Flow | 195.45M | 208.45M | 21.55M | 205.54M | 88.66M | -94.41M | 32.23M | -24.63M | -42.69M | -18.96M | -7.51M | -47.88M | 1.25M | 1.97M | 610K | 20.72M | 8.29M | -23.69M | -131.74M | -194.14M | -61.88M |
| FCF Margin % | 9.73% | 10.22% | 1.03% | 11.56% | 5.04% | -6.73% | 3.3% | -3.11% | -6.84% | -4.17% | -1.98% | -16.44% | 0.51% | 0.66% | 0.13% | 3.17% | 1.83% | -5.7% | -73.24% | - | - |
| FCF Growth % | 118.37% | 867.4% | -89.52% | 131.82% | 193.92% | -392.9% | 230.85% | 42.3% | -125.13% | -152.38% | 84.31% | -3930.24% | -36.42% | 222.3% | -97.06% | 149.96% | 135% | 82.02% | 32.14% | -213.74% | - |
| FCF per Share | 4.49 | 4.75 | 0.48 | 4.48 | 1.85 | -1.85 | 0.63 | -0.49 | -0.84 | -0.38 | -0.15 | -1.19 | 0.08 | 0.25 | 0.08 | 3.02 | 4.50 | -13.73 | -117.83 | -251.57 | -59.33 |
| FCF Conversion (FCF/Net Income) | 0.65x | 0.68x | 0.07x | 0.75x | 0.31x | -0.49x | 0.31x | -0.38x | -0.76x | -1.26x | -0.30x | -3.10x | 0.05x | -0.34x | -0.04x | -2.70x | -0.64x | 0.69x | 2.23x | 2.32x | 1.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.76M | 1.43M | 384K | 4.28M | 6.87M | 7.64M | 13.26M | 13.19M | 0 | 0 |
| Taxes Paid | 0 | 0 | 83.61M | 90.53M | 85.44M | 47.29M | 20.54M | 14.31M | 4.61M | 2.94M | 1.5M | 1.34M | 636K | 7K | 6K | 5K | 5K | 8K | 307K | 0 | 0 |
Working capital intensity
As reported in recent financial statements, GRBK's operating cash flow to net income ratio has fluctuated significantly, dropping to -0.13 in 2025Q3 and 0.28 in 2024Q4, which suggests that reported earnings are frequently decoupled from actual cash generation due to heavy investment in inventory.
The persistent gap between net income and operating cash flow indicates that the company's profitability is heavily reliant on non-cash accruals related to land development. Investors should monitor whether this divergence is a temporary byproduct of aggressive land banking or a structural limitation on the company's ability to convert accounting profits into liquid capital.
Based on the provided cash flow data, working capital outflows have been a consistent drag on liquidity, with quarterly cash consumption for inventory reaching as high as $115.1M in 2024Q2, reflecting the capital-intensive nature of the company's land development and homebuilding pipeline.
The consistent negative working capital changes suggest that GRBK is aggressively deploying cash to secure land positions and fund construction in progress. While this supports the long-term growth strategy, it creates a volatile cash flow profile that remains highly sensitive to the timing of home closings and land sales.
According to historical cash flow filings, free cash flow margins have swung from a peak of 15.9% in 2025Q4 to a low of -5.0% in 2023Q4, highlighting the company's vulnerability to the cyclical nature of residential construction and the lumpy timing of land development expenditures.
The erratic FCF trajectory suggests that the company's cash generation is not yet stabilized, as it remains tethered to the capital-intensive requirements of its land-banking model. This volatility warrants further investigation into whether the company can maintain positive free cash flow during periods of sustained market contraction.
As indicated by recent SEC filings, GRBK has utilized its cash reserves to fund share repurchases, such as the $43.8M deployed in 2025Q2, while maintaining a conservative dividend policy, suggesting a management focus on returning capital to shareholders when internal investment opportunities are temporarily paused.
The company's ability to balance share repurchases with significant inventory investment underscores its strong balance sheet position. However, investors should monitor if the current pace of buybacks is sustainable given the ongoing cash requirements for land development and the potential for margin compression in future quarters.
Quick answers to the most common questions about buying GRBK stock.
Green Brick Partners, Inc. (GRBK) generated $213.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Green Brick Partners, Inc. (GRBK) generated $208.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Green Brick Partners, Inc. (GRBK) spent $4.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Green Brick Partners, Inc. (GRBK) returned $2.9M to shareholders via cash dividends and spent $83.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.