The company maintains a debt-to-equity ratio of 0.81 as of 2026Q1, which warrants caution given the limited $60.9M cash position available to service $1.7B in total debt.
| 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 |
|---|
| Total Current Assets | 3.65B | 3.61B | 3.47B | 3.2B | 2.96B | 2.19B | 1.72B | 1.59B | 1.32B | 1.03B | 784.25M | 586.12M | 406.64M | 201.48M | 37.51M | 18.64M |
| Cash & Short-Term Investments | 60.86M | 61.25M | 53.2M | 48.98M | 32M | 50.51M | 35.94M | 38.34M | 46.62M | 67.57M | 49.52M | 37.57M | 31.37M | 54.07M | 7.07M | 5.11M |
| Cash Only | 60.86M | 61.25M | 53.2M | 48.98M | 32M | 50.51M | 35.94M | 38.34M | 46.62M | 67.57M | 49.52M | 37.57M | 31.37M | 54.07M | 7.07M | 5.11M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 45.01M | 32.47M | 28.72M | 41.32M | 25.14M | 57.91M | 115.94M | 56.39M | 42.84M | 44.71M | 17.05M | 17.32M | 7.37M | 5.4M | 1.95M | 1.01M |
| Days Sales Outstanding | 7.27 | 6.95 | 4.76 | 6.39 | 3.98 | 6.93 | 17.87 | 11.2 | 10.39 | 12.97 | 7.43 | 10.03 | 7.01 | 12.11 | 9.34 | 7.32 |
| Inventory | 3.54B | 3.52B | 3.39B | 3.11B | 2.9B | 2.09B | 1.57B | 1.5B | 1.23B | 918.93M | 717.68M | 531.23M | 367.91M | 141.98M | 28.49M | 12.53M |
| Days Inventory Outstanding | 982.14 | 950.48 | 740.76 | 624.47 | 638.1 | 341.09 | 324.6 | 390.51 | 398.68 | 357.76 | 424.76 | 418.51 | 478.77 | 427.14 | 190.69 | 124.58 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37.24M | -12.1M | -7.5M | -3M | -7M | -2.67M | 468K | 1.55M | 10.33K |
| Total Non-Current Assets | 145.74M | 129.07M | 288.77M | 209.91M | 169.39M | 157.54M | 104.72M | 71.76M | 77.76M | 48.68M | 30.26M | 36.21M | 31.48M | 19.53M | 8.05M | 4.87M |
| Property, Plant & Equipment | 124.81M | 107.14M | 57.04M | 45.52M | 33M | 16.94M | 3.62M | 1.63M | 1.43M | 1.67M | 1.96M | 2.11M | 1.61M | 845K | 719.39K | 469.8K |
| Fixed Asset Turnover | 15.48x | 15.92x | 38.62x | 51.81x | 69.84x | 180.01x | 654.49x | 1126.32x | 1050.56x | 751.47x | 427.71x | 298.97x | 238.05x | 192.66x | 105.95x | 107.40x |
| Goodwill | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12.02M | 12M | 12M | 12M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 234K | 481K | 728K | 0 | 0 |
| Long-Term Investments | 21.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.75M | 18.87M | -3.45M | -2.58M | 0 | 3.7M | 4.45M | 2.25M |
| Other Non-Current Assets | 0 | 0 | 210.44M | 144.2M | 118.19M | 122.38M | 82.09M | 53.48M | 15.77M | 14.2M | 16.28M | 21.87M | 17.39M | 1.96M | 2.88M | 2.14M |
| Total Assets | 4.01B | 3.93B | 3.76B | 3.41B | 3.12B | 2.35B | 1.83B | 1.67B | 1.4B | 1.08B | 814.51M | 622.33M | 438.13M | 221.01M | 45.56M | 23.51M |
| Asset Turnover | 0.42x | 0.43x | 0.59x | 0.69x | 0.74x | 1.30x | 1.30x | 1.10x | 1.08x | 1.16x | 1.03x | 1.01x | 0.87x | 0.74x | 1.67x | 2.15x |
| Asset Growth % | 21.42% | 4.49% | 10.29% | 9.06% | 32.87% | 28.79% | 9.6% | 19.39% | 29.22% | 32.58% | 30.88% | 42.04% | 98.24% | 385.14% | 93.75% | - |
| Total Current Liabilities | 38.57M | 16.18M | 137.93M | 131.03M | 156.91M | 81.86M | 80.65M | 384.43M | 85.8M | 114.85M | 58.67M | 64.03M | 36.84M | 21.1M | 4.85M | 2.15M |
| Accounts Payable | 38.57M | 16.18M | 33.27M | 31.62M | 25.29M | 62.83M | 43.61M | 48.37M | 9.24M | 12.02M | 12.28M | 24.02M | 15.48M | 14M | 3.09M | 1.42M |
| Days Payables Outstanding | 9.49 | 4.37 | 7.27 | 6.35 | 5.57 | 10.27 | 9.02 | 12.59 | 3 | 4.68 | 7.27 | 18.92 | 20.14 | 42.12 | 20.69 | 14.14 |
| Short-Term Debt | 0 | 0 | 0 | 104.46M | 141.79M | 0 | 296.68M | 296.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -68.25M | 0 | 0 | 0 | 0 | 330.03K | 75.42K | 37.75K |
| Other Current Liabilities | 0 | 0 | 0 | -104.46M | -141.79M | 0 | -296.68M | 0 | 323.45M | 48.39M | 36.94M | -12.63M | 17.48M | 7.1M | 1.15M | 275K |
| Current Ratio | 94.55x | 223.39x | 25.16x | 24.41x | 18.84x | 26.80x | 21.34x | 4.15x | 15.36x | 8.98x | 13.37x | 9.15x | 11.04x | 9.55x | 7.73x | 8.67x |
| Quick Ratio | 2.74x | 5.79x | 0.59x | 0.69x | 0.36x | 1.32x | 1.88x | 0.25x | 1.04x | 0.98x | 1.13x | 0.86x | 1.05x | 2.82x | 1.86x | 2.85x |
| Cash Conversion Cycle | 979.92 | 953.06 | 738.25 | 624.52 | 636.52 | 337.75 | 333.45 | 389.11 | 406.08 | 366.05 | 424.92 | 409.62 | 465.64 | 397.14 | 179.34 | 117.76 |
| Total Non-Current Liabilities | 1.87B | 1.81B | 1.58B | 1.42B | 1.33B | 874.15M | 606.43M | 436.49M | 653.73M | 475.19M | 400.65M | 310.92M | 218.78M | 35.53M | 15.49M | 6.73M |
| Long-Term Debt | 1.71B | 1.66B | 1.52B | 1.35B | 1.26B | 805.24M | 538.4M | 394.53M | 653.73M | 475.19M | 400.48M | 304.56M | 216.1M | 35.53M | 14.97M | 6.41M |
| Capital Lease Obligations | 11.26M | 0 | 6.13M | 4.95M | 5.18M | 5.33M | 5.29M | 5.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 164K | 2.73M | 2.69M | -2.02M | 0 | 0 |
| Other Non-Current Liabilities | 159.72M | 157.97M | 59.39M | 63.06M | 61.53M | 63.59M | 62.75M | 36.31M | 0 | 35.09M | 0 | 43.64M | 0 | -35.53M | 450K | -37.75K |
| Total Liabilities | 1.91B | 1.83B | 1.72B | 1.55B | 1.48B | 956.02M | 687.08M | 820.92M | 739.53M | 590.05M | 459.31M | 374.94M | 255.63M | 56.64M | 20.35M | 8.88M |
| Total Debt | 1.71B | 1.66B | 1.52B | 1.46B | 1.41B | 810.57M | 840.37M | 696.2M | 653.73M | 475.19M | 400.48M | 308.19M | 216.1M | 35.53M | 14.97M | 6.41M |
| Net Debt | 1.65B | 1.6B | 1.47B | 1.41B | 1.37B | 760.05M | 804.42M | 657.86M | 607.11M | 407.62M | 350.96M | 270.62M | 184.73M | -18.53M | 7.9M | 1.31M |
| Debt / Equity | 0.81x | 0.79x | 0.75x | 0.79x | 0.86x | 0.58x | 0.74x | 0.82x | 1.00x | 0.97x | 1.13x | 1.25x | 1.18x | 0.22x | 0.59x | 0.44x |
| Debt / EBITDA | 20.72x | 19.70x | 7.08x | 6.20x | 3.59x | 1.48x | 2.30x | 3.05x | 3.26x | 2.79x | 3.56x | 3.83x | 5.00x | 2.13x | 1.49x | 1.41x |
| Net Debt / EBITDA | 19.99x | 18.97x | 6.83x | 6.00x | 3.51x | 1.38x | 2.20x | 2.88x | 3.02x | 2.39x | 3.12x | 3.36x | 4.28x | -1.11x | 0.79x | 0.29x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | 901.78x | 448.12x | 8123.07x | 165.72x |
| Total Equity | 2.1B | 2.1B | 2.04B | 1.86B | 1.64B | 1.4B | 1.14B | 845.19M | 655.94M | 489.85M | 355.2M | 247.39M | 182.5M | 164.37M | 25.21M | 14.64M |
| Equity Growth % | 16.89% | 2.9% | 9.76% | 13.01% | 17.66% | 22.55% | 34.76% | 28.85% | 33.91% | 37.91% | 43.58% | 35.56% | 11.03% | 551.99% | 72.26% | - |
| Book Value per Share | 90.55 | 90.15 | 86.29 | 78.48 | 69.21 | 56.04 | 44.88 | 33.23 | 26.35 | 20.47 | 16.13 | 11.38 | 8.61 | 7.92 | 3.37 | 1.96 |
| Total Shareholders' Equity | 2.1B | 2.1B | 2.04B | 1.86B | 1.64B | 1.4B | 1.14B | 845.19M | 655.94M | 489.85M | 355.2M | 247.39M | 182.5M | 164.37M | 25.21M | 12.99M |
| Common Stock | 278K | 277K | 276K | 275K | 272K | 269K | 267K | 264K | 237K | 228K | 223K | 213K | 208K | 208K | 25.21M | 0 |
| Retained Earnings | 2.16B | 2.16B | 2.09B | 1.89B | 1.69B | 1.36B | 934.28M | 610.38M | 431.77M | 276.49M | 163.18M | 88.15M | 35.32M | 7.11M | 0 | 0 |
| Treasury Stock | -409.63M | -409.63M | -386M | -355.02M | -355.02M | -259.92M | -66.14M | -18.06M | -18.06M | -16.55M | -16.55M | -16.55M | -16.55M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.46M | -3.15M | -2.42M | -1.55M | -967K | -676.73K | -636.57K | -451.33K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64M |
Inventory liquidity and leverage
As reported in recent financial filings, LGIH has grown total assets to $4.0B by 2026Q1, yet this expansion appears disconnected from the company's 22.57% year-over-year revenue decline, suggesting that capital is increasingly tied up in stagnant inventory rather than productive, high-velocity housing assets.
The divergence between rising asset levels and falling top-line performance indicates a potential inefficiency in the company's speculative production model. Investors should monitor whether this asset growth reflects a strategic accumulation of land or an involuntary build-up of unsold homes that may require future impairment charges.
Based on the provided quarterly data, LGIH maintains a debt-to-equity ratio of 0.81 as of 2026Q1, which, while appearing moderate relative to industry peers, warrants further investigation given the company's inability to generate consistent operating cash flow to service these obligations in a high-rate environment.
The reliance on $1.7B in total debt to fund a spec-heavy inventory model creates significant interest rate sensitivity. If absorption rates do not recover, the current leverage profile may become a constraint on the company's ability to pivot its land acquisition strategy without further diluting shareholder value.
According to the balance sheet, LGIH held only $60.9M in cash as of 2026Q1, a figure that appears insufficient when measured against the company's substantial debt load and the ongoing cash burn associated with maintaining its speculative inventory pipeline during this period of market volatility.
The extreme fluctuation in the current ratio, which spiked to 223.39 in 2025Q4 before settling at 94.55, suggests significant volatility in working capital management. This lack of a stable cash cushion leaves the company with limited flexibility to navigate prolonged demand troughs or unexpected increases in construction costs.
As indicated by the financial statements, the company's heavy concentration in speculative inventory represents a non-obvious risk, as the $124.8M in net PPE and associated land holdings may be subject to valuation adjustments if local market absorption rates continue to deteriorate as currently observed.
The absence of deferred revenue on the balance sheet further highlights the transactional nature of the business, leaving no cushion of unearned income to stabilize future periods. This structure makes the balance sheet highly sensitive to the immediate conversion of inventory into cash, which is currently under pressure.
Quick answers to the most common questions about buying LGIH stock.
As of 2025, LGI Homes, Inc. (LGIH) had total assets of $3.93B including $3.61B in current assets.
LGI Homes, Inc. (LGIH) carries total debt of $1.66B, offset by $61.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LGI Homes, Inc. (LGIH) has total shareholders' equity (book value) of $2.10B ($90.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LGI Homes, Inc. (LGIH) reported a current ratio of 223.39x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.