Revenue trajectory remains highly inconsistent with an 8.5% year-over-year decline in 2025Q4, while gross margins remain compressed between 15.0% and 20.4% over the last ten quarters.
| Sales/Revenue | 406.69M | 463.71M | 421.47M | 477.05M | 432.89M | 327.25M |
| Revenue Growth % | -12.3% | 10.02% | -11.65% | 10.2% | 32.28% | - |
| Cost of Goods Sold | 334.95M | 382.92M | 341.75M | 380.37M | 345.05M | 260.12M |
| COGS % of Revenue | 82.36% | 82.58% | 81.08% | 79.73% | 79.71% | 79.48% |
| Gross Profit | 71.74M | 80.79M | 79.73M | 96.67M | 87.84M | 67.14M |
| Gross Margin % | 17.64% | 17.42% | 18.92% | 20.27% | 20.29% | 20.52% |
| Gross Profit Growth % | -11.21% | 1.34% | -17.53% | 10.05% | 30.84% | - |
| Operating Expenses | 71.77M | 75.66M | 65.09M | 27.55M | 25.69M | 29.89M |
| OpEx % of Revenue | 17.65% | 16.32% | 15.44% | 5.78% | 5.93% | 9.13% |
| Selling, General & Admin | 71.77M | 72.67M | 65.09M | 23.48M | 4.42M | 3.49M |
| SG&A % of Revenue | 17.65% | 15.67% | 15.44% | 4.92% | 1.02% | 1.07% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 2.99M | 0 | 4.07M | 21.26M | 26.4M |
| Operating Income | -29K | 5.13M | 14.63M | 69.12M | 62.16M | 37.25M |
| Operating Margin % | -0.01% | 1.11% | 3.47% | 14.49% | 14.36% | 11.38% |
| Operating Income Growth % | -100.57% | -64.93% | -78.83% | 11.21% | 66.87% | - |
| EBITDA | 2.39M | 5.72M | 15.96M | 69.48M | 62.51M | 37.43M |
| EBITDA Margin % | 0.59% | 1.23% | 3.79% | 14.56% | 14.44% | 11.44% |
| EBITDA Growth % | -58.16% | -64.2% | -77.02% | 11.14% | 67.02% | - |
| D&A (Non-Cash Add-back) | 2.42M | 584.77K | 1.33M | 355.57K | 358.59K | 182.79K |
| EBIT | -29K | 7.93M | 14.63M | 72.84M | 62.16M | 37.25M |
| Net Interest Income | 0 | 0 | 0 | -4.11K | -428.35K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 20.72K | 0 |
| Interest Expense | 0 | 0 | 0 | 4.11K | 449.07K | 0 |
| Other Income/Expense | 524K | 32.06M | 113.39M | 367.78K | 257.66K | 1.73M |
| Pretax Income | 495K | 37.19M | 128.02M | 69.49M | 62.41M | 38.98M |
| Pretax Margin % | 0.12% | 8.02% | 30.37% | 14.57% | 14.42% | 11.91% |
| Income Tax | 16.75M | -9.72M | 2.96M | 0 | 0 | 0 |
| Effective Tax Rate % | 3383.23% | -26.13% | 2.31% | 0% | 0% | 0% |
| Net Income | -16.25M | 46.91M | 125.06M | 69.49M | 62.41M | 38.98M |
| Net Margin % | -4% | 10.12% | 29.67% | 14.57% | 14.42% | 11.91% |
| Net Income Growth % | -134.65% | -62.49% | 79.97% | 11.34% | 60.13% | - |
| Net Income (Continuing) | -16.25M | 46.91M | 125.06M | 69.49M | 62.41M | 38.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | 0.90 | 2.35 | 1.81 | 1.66 | 1.04 |
| EPS Growth % | -131.11% | -61.7% | 29.83% | 9.04% | 59.62% | - |
| EPS (Basic) | -0.28 | 0.96 | 2.74 | 1.86 | 1.66 | 1.04 |
| Diluted Shares Outstanding | 58.7M | 63.14M | 55.77M | 38.45M | 37.58M | 37.58M |
| Basic Shares Outstanding | 58.7M | 52.12M | 53.21M | 38.39M | 37.58M | 37.58M |
| Dividend Payout Ratio | - | - | 14.31% | 77.96% | 53.71% | 57.29% |
Geographic concentration and volume volatility
As evidenced by the quarterly data, UHG's revenue trajectory remains highly inconsistent, with a recent 8.5% year-over-year decline in 2025Q4 following a period of significant fluctuation, suggesting that the company's reliance on transactional home closings creates substantial top-line instability that complicates long-term growth forecasting for investors.
The erratic revenue performance appears to be a function of the company's limited geographic footprint in the Carolinas, where localized market conditions dictate closing velocity. Without a broader regional presence to smooth out idiosyncratic demand shocks, the company remains vulnerable to the timing of community-level project completions.
According to the provided financial statements, UHG's gross margin has fluctuated between 15.0% and 20.4% over the last ten quarters, indicating that the builder lacks the consistent pricing power required to maintain stable profitability in the face of rising construction costs and competitive pressures in the entry-level segment.
The inability to sustain gross margins above the 20% threshold suggests that UHG may be struggling to pass through inflationary labor and material costs to its price-sensitive buyer base. This margin profile warrants further investigation into whether the company's land-light strategy is being undermined by higher-than-anticipated land option costs.
Based on reported figures, UHG's operating margin has frequently dipped into negative territory, reaching -2.3% in 2025Q1, which implies that the company's fixed corporate overhead is currently too heavy to be efficiently absorbed by its existing volume of home deliveries and current revenue scale.
The lack of consistent operating leverage suggests that the company has not yet achieved the necessary scale to dilute its SG&A expenses effectively. Investors should monitor whether management can align its administrative cost structure with the current, more volatile revenue environment to prevent further erosion of operating income.
Analysis of the income statement reveals that net income is frequently decoupled from operating performance, as seen in the 2025Q3 net loss of $31.3M despite a gross profit of $16.0M, indicating that non-operating items and potential one-time charges are significantly obscuring the underlying health of the business.
The extreme volatility in net income, including large swings in quarterly results, suggests that investors should prioritize operating income as a more reliable indicator of core business health. The presence of recurring stock-based compensation further complicates the assessment of true economic profitability for shareholders.
Quick answers to the most common questions about buying UHG stock.
For fiscal year 2025, United Homes Group, Inc. (UHG) reported total revenue of $406.7M. This represents a 24.3% increase compared to $327.3M in 2020.
United Homes Group, Inc. (UHG) reported a net loss of $16.3M for the fiscal year ending 2025.
United Homes Group, Inc. (UHG) reported an operating income of $-0.0M, resulting in an operating profit margin of -0.0%. This margin reflects the operational efficiency of the business before interest and taxes.
United Homes Group, Inc. (UHG) generated $71.7M in gross profit for the year, representing a gross profit margin of 17.6%. This demonstrates the company's core pricing power and production efficiency.