Dream Finders Homes, Inc. — Earnings Quality Grade F
DFH · Consumer Cyclical
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 3 days, change +1 days YoY
AR growth 14.6% exceeds revenue growth -2.9%
Revenue -2.9%, CFFO 60.8%. Cash follows revenue
Expense Quality
Inventory growth 18.1% exceeds COGS -1.5%
CapEx growth 1.8% vs revenue -2.9%. Normal
SG&A/Gross Profit = 64.3%. Normal
Gross margin 17.5%, change -1.1pp. Stable
Cash Flow Quality
CFFO/NI = -0.46. Only -46% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = 8.5%. Elevated
Cash $0.2B covers only 15% of debt $1.6B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 24% of equity. Manageable
Debt/EBITDA = 5.4x (>4x). Financial stress
Other assets grew 35.0% vs revenue -2.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 26% YoY. Normal
Manipulation Score
M-Score = -1.92 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25