KB Home (KBH) 株式分析

企業概要

KB Home is a leading homebuilder in the United States, operating as one of the largest and most trusted developers in the sector with a nearly 70-year history of constructing quality residential properties. The company operates within the Consumer Cyclical sector, specifically focusing on the Residential Construction industry, which means its financial performance is directly correlated with consumer spending power and housing demand cycles. KB Home currently maintains a market capitalization of $3.27B, reports annual revenue of $5.92B, and employs a workforce of 2118 individuals across its operations. These valuation and revenue figures indicate that KB Home holds a significant position in the national homebuilding landscape, having built over 700,000 homes and ranking as the number one customer-ranked national homebuilder based on third-party buyer surveys.

財務健全性

The company reported a trailing twelve-month revenue of $5.92B with a corresponding net income of $349.99M and EBITDA of $516.26M, revealing a substantial gap between total revenue and net income that highlights the significant impact of operating expenses and taxes on the bottom line. While the specific free cash flow figure is not disclosed in the available data, the company holds $200.53M in cash reserves against a total debt load of $1.89B. The gross margin stands at 18.6%, indicating the portion of revenue remaining after direct construction costs, while the operating margin of 3.8% and profit margin of 6.0% reflect the efficiency of overhead management and overall profitability respectively. In terms of leverage, the debt-to-equity ratio is recorded at 49.11, and the company's cash position of $200.53M is significantly lower than its debt of $1.89B, suggesting a balance sheet that is leveraged rather than conservative. However, the current ratio of 6.56 demonstrates a robust ability to meet short-term obligations with current assets, indicating strong short-term liquidity. Furthermore, the Return on Equity of 8.9% and Return on Assets of 4.4% reveal the effectiveness of management in generating returns relative to the shareholders' equity and total assets utilized.

バリュエーション評価

KB Home trades with a trailing P/E ratio of 10.08 and a forward P/E of 11.36, implying that the market expects earnings growth in the future that would justify a slightly higher multiple compared to historical performance. The price-to-book ratio is 0.85, indicating that the stock is trading below its book value, which suggests the market is pricing the company at a discount relative to its net asset value. Alternative valuation metrics such as the price-to-sales ratio of 0.55 and the EV/EBITDA of 9.61 provide context for the company's valuation relative to its sales generation and operational cash earnings before interest and taxes. Regarding price volatility, the stock has a 52-week high of $68.71 and a 52-week low of $48.90, and while the exact current price is not listed, the range establishes the recent trading boundaries for the security. The beta value of 1.50 indicates that the stock price is expected to be 50% more volatile than the broader market, reflecting the inherent sensitivity of the residential construction sector to economic fluctuations.

Growth & Income

Year-over-year revenue growth is reported at -22.6%, while earnings growth is significantly more negative at -65.1%, implying that earnings are shrinking at a much faster rate than revenue, which often points to declining margins or one-time charges impacting profitability. KB Home offers a dividend yield of 1.9% with a payout ratio of 19.3%, and given the negative earnings growth, the sustainability of this payout requires careful monitoring as the company navigates a challenging growth environment. The divergence between the negative revenue and earnings growth rates highlights the pressure on the company's operational efficiency during this specific period. Overall, the company presents a profile characterized by significant contraction in both top-line sales and bottom-line earnings, balanced against a modest dividend yield that provides some income support despite the lack of growth momentum.