LGI Homes
LGIH on Nasdaq. LGI Homes sells new homes to buyers in the United States. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $12.13 of spare cash in the past 12 months. A savings account pays about $4.
You pay 29.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 6 cents a year. Above 10 is good.
Quality score: 41 of 100. Price score: 68 of 100. Our list needs 70 on quality and 60 on price.
$46.45 a share, 38% above its 1-year low
Over the past year the price has ranged from $33.55 to $66.25.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $131 million in the past 12 months, a shortfall of $141 million in the year to December 2025.
| Revenue | |||||
| Revenue | $3.1bn | $2.3bn | $2.4bn | $2.2bn | $1.7bn |
| Operating margin | |||||
| Operating margin | 18.0% | 16.9% | 9.9% | 9.6% | 4.7% |
| Debt to equity | |||||
| Debt to equity | 0.58 | 0.68 | 0.67 | 0.73 | 0.79 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.79× equity
- Revenue growth, five yearsShrinking, 6.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $516 million last quarter, up 6% on a year ago.
- Profit: $27 million, down 14% on a year ago.
- Spare cash over the past 12 months: $131 million. A year earlier it spent $176 million more than it brought in.
- About the same number of shares as a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $652m |
| December 2024 | $557m |
| March 2025 | $351m |
| June 2025 | $488m |
| September 2025 | $397m |
| December 2025 | $474m |
| March 2026 | $320m |
| June 2026 | $516m |
| Quarter to | Amount |
|---|---|
| September 2024 | $70m |
| December 2024 | $51m |
| March 2025 | $4m |
| June 2025 | $32m |
| September 2025 | $20m |
| December 2025 | $17m |
| March 2026 | $2m |
| June 2026 | $27m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 252 funds in all.
- Barrow HanleyBarrow Hanley team
- Value
- $7,260
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $9m | <0.1% | Added |
| Voss CapitalTravis Cocke | $8m | 0.4% | Cut |
| Barrow HanleyBarrow Hanley team | $7,260 | <0.1% |
Largest holders overall
- BlackRock$227mAdded
- Vanguard Portfolio Management$82m
- State Street$77mCut
- Atlas FRM$62mAdded
- Vanguard Capital Management$56m
- Disciplined Growth Investors$52mAdded
- River Road Asset Management$51mCut
- Cdam (uk)$46mCut
- Dimensional Fund Advisors LP$46mCut
- Altshuler Shaham$45mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.4%Since 30 September 2025
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 March 2026
- Wasatch Advisors LPPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.4% | 30 September 2025 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 March 2026 | |
Wasatch Advisors LP Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $3m.
- Garber Scott JamesGeneral Counsel and SecretarySold
- Date
- 9 March 2026
- Shares
- 1,353
- Price
- $42.04
- Value
- $56,877
- Snider Michael LarryPresident and COOSold
- Date
- 9 March 2026
- Shares
- 13,887
- Price
- $42.04
- Value
- $583,778
- Merdian Charles MichaelCFO and TreasurerSold
- Date
- 9 March 2026
- Shares
- 7,211
- Price
- $42.04
- Value
- $303,134
- Lipar Eric ThomasCEO and Chairman of the Board, DirectorSold
- Date
- 9 March 2026
- Shares
- 39,898
- Price
- $42.00
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 March 2026 | Garber Scott James General Counsel and Secretary | Sold | 1,353 | $42.04 | $56,877 |
| 9 March 2026 | Snider Michael Larry President and COO | Sold | 13,887 | $42.04 | $583,778 |
| 9 March 2026 | Merdian Charles Michael CFO and Treasurer | Sold | 7,211 | $42.04 | $303,134 |
| 9 March 2026 | Lipar Eric Thomas CEO and Chairman of the Board, Director | Sold | 39,898 | $42.00 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 4 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“As a result of this competitive selection process, following the review and evaluation of proposals from participating firms, on June 8, 2026 (the “Effective Date”), the Audit Committee dismissed E&Y as the Company’s independent registered public accounting firm.”
From an 8-K filed 10 June 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 6.4% a year.
- It isn't cheap on profits: 29.2× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.