filecrux
Oct 29, 9:45 AM
$GRBK Can Green Brick hold a 28.0% homebuilding margin after a 410 bps drop and 11% buyer incentives?
🏢 Green Brick Partners, the third-largest Dallas-Fort Worth homebuilder, worth about
$2.71B at
$62.9 at 16:00 ET on October 28, 2026, earned
$1.35 a diluted share in Q3, down 23.7% from
$1.77
📉 Homebuilding gross margin fell 410 bps to 28.0% from 32.1% a year earlier, with incentives on new orders at 11%, which turned 9.7% lower revenue into 21.2% lower gross profit
⚠️ Backlog value fell 17.0% to
$379M, below this quarter's revenue, and management gave no guidance while saying it keeps responding to deteriorating market conditions
📈 On the other side, net orders rose 3.1% to 926, financial services income jumped 68.9% to
$5.6M, and
$62.9 is about 1.36 times book value of
$46.10 a share, which rose 14%
📅 Next: Green Brick's Q3 call is at noon ET on October 29, 2026; watch what it says about incentives and margins in the backlog
Source: Business Wire release + SEC 8-K, Oct 28
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