Dream Finders Homes, Inc. (DFH) Balance Sheet
DFH balance sheet, 2025
December 31, 2025 · U.S. dollars$3.73B assets = $2.12B liabilities + $1.60B equity
Both columns are drawn to the same scale: what DFH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DFH financial health
Descriptive bands, not a rating. Fiscal 2025.
DFH balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $375.4M2018 | $3.73B2025 | +38.8%/yr | |
| Total liabilities | $313.4M2018 | $2.12B2025 | +31.4%/yr | |
| Shareholders’ equity | $62.0M2018 | $1.57B2025 | +58.7%/yr | |
| Cash & short-term investments | $19.8M2018 | $234.8M2025 | +42.4%/yr | |
| Total debt | $341.0M2018 | $591.1M2025 | +8.2%/yr | |
| Net cash (debt) | −$321.2M2018 | −$356.3M2025 | −$35.1M | |
| Working capital | $75.2M2018 | $1.51B2025 | +$1.4B | |
| Book value per share | $0.942019 | $15.522025 | +59.6%/yr | |
| Current ratio | 1.292018 | 2.922025 | +1.63 | |
| Debt / equity | 5.502018 | 0.382025 | −5.12 | |
| Shares outstanding | 92.5M2019 | 101.3M2025 | +1.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DFH assets
DFH liabilities and equity
DFH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DFH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $234.8M | $274.4M | $494.1M | $364.5M | $227.2M | $35.5M | $44.0M | $19.8M |
| Cash & equivalents | $234.8M | $274.4M | $494.1M | $364.5M | $227.2M | $35.5M | $44.0M | $19.8M |
| Short-term investments | — | — | $54.3M | $14.0M | $16.0M | — | — | — |
| Receivables | $39.1M | $34.1M | $30.9M | $43.5M | $33.5M | $16.8M | $0 | $0 |
| Inventory | $2.03B | $1.72B | $1.44B | $1.38B | $1.07B | $484.4M | $364.1M | $293.7M |
| Other current assets | $0 | $368.8M | $54.3M | $30.6M | $54.1M | $32.9M | $24.7M | $16.8M |
| Total current assets | $2.30B | $2.39B | $2.02B | $1.82B | $1.38B | $569.6M | $432.8M | $330.4M |
| Property, plant & equipment (net) | $545.3M | $501.8M | $274.5M | $308.7M | $267.6M | $18.9M | $44.0M | $33.4M |
| Goodwill & intangible assets | $377.4M | $300.3M | $172.2M | $177.2M | $181.1M | $31.2M | $36.7M | $13.2M |
| Long-term investments | $26.6M | $11.5M | $15.4M | $14.0M | $16.0M | $4.5M | $8.4M | $6.3M |
| Other non-current assets | $478.7M | $122.4M | $80.8M | $54.4M | $48.2M | $109.5M | $0 | $0 |
| Total assets | $3.73B | $3.33B | $2.56B | $2.37B | $1.89B | $733.7M | $514.9M | $375.4M |
| Liabilities | ||||||||
| Accounts payable | $126.1M | $147.1M | $134.1M | $134.7M | $113.5M | $37.4M | $37.8M | $31.9M |
| Short-term debt | $591.1M | $991.0M | $530.4M | $966.2M | $763.3M | $289.9M | $217.7M | $163.2M |
| Deferred revenue | $69.6M | $125.6M | $172.6M | $145.7M | $177.7M | $59.4M | $20.2M | $11.8M |
| Total current liabilities | $786.8M | $1.53B | $1.04B | $1.43B | $1.19B | $394.7M | $318.0M | $255.2M |
| Long-term debt | $1.61B | $1.29B | $824.3M | $966.2M | $3.3M | $319.9M | $232.5M | $177.8M |
| Lease obligations | — | $18.1M | $21.1M | $24.7M | $20.0M | $14.8M | $15.6M | $16.2M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $140.6M | $0 | $0 | $0 |
| Total liabilities | $2.12B | $1.91B | $1.48B | $1.73B | $1.34B | $597.9M | $427.9M | $313.4M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $944,000 | $937,000 | $931,000 | $927,000 | $925,000 | $103.9M | $56.5M | $33.1M |
| Retained earnings (deficit) | $1.17B | $970.3M | $648.4M | $366.0M | $118.2M | $0 | — | — |
| Accumulated other comprehensive income | $613,000 | — | −$930,999 | — | — | — | −$8.4M | −$5.2M |
| Minority interest | $31.0M | $26.9M | $13.1M | $13.0M | $24.1M | — | — | — |
| Total shareholders' equity | $1.57B | $1.39B | $1.07B | $644.6M | $532.3M | $135.8M | $87.0M | $62.0M |
| Key figures | ||||||||
| Total debt | $591.1M | $1.30B | $845.4M | $990.9M | $786.4M | $609.8M | $450.2M | $341.0M |
| Net cash (debt) | −$356.3M | −$1.03B | −$351.3M | −$626.4M | −$559.2M | −$574.3M | −$406.2M | −$321.2M |
| Working capital | $1.51B | $865.6M | $975.1M | $386.1M | $187.5M | $174.9M | $114.8M | $75.2M |
| Tangible book value | $1.20B | $1.09B | $900.9M | $467.4M | $351.2M | $104.6M | $50.3M | $48.8M |
| Book value per share | $15.52 | $13.89 | $10.12 | $6.04 | $5.75 | $1.47 | $0.94 | — |
| Shares outstanding | 101.3M | 100.3M | 106.0M | 106.7M | 92.5M | 92.5M | 92.5M | — |
| Current ratio | 2.92 | 1.57 | 1.93 | 1.27 | 1.16 | 1.44 | 1.36 | 1.29 |
| Quick ratio | 0.35 | 0.20 | 0.50 | 0.29 | 0.22 | 0.13 | 0.14 | 0.08 |
| Debt / equity | 0.38 | 0.94 | 0.79 | 1.54 | 1.48 | 4.49 | 5.18 | 5.50 |
| Equity / assets | 42.2% | 41.9% | 41.9% | 27.2% | 28.1% | 18.5% | 16.9% | 16.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $203.5M | $479.0M | $234.8M | $251.0M | $210.3M | $297.5M | $274.4M | $204.9M | $274.8M | $239.4M | $494.1M | $330.1M |
| Cash & equivalents | $203.5M | $479.0M | $234.8M | $251.0M | $210.3M | $297.5M | $274.4M | $204.9M | $274.8M | $239.4M | $494.1M | $330.1M |
| Receivables | $29.5M | $32.8M | $39.1M | $53.0M | $43.9M | $31.0M | $34.1M | $30.2M | $33.0M | $28.2M | $30.9M | $33.3M |
| Inventory | $2.33B | $2.14B | $2.03B | $2.15B | $1.99B | $1.85B | $1.72B | $2.06B | $1.90B | $1.73B | $1.44B | $1.47B |
| Other current assets | $0 | $0 | $0 | $153.4M | $200.3M | $240.1M | $368.8M | $205.6M | $21.8M | $28.4M | $54.3M | $33.2M |
| Total current assets | $2.56B | $2.65B | $2.30B | $2.60B | $2.45B | $2.42B | $2.39B | $2.50B | $2.23B | $2.03B | $2.02B | $1.87B |
| Property, plant & equipment (net) | $501.8M | $534.2M | $545.3M | $551.3M | $531.2M | $567.0M | $501.8M | $411.4M | $328.2M | $296.3M | $274.5M | $270.5M |
| Goodwill & intangible assets | $377.4M | $377.4M | $377.4M | $375.1M | $377.8M | $346.0M | $300.3M | $300.3M | $300.3M | $305.1M | $172.2M | $172.2M |
| Long-term investments | $21.8M | $20.3M | $26.6M | $10.8M | $12.1M | $12.1M | $11.5M | $6.6M | $20.6M | $17.7M | $15.4M | $14.3M |
| Other non-current assets | $498.0M | $388.6M | $478.7M | $294.8M | $283.7M | $141.7M | $122.4M | $105.6M | $109.0M | $68.3M | $80.8M | $56.5M |
| Total assets | $3.96B | $3.97B | $3.73B | $3.84B | $3.65B | $3.49B | $3.33B | $3.32B | $2.99B | $2.72B | $2.56B | $2.38B |
| Liabilities | ||||||||||||
| Accounts payable | $156.1M | $123.2M | $126.1M | $165.3M | $174.0M | $142.7M | $147.1M | $169.0M | $180.9M | $144.5M | $134.1M | $137.1M |
| Short-term debt | $592.3M | $591.7M | $591.1M | $1.18B | $1.28B | $1.18B | $991.0M | $1.16B | $890.9M | $710.3M | $530.4M | $555.5M |
| Deferred revenue | $94.5M | $86.1M | $69.6M | $88.6M | $84.8M | $103.3M | $125.6M | $130.2M | $129.0M | $169.3M | $172.6M | $163.5M |
| Total current liabilities | $842.9M | $489.1M | $786.8M | $1.68B | $1.83B | $1.63B | $1.53B | $1.65B | $1.38B | $1.14B | $1.04B | $979.1M |
| Long-term debt | $592.3M | $591.7M | $1.61B | $1.77B | $1.58B | $1.48B | $1.29B | $1.46B | $294.6M | $294.2M | $293.9M | $849.1M |
| Lease obligations | — | — | — | — | — | $22.1M | $18.1M | $19.5M | $19.1M | $20.8M | $21.1M | $22.4M |
| Other long-term liabilities | $912.5M | $1.30B | $0 | $0 | $0 | $0 | $0 | $0 | $86.7M | $133.8M | $137.9M | $0 |
| Total liabilities | $2.35B | $2.38B | $2.12B | $2.28B | $2.14B | $2.02B | $1.91B | $2.03B | $1.76B | $1.57B | $1.48B | $1.55B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $951,000 | $951,000 | $944,000 | $944,000 | $944,000 | $942,000 | $937,000 | $937,000 | $937,000 | $936,000 | $931,000 | $931,000 |
| Retained earnings (deficit) | $1.21B | $1.18B | $1.17B | $1.12B | $1.07B | $1.02B | $970.3M | $844.4M | $777.1M | $699.5M | $648.4M | $549.8M |
| Accumulated other comprehensive income | $1.4M | −$452,000 | $613,000 | $607,000 | $583,000 | — | — | −$148.5M | −$148.5M | −$148.5M | −$931,000 | −$148.5M |
| Minority interest | $31.5M | $31.3M | $31.0M | $30.9M | $31.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.58B | $1.56B | $1.57B | $1.52B | $1.48B | $1.44B | $1.39B | $1.26B | $1.20B | $1.12B | $1.07B | $822.2M |
| Key figures | ||||||||||||
| Total debt | $592.3M | $1.89B | $591.1M | $1.77B | $1.58B | $1.50B | $1.30B | $1.48B | $1.20B | $1.03B | $845.4M | $1.40B |
| Net cash (debt) | −$388.8M | −$1.41B | −$356.3M | −$1.52B | −$1.37B | −$1.20B | −$1.03B | −$1.27B | −$929.8M | −$785.9M | −$351.3M | −$1.07B |
| Working capital | $1.72B | $2.16B | $1.51B | $926.8M | $618.6M | $791.1M | $865.6M | $853.6M | $844.7M | $891.7M | $975.1M | $891.4M |
| Tangible book value | $1.20B | $1.19B | $1.20B | $1.15B | $1.10B | $1.09B | $1.09B | $963.3M | $895.7M | $812.1M | $900.9M | $650.0M |
| Book value per share | $17.20 | $16.92 | $15.52 | $15.12 | $14.59 | $14.21 | $13.89 | $12.54 | $11.94 | $11.18 | $10.52 | $8.06 |
| Shares outstanding | 91.9M | 92.4M | 101.3M | 100.6M | 101.6M | 101.4M | 100.3M | 100.7M | 100.1M | 99.9M | 102.0M | 102.1M |
| Current ratio | 3.04 | 5.42 | 2.92 | 1.55 | 1.34 | 1.49 | 1.57 | 1.52 | 1.61 | 1.78 | 1.93 | 1.91 |
| Quick ratio | 0.28 | 1.05 | 0.35 | 0.18 | 0.14 | 0.20 | 0.20 | 0.14 | 0.22 | 0.24 | 0.50 | 0.37 |
| Debt / equity | 0.37 | 1.21 | 0.38 | 1.16 | 1.07 | 1.04 | 0.94 | 1.17 | 1.01 | 0.92 | 0.79 | 1.71 |
| Equity / assets | 39.9% | 39.4% | 42.2% | 39.7% | 40.6% | 41.3% | 41.9% | 38.0% | 40.1% | 41.1% | 41.9% | 34.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
DFH financial position
At the end of fiscal 2025 (December 31, 2025), Dream Finders Homes had total assets of $3.7 billion (up 12.0% from a year earlier), total liabilities of $2.1 billion and shareholders' equity of $1.6 billion. It held $234.8 million in cash and short-term investments against $591.1 million of debt, net debt of $356.3 million. Its current ratio was 2.92. In the latest quarter (ended June 30, 2026) total assets were $4.0 billion and equity $1.6 billion.
Related: DFH income statement, DFH cash flow statement, DFH key metrics. See the DFH stock overview for the latest quote and news.
DFH balance sheet FAQ
What are Dream Finders Homes's total assets?
Dream Finders Homes reported total assets of $3.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does Dream Finders Homes have?
Dream Finders Homes had $591.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.38.
How much cash does Dream Finders Homes have?
Dream Finders Homes held $234.8 million in cash and short-term investments at the end of fiscal 2025; with $591.1 million of debt that is net debt of $356.3 million.
What is Dream Finders Homes's book value?
Dream Finders Homes's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $15.52 per share.
What is Dream Finders Homes's current ratio?
Dream Finders Homes had current assets of $2.3 billion and current liabilities of $786.8 million, a current ratio of 2.92 (it can cover its short-term obligations).
How much goodwill does Dream Finders Homes have?
Dream Finders Homes carried $377.4 million of goodwill and intangible assets, 10.1% of total assets, at the end of fiscal 2025.