HOVNANIAN ENTERPRISES INC

Listed Company

HOVNPCIK 0000357294NasdaqAcceleratedOperative BuildersDelawareFY ends Oct 31

Period

FY 2025

Revenue

$2.98B

Net Income

$63.87M

Total Assets

$2.63B

Equity

$830.93M

Shares Out

720.3K

Op. Cash Flow

$188.28M

Business

Hovnanian Enterprises Inc. designs, constructs, markets and sells residential homes and operates complementary financial services through its subsidiaries. It offers single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes, along with mortgage origination and title services. The company organizes its operations into two main businesses — homebuilding (reported across Northeast, Southeast and West segments) and financial services. It markets and distributes its homes across multiple U.S. markets via on-site sales offices, digital and traditional advertising, a national call center and integrated mortgage and title channels.

Summary from filing dated 2025-12-22

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Revenues	2,979	3,005	2,756	2,922	2,783
Inventory impairments and land option write-offs	40	12	2	14	4
Corporate general and administrative	137	140	103	103	107
Other interest	35	31	54	47	78
Other (income) expenses, net	−37	−46	−17	2	2
Total expenses	2,906	2,741	2,518	2,625	2,598
(Loss) gain on extinguishment of debt, net	−33	1	−26	−7	−4
Income from unconsolidated joint ventures	46	52	43	29	9
Income before income taxes	86	317	256	320	190
Total income taxes	22	75	50	94	−418
Net income	64	242	206	225	608
Less: preferred stock dividends	11	11	11	11	0
Net income available to common stockholders	53	231	195	215	608
Net income per common share (in dollars per share)	7.95	34.4	28.76	30.31	87.5
Weighted-average number of common shares outstanding basic (in shares)	6	6	6	6	6
Net income per common share (in dollars per share)	7.43	31.79	26.88	29	85.86
Weighted-average number of common shares outstanding (in shares)	7	7	7	7	6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Property and equipment, net	51	43	34	26	19
Deferred tax assets, net	230	241	303	345	426
Total assets	2,634	2,606	2,493	2,562	2,321
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)	901	896	1,051	1,147	1,248
Income taxes payable	222,000	5	2	3	4
Total liabilities	1,803	1,805	1,911	2,179	2,145
Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at October 31, 2025 and October 31, 2024	135	135	135	135	135
Paid in capital - common stock	757	750	736	728	722
Retained earnings	127	74	−157	−352	−567
Treasury stock - at cost 1,348,087 shares of Class A common stock at October 31, 2025 and 1,090,179 shares at October 31, 2024; 27,669 shares of Class B common stock at October 31, 2025 and October 31, 2024	−189	−159	−132	−128	−115
Total equity	831	800	582	383	175
Total liabilities and equity	2,634	2,606	2,493	2,562	2,321

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Depreciation	14	8	9	5	5
Stock-based compensation	17	25	14	10	8
(Accretion) amortization of debt discounts, premiums and debt issuance costs	−1	−1	2	376,000	242,000
Gain on sale of property and assets	−535,000	−1	−1	−34,000	92,000
Gain on inventory contributed to joint venture	−23	0	0	—	—
Distributions of earnings from unconsolidated joint ventures	4	4	19	4	10
Noncontrolling interest in consolidated joint ventures	0	0	38,000	270,000	430,000
Inventories	92	−184	279	−279	−36
Receivables, deposits and notes	6	−12	11	−3	−3
Origination of mortgage loans	−1,761	−1,568	−1,217	−1,206	−1,490
Sale of mortgage loans	1,799	1,549	1,198	1,245	1,443
Deferred tax assets	11	62	42	81	−426
Accounts payable, accrued interest and other liabilities	−36	−349,000	−60	8	71
Customers deposits	2	−16	−30	6	20
State income tax payable	−5	4	−1	−684,000	19,000
Net cash provided by operating activities	188	24	435	89	210
Proceeds from sale of property and assets	2	1	2	63,000	32,000
Purchase of property, equipment, and other fixed assets	−22	−18	−19	−13	−6
Investment in and advances to unconsolidated joint ventures, net of reimbursements	−50	−34	−78	35,000	−17
Distributions of capital from unconsolidated joint ventures	5	4	16	10	31
Net cash used in investing activities	−66	−46	−78	−2	9
Proceeds from mortgages and notes	165	301	325	439	253
Payments related to mortgages and notes	−230	−340	−383	−418	−263
Proceeds from model sale leaseback financing programs	52	27	12	35	8
Payments related to model sale leaseback financing programs	−21	−23	−22	−15	−24
Proceeds from land bank financing programs	187	99	53	190	35
Payments related to land bank financing programs	−111	−87	−123	−69	−88
Net proceeds (payments) related to mortgage warehouse lines of credit	−37	21	16	−41	—
Proceeds from issuance of unsecured and senior secured notes	900	0	641	—	—
Payments related to senior and senior secured notes, senior secured term loans and senior unsecured term loans	−907	−145	−752	−104	−183
Preferred dividends paid	−11	−11	−11	−11	—
Treasury stock purchases	−30	−27	−5	−12	0
Debt issuance costs from note issuances, land banking financing programs and model sale leaseback financing programs	−26	−4	−14	−10	—
Net cash used in financing activities	−70	−188	−262	−17	−217
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents	52	−211	95	71	2
Interest, net of capitalized interest (see Note 3 to the Consolidated Financial Statements)	45	48	63	45	87
Income taxes	16	10	9	14	8

Filings

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