Green Brick Partners, Inc. — Form 8-K
Filed July 29, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 48/100
What the filing says
Green Brick delivered Q2 net income of $74M ($1.70/diluted share), down 9.5% YoY despite 19% growth in net new home orders (1,079 units) to 1,042 deliveries. Average sales price fell 11.9% to $450.3K; homebuilding gross margin compressed 150bps YoY to 29.8% (up 90bps sequentially). Backlog of 681 units worth $387M (down 23.6% YoY). Financial services operating income surged 91% YoY to $5.7M on Green Brick Mortgage scale. Balance sheet remains strong: $462M liquidity, 6.1% net debt-to-capital, 39,588 owned lots (+11.6% YoY).
Why this rating
Mixed results: strong order growth offset by ASP erosion, margin compression, and declining backlog/earnings. Relative to $1.9B market cap, $74M quarterly earnings (~3.9% annualized ROE) and $387M backlog (19% of cap) show moderate deceleration amid affordability pressure. Not trajectory-changing but meaningful headwind.
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