KB HOME
KBHdata completeness 88%18 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'
KB HOME earns about 17% on equity, comfortably above its ~9% cost of capital, and has bought back 26% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $88.31 and $281.85 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $5.72B1 | $6.9B2 | $6.41B3 | $6.93B3 | $6.24B3 |
| Net income | $564.7M4 | $816.7M5 | $590.2M6 | $655M6 | $428.8M6 |
| Operating cash flow | −$37.3M7 | $183.4M8 | $1.08B9 | $362.7M9 | $335.7M9 |
| Capital expenditure | $39.4M10 | $45.2M11 | $35.5M12 | $39.3M12 | $48.4M12 |
| Free cash flow (derived) | −$76.7M7 | $138.2M8 | $1.05B9 | $323.4M9 | $287.3M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $292.1M13 | $330.2M13 | $727.3M14 | $599.2M14 | $230.4M14 |
| Diluted shares | 93.6M | 89.3M | 83.4M | 77.0M | 69.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $563.27 of net worth that earned you $61.92 and generated $41.48 of cash last year.
It earned about 17% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 26% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $88.31 and $281.85 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$323.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$323.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$590.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $70.05 |
| Base | 20.0% | $155.58 |
| Bull | 20.0% | $155.58 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-11-30 · accession 0000795266-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-11-30 · accession 0000795266-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-11-30 · accession 0000795266-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-11-30 · accession 0000795266-24-000008 (NetIncomeLoss)
- 10-K · period ending 2022-11-30 · accession 0000795266-25-000014 (NetIncomeLoss)
- 10-K · period ending 2023-11-30 · accession 0000795266-26-000017 (NetIncomeLoss)
- 10-K · period ending 2021-11-30 · accession 0000795266-24-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-11-30 · accession 0000795266-25-000014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-11-30 · accession 0000795266-26-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-11-30 · accession 0000795266-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-11-30 · accession 0000795266-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-11-30 · accession 0000795266-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-11-30 · accession 0000795266-23-000009 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-11-30 · accession 0000795266-26-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)