Operative Builders stocks: intrinsic value, ROIC & growth
18 U.S. operative builders companies with at least three years of SEC filings, ranked by size. 15 of the 16 with a current price trade below their Graham intrinsic value. The median company earned a 14.9% average return on invested capital and grew revenue 11.6% a year.
Updated October 18, 2026
18companies
15below Graham value
14.9%median 10-yr ROIC
11.6%median revenue CAGR
Most undervalued operative builders stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| MHO | M/I HOMES, INC. | +293% | $124.48 | $489.60 | 75% below | $3.4B | 18.2% | 11.3% |
| GRBK | Green Brick Partners, Inc. | +284% | $61.17 | $234.83 | 74% below | $2.7B | 14.9% | 20.9% |
| TOL | Toll Brothers, Inc. | +235% | $133.70 | $448.08 | 70% below | $13.3B | 15.2% | 45.5% |
| PHM | PulteGroup | +225% | $113.55 | $369.36 | 69% below | $22.7B | 24.5% | 9.5% |
| DHI | D. R. Horton | +176% | $139.39 | $384.31 | 64% below | $43.2B | 20.6% | 12.2% |
| HOVVB | HOVNANIAN ENTERPRISES INC | +154% | $97.00 | $246.79 | 61% below | $668.5M | 6.2% | 0.9% |
| HOV | HOVNANIAN ENTERPRISES INC | +154% | $97.27 | $246.79 | 61% below | $670.4M | 6.2% | 0.9% |
| NVR | NVR, Inc. | +145% | $5,919.82 | $14,500.31 | 59% below | $18.2B | 39.8% | 6.6% |
| CCS | Century Communities, Inc. | +96% | $54.59 | $107.00 | 49% below | $1.7B | 9.0% | 17.1% |
| BZH | BEAZER HOMES USA INC | +51% | $33.45 | $50.49 | 34% below | $1.0B | 9.4% | 3.0% |
Highest-ROIC operative builders stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| DFH | Dream Finders Homes, Inc. | 55.5% | $8.79 | $67.13 | 87% below | $890.4M | 55.5% | 34.1% |
| NVR | NVR, Inc. | 39.8% | $5,919.82 | $14,500.31 | 59% below | $18.2B | 39.8% | 6.6% |
| PHM | PulteGroup | 24.5% | $113.55 | $369.36 | 69% below | $22.7B | 24.5% | 9.5% |
| DHI | D. R. Horton | 20.6% | $139.39 | $384.31 | 64% below | $43.2B | 20.6% | 12.2% |
| MHO | M/I HOMES, INC. | 18.2% | $124.48 | $489.60 | 75% below | $3.4B | 18.2% | 11.3% |
| TOL | Toll Brothers, Inc. | 15.2% | $133.70 | $448.08 | 70% below | $13.3B | 15.2% | 45.5% |
| GRBK | Green Brick Partners, Inc. | 14.9% | $61.17 | $234.83 | 74% below | $2.7B | 14.9% | 20.9% |
| KBH | KB HOME | 13.6% | $43.30 | $204.28 | 79% below | $3.0B | 13.6% | 6.3% |
| LGIH | LGI Homes, Inc. | 12.0% | $43.01 | $17.60 | 144% above | $1.0B | 12.0% | 8.2% |
| BZH | BEAZER HOMES USA INC | 9.4% | $33.45 | $50.49 | 34% below | $1.0B | 9.4% | 3.0% |
All operative builders stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| DHI | D. R. Horton | $139.39 | $384.31 | 64% below | $43.2B | 20.6% | 12.2% |
| PHM | PulteGroup | $113.55 | $369.36 | 69% below | $22.7B | 24.5% | 9.5% |
| NVR | NVR, Inc. | $5,919.82 | $14,500.31 | 59% below | $18.2B | 39.8% | 6.6% |
| TMHC | Taylor Morrison Home Corp | — | $258.09 | — | — | 8.6% | 9.6% |
| TOL | Toll Brothers, Inc. | $133.70 | $448.08 | 70% below | $13.3B | 15.2% | 45.5% |
| ECG | Everus Construction Group, Inc. | $109.65 | $131.20 | 16% below | $5.6B | 25.8% | 11.6% |
| MHO | M/I HOMES, INC. | $124.48 | $489.60 | 75% below | $3.4B | 18.2% | 11.3% |
| KBH | KB HOME | $43.30 | $204.28 | 79% below | $3.0B | 13.6% | 6.3% |
| GRBK | Green Brick Partners, Inc. | $61.17 | $234.83 | 74% below | $2.7B | 14.9% | 20.9% |
| CCS | Century Communities, Inc. | $54.59 | $107.00 | 49% below | $1.7B | 9.0% | 17.1% |
| BZH | BEAZER HOMES USA INC | $33.45 | $50.49 | 34% below | $1.0B | 9.4% | 3.0% |
| LGIH | LGI Homes, Inc. | $43.01 | $17.60 | 144% above | $1.0B | 12.0% | 8.2% |
| DFH | Dream Finders Homes, Inc. | $8.79 | $67.13 | 87% below | $890.4M | 55.5% | 34.1% |
| HOV | HOVNANIAN ENTERPRISES INC | $97.27 | $246.79 | 61% below | $670.4M | 6.2% | 0.9% |
| HOVVB | HOVNANIAN ENTERPRISES INC | $97.00 | $246.79 | 61% below | $668.5M | 6.2% | 0.9% |
| SDHC | Smith Douglas Homes Corp. | $10.40 | $34.80 | 70% below | $95.8M | 31.0% | 12.7% |
| DREM | Dream Homes & Development Corp. | $0.02 | $0.66 | 97% below | $774.8K | 9.0% | 37.6% |
| VNJA | VANJIA CORP | $5.50 | — | — | — | -13.5% | 63.4% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue