KB Home "KBH FY2Q26 earnings debrief takeaways" (Buy) Lovallo

研报英文原文证据摘录

KB Home "KBH FY2Q26 earnings debrief takeaways" (Buy) Lovallo

Global Research

1 July 2026ab

KB Home Equities

United StatesKBH FY2Q26 earnings debrief takeaways

Home Construction

12-month rating Buy *

KBH earnings debrief - key takeaways

We recently hosted Jill Peters (SVP - Investor Relations) at KB Home to discuss FY2Q26 12m price target US$66.00

results. The key takeaways from our interactive discussion are included below.

Price (30 Jun 2026) US$62.12

Key takeaways

The spring selling season was somewhat softer than KBH initially expected, but the RIC: KBH.N BBG: KBH US

company believes it made meaningful progress positioning the business for Trading data and key metrics

profitable long-term growth. Furthermore, KBH was encouraged that both April &

52-wk range US$67.97-45.04

May were stronger than March.

Market cap. US$3.90b

KBH reduced prices in >50% of communities, while modestly raising prices in Shares o/s 62.7m (COM)

another ~30% in FY2Q. These actions are contemplated within the FY26 outlook Free float 89%

and the company noted that prospective buyers have responded positively. Avg. daily volume ('000) 412

Avg. daily value (m) US$21.6

KBH opened 35 new communities in FY2Q, expects to end FY3Q with 270-280

and forecasts a FY4Q ending community count of roughly 271 (~flat YoY). Despite Common s/h equity (11/26E) US$3.76b

the recent decrease in lot count, the company is confident in its ability to grow P/BV (11/26E) 1.0x

community count beyond FY26. Net debt to EBITDA (11/26E) 4.0x

KBH noted that both the absorption pace and BTO mix have generally been above EPS (UBS, diluted) (USD)

corporate average at its newly opened communities. 11/26E

UBS Cons.

KBH's build times on BTO homes were ~100 days in FY2Q, which is >20% below Q1 0.52 0.52

2019 levels.