Credit Calls

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Credit Calls

J P M O R G A N North America Credit Research

16 July 2026

Thursday, July 16, 2026

Feature Head of North America Credit

Research and Strategy

Ashton Woods: Solid 4QFY26 as Gross Margins Start to Stabilize, AC Tarek Hamid

Meaningful De-Levering on Better Cash Build (Arjun Chandar)

(1-212) 834-5468

Earnings Review: ASHWOO reported solid 4QFY26 results as sequential tarek.x.hamid@jpmorgan.com

pressure on gross margins persistent for over a year begins to stabilize. Revenues J.P. Morgan Securities LLC

increased 9% y/y on closings growth of 19% y/y as the the company converted a

healthy backlog into substantial top-line growth in its seasonally strongest quarter.

Cancellation rates were up modestly q/q but still sat around 20%. Importantly, Credit Calls is our daily compilation of

gross margins (ex-charges) were 16.4%, only 50bp lower sequentially. As research reports from High Grade and

incentives remain elevated in the current rate environment, a slowing of margin High Yield corporate credit analysts

pressure for an entry-level oriented Homebuilder like ASHWOO is encouraging and strategists.

as we head into the calendar Q2 reporting season. SG&A margins were materially

better y/y on operating leverage. The company generated more cash than expected High Grade Home Page

in the quarter and built a larger cash balance into quarter end, resulting in lower

High Yield Home Pagenet debt/cap (32.8%) and net debt/EBITDA back towards 3.0x after topping out

in the high-4x context last quarter. Orders increased 12% y/y to 3,124 units and Daily Economic Briefing

overall backlog volume was 8% higher y/y. Link to US Equity Research Top Stories

(updated 7:30am)

Morgan Stanley: 2Q’26: Fundamentals Help, Technicals Hurt, & Remain Link to J.P. Morgan Markets page