COMP <GO>

HOV vs DFH // EV/EBITDA & P/E VALUATION

Hovnanian Enterprises Inc. (Class A) (NYSE) VS. Dream Finders Homes Inc. (Class A) (NYSE) • 15-METRIC TALLY: HOV 3 — DFH 2

■ METRIC PARITY

LAST: $102.45 (+0.90%) • MKT CAP: $610.6M

valuation

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LAST: $10.04 (+3.29%) • MKT CAP: $909.0M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HOV VS. DFH) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HOV	DFH	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	15.30%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	-13.90%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	5.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	-0.90%	-2.90%	+2.00	HOV	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.75%	0.00%	+1.75	HOV	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	1/9	+1.00	HOV	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.4	46.8	-3.35	DFH	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	3.9x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$610.6M	$909.0M	-$298.4M	DFH	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HOV REV	DFH REV	HOV GROSS %	DFH GROSS %	HOV FCF	DFH FCF
FY 2025	$2.98B	$4.32B	—	—	$166.2M	-$126.4M
FY 2024	$3.00B	$4.45B	—	—	$5.8M	-$282.0M
FY 2023	$2.76B	$3.75B	—	—	$435.3M	$374.2M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HOV // BETA —

DFH // BETA —