LGI Homes, Inc. (LGIH) FY2025 10-K Annual Report
LGI Homes, Inc. (LGIH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
LGI Homes, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Residential home construction specializing in affordable housing
- • No new products, services, or segments introduced or emphasized this year
- • No strategic shifts or changed competitive positioning disclosed in this filing
- • Proxy statement to detail executive compensation, ownership, and related party transactions as per SEC Regulation 14A
- • Filing primarily incorporates multiple key disclosures by reference to 2026 proxy statement
Management Discussion & Analysis
- • Revenue $1.7B, down 22.6% YoY from $2.2B; home closings 4,685, down 22.3% from 6,028; ASP $364K, down 0.4% YoY
- • Gross margin 20.7% vs 24.2%; adjusted gross margin 24.0% vs 26.3%; EBITDA margin 8.7% vs 13.8%; net income $72.6M, down 63% YoY
- • Best segment Southeast: net income before tax $47.7M (48.4%), $472.2M revenue; worst segment Florida: net loss before tax $(6.5)M (-6.6%), $237.9M revenue
- • Net debt to capital 43.2% vs 41.2%; no capital expenditure or dividend/buyback details disclosed in excerpt
- • Management highlights affordability constraints and lower absorption rate as key challenges, increased wholesale channel sales; inventory impairment risk noted ($6.7M)
Risk Factors
- • Regulatory risk: FASB ASU 2023-09 effective after Dec 15, 2024, requires expanded income tax disclosures by jurisdiction for taxes >5% of total paid
- • Macroeconomic risk: $1.6B notes payable and borrowings under Credit Agreement exposed to Interest rate risk at SOFR +1.85% margin, with SOFR floor at 0.50%
- • Operational risk: Land banking financing arrangements expose company to repurchase land from land banker within less than a year, impacting cash flows
- • Competitive risk: Increasing home leasing operations via rental property transfers ($77.1M in 2025) may face disruption from alternative housing platforms or rental models
- • Financial risk: Concentrated debt maturity of $493.7M in 2028 and $733.9M in 2029 could pressure liquidity and refinancing capability
LGI Homes, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.7B
▼ -22.6% YoY
Net Income
$73M
▼ -63.0% YoY
Operating Margin
4.7%
▼ -495bp YoY
Net Margin
4.3%
▼ -465bp YoY
ROE
3.5%
▼ -616bp YoY
Total Assets
$3.9B
▲ +4.5% YoY
EPS (Diluted)
$3.12
▼ -62.4% YoY
Operating Cash Flow
-$140M
▲ +2.6% YoY
Source: XBRL data from LGI Homes, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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