HOVLOW SIGNALOPERATIONAL10-K

Hovnanian Enterprises delivered modestly higher home deliveries in fiscal 2025 while maintaining stable operations and improving its cash position.

The company delivered 6,431 homes versus 6,201 in the prior year, representing steady operational performance in a challenging housing market. The slight decline in average selling price from $538,000 to $519,000 reflects strategic positioning in more accessible price points, while the expansion of base price range floor from $62,000 to $182,000 suggests exit from ultra-low-end segments.

Comparing 2025-12-22 vs 2024-12-18View on EDGAR →
FINANCIAL ANALYSIS

HOV's financial position strengthened meaningfully with cash and equivalents growing 35% to $469 million, providing enhanced liquidity for operations and growth investments. Capital expenditures increased modestly to $22.1 million while share buybacks rose 14% to $30.2 million, indicating balanced capital allocation between reinvestment and shareholder returns. The overall financial picture reflects a stable homebuilder with improved cash reserves and disciplined spending.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+35.3%
$346.8M→$469.3M

Cash position surged 35.3% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
+23.7%
$17.9M→$22.1M

Capex increased 23.7% — ongoing investment in capacity or infrastructure for future growth.

Share Buybacks
Cash Flow
+14%
$26.5M→$30.2M

Share repurchases increased 14% — management returning capital, signals confidence in intrinsic value.

LANGUAGE CHANGES
NEW — 2025-12-22
PRIOR — 2024-12-18
ADDED
5,167,955 shares of Class A common stock and 784,722 shares of Class B common stock were outstanding as of December 15, 2025 .
Since the incorporation of HEI s predecessor company, the Company combined with its unconsolidated joint ventures have delivered in excess of 382,000 homes, including 6,431 homes in fiscal 2025 .
We offer a variety of home styles at base prices ranging from $ 182,000 to $ 1,191,000 with an average sales price, including options, of $ 519,000 nationwide in fiscal 2025 .
Human Capital As of October 31, 2025 , we employed 1,891 full-time associates of whom 1,194 were involved in our homebuilding operations, 186 were involved in our financial services operations and 511 were involved in our corporate operations.
As of October 31, 2025 , 16 % of our associates had been with the Company for more than 15 years, and the average tenure of all associates was approximately 7 years.
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REMOVED
5,326,091 shares of Class A common stock and 729,354 shares of Class B common stock were outstanding as of December 12, 2024 .
Since the incorporation of HEI s predecessor company, the Company combined with its unconsolidated joint ventures have delivered in excess of 375,000 homes, including 6,201 homes in fiscal 2024 .
We offer a variety of home styles at base prices ranging from $ 62,000 to $ 1,910,000 with an average sales price, including options, of $ 538,000 nationwide in fiscal 2024 .
Human Capital As of October 31, 2024 , we employed 1,878 full-time associates of whom 1,211 were involved in our homebuilding operations, 171 were involved in our financial services operations and 496 were involved in our corporate operations.
As of October 31, 2024 , 17.1 % of our associates had been with the Company for more than 15 years, and the average tenure of all associates was approximately 7.3 years.
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